Podtech.net’s Funding: $5.5 Million

We mentioned Podtech.net‘s funding earlier this week…the company has announced the formal amount: $5.5 million. Venrock led the first round, investing about half of the capital. US Venture Partners and some undisclosed individuals also contributed to the round. Though founder John Furrier was quiet about the company’s exact valuation, he said that Podtech was worth more than $10 million after the financing.

Instead of the PR-Newswire-route that I mentioned earlier, it is trying to become a full news company: Podtech plans to hire a group of experienced TV and radio producers to craft free podcasts, or downloadable audio segments, related to technology, venture capital, innovation and business news.

Podtech plans to triple its 10-person staff in the coming year, expanding its staff and content incrementally.

Menlo Park, CA.-based Podtech plans to generate its revenue through sponsored podcasts and paid content from enterprise customers…The company already has relationships with about 16 large corporations, including Intel, Yahoo, and Juniper Networks.

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