VENTURE CAPITAL POST

Technical documentation specialist Digabit Inc. announced Tuesday that it gained US$3 million in a financing round led by venture capital firm Flywheel Ventures. The round was also participated by High Country Ventures and several angel investors.

Digabit Inc. is the developer and distributor of Documoto, a modern Web library focusing on technical documentation which highlights electronic parts catalogs and efficient supporting products such as Docuview and Docustudio. The company specialises in providing practical solutions for ERP integration, aftermarket sales and 3D parts paraphernalia for manufacturing companies and other industries.

Flywheel Ventures general partner Tevor Loy joined Digabit's board of directors as Chairman in line with the new partnership betweem the two companies. In addition to Loy, the board of directors currently comprises of CEO and co-founder Alan Sage, High Country Ventures general partner Chris Marks, former Mission Critical Software CEO Louis Woodhill and USIS co-founder O.B. Seaton.

"Flywheel looks for companies offering compelling products that solve critical problems for global industries. A growing array of equipment manufacturing companies need to integrate their engineering data, ERP data, and parts information to provide Service Lifecycle Management (SLM) capabilities across Internet and mobile platforms," remarked new Chairman Loy on Flywheel's investment.