Brightware Inc. has received $3 million in new venture-capital funding from Norwest Venture Capital, a unit of the Minneapolis-based bank, and Venrock Associates, a venture capital firm.
Brightware will use the funds to develop so-called knowledge deployment frameworks, which help automate decision-making processes in a variety of areas, including lending and investment.
Norwest Venture Capital raised $2.25 million for the Novato, Calif.- based software firm. Venrock Associates put up another $750,000.
Chuck Williams, Brightware's chief executive officer, said the cash infusion "allows us to build on our momentum in supplying knowledge-based software solutions to the financial services industry."
Kevin Hall, partner at Norwest, said Brightware has a proven ability to "deliver successful software systems that help financial services companies put their knowledge on-line, boost the speed and accuracy of customer interactions, and mitigate risk."
Brightware provides risk-management software to about 200 organizations.
Chase Manhattan Corp. uses Brightware's EZ Reader Internet software to analyze E-mail coming into its World Wide Web site on the Internet.
The Federal National Mortgage Association policy analysts use Brightware software to create underwriting rules for Desktop Underwriter, Fannie Mae's automated underwriting system.
Brightware also provides Equifax Check Services with software used in consumer-check authorizations at the point of sale.
