Betaworks Raises $20 million from Intel and others

This was first reported on Gigaom.com.

Betaworks, a New York City-based Internet company, has raised $20 million in new venture funding, according to company executives. Intel Capital and previous investor RRE Ventures led the current round, which included Softbank, Founders Collective, DFJ Growth, AOL Ventures and the New York Times. The company had previously raised $8 million.

Betaworks, the brainchild of former AOL executives John Borthwick and Andrew Weisman, views itself as a holding company that both invests in and operates Internet and digital media companies.

In some ways for its investors, Betaworks is a bet on the newly emergent sector amorphously described as the real-time web. It is best known for its bets on the Twitter ecosystem.

The company first tasted success when it sold Summize, an early entrant into the real-time search market, to Twitter in July 2008 for a reportedly big stake in the San Francisco-based company.

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