Feeds

Ellison spills over beenz

Splashes out with own cash to back Net currency

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Larry Ellison -- deep-pocketed head-honcho of Oracle -- is one of a handful of investors to have ploughed $20 million into the UK company behind the Web currency called beenz. Although Ellison's personal contribution is being kept under wraps, it's believed to be a sizeable wedge. "As an entrepreneur, I have an appreciation for what beenz.com is trying to accomplish," said Ellison. "My company is all about innovation. beenz.com is clearly an innovator by developing a true global Internet currency." According to beenz.com, Ellison's investment provides a "solid US endorsement of beenz.com's business". The cash will be used to develop beenz on the Web and to market the product and develop new technology. The other beenz investors were Japanese communications and retailing company Hikari Tsushin, international merchant banking group Gefinor Group, French holding company Artemis SA and Euro-American venture capital firm Viventures Partners. "With funding from Hikari, Gefinor, Artemis and Viventures, and Larry Ellison investing his own money, beenz.com can make a strong statement to the marketplace that we are well on our way to creating a ubiquitous global currency for the Internet," said Philip Letts, chairman and CEO of beenz.com. Investor interest in beenz was so great it was oversubscribed 300 times, said a source close to the company. ® For more Mammonite mutterings, tune into Cash Register and turn on to our daily Net Finance News

New hybrid storage solutions

More from The Register

next story
Quit drooling, fanbois - haven't you SEEN what the iPhone 6 costs?
How keen will buyers be when exposed to the real price?
Ex-Autonomy execs: HP's latest wad blows apart fraud allegations
Top bods claim IT titan's latest court filing is smoking gun of 'reckless aggression'
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Elon Musk says Tesla's stock price is too high ... welp, NOT ANY MORE
As Nevada throws the SpaceX supremo a $1.25bn bone
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.