From Staff and Wire Reports

RALEIGH, NC – Intervolve, Inc., which provides supply chain software using web and mobile technologies mainly for the beer and beverage industries, today announced it has completed a third round of funding, adding $2 million in private equity. NC IDEA, formerly MCNC Research Development Institute, and Sanoch Management participated in the round.

Seventy percent of the funds will be used for technical purposes, specifically to help accelerate customer implementations and to help develop next generation products.

The investment by NC IDEA is from the MCNC Enterprise Fund and is the largest initial funding by the organization since its inception in 2002. NC IDEA is located in Research Triangle Park, NC and has provided funding to some of North Carolina’s most innovative companies since 2002.

Bill Neal, chairman of NC IDEA and a member of its commitment committee, said, “The growth opportunity for Intervolve’s consumer goods supply chain software is substantial, and NC IDEA is pleased to support Intervolve’s growth.”

Intervolve also announced that Mr. Neal has joined the Intervolve board of directors, noting his substantial experience in vertical market software businesses.

Sanoch Management is a New York-based angel investment firm started in 2002 by William Campbell, a long-time consumer products executive. Mr. Campbell is Senior Advisor JPMorgan Chase, former Chairman Chase Card Services, former Chairman Bank One Card Services, and a 28-year veteran at Philip Morris, including five years as CEO of Philip Morris USA.

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