Telecom software maker raises financing

Mar 31, 2014
Austin Business Journal

Software maker CollabIP Inc. reported raising $1.3 million of a planned $1.5 million financing


The Austin-based company collected the capital from 17 investors


CollabIP was founded in Minnesota as CollabIP Communications Inc. in 2012. It develops software that’s sold under the Tethr brand name and designed to automate the transcription of conference calls in real time


Earlier this month, CollabIP executives disclosed plans to open its headquarters in West Austin as the startup comes out of stealth mode. The company had two Austin locations under consideration


Co-founders Mike Mings and Spence Wetjen, two former Best Buy Co. Inc. (NYSE: BBY) employees, developed the software’s software by brainstorming business ideas for two years over lunches


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