Art-exchange.com receives $400,000 in seed capital, partners with Edgewater Technology – .com news – Brief Article
HOT SPRINGS, Ark.–Art-exchange.com recently received a check for $400,000 from Arkansas Science and Technology Authority for further development of its business-to-business (B2B) art e-commerce exchange. This investment takes the form of a debt instrument to be paid back by the company through a royalty payment on gross profit from sales.
Art-exchange.com Inc. was founded in 1994 as a retail art gallery. After developing its first Web site and establishing a vision of creating a B2B marketplace, the company accessed the private capital market to build and launch www.art-exchange.com.
In other news, art-exchange selected Edgewater Technologies to build the company’s Phase Two Web site. Phase One went live in June of 2000. Phase Two will add the infrastructure that is necessary to list more than one million pieces of art and make those pieces accessible to dealers with divergent art needs. Buyers will be able to locate needed artwork by artist’s name, title, subject matter, style, medium, colors, sizes, keywords and wholesale and retail price. Phase Two went live at the end of 2001.
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