EditGrid Raises Series a Round of Financing from WI Harper

Team and Concepts Limited (TnC), the company behinds the online spreadsheet service provider -- EditGrid, announced the closing of US$1.25 M Series A financing with WI Harper as the sole investor.

Particularly when looking at the rapid growth of the Software as a Service (SaaS) market, and the fact that EditGrid has the potential to revolutionize the way we look at spreadsheets, we are extremely enthusiastic about the future prospects of this investment in the EditGrid team.

Hong Kong (PRWEB) June 12, 2007 -- Team and Concepts Limited (TnC), makers of EditGrid, a leading provider of online collaborative spreadsheets, today announced the closing of a US$1.25M Series A financing with WI Harper acting as sole investor. In addition to a vast majority of the standard spreadsheet features, EditGrid provides online real-time group collaboration capabilities and easy integration with existing applications, combined with an easy-to-use interface and compatibility with a wide range of traditional spreadsheet formats.

EditGrid currently supports 500+ built-in functions (representing the vast majority of functions commonly used in Excel), and supports all major browsers including Internet Explorer, Firefox, Opera, Safari, and Maxthon without the need to install any third-party software. In addition, its real-time collaboration functionality allows workgroups to efficiently edit spreadsheets simultaneously and have changes be reflected in real time across all collaborators' screens, while being able to support multiple levels of undo and sophisticated user permission controls. Furthermore, EditGrid supports remote data functionality, allowing users to retrieve live data on the web to be used in various designated cells and calculations. EditGrid supports a wide variety of spreadsheet formats, including Excel, CSV, Gnumeric, OpenOffice.org, Lotus 1-2-3, and others.

"We're extremely excited to have completed our first major round of financing, which is a significant milestone that will give us the resources to further our innovations and really drive user adoption. We believe that this will allow EditGrid to become the best online spreadsheet available," said David Lee, Chairman and Co-founder of TnC. "We're also extremely happy to have WI Harper as our investor and partner going forward. In addition, our list of partners has been growing almost on a weekly basis, and we're confident that this trend will continue."

"We've been extremely impressed at the EditGrid team, their technical capabilities and accomplishments, and the sheer potential of the Company," added David Zhang, Managing Director at WI Harper. "Particularly when looking at the rapid growth of the Software as a Service (SaaS) market, and the fact that EditGrid has the potential to revolutionize the way we look at spreadsheets, we are extremely enthusiastic about the future prospects of this investment in the EditGrid team."

About Team and Concepts Limited and EditGrid
Team and Concepts (TnC) is a Hong Kong-based company and creator of EditGrid online spreadsheets. Founded in 2003 by David K. F. Lee and partners, TnC began as a software service provider for event organizers. Accumulated experience in serving intensive spreadsheet users, TnC later launched EditGrid in April 2006 with funding from Silicon Valley based investors and the Hong Kong government's Innovation and Technology Fund. David K. F. Lee was nominated by BusinessWeek magazine as one of Asia's Best Entrepreneurs under 25 in August 2006. For more information, visit EditGrid.

About WI Harper
With close to $400M under management, WI Harper is one of the first U.S.-based venture capital firms to create a value-adding bridge between the United States and Greater China. For nearly a decade, WI Harper has been building companies internationally by facilitating the flow of capital, technology and management best practices across both sides of the Pacific. The Firm is focused on fueling companies at early expansion stage within Internet, wireless, digital media and life science / healthcare sectors. WI Harper's star portfolios include Focus Media, DivX, Beijing Xinwei, Bridge Pharmaceutical, Cardiva Medical, Commerce One, Celestry, Intraware, iKang Healthcare, MJ Group, Panorama Stock, SirF, 3G.CN, Maxthon and Verisilicon. For more information, visit Wi Harper Website.

###