neoSaej, a small Boston area start-up co-founded by Ray Stata and Mukesh Chatter, have quietly raised $10 million in venture funding and have launched a live auction platform–one different from eBay and Priceline. Stata is best known as co-founder of Analog Devices and whose name graces the Frank Gehry/MIT building; Chatter is founder of Nexabit, which was sold to Lucent for $1 billion.
The first implementation is a system which allows consumers to create a live auction around the best available CD from over 100 banks. Launched in June as MoneyAisle, the platform has gone live on TheStreet.com. Here is the press release from TheStreet.com.
For an overview on the company and its technology, we have posted this interview of Mukesh Chatter by Robert Scoble, originally published on Fastcompany.tv in September.
While the CD product is going well, Chatter says that the auction has implications for several business sectors, including retail.
In a story earlier this year in Technology Review, Robert Freund, a professor of management science at MIT’s Sloan School who sits on neoSaej’s advisory board, said the company’s technology “has the potential to change the way business is conducted on the Internet.”
— Andy Plesser, Executive Producer
Disclosure: neoSaej is a client of Plesser Holland public relations.