The amount of the transaction was not disclosed.
Foundation Capital has joined Cisco, Draper Fisher Jurvetson, Khosla Ventures, Salesforce.com, SAP Ventures, and US Venture Partners as a backer of the six-month program, which accepts 13 companies every four months.
On average, the companies that are accepted receive $28k in seed funding, mentorship services by a large network of experts and coaches.
Led by Ravi Belani, Managing Director, Alchemist will host their Class Seven Demo Day at Citrix in Santa Clara, On September 25, 2014. Over 200 customers, partners, and investors will join to see new ideas coming out of the accelerator.
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