Venture capitalists say that startup companies with strong management, good ideas and a good business plan can still get funded these days.

Apparently, that’s the case with nuBridges, a company focused on providing electronic exchange and services between enterprises but is not yet generating revenue.

nuBridges, founded in October of 2000 by Tycho Howle who built Harbringer Computer Services from scratch in 1983 to initial public offering in 1995, announced it had closed an oversubscribed $11 million Series B round of funding on Thursday.

The company said it hopes to bring its first products to market in the third quarter of this year.

“Our technology is in the development stage,” Allen Chan, vice president of nuBridges told Local Tech Wire. “We continue to refine it.”

Several companies are using nuBridges technology now and are “helping us to refine it,” he said. Considering the current economic climate for IT spending, Chan said nuBridges would take its time before entering the commercial market.

The deal is the first publicly disclosed VC funding in Georgia this year.

Not only did nuBridges raise more than $4 million than originally intended, it also announced the offering and closed it in less than two months.

“nuBridges is building an innovative solution addressing a major pain point that persists in eBusiness,” said Alan Taetle, general partner at Noro-Moseley Partners, which joined the round. “The solution combined with the nuBridges management team’s tremendous track record makes this a particularly compelling investment.”

Also joining the round were C&B Capital, GMT Capital, hf Flagship Investments, the C. Tycho and Marie Howle Foundation, and 24 individuals. The Howle foundation was established by Howle and his wife.

hf Flagship Investments is an investment partnership for the Howle family, and the company said it was the largest investor in the round.

nuBridges products address and simplify interaction between enterprises and thus help enable what the company calls “e-business communities.”

According to Chan, nuBridges also provides services and support for companies that want an efficient but lower cost alternatives to more expensive e-commerce solutions. Chan also said nuBridges’ solutions are less complex than other alternatives.

nuBridges circulated the round to potential investors beginning on Nov. 27, seeking $7 million. Based on initial interest, the company said the decision was made to raise the round to $11 million. The deal closed on Jan. 15.

In a statement, Howle said the company decided to take the additional money, given how tight VC financing had been in 2002.

“The nuBridges Board and management team concluded that we were far enough along, with sufficient signs that we are on track, to increase the amount of capital invested in the company,” he said. “When it appeared there was more capital available to us than we had initially targeted, we decided that the most prudent course of action in the current environment was to revise the offering.”

nuBridges: www.nubridges.com