 Initially NetObjects was as a privately held company with the Series A venture investment led by Rae Technology, Series B by Norwest Venture Partners and Venrock Associates, followed by Novell, Mitsubishi and AT&T Ventures and the last round by Perseus Capital, L.L.C.In April 1997 IBM invested $100 million to acquire a majority of the company.The deal had a valuation of $150 million.