The Seattle-based company, which has taken in $13.5 million so far, says it will use the latest financing round to fund ongoing operations, acquire new customers and further develop its technology. Last week, the company said it hopes it can garner new clients by helping companies with asset liquidations brought about by the economy's downturn. Also last week, the company announced that Scott Laster, founder and CEO, has given way to Walter Boos, who is now CEO and chairman.

Bidpath currently works with more than 30 commercial auction companies with collective annual gross asset sales in excess of $400 million. The company helps sellers market assets through a network of 25 online listing websites and business-to-business exchanges that attract a combined total of 10 million potential buyers a month. The online marketing network includes sites such as Yahoo! B2B Marketplace, bLiquid.com, TraderOnline, GSNet, ComAuctions, WorldBid, and Tradelert.

Bidpath Auction Manager 3.0 automates the auction method of marketing, including the collection of inventory images and data in the field and their direct upload to an online catalog and an exclusive network of business-to-business exchanges and listing sites. Bidpath Live Auction hardware and software enables auctioneers to broadcast bid and ask prices, and receive and award online bids in real time over the Internet. With Bidpath, registered bidders can participate in an online auction directly through a common Web browser.