TEOCO Corp. has raised $60 million in venture capital backing from TA Associates.

The Fairfax, Va.-based TEOCO provides software and services that ensures telecommunications companies are being properly billed for network usage from other carriers and reduce lost revenue due to problems with call and billing data.

The company has over 200 employees and boasts 50 major communication providers as customers, including AT&T Corp., Qwest Communications Inc., Sprint, T-Mobile USA Inc., U.S. Cellular, Verizon Wireless and Virgin Media.

TEOCO focuses on three main areas: network cost management, revenue assurance and business intelligence. Customers use its services to process more than $3 billion in invoices every month, as well as fix revenue loss from poor data, multiple billing and inefficient processes, saving customers as much as $3 million in one particular billing case. TEOCO also helps its clients analyze customer billing data to identify patterns, exceptions and trends.

"TEOCO is a remarkable company that is setting a new standard in business optimization solutions," said Hythem T. El-Nazer, a senior vice president at TA Associates who will join TEOCO's board of directors. "TEOCO's leading-edge software and intellectual capital have enabled them to become the partner of choice for the largest communications companies, by providing immediate, tangible cost savings. We look forward to working with TEOCO management to continue to invest in the business and build upon its market-leading position."

Boston-based TA Associates is a private equity firm that has invested in nearly 400 companies and manages more than $16 billion in capital.

"We are very pleased to welcome TA as our first institutional investor," said Atul Jain, chairman and chief executive officer of TEOCO. "As a company that has avoided external capital for 15 years, we are delighted to find a partner that will strengthen TEOCO without changing the culture of our organization. We see this as the beginning of a new phase in TEOCO's history where we look to add even greater value to communications service providers worldwide."

Jain founded TEOCO Corp. in 1994. The name stands for The Employee Owned Company.

In other venture capital news:

• Diapers.com has closed a $30 million round of financing led by New Enterprise Associates, with existing investors Accel Partners, Bessemer Venture Partners and MentorTech Ventures. The Montclair, N.J.-based online baby retailer was launched in 2005 and has grown from a Web site focused just on baby essentials to a company that sells everything from diapers and formula to strollers and car seats. The company has 150 employees.
  
  "We are not the mass superstore that is trying to service all the needs of all people, from the teenager to the retiree, all at once, and all under one roof," said Vinit Bharara, co-founder and chief operating officer of Diapers.com. "Since the beginning, we have sought instead to build a category leading brand based on individualized, personalized and trusting relationships with new parents who come to know that we 'get it' and we will always take care of them. We may not be able to get them any more sleep, but maybe we can help in this small way."
  
• ViVu Inc. has raised an initial funding round of $3 million led by Draper Fisher Jurvetson and Amidzad Partners, with participation from Quest Ventures and other angel investors, including serial entrepreneurs Bill Carrico and Amarjit Gil. ViVu is developing a participative event platform that enables live video participation from a PC, Macintosh or smart phone without any proprietary downloads and integrates with most of the popular streaming video and conference products.
  
  "Our vision is to interactively connect many people over video and make the experience even better than being there," said Sudha Valluru, CEO and co-founder of ViVu. "The team developed the first enterprise-quality video over IP a decade ago and is now building a platform that scales and provides the ease-of-use, quality and availability expected in an enterprise."
  
• InSync Software Inc., provider of software for RFID, GPS and sensor-driven software applications, has closed $4.7 million in second round funding.
  
  Funding for the San Jose, Calif.-based company was led by existing investors Intel Capital and Rustic Canyon Ventures, along with participation by strategic individual investors.
  
  "This funding is a significant milestone for InSync," said Ashish Chona, CEO and co-founder of InSync. "The investment comes at a crucial time, as momentum is increasing and the AIDC and RFID applications market is starting to mature. Our software solution is being deployed worldwide through our outstanding partner network, and we are seeing strong levels of interest and demand for both our platform and solution products."
  
• RiseSmart, a provider of Web-enabled outplacement and job search services, has secured $4.6 million in funding, including $2.8 million from Storm Ventures and $1.8 million from Norwest Venture Partners. The company announced $3 million in first-round founding from Norwest last year and has raised a total of $8.85 million in angel and institutional investment.
  
  Sanjay Subhedar, managing director of Storm Ventures, will join Norwest general partner Venkat Mohan and RiseSmart founder and CEO Sanjay Sathe on the San Jose, Calif.-based company's board of directors.
  
  "RiseSmart has created a business model that promises to be a game changer in the $3 billion plus outplacement industry," Subhedar said. "RiseSmart's Transition Concierge is disrupting the cost structure for corporate outplacement providers, while leveraging technology to deliver superior value to a growing roster of Fortune 500 clients."
  
  "We are delighted to begin working with Storm Ventures and to extend our existing relationship with Norwest Venture Partners," Sathe said.
  
• Synageva BioPharma Corp., a privately held biopharmaceutical company, has completed the final closing on a $45 million financing that began earlier this year. This final closing, which adds $12 million to the $33 million investment announced in May, includes existing investors, as well as new investor New Leaf Venture Partners.
  
  As part of the financing, Srini Akkaraju, managing director at New Leaf Venture Partners, will join Synageva's board of directors. "This $45 million financing helps Synageva realize its vision of developing a portfolio of innovative medicines for patients with rare diseases and high unmet medical need," stated Sanj K. Patel, president and CEO of the Waltham-based Synageva.