The micro-cap, sub-angel type of financing practiced by Paul Graham’s Y Combinator isn’t for everyone, and there are some who believe that it’s virtually impossible to do successfully — but Y Comb seems to be pulling it off regardless. I have no idea how much they put into Omnisio, but to sell it to Google for a rumoured $15-million in cash about four months after it launched has to be some kind of record (and becomes the latest in what is a surprisingly large list of Google acquisitions). Congrats to them and the three Aussies who started the video-annotation tool.
Further reading:
Chris Sacca, former Google head of Special Initiatives turned angel investor, has some thoughts about his investment in Omnisio (hat tip to MG Siegler at VentureBeat for that link), and Rashmi Sinha of Slideshare has some thoughts about the deal as well.