Cinebase to Get $9-Million Investment

A venture arm of investment bank Bear, Stearns & Co. is expected to announce today that it will invest $9 million in Cinebase Software Inc., a West Los Angeles software maker. Constellation Venture Capital, an affiliate of Bear Stearns Asset Management, and Psilos Group Managers, a New York venture fund, led the $9-million private placement. Cinebase, formed in 1996, has about 60 employees and will use the funds to accelerate the development and marketing of its media management software. In July, Bear Stearns announced it had established a $100-million venture fund for fast-growing multimedia companies. About half was earmarked for companies in New York, but the rest was aimed at Los Angeles firms, with the Cinebase investment believed to be a part of that venture. Clifford Friedman, a senior managing director with Bear Stearns, is leading the effort.