The Austin American Statesman reports that Austin-based InovaWave Inc. has raised its first round of venture capital — $2 million from Silverton Partners.

The company, which was founded in March 2006, sells software that boosts performance by enabling multiple applications to run simultaneously.

CEO Terry Ferose said InovaWave, which began selling its product in November, will use the money to expand sales and marketing.

In addition, Silverton general partner Bill Wood has joined the board of directors of InovaWave, which has 11 employees.