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Red Herring is reporting that widget service ClearSpring has raised $5.5 Million in a second round of Investment, which brings the total amount raised so far to $7.5 million. The round was led by Novak Biddle Venture Partners and ZG Ventures. AOL founders Steve Case, Mark Jung and Ted Leonsis also participated in the investment. Jung who served as the COO of Fox Interactive, and was deeply involved with MySpace affairs, will take on the Chairmanship of ClearSpring´s Board.

ClearSpring would be battling with Snipperoo, Widgetbox, Fox´s SpringWidgets and Muse Storm in the entrenched widget space. ClearSpring will widgitize the content from providers like RockYou and serve it on social networks like MySpace.

Brad Feld from Mobius Ventures says that there are around 23 “widget management systems” with most of them heading towards a disappointing end. So atleast he for one will not invest in this space. Vivek Puri from startupsquad thinks that ClearSpring is a great service and has included it in his list of 8 startups to watchout for in 2007.