Betaworks is an incubator firm that is based in New York.  The incubator firm has raised $20 million in a second round of funding.  Betaworks primarily invests in web startup companies.  The firm was started by AOL veterans John Borthwick and Andrew Weisman.  So far Betaworks has made investments in about 24 companies including Bit.ly, TweetDeck, Twitterfeed, and Chartbeat.  The investment was led by Intel Capital.  RRE Ventures, Softbank, Founders Collective, AOL Ventures, DFJ Growth, and The New York Times also participated.  The last round of funding was $8 million. [GigaOm]