Incubator company idealab is launching a new startup company called Tweetup. The man behind Tweetup is Bill Gross. Gross is the original founder of GoTo.com. GoTo.com was renamed to Overture, a company that Yahoo! purchased. Yahoo! was able to leverage Overture patents by suing Google and settling for a settlement of 2.7 million shares.
Tweetup is a Twitter search engine that has an advertising platform. When you search for tweets using Tweetup, the search engine will use an algorithm to place important tweets at the top and contextual ads on the side.
If you integrate Tweetup into your own website, you can share 50-50 revenue with idealab. Tweetup already has an established partnership with Answers.com.
Investors have put in about $3.5 million into this idea. The investors include Index Ventures, SV Angel, First Round Capital, Betaworks, Jason Calacanis, Steve Case, and Jeff Jarvis. Danny Rimer of Index Ventures has a board seat at Tweetup. [TechCrunch]