Sumner Redstone's Daughter Shari Launches Media, Tech Investment Firm

NEW YORK - Shari Redstone, vice chair of CBS Corp. and Viacom, has co-founded early-stage investment firm Advancit Capital, AllThingsD reported.

The daughter of Viacom and CBS controlling shareholder Sumner Redstone and president of National Amusements opened the firm with investment partner Jason Ostheimer to focus on investments in young media, entertainment and technology companies, it said. It has recently been involved in a funding for app maker Nettle, according to AllThingsD.

"The firm seeks the opportunity to form long-term partnerships with talented, focused and driven entrepreneurs," it quoted from a company description. "The firm generally seeks to participate in a company’s first round of outside financing.

In a regulatory filing, Advancit said it has raised $3.2 million, according to AllThingsD.