PALO ALTO, Calif. (VENTUREWIRE) -- Rearden Steel Technologies, founded by WebTV Networks co-founder Steve Perlman, said it has closed its first round at $67 million led by America Online. Other investors in the round included the Barksdale Group, Cisco Systems, EchoStar Communications, Macromedia Ventures, Mayfield, Vulcan Ventures, and the Washington Post. Kevin Fong of Mayfield and Paul Bosco of Cisco will take the fourth and fifth seats on Rearden's board of directors as part of the financing agreement. The company said the financing would be used for developing its hardware/software and networking technology for the home entertainment market. Rearden also said it plans to add an additional 50 employees in various departments to its 110 person staff by the end of the year. In addition, the company said it is in discussions for Series B funding because the first round was oversubscribed and additional investors have shown interest. A source close to the company said the company's valuation was $270 million. Rearden Steel Technologies was founded in January 2000.