Funds Finally Get Together

The two venture capital funds at Friedman, Billings, Ramsey Group Inc. of Rosslyn have joined forces for the first time, investing $9 million in Ultraprise Corp. of Shepherdstown, W.Va. The deal is scheduled to close today.

FBR Technology Venture Partners II, which invests in high-technology companies, and FBR Financial Fund II, which invests in financial services firms and mortgage companies, combined money to fund Ultraprise. The company, which recently changed its name from Husky Labs, runs company-to-company auctions of mortgages on the Web.

The technology fund's Scott Frederick and the financial fund's George McCabe will each take a seat on the Ultraprise board.

In Sync With a Museum

Richard Avedon, Cindy Sherman, Andy Warhol and . . . the Sync.

The Laurel producer of Internet video shows has become the first Webcaster to be featured in the Museum of Modern Art as part of its new "Fame After Photography" exhibit.

Two of the Sync's shows, the Jenni Show starring Jennifer Ringley and Here and Now: Up Close, which broadcasts the day-to-day lives of six Oberlin College students, are featured in the exhibit. It "examines the symbiotic relation between the camera and the double-edged results of fame and notoriety."

In other words, Webcasting as modern art.