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Silicon Alley Media, disgraced tech-stocks analyst Henry Blodget's recently formed blog collective, has raised a modest $1 million from wealthy investors, Tech Confidential reports. The A round's A list included Tacoda cofounder Dave Morgan and former Wall Street Journal publisher Gordon Crovitz. With the proceeds, Blodget is hiring editors for two new sites: Clusterstock, a spreadsheet-heavy analysis site, and Business Sheet, a tabloidy take on business personalities.

Those sites seem inspired by the best ideas to come out of Silicon Alley Insider, Blodget's first blog effort. But they also seem a nod to Blodget's failed ambitions. Originally conceiving of Silicon Alley Insider as a look at New York's supposedly burgeoning technology scene, Blodget and his New York-based editors quickly realized there was no there there. They shifted gears to start covering large, publicly traded technology companies — most of which were based a continent away in California. (They even hired a Silicon Valley correspondent.) A wise move, but one that left their flagship publication with puzzling branding.

No matter. We do not hope Alley Insider fails, since we find the site a must-read, odd name and all. But if it does, or ends up merely a middling success, Blodget will have other publications to rely on. That talent for shapeshifting is one rarely seen in the entrepreneur-hostile realm of Manhattan.