Palo Alto-based Subtext, a developer of online book applications for the iPad, said today that it has launched its first product, and also disclosed $3M in funding. The funding came from Google Ventures, Mayfield Fund, New Enterprise Associates, and Omidyar Network. The firm is headed by Andrew Goldman. Subtext's iPad app allows users to not only read books, but also collaborate in real time with friends, authors, experts, and others while reading. The firm said the aim of its service and apps is to "transform reading into a social activity." More information »