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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*


                         EMBARCADERO TECHNOLOGIES, INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    290787100
             -------------------------------------------------------
                                 (CUSIP Number)

                                December 31, 2002
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

            [X]     Rule 13d-1(b)

            [ ]     Rule 13d-1(c)

            [ ]     Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                        (Continued on following page(s))
                                Page 1 of 7 Pages



-----------------------------------------------------
CUSIP No. 290787100
-----------------------------------------------------

========== =====================================================================
  1        NAME OF REPORTING PERSON

           Van Wagoner Capital Management, Inc. - 94-3235240
---------- ---------------------------------------------------------------------
  2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)   [ ]
                                                                       (b)   |X|
---------- ---------------------------------------------------------------------
  3        SEC USE ONLY

---------- ---------------------------------------------------------------------
  4        CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------- --- ------------------------------------------------------------
 NUMBER OF      5   SOLE VOTING POWER

  SHARES            -0-
                --- ------------------------------------------------------------
BENEFICIALLY    6   SHARED VOTING POWER

  OWNED BY          -0-
                --- ------------------------------------------------------------
    EACH        7   SOLE DISPOSITIVE POWER

 REPORTING          2,958,500(1)
                --- ------------------------------------------------------------
   PERSON       8   SHARED DISPOSITIVE POWER

    WITH            -0-
----------- --------------------------------------------------------------------
9           AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

            2,958,500(1)
----------- --------------------------------------------------------------------
10          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
            EXCLUDES CERTAIN SHARES                                          [ ]

            Not Applicable
----------- --------------------------------------------------------------------
11          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

            10.9%
----------- --------------------------------------------------------------------
12          TYPE OF REPORTING PERSON

            IA
================================================================================

-------------------------
(1) The percent ownership calculated is based upon an aggregate of 27,223,721
    shares outstanding as of September 30, 2002.


                               Page 2 of 7 Pages



-----------------------------------------------------
CUSIP No. 290787100
-----------------------------------------------------

========== =====================================================================
  1        NAME OF REPORTING PERSON

           Van Wagoner Funds, Inc. - 39-1836332, 94-3256424, 94-3286386
---------- ---------------------------------------------------------------------
  2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)   [ ]
                                                                       (b)   |X|
---------- ---------------------------------------------------------------------
  3        SEC USE ONLY


---------- ---------------------------------------------------------------------
  4        CITIZENSHIP OR PLACE OF ORGANIZATION

           Maryland
--------------- --- ------------------------------------------------------------
 NUMBER OF      5   SOLE VOTING POWER

  SHARES            2,720,000(1)
                --- ------------------------------------------------------------
BENEFICIALLY    6   SHARED VOTING POWER

  OWNED BY          -0-
                --- ------------------------------------------------------------
    EACH        7   SOLE DISPOSITIVE POWER

 REPORTING          -0-
                --- ------------------------------------------------------------
   PERSON       8   SHARED DISPOSITIVE POWER

    WITH            -0-
----------- --------------------------------------------------------------------
9           AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

            2,720,000(1)
----------- --------------------------------------------------------------------
10          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
            EXCLUDES CERTAIN SHARES                                          [ ]

            Not Applicable
----------- --------------------------------------------------------------------
11          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

            10.0%
----------- --------------------------------------------------------------------
12          TYPE OF REPORTING PERSON

            IV
================================================================================

-------------------------
(1) The percent ownership calculated is based upon an aggregate of 27,223,721
    shares outstanding as of September 30, 2002.

                               Page 3 of 7 Pages



-----------------------------------------------------
CUSIP No. 290787100
-----------------------------------------------------

This Amendment No. 1 to the undersigned's Schedule 13G, which was originally
filed on February 8, 2002 (the "Schedule 13G") with regard to Embarcadero
Technologies, Inc. (the "Issuer") is being filed to amend Items 2(a), 2(b), 4
and 6 of the Schedule 13G. Except as expressly stated herein, there have been no
material changes in the information set forth in the Schedule 13G.

   Item 2(a).  Name of Person Filing:
   ----------  ----------------------
               The persons filing this Schedule 13G are (i) Van Wagoner Capital
               Management, Inc., an investment adviser registered under Section
               203 of the Investment Advisers Act of 1940 and (ii) Van Wagoner
               Funds, Inc., an investment company registered under the
               Investment Company Act of 1940. Van Wagoner Funds, Inc. includes
               three portfolios, each with a separate I.R.S. identification
               number, Van Wagoner Emerging Growth Fund, Van Wagoner
               Post-Venture Fund and Van Wagoner Technology Fund. Van Wagoner
               Capital Management, Inc. is the investment adviser to Van Wagoner
               Funds, Inc. Attached as Exhibit 1 hereto, which is incorporated
               by reference herein, is an agreement between Van Wagoner Capital
               Management, Inc. and Van Wagoner Funds, Inc. that this Schedule
               13G is filed on behalf of each of them.

   Item 2(b).  Address of Principal Business Office or, if none, Residence:
   ----------  ------------------------------------------------------------
               435 Pacific Avenue, Suite 400
               San Francisco, CA  94133

               (for both Van Wagoner Capital Management, Inc. and Van Wagoner
               Funds, Inc.)

   Item 4.     Ownership
   -------     ---------
               Van Wagoner Capital Management, Inc.
               ------------------------------------
               (a)  Amount Beneficially Owned: 2,958,500*

               (b)  Percent of Class: 10.9%

               (c)  Number of shares as to which such person has:

                    (i)   sole power to vote or to direct the vote: -0-

                    (ii)  shared power to vote or to direct the vote: -0-

                    (iii) sole power to dispose or to direct the disposition
                          of: 2,958,500

                    (iv)  shared power to dispose or to direct the disposition
                          of: -0-

--------------------------
* Van Wagoner Capital Management, Inc. and Van Wagoner Funds, Inc. share
  beneficial ownership over the same 2,720,000 shares.

                               Page 4 of 7 Pages



-----------------------------------------------------
CUSIP No. 290787100
-----------------------------------------------------

               Van Wagoner Funds, Inc.
               -----------------------
               (a)  Amount Beneficially Owned: 2,720,000*

               (b)  Percent of Class: 10.0%

               (c)  Number of shares as to which such person has:

                    (i)   sole power to vote or to direct the vote:  2,720,000

                    (ii)  shared power to vote or to direct the vote: -0-

                    (iii) sole power to dispose or to direct the disposition
                          of: -0-

                    (iv)  shared power to dispose or to direct the disposition
                          of: -0-


   Item 6.     Ownership of More than Five Percent on Behalf of Another Person.
   -------     -----------------------------------------------------------------
               All securities reported on this Schedule are owned by investment
               advisory clients of Van Wagoner Capital Management, Inc. To its
               knowledge, only one such client, The Van Wagoner Emerging Growth
               Fund, a registered investment company, owns in excess of 5.0% of
               the shares of Class A Common Stock.


--------------------------
* Van Wagoner Capital Management, Inc. and Van Wagoner Funds, Inc. share
  beneficial ownership over the same 2,720,000 shares.

                               Page 5 of 7 Pages



-----------------------------------------------------
CUSIP No. 290787100
-----------------------------------------------------

     Exhibits.
     ---------

         1. Agreement to file Schedule 13G jointly.

                                    SIGNATURE
     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


January 30, 2003
--------------------------
Date

VAN WAGONER CAPITAL MANAGEMENT, INC.


By: /s/ Garrett R. Van Wagoner
   -----------------------------------------------
   Garrett R. Van Wagoner, President


VAN WAGONER FUNDS, INC.


By: /s/ Garrett R. Van Wagoner
   -----------------------------------------------
   Garrett R. Van Wagoner, President


                               Page 6 of 7 Pages



-----------------------------------------------------
CUSIP No. 290787100
-----------------------------------------------------

                                    EXHIBIT 1
                                    ---------

     AGREEMENT, dated as of January 30, 2003, by and among Van Wagoner Capital
Management, Inc., a Delaware corporation and Van Wagoner Funds, Inc., a Maryland
corporation.

     WHEREAS, in accordance with Rule 13d-1(k) of the Securities Exchange Act of
1934 (the "Act"), only one such statement need be filed whenever two or more
persons are required to file a statement pursuant to Section 13(d) of the Act
with respect to the same securities, provided that said persons agree in writing
that such statement is filed on behalf of each of them.

     NOW, THEREFORE, in consideration of the premises and mutual agreements
herein contained, the parties hereto agree as follows:

     Both Van Wagoner Capital Management, Inc. and Van Wagoner Funds, Inc.
hereby agree, in accordance with Rule 13d-1(k) under the Act, to file one
Statement on Schedule 13G relating to their ownership of the Common Stock of
Embarcadero Technologies, Inc., and hereby further agree that said Statement
shall be filed on behalf of both Van Wagoner Capital Management, Inc. and Van
Wagoner Funds, Inc. Nothing herein shall be deemed to be an admission that the
parties hereto, or any of them, are members of a "group" (within the meaning of
Section 13(d) of the Act and the rules promulgated thereunder) with respect to
any securities of Embarcadero Technologies, Inc.

     IN WITNESS WHEREOF, the parties have executed this agreement as of the date
first written above.

                                      VAN WAGONER CAPITAL MANAGEMENT, INC.


                                      By: /s/ Garrett R. Van Wagoner
                                         ---------------------------------------
                                         Garrett R. Van Wagoner, President


                                      VAN WAGONER FUNDS, INC.


                                      By: /s/ Garrett R. Van Wagoner
                                         ---------------------------------------
                                         Garrett R. Van Wagoner, President




                                Page 7 of 7 Pages