Get the latest Venture Capital & Angel investors news and info Join Our Mailing List:

Your Name: 

Your Email:  

*By submitting your name & email you agree to receive for FREE our scholarships & offers Newsletters. You agree also with the storage and handling of your data by this website and 3rd party email services.
You may unsubscribe if you wish. And you can delete your email and name at any time by emailing us to the email on the bottom of this page.

Follow us on
 

    NEWS:

  • InSet Technologies Completes $25 Million Financing

    – Financing Led by Clarus Ventures –

    MOUNT OLIVE, N.J., Jan 12 InSet Technologies, an emerging leader in the development of programmable implantable pumps for targeted delivery of medication, announced today the closing of equity financing totaling $25 million.

    Clarus Ventures, a life sciences venture capital firm, led the round and was joined with a follow-on investment by FatBoy Capital, LP. In conjunction with the financing, Kurt C. Wheeler of Clarus Ventures will join the InSet Technologies’ Board of Directors.

    “Our investment in InSet Technologies validates their remarkable achievement of key company milestones over a very short period of time,” stated Kurt C. Wheeler, Managing Director, Clarus Ventures. “With this new financing, InSet Technologies is well positioned to finalize its regulatory path towards approval, build its sales and marketing team in advance of launch and rapidly grow its innovative product portfolio.”

    “Completion of our financing in this difficult economic environment is a strong testament to the value of our technology, the progress of our company, and the insight of Clarus Ventures and our other investors. With this funding, we look forward to continuing our progress to provide new therapeutic options to both physicians and patients,” said Steve Adler, President and CEO of Inset Technologies. “Additionally, we are excited to have Kurt Wheeler join our Board of Directors. Kurt brings 25 years of experience successfully commercializing medical device companies to InSet Technologies’ Board.”

    About InSet Technologies

    InSet Technologies Incorporated (www.insetinc.com) is a privately-held company solely focused on developing totally implantable pumps delivering targeted medications directly to the spinal cord (intrathecal space) to achieve potentially improved functional relief with a dramatic reduction in the side effects from high doses of drugs for chronic pain, cancer pain and spasticity, a market potential in excess of $5 billion.

    About 70 million people in the United States live with chronic pain. According to the National Institutes of Health, the annual cost of chronic pain in the United States, including healthcare expenses, lost income, and lost productivity, is estimated to be $100 billion, more than heart disease and cancer combined.

    CAUTION: Prometra pumps are Investigational Devices which have not yet been approved by the FDA.

    About Clarus Ventures

    Clarus Ventures is a life sciences venture capital firm founded by a team of accomplished investment professionals with extensive and complementary industry backgrounds which have enabled them to establish a long history of success in creating value. Their deep relationships with world thought leaders and decision makers allow this team to identify unique investment opportunities and shepherd them to maturity. Clarus augments its core expertise of investing in biopharmaceuticals and medical technology companies with the deep and diverse expertise of the team in research and development, commercialization, business development and operations management at the global level. Clarus is based in Cambridge, MA and San Francisco, CA and presently manages over $1.2 billion across two life-sciences dedicated funds.

    For additional information on Clarus Ventures, please visit www.clarusventures.com.

    Source: InSet Technologies


  • Local Online Advertising Leader Yodle Announces Completion of $10 Million Series C Financing

    Reports 700% year-over-year revenue growth,Reaches 5,000 customer milestone

    NEW YORK Yodle, Inc., a leader in local online advertising and lead generation, announced today that it has completed a $10 million Series C funding. The round was led by JAFCO Ventures, joined by Draper Fisher Jurvetson Growth and existing investors Draper Fisher Jurvetson and Bessemer Venture Partners. The funds will be used to double investment in product and technology innovation as well as to continue a national sales expansion.

    Demand for local online advertising fueled tremendous growth at Yodle in 2008, despite the economic downturn. The New York-based company reported 700% year-over-year revenue growth from 2007, ended 2008 with 250 employees nationally up from 9 in 2006, Yodle now boasts approximately 5,000 customers up from 125 in 2006.

    Its been a watershed year for Yodle, and, thanks to our incredible team working hard to deliver for our customers, we expect that growth to continue in 2009, said Yodle CEO Court Cunningham. While our competitors retrench in the face of financial adversity, we are stepping up investment in our customers success. This new funding round will accelerate product and technology development to provide increased online exposure and even stronger results for our local business owner clients.

    In this difficult economic environment only the strongest and most promising companies are getting funding. Yodles dramatic growth, seasoned management team and focus on customer success make it truly unique in the local online advertising market. We look forward to supporting the companys continued growth and market leadership, said Tom Mawhinney, General Partner at JAFCO Ventures.

    About Yodle

    Yodle provides local businesses with a simple and affordable way to get new customers and phone calls using online advertising. Yodle is transforming local online advertising by connecting local business owners with consumers in a simple, measurable and relevant way. Yodle has developed an integrated approach to signing up and serving local businesses that are transitioning their marketing budgets online. Yodle is headquartered in New York, NY with a presence in 25 major cities across the United States and has hundreds of employees helping thousands of customers. To find out more about Yodle, go to www.yodle.com.

    About JAFCO Ventures

    Based in Palo Alto, California, JAFCO Ventures is a venture capital partnership focused on companies that are emerging leaders in the communications, Internet, semiconductor and software industries. JAFCO Ventures was formed in 2003 and currently manages more than $350 million in capital. The fund’s charter is to invest in venture opportunities with true breakout potential where JAFCO Ventures can meaningfully add value with capital, the experience of seasoned venture capital investors, and the deployment of our Asia business development team, to help portfolio companies generate revenue from customers in Japan and other parts of Asia. For more information, visit http://www.jafco.com/.

    About Draper Fisher Jurvetson Growth

    Draper Fisher Jurvetson Growth Fund invests in revenue stage technology companies that are expanding rapidly in large markets and are well positioned to be category leaders. Draper Fisher Jurvetson is a leading venture capital firm with global presence through the DFJ Global Network of funds. DFJ’s mission is to identify, serve and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. The DFJ Network has grown to encompass over 150 venture capital professionals in more than 30 cities around the world, more than 600 portfolio companies funded, and over $6 billion of capital under management. Together, the DFJ Network funds have been the most active venture capital investors in the world in 2006 and 2007. The DFJ Network has produced such notable, industry changing companies as Athenahealth (ATHN), Baidu (BIDU), Skype (acquired by eBay), Focus Media (FMCN), DivX (DIVX), Mobile 365 (acquired by Sybase), Massive (acquired by Microsoft), EnerNOC (ENOC), Feedburner (acquired by Google), Four11 (acquired by Yahoo), xFire (acquired by Viacom/MTV Networks), Mozy (acquired by EMC), Myfamily.com (acquired by Spectrum Equity Investors), Overture (acquired by Yahoo), Parametric (PMTC), TicketsNow (acquired by TicketMaster), and buy.at (acquired by AOL). www.dfjgrowth.com and www.dfj.com

    About Draper Fisher Jurvetson

    Draper Fisher Jurvetson is a leading venture capital firm with a global presence through a network of affiliated funds, with offices in more than 30 cities around the world and approximately $6 billion in capital commitments. DFJs mission is to identify, serve and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. Over the past twenty years, DFJ has been proud to back over 500 companies across many sectors including such industry changing catalysts as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), EnerNOC (ENOC), athenahealth (ATHN), Focus Media (FMCN), Mobile 365 (acquired by Sybase), xFire (acquired by Viacom), United Online (UNTD), Overture (acquired by YHOO), Interwoven (IWOV), Four11 (acquired by YHOO), Massive (acquired by MSFT), Parametric (PMTC) and Mozy (acquired by EMC).

    About Bessemer Venture Partners

    As the oldest venture capital practice in the U.S., Bessemer has carried on a tradition of hands-on, early-stage investing since 1911. With offices in New York, California, Massachusetts, and Mumbai, Bessemer Venture Partners (http://www.bvp.com) now manages more than a billion dollars of venture funds. Over 100 Bessemer startups have gone public, including Ciena, Gartner, Ingersoll Rand, International Paper, Maxim, Parametric, Staples, WR Grace, Verisign, and Veritas. Wikia is one of many Web2.0 companies whose first venture rounds were led by Bessemer; others include Skype, Yelp, Zopa, Revver and Flock.

    Source: Yodle, Inc.


  • FiREapps Raises $8.75 Million in New Funding, Announces New Customer Acquisitions

    Leading On-Demand Foreign Exchange Exposure Management Solution Provider Raises Series B Funding and Expands Customer Base in Troubled Economic Times

    SCOTTSDALE, Ariz. FiREapps, the leading provider of on-demand foreign exchange exposure management software solutions, has raised $8.75 million in new funding, including $7.5 in VC funding from Trilogy Equity Partners and return investor Ignition Partners, plus an additional loan facility from Silicon Valley Bank.

    Under terms of the agreement, Trilogys Charles Stonecipher has joined parent company Rim-Tecs board of directors. In addition to funding, FiREapps announced new key customers of the FiREapps solution, including CommScope, SPX, Plantronics and PharmaNet.

    At a time of unprecedented market uncertainty, FiREapps ability to expand its customer base and secure investment to further expand its market presence is a testament to the strength of our offering, said FiREapps CEO Wolfgang Koester. Our partnership with Trilogy Equity Partners, combined with our ongoing relationship with Ignition Partners, as well as Silicon Valley Bank, and the growing number of industry-leading companies who have embraced our solution, supports our firm belief that we offer the right product at the right time for companies who need to manage economic and accounting risks, reduce costs and preserve liquidity.

    Our organization scrutinizes hundreds of business opportunities, and FiREapps struck us as one that is uniquely positioned to flourish in todays economic climate, said Chuck Stonecipher, director, Trilogy Equity Partners. FiREapps has delivered a proven solution to the marketplace that provides companies with a critical element in their struggle to manage foreign exchange risks at a time of unprecedented volatility. We are excited to invest in a company that offers proven, on-demand solutions to help organizations protect corporate value at a time when uncertainty is plentiful and credit is scarce.

    Stonecipher joins former Microsoft CFO and current partner at Ignition Partners John Connors on the FiREapps board of directors.

    Managing foreign exchange risk is one of the toughest jobs in finance, said Connors. For treasury organizations forced to do more with less, FiREapps provides the only solution that will reduce their FX risks while simultaneously lowering costs. The success they have accomplished during a period of economic challenges continues to build on our excitement and optimism.

    An additional loan facility from Silicon Valley Bank provides FiREapps with additional cash to continue the expansion of its customer base.

    At a time when the market as a whole is sensitive to risk, we remain dedicated to our clients success and are excited to provide FiREapps the financial resources it needs to address the risk of foreign currency exposures for multinational corporations, said Cindy Buell of Silicon Valley Banks Phoenix office.

    About FiREapps

    FiREapps, a subsidiary of Rim-Tec, Inc., is the leading provider of foreign exchange exposure management software. The company provides technologies and services that help corporations optimize foreign exchange processes. These solutions help customers reduce cost and mitigate risk while increasing profitability and operational efficiencies. FiREapps has offices in Arizona, California, Florida, North Carolina and Oregon.

    Source: FiREapps


  • Vivaldi Biosciences Enters Into Agreements for $23 Million in Series A Financing

    NEW YORK Vivaldi Biosciences Inc., a biotechnology company focused on the development of vaccines for influenza, today announced that it has received binding commitments for $23 million in a Series A Convertible Preferred Stock financing, of which $18,850,000 has been funded. Bay City Capital LLC and NGN Capital LLC co-led the financing, with participation by the New York City Investment Fund and Alexandria Real Estate Equities, Inc. The remaining commitments are to be funded subject to achievement of certain milestones.

    Vivaldi is developing novel vaccines with the potential for increased effectiveness in the prevention of seasonal and pandemic influenza, based on research by Peter Palese, PhD, and Adolfo Garcia-Sastre, PhD, of the Mount Sinai School of Medicine. Elliott Kieff, MD, PhD, of Brigham and Womens Hospital, Harvard Medical School, is Chairman of the companys Scientific Advisory Board. Vivaldi intends to use the proceeds from the Series A financing to establish cell-based manufacturing and to file an Investigational New Drug (IND) application to advance its lead vaccine candidate to clinical trials.

    William Gerber, MD, Investment Partner of Bay City Capital and a member of Vivaldis Board of Directors, said, Vivaldis founding and financing represents the culmination of an extensive, multi-year search by Bay City Capital across the spectrum of opportunities in the infectious disease field for novel vaccine and therapeutic modalities that target areas of significant commercial potential. We are pleased to co-lead this investment with NGN Capital with participation from additional important investors.

    Peter Johann, PhD, Managing General Partner of NGN Capital and a member of Vivaldis Board of Directors, commented, NGN is excited about the opportunity Vivaldi presents, and thus has made a rare exception to invest in an early-stage company. We are impressed with Vivaldis proprietary technologies, strong management team and development plan for innovative and highly differentiated vaccines for influenza. Vivaldis approach specifically addresses unmet needs for an effective vaccine for adults age 50 and over, one of the most vulnerable groups. We are very excited about the long-term commercial potential of Vivaldi, and look forward to working with the management team and our investment partners to build a successful business.

    W. Patrick McGrath, PhD, Executive Director, Office of Technology and Business Development, Mount Sinai School of Medicine, stated, We are pleased to have participated in Vivaldis founding, and are excited about this significant investment and the potential it brings to progressing important technologies discovered at MSSM. Drs. Palese and Garca-Sastre are preeminent and prolific researchers in the fields of influenza virology and vaccine development. We look forward to seeing their breakthrough discoveries in influenza genetics and pioneering vaccine development work advanced to clinical development with this investment in Vivaldi.

    About Influenza

    An estimated one billion cases of seasonal influenza occur annually worldwide. Influenza causes 250,000 to 500,000 deaths per year, with up to 90% of influenza-related deaths occurring in the elderly. In the event of a pandemic caused by an emergent influenza virus strain, the stakes are even greater. An estimated 25% to 35% of the worlds population could develop influenza, causing between 2 million and 5 million deaths. Governments, foundations, and the pharmaceutical industry have placed a high priority on development and production of new vaccines and antivirals for both seasonal and pandemic influenza. Moderately effective vaccines for seasonal flu are widely used, but have noteworthy shortcomings. Most current flu vaccines rely on time-consuming and unreliable technologies for strain development and vaccine production, and are often a poor match with the predominant circulating viruses.

    About Vivaldi Biosciences

    Vivaldi Biosciences, located in New York City, is developing live attenuated vaccines for seasonal and pandemic influenza by altering the gene for NS1, a key virulence factor of the influenza virus. In preclinical studies, the vaccines induce potent and protective antibody and cellular immune responses to influenza virus, with the potential to provide long-lasting immunity and cross-protection to mismatched influenza strains with a single low-dose immunization. Vivaldis intellectual property includes domestic and international rights to over 25 issued patents relating to vaccines with alterations of the NS1 gene (including certain exclusive rights to the use of reverse genetics for viruses containing modifications of NS1), certain cell substrates for virus production, and certain drug discovery methods targeting NS1. In addition to technologies relevant to development of vaccines against and treatments for influenza, Vivaldis proprietary technologies are applicable to vaccines and antiviral drugs for other human respiratory diseases, including respiratory syncytial virus and parainfluenza. Additional information about Vivaldi Biosciences can be found at www.vivaldibiosciences.com.

    Forward-Looking Statements

    To the extent any statements made in this release contain information that is not historical, these statements are essentially forward looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for new vaccines and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment and other risks the Company may identify from time to time in the future.

    Source: Vivaldi Biosciences Inc.


  • ZeaChem Raises $34 Million to Build Third Generation Cellulosic Ethanol BioRefinery with Unprecedented Efficiency

    Investors include top venture capital firms and largest petroleum refiner in the United States

    LAKEWOOD, Colo.ZeaChem Inc., a developer of biorefineries for the conversion of biomass into fuels and chemicals, today announced that it has raised $34 million in initial Series B financing. The funding round was co-led by venture capital investors Globespan Capital Partners and PrairieGold Venture Partners with follow-on investment by MDV-Mohr Davidow Ventures, Firelake Capital and Valero Energy Corporation, the largest petroleum refiner in the United States.

    ZeaChem is developing a cellulose-based green fuels and chemicals biorefinery platform that converts renewable non-food biomass into market-competitive products such as ethanol. The new funds will be used to build ZeaChems first cellulosic biorefinery.

    ZeaChem has made tremendous progress over the past year towards commercializing its hybrid cellulosic ethanol technology, said James Imbler, president and chief executive officer, ZeaChem Inc. The initial Series B funding will allow us to produce the highest yield, lowest capital cost, lowest carbon footprint bio-based fuels and chemicals benefitting our investors, strategic partners, and our future customers. Securing such funding in a challenging economy from industry leaders in both energy and venture capital is testament to the value of ZeaChems third generation cellulosic ethanol platform.

    Colorado is well-positioned to support innovation in the renewable fuels industry, said Don Elliman, executive director of the Colorado Office of Economic Development and International Trade. As the country faces tough economic times, ZeaChems announcement that it has raised financing is good news, and we look forward to supporting their continued success in Colorados New Energy Economy.

    ZeaChems unique and sustainable approach combines the best of biochemical and thermochemical processes to produce 40 percent more ethanol per ton of biomass over any known competitor. This significant yield advantage leapfrogs first and second generation ethanol production practices and processes, placing ZeaChem at the forefront of third generation technology. Compared to corn ethanol, ZeaChem delivers nearly six times the land productivity and nearly three times compared to second generation cellulosic ethanol.

    ZeaChem will begin construction in 2009 of its first plant.

    About ZeaChem Inc.

    ZeaChem Inc. has developed a cellulose-based biorefinery platform capable of producing third-generation ethanol fuel and intermediate chemicals. ZeaChems indirect approach leapfrogs the yield and carbon dioxide (CO2) problems associated with traditional and cellulosic based ethanol processes. In addition, ZeaChem has a significant capital cost advantage compared to other cellulosic ethanol technologies. By efficiently extracting the most energy possible from biomass feedstocks, ZeaChem significantly increases output while reducing both production costs and environmental impacts. Incorporated in 2002, ZeaChem is headquartered in Lakewood, Colorado and operates a research and development laboratory facility in Menlo Park, California.

    Please visit www.zeachem.com for more information.

    Source: ZeaChem Inc.


  • Satori Pharmaceuticals Raises $22M; Names Former Senior Pfizer Executive as CEO

    CAMBRIDGE, Mass., Jan. 8 Satori Pharmaceuticals Incorporated, a privately held developer of therapeutics for Alzheimer’s disease, Parkinson’s disease, and other neurodegenerative disorders, today announced $22 million in institutional financing. InterWest Partners, Prospect Venture Partners, and New Enterprise Associates, Inc. (NEA) co-led the round. The company’s founders, PureTech Ventures, and other existing investors also participated. The company had previously raised $3M in seed financing. Satori also announced that Dr. Jeffrey Ives, former Senior Vice President at Pfizer, has signed on as the company’s CEO, and joins Dr. Mark Findeis, co-founder and Head of Research, on the leadership team for Satori.

    Alzheimer’s disease is a debilitating disorder characterized by the progressive loss of memory, thought and language. More than 5.2 M people in the US alone suffer from Alzheimer’s disease and it is estimated that this form of dementia strikes more than 1 in 8 adults in the US over the age of 65 years. By 2050, it is estimated that the number of new cases each year will double in the US to greater than 959,000. Available therapies provide only temporary symptomatic relief. Satori is focused on the development of disease modifying therapies that block disease progression by targeting the key neurotoxic mediators of Alzheimer’s disease.

    “Satori has one of the most exciting approaches we’ve seen in this field and we’re delighted to be working with Jeff Ives, Mark Findeis, and the outstanding team of experts involved,” said Mr. Chris Ehrlich, General Partner of InterWest Partners.

    During his tenure at Pfizer, the world’s largest research-based pharmaceutical company, Dr. Ives led CNS and oncology teams that discovered greater than 50 clinical candidates including multiple new products such as Geodon, Chantix and Tarceva, and was a co-leader of in-licensing teams for Pfizer products including Celebrex, Bextra, and Aricept. He most recently served as SVP, Research Portfolio Leader, and SVP of Pharmacokinetics, Dynamics & Metabolism.

    “My role at Pfizer gave me a broad perspective on drug discovery and development and the dearth of treatment options for these major unmet medical needs. I’m thrilled to have the opportunity to lead Satori where we can have a focused impact on developing therapies that block the neurotoxic pathways that lead to Alzheimer’s and other neurodegenerative disorders,” said Dr. Ives.

    Dr. Ives, Mr. Ehrlich, Mr. Ed Mathers, Partner at NEA, and Dr. Ilan Zipkin, Partner at Prospect Venture Partners, were named to Satori’s Board of Directors, joining Dr. Thomas Salzmann, former EVP of Preclinical Development at Merck, and Board member at Sirtris and Concert Pharmaceuticals; Dr. Bennett Shapiro, PureTech Senior Partner and former EVP of Basic and External Research at Merck; and Ms. Daphne Zohar, PureTech Managing Partner, and Satori’s founding CEO prior to Jeff Ives’ appointment.

    Satori was founded in 2005 by PureTech Ventures, Dr. Mark Findeis, and a group of renowned Alzheimer’s and neurodegenerative disease experts including Dr. Dennis Selkoe, the Vincent and Stella Coates Professor of Neurologic Diseases at Harvard Medical School, Co-Director, Center for Neurologic Diseases at Brigham and Women’s Hospital, and an Alzheimer’s pioneer. Dr. Selkoe noted, “Advising Satori about developing novel types of disease-modifying therapies represents an exciting collaboration, and I believe that Satori is very well-positioned to contribute to helping patients who currently lack effective treatment options.”

    About NEA:

    New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and practicing its profession with the highest standards and respect. Through its affiliated funds, NEA focuses on investments at all stages of a company’s development, from seed stage through IPO. With approximately $8.5 billion in committed capital across its affiliated funds, NEA’s experienced management team has invested in over 650 companies, of which more than 160 have gone public and more than 240 have been acquired. NEA has U.S. offices in Chevy Chase, Maryland; Menlo Park, California; and Baltimore, Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai, China. For additional information, visit http://www.nea.com.

    About InterWest Partners:

    InterWest Partners (www.interwest.com), founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its tenth fund, IW X, a $650 million fund, InterWest has raised more than $2.8 billion of capital since inception. InterWest has 14 investing partners in Menlo Park, CA and Dallas, TX, who bring together deep domain knowledge in life sciences and information technology.

    The firm’s investments in information technology include: CIENA (CIEN), Copper Mountain Networks (CMTN), Crystal Semiconductor (acquired by Cirrus Logic, CRUS), Cyrix (CYRX; acquired by National Semiconductor (NSM), Lightera (acquired by CIENA), PlaceWare (acquired by Microsoft, MSFT), SiTera (acquired by Vitesse, VTSS), Silicon Graphics (SGI), Stratacom (STRM; acquired by Cisco, CSCO) and Xilinx (XLNX).

    The firm’s investments in life sciences include: ArthroCare (ARTC), Aspreva Pharmaceuticals Corporation (ASPV, acquired by Galenica group, SWX:GALN), Cor Therapeutics (CORR; acquired by Millennium Pharmaceuticals, MLNM), Corixa (CRXA; acquired by GlaxoSmithKline, GSK), Coulter Pharmaceutical (CLTR; acquired by Corixa Pharmaceuticals, CRXA), Cubist Pharmaceuticals (CBST), Epicor Medical (acquired by St. Jude Medical, STJ), Inspire Pharmaceuticals (ISPH), IntraLase (ILSE), Myogen (MYOG), Spinal Dynamics (acquired by Medtronic, MDT), TheraSense (THER; acquired by Abbott Labs, ABT) and Ventritex (VNTX; acquired by St. Jude Medical, STJ).

    About Prospect Venture Partners:

    Prospect Venture Partners is a venture capital firm based in Palo Alto, California, with $1 billion of capital under management. The firm is dedicated to investing in outstanding biomedical technology and life science companies. Prospect targets commercially attractive health care enterprises with outstanding entrepreneurial management teams, proprietary products, and innovative technology or services with potential for significant investment returns.

    The firm invests in companies with a broad range of development and financing requirements including: (a) incubating new companies, (b) investing in first and second venture financing rounds, and (c) participating in later stage private and public companies with proven business models requiring expansion capital. For more information, visit www.prospectventures.com.

    About PureTech Ventures:

    PureTech Ventures (www.puretechventures.com) is a Boston-based venture creation firm specializing in translating breakthrough research from top tier academic institutions into therapies that will impact human health. PureTech’s Partners include entrepreneurs and leaders from the top echelon of pharma, biotech and academia.

    About Satori(TM) Pharmaceuticals

    Satori Pharmaceuticals, Inc. (www.Satoripharma.com) was founded in 2005 by Dr. Mark Findeis, PureTech Ventures and a group of world renowned neurodegenerative disease experts and experi
    enced drug discoverers, including Dennis Selkoe, M.D., the Vincent and Stella Coates Professor of Neurologic Diseases at the Brigham and Women’s Hospital, an affiliate of Harvard Medical School; Donald Price, M.D., Professor of Pathology, Neurology, and Neuroscience and Vice Chair for Research in the Department of Pathology and Director of the Division of Neuropathology at The Johns Hopkins University School of Medicine; Christopher Eckman, Ph.D., Associate Professor of Molecular Neuroscience, The Mayo Clinic, Jacksonville, FL; Jon Clardy, Ph.D., Professor of Biological Chemistry and Molecular Pharmacology at Harvard Medical School; Jonathan King, Ph.D., Professor of Biology at Massachusetts Institute of Technology; Marlene Cohen, Ph.D., former Research Fellow at Eli Lilly & Company; and Tom Salzmann, Ph.D., former Executive Vice President, Merck Research Labs and board member of Sirtris Pharmaceuticals and Concert Pharmaceuticals.

    Satori is committed to the development of disease modifying therapies for Alzheimer’s and Parkinson’s diseases through the targeting of the key neurotoxic mediators and pathways of neurodegenerative diseases.

    This release may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements reflect, among other things, management’s current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict including the company’s need for additional funds, the company’s dependence on a limited number of compounds, the early state of the products the company is developing, uncertainties relating to clinical trials and regulatory reviews, competition and dependence on collaborative partners, the company’s ability to avoid infringement of the patent rights of others, and the company’s ability to obtain adequate patent protection and to enforce these rights. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Satori Pharmaceuticals does not undertake any obligation to update or review any such forward-looking information, whether as a result of new information, future events or otherwise.

    Source: Satori Pharmaceuticals Incorporated


  • Concentric Medical Closes on $15 Million Financing

    MOUNTAIN VIEW, Calif., Jan. 8 Concentric Medical, Inc., the global leader in devices for clot removal in ischemic stroke patients, today announced that it has completed a $15 million round of financing. The round was led by leading venture capital firm New Enterprise Associates, Inc. (NEA) and includes other existing investors and new investors.

    “The positive developments at Concentric over the last several months made the opportunity to participate in this round of financing very attractive to investors,” said Robert Thomas, Chairman of Concentric’s Board of Directors. “Concentric ended 2008 very successfully, launching multiple new products and expanding its distribution footprint both in the United States and in Europe. Concentric plans to accelerate market development through diversified technology and additional clinical trials, positioning the company well for 2009 and beyond.”

    Commenting on this announcement, Maria Sainz, President and Chief Executive Officer of Concentric said, “This show of support, particularly in the current financial environment, is very gratifying and represents a strong vote of confidence for the company’s strategic plans going forward.”

    Business Developments

    Significant activities during recent months include:

    In July 2008, Concentric launched its third generation of Merci Retrievers, the V-Series, which incorporates elements of the Merci X6 Retriever and the Merci L-Series Retrievers into an innovative variable pitch design. The V-Series is available in multiple configurations and sizes to match patient anatomy, and further extends the company’s lead in the acute ischemic stroke market.

    In September 2008, Concentric expanded its global distribution network by opening Concentric Medical SPRL, a Belgian subsidiary dedicated to providing sales and marketing support to Concentric Medical, Inc.’s European sales force. During the second half of 2008 Concentric doubled the size of its European sales team.

    In October 2008, Concentric launched the Outreach(TM) Distal Access Catheter, a highly deliverable, small diameter catheter designed to provide distal access and support in tortuous anatomy. The Outreach Distal Access Catheter provides neurointerventionalists easier distal access and enhanced support during minimally invasive procedures in the brain, and will serve as the platform for a wide array of products Concentric plans to release during 2009.

    About Concentric Medical

    Concentric Medical is located in Mountain View, California, and was founded in August 1999. The company manufactures and markets the Merci Retrieval System(TM), which is a minimally invasive device that is delivered by a neurointerventionalist into the brain to restore blood flow by removing blood clots that cause ischemic stroke. The Merci Retrieval System is available in over 250 leading stroke centers around the world, and has been the subject of two successful clinical trials, MERCI and Multi MERCI. Concentric Medical estimates that over 9,800 patients have been treated with its devices. For more information about Concentric Medical, please visit www.concentric-medical.com.

    Source: Concentric Medical


  • RatePoint Secures $10 Million in Series B Funding

    Castile Ventures invests in future of SMB online reputation management provider

    NEEDHAM, Mass., Jan. 7 RatePoint, Inc., a leading provider of customer feedback and online reputation management services, today announced it has closed a $10 million Series B round of funding led by Castile Ventures of Waltham, Mass., with participation by existing investors .406 Ventures and Prism VentureWorks. RatePoint also announced that Nina Saberi, Managing General Partner of Castile Ventures, has joined the board of directors.

    “Clearly during this economic uncertainty, this funding round reaffirms the explosive growth in online reputation management and RatePoint as the catalyst,” said Neal Creighton, cofounder and CEO of RatePoint. “Small businesses realize the need to proactively manage what’s being said by customers about their products and services online, especially in a highly competitive marketplace.”

    RatePoint’s patent-pending platform allows businesses to manage their online reputation by easily capturing, managing, and promoting consumer reviews and feedback directly on their Web sites in language provided by the consumer. RatePoint verifies actual consumer reviews for authenticity, and provides businesses with the opportunity to respond to unsatisfied customers or negative feedback before it’s posted online. Additionally, the robust suite of tools offers e-mail marketing and surveys – plus a Web-based management interface – making it easy for businesses around the globe to connect with customers, increase sales, and improve consumer confidence.

    According to the Gartner Hype Cycle for Social Software report, Internet reputation management is an emerging market that will continue to gain momentum. The report, which named RatePoint as a solution delivering the critical component for monitoring reputation, states that companies need to engage in Internet reputation management and have a great deal to lose if they do not become more adept at managing their reputation.

    “RatePoint has created a unique service that enables businesses to manage and enhance their online reputations,” said Nina Saberi, Managing General Partner of Castile Ventures and RatePoint Board Member. “As investors in market-transforming businesses, Castile recognizes in RatePoint the vision and differentiated technology that positions them for leadership in this new market. Having worked with Neal Creighton and several of his team in their previous successful venture, we are very pleased to have this opportunity to work with them again.”

    RatePoint was launched by the founders of GeoTrust and is backed by a previous $6.5 million Series A funding led by Prism VentureWorks in Needham, MA, and .406 Ventures of Boston.

    About Castile Ventures

    Castile Ventures is a top-performing early-stage venture capital firm that provides financial backing and strategic guidance to help exceptional entrepreneurs build successful businesses. Distinguished by the deep business and technology experience of its partners, Castile brings a unique blend of sector expertise, investment know-how, operational insights, and connections to IT decision makers. Since our founding in 1998, the companies we have invested in have brought to market a broad range of products and services to serve the technology needs for enterprises, service providers and the mass market. These have ranged from disruptive enabling technologies through next-generation service infrastructure and delivery platforms to leading edge security solutions and innovation-enabled Internet services. More information is available at www.castileventures.com.

    About RatePoint, Inc.

    RatePoint, Inc., the leading provider of customer feedback and online reputation management services, helps businesses protect and build their online reputation, allowing businesses to harness the power of credible customer feedback and leverage it into a sales, marketing and customer service asset.

    RatePoint’s easy-to-use, web-based communication services include feedback tools, email marketing, survey and dispute resolution capabilities to provide small- and medium-sized businesses with the ability to collect, manage and promote customer feedback directly from their website. For more information, contact us at: 888-777-1636 or visit: www.ratepoint.com.

    Source: RatePoint, Inc.


  • Anaphore, Inc. Announces $25 Million Series A Financing

    LA JOLLA, Calif. Anaphore today announced it has raised $25 million in Series A financing led by 5AM Ventures, Versant Ventures, and Apposite Capital. Proceeds from the financing will be used to accelerate development of Atrimers a new class of protein therapeutics Anaphore is developing to address significant unmet medical needs in immune-mediated diseases and oncology.

    Atrimers are novel drug candidates engineered from a fully-human serum protein that is naturally secreted as a trimeric structure. Anaphores proprietary protein engineering platform TrimerX provides multiple approaches to generate Atrimers, therapeutics with biological, manufacturing and commercial advantages over traditional drugs such as antibodies, smaller protein scaffolds, and small molecules. Atrimers and the TrimerX platform are protected by significant intellectual property including over thirteen patent families.

    Anaphore brings together an experienced management team and Board of Directors to drive progress. The Company is led by Katherine Bowdish, Ph.D., Chief Executive Officer, and has recently appointed Bruce Steel, CFA, as Chief Business Officer. Anaphores Board is chaired by Andy Schwab, co-founder and Managing Partner of 5AM Ventures, and includes Brad Bolzon, Ph.D., Managing Director, Versant Ventures; Chris Hollowood, Ph.D., Principal, Apposite Capital; Steve Kaldor, Ph.D., President and CEO of Ambrx; Richard Ulevitch, Ph.D., Venture Partner, 5AM Ventures; and Dr. Bowdish.

    This financing supports the work Anaphore has done to date on a validated and innovative platform that has great potential to generate a large number of products in multiple therapeutic areas, stated Dr. Bowdish. The funds take us out two years or more, depending on how much partnering we do. We believe the TrimerX platform has tremendous value and the Atrimers we develop will significantly improve patient outcomes in many critical diseases.

    Andy Schwab stated, Anaphores progress since its founding early last year has been consistent with our general investment thesis of building exceptional teams around advanced technologies and helping them generate value. We are confident that the Anaphore team, having now secured appropriate financial resources, can execute on the vision of building an outstanding biopharmaceutical company.

    With innovative science in an important area of drug development, strong intellectual property and an experienced management team, we found Anaphore to be an extraordinary opportunity to rapidly create value and we look forward to their continued success, stated Chris Hollowood of Apposite Capital.

    About 5AM Ventures

    Founded in 2002, 5AM Ventures makes seed and early-stage investments in next-generation life science companies. Formed by successful industry executives and veteran venture capitalists, he 5AM team takes a focused, hands-on approach to company building. The 5AM portfolio is diversified among innovative platforms, spinouts from established biotechnology and pharmaceutical companies, and companies developing near-term products. With over $200 million under management, 5AM has invested in more than 20 companies during the past five years and is actively investing 5AM Ventures II, a $150 million fund. For more information please visit www.5amventures.com.

    About Versant Ventures

    Versant is a leading healthcare-focused venture capital firm specializing in early-stage investments in medical devices, biotechnology and pharmaceuticals, healthcare services, and healthcare information technology. The firm, founded in 1999, consists of a seasoned team of twelve managing directors with more than 130 years of venture capital investing experience and more than 150 years of operating experience. Versant Ventures currently manages over $1.6 billion in committed capital, having recently raised its fourth fund in July 2008, and is currently managing over 75 companies in its portfolio. For more information please visit www.versantventures.com.

    About Apposite Capital

    Apposite Capital is an independent investment firm focused exclusively on Healthcare. The firm primarily invests in private companies involved in Healthcare Services and Life Sciences. Apposite has an in-depth sector knowledge covering all aspects of the healthcare industry globally, with a unique unrivalled reach to Japan. The investment team combines complementary entrepreneurial, private equity and investment banking skills. Apposite has built a high quality portfolio of companies in the US and Europe. The firm invests in seasoned management with a clear vision and is committed to adding value to its portfolio companies. Apposite balances its investments across all stages of company development, providing venture, development and mezzanine financings as well as buyout capital. Apposite typically invests as a lead investor and has a representation at the Board of Directors. Apposite Capital was created in 2006 and is based in London, UK. For more information please visit www.appositecapital.com.

    Source: Anaphore


  • Synosia Therapeutics Raises CHF32 Million in Series B Private Financing

    BASEL, Switzerland Synosia Therapeutics today announced the completion of a CHF32 million (USD 29 million) Series B private financing. The proceeds will be used to fund the ongoing development of its emerging portfolio of phase II clinical programmes.

    The financing was led by Aravis Venture and Investor Growth Capital and was joined by Swiss Helvetia Fund. All existing investors – Versant Ventures, Abingworth, Novo A/S and 5am Ventures – also participated in the round.

    We are impressed by the quality and breadth of Synosias portfolio of clinical-stage compounds and by the strength of its management team, said Jean-Philippe Tripet, Managing Partner of Aravis Venture. Its rare to see a private biotechnology company with four promising compounds in phase II clinical trials.

    Of the six clinical-stage compounds acquired from Roche, Novartis and Syngenta, two are already marketed by other companies in non-competing indications, said Jakob Lindberg, Partner of Investor Growth Capital. This enables Synosia to build on thousands of years of patient experience, significantly reducing the development risk from a safety perspective.

    As part of this Series B financing, Jean-Philippe Tripet of Aravis, and Gsta Jonsson, independent scientific advisor to Investor Growth Capital, became members of the companys board of directors.

    In addition, Synosia announced that the following joined the board of directors: Guido Magni, formerly head of global medical science and global drug development at Roche for more than 10 years; Harry Welten, Chief Financial Officer of Arpida; Ralf Rosenow, Partner of Blum&Grob Attorneys at Law and Genghis Lloyd-Harris, Partner of Abingworth. Ian Massey, President and Chief Executive Officer of Synosia paid tribute to retiring board members Mark Moran, Herv Girsault, Brian Atwood and Andrew Sandham: Their contributions were vital in the early development of the company. Thanks to their efforts, we now have a strong portfolio of clinical-stage assets and a sound strategy to develop our compounds. I am also pleased that Mark Moran will continue to play an important role as our Chief Medical Advisor.

    With this financing, the company has the necessary financial backing to move its compounds through pivotal phase II clinical trials, commented Synosia Chairman Brad Bolzon. The support of a group of premier life science investors clearly validates the quality of this management team and their recent achievements, which is especially gratifying during this uncertain time in the financial markets.

    About Synosia Therapeutics

    Synosia Therapeutics develops and intends to commercialise innovative and clinically differentiated products for unmet medical needs in psychiatry and neurology. The privately-owned company has in its pipeline six clinical-stage compounds acquired through key partnerships with Novartis, Roche and Syngenta. Two of the compounds are marketed drugs being tested in new indications to extend their reach into neurological and psychiatric diseases with high unmet medical need, including anxiety and Parkinsons disease. Synosias headquarters is in Basel, Switzerland. For more information visit www.synosia.com

    About Aravis Venture

    Aravis is a Switzerland based venture capital organisation, managing two funds focused on life science (Aravis Biotech I & II) and a third fund focused on renewable energy (Aravis Energy I). Since 1995, the Aravis management team has invested over $600 million in more than 80 companies. www.aravis.ch

    About Investor Growth Capital

    Investor Growth Capital is the wholly owned venture capital arm of Investor AB (Investor). Investor, publicly traded on the Stockholm exchange, is the largest listed industrial holding company in Northern Europe. Investor was founded in 1916 to continue the Wallenberg family’s tradition of financing and building best-in-class companies. www.investorab.com

    About the Swiss Helvetia Fund

    Swiss Helvetia Fund is a non-diversified, closed-end investment company whose objective is to seek long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies, listed and non listed. The Fund also may acquire and hold equity and equity-linked securities of non-Swiss companies in limited instances. www.swz.com

    Disclaimer

    This communication, and oral statements made with respect to information contained in this communication, expressly or implicitly contains certain forward-looking statements concerning Synosia Therapeutics and its business. Such forward-looking statements include those which express plan, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact including, but not limited to our plans for our regulatory filings, enrolment and future plans for our clinical trials, progress of and reports of results from clinical studies, clinical development plans and product development activities. The words potential, could and similar expressions also identify forward-looking statements. These statements are based upon management’s current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. Factors that could affect actual results include risks associated with the possibility that the respective regulatory agencies refuse approval of our applications, the outcome of any discussions with such regulatory agencies and unexpected delays in preparation of materials for submission to such respective regulatory agencies as a part of our filings.

    Synosia Therapeutics is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. Actual events could differ materially from those anticipated in the forward-looking statements.

    Source: Synosia Therapeutics


  • FTRANS Raises $3 Million From Current Investor Group; Achieves 300 Percent Growth in 2008

    ATLANTA, Jan. 7 FTRANS Corp. announced today that its current investors have committed an additional $3 million in capital, which brings the total investment in FTRANS to approximately $18 million. FTRANS is backed by investments from Total Technology Ventures LLC, Greenhill SAVP and New Atlantic Ventures. All three participated in the $3 million Series C raise.

    “2008 was a watershed year for FTRANS,” said John Hayes, FTRANS Founder and Chairman. “Our technology platform is enabling banks to safely return to commercial lending at the most crucial moment in American banking history. The commitment of our investors, coupled with our deepened management team, leaves FTRANS poised for even more growth in 2009.”

    Founded out of the Atlanta Technology Development Corp. at Georgia Tech, FTRANS grew by more than 300 percent in 2008, and added key leadership including Dan Drechsel as CEO. Drechsel joined FTRANS after a career with financial technology leaders such as S1 Corp., Checkfree Corp. and ADP.

    FTRANS provides banks with a program that supports commercial lending to small and mid-cap businesses. FTRANS allows B2B customers to outsource to the lender their accounts receivables in return for access to working capital. FTRANS makes those accounts receivables transparent and lendable collateral for the bank. More than 40 banks, including Synovus Financial Corp., have joined the FTRANS network that now serves more than 30,000 business sellers and buyers worldwide.

    FTRANS’ program enables banks to immediately increase their profit within existing commercial and business loan portfolios, achieve ongoing profit improvement, and establish a sustainable program for increased lending to small to medium size businesses. FTRANS provides enhanced portfolio visibility and stability through real-time collateral monitoring as well as reduced collateral risk with credit protection.

    “FTRANS is fulfilling its promise to change the way in which small businesses access working capital and is empowering banks to reach the small to medium business sector more effectively,” said Brian Hirsch, managing director of Greenhill SAVP. “We continue to see enormous market opportunity for our investment.”

    Source: FTRANS Corp.


  • Gene Security Network Completes $6M Series B Financing

    REDWOOD CITY, Calif. Gene Security Network, Inc. (GSN), a molecular diagnostics company using data informatics to enhance genetic testing, today announced the closing of its $6M Series B financing. Participating in the financing were existing investors Claremont Creek Ventures and Sequoia Capital as well as new investor Alafi Capital.

    GSNs world-leading Parental SupportTM technology is transforming preimplantation genetic testing during in-vitro fertilization, said John Steuart, Managing Partner at Claremont Creek. With the launch of new applications, GSN will continue to expand the market by providing better testing options for families to respond to inherited disease.

    The financing from this top syndicate at a high valuation is a testament to the rapid progress weve made to deliver accurate testing from a single cell, said Matthew Rabinowitz, Ph.D., President and CEO of Gene Security Network. Our technology will enable a host of services that make genetic information actionable, so that doctors worldwide can order tests to improve the quality of life of their patients.

    About Gene Security Network

    Gene Security Network is a privately held molecular diagnostics company that develops bioinformatics technologies for complex testing of small quantities of genetic material. GSNs proprietary Parental SupportTM technology is the first to leverage data informatics to deliver highly accurate single cell testing for chromosome abnormalities and genetic diseases. Parental SupportTM uses genetic information from the parents, as well as HapMap data from the Human Genome Project, to clarify the typically noisy measurements from a single cell and to generate an in silico reconstruction of the cells genotype.

    GSN operates a CLIA-certified laboratory in Redwood City, California, providing testing services to guide doctors in selecting embryos during in vitro fertilization. GSNs first service, All Chromosome Aneuploidy Screening, allows testing of all 24 chromosomes with results available in time for same-cycle Day 5 transfer. The test is currently available through several leading IVF centers in the U.S, including La Jolla IVF, Huntington Reproductive Center, Stanford Fertility and Reproductive Medicine Center, Conceptions Reproductive Associates, and Boston IVF, and will be available at NYU Fertility Center in early 2009. For more information, please visit www.genesecurity.net.

    About Claremont Creek Ventures

    Claremont Creek Ventures is a venture capital firm that specializes in early stage information technology start-ups. One of the firm’s chief areas of interest is the interface between IT and healthcare. Claremont Creeks’ investment professionals share a deep commitment to helping entrepreneurs build successful companies from the ground up, drawing from decades of entrepreneurial, operational, and investment experience in the mobility, healthcare and security markets. Founded by Managing Directors Nat Goldhaber, Randy Hawks, and John Steuart, the firm is based in Oakland, California. For more information, please visit www.claremontvc.com.

    About Sequoia Capital

    Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into companies. As the “Entrepreneurs Behind the Entrepreneurs”, Sequoia Capital’s Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube and Dominic Orr and Keerti Melkote of Aruba Wireless Networks. To learn more about Sequoia Capital visit www.sequoiacap.com.

    About Alafi Capital

    Alafi Capital is a private venture capital firm that has been active in healthcare investing for over 25 years. Early and mid-stage investments in the U.S. and Europe are considered, with emphasis on product-oriented biotechnology, life science technologies, imaging and diagnostics, and medical devices. Included among Alafi Capital’s past successes are Amgen, Biogen, Molecular Devices, Tanox, Qiagen, Novocor, Oxford Glycosciences, and Applied Biosystems.

    Source: Gene Security Network, Inc.


  • Intradigm Closes Final Tranche of $21.4 Million Series B Financing

    Philip Haworth, Ph.D. Appointed Chief Executive Officer

    PALO ALTO, Calif., Jan. 7 Intradigm Corporation, a leading developer of targeted, systemic RNA interference (RNAi) therapeutics, today announced that the company has closed the final tranche of its Series B financing. Astellas Venture Management led the $2.9 million tranche, with existing investor, Lilly Ventures, also participating. The addition of these funds brings the total Series B financing to $21.4 million. Intradigm will use Series B funds to advance its RNAi therapeutics platform, which is comprised of both its siRNA intellectual property, as well as its proprietary delivery technology, toward the development of systemic siRNA therapeutic candidates with an initial focus on cancer targets.

    “Intradigm’s uniquely comprehensive approach to developing RNAi therapeutics, which encompasses safe and effective delivery, proprietary siRNA sequences and novel structural features for RNAi molecules, makes the company an attractive investment in the rapidly growing RNAi space,” said Shinja Yano, Ph.D., president and chief executive officer, Astellas Venture Management LLC. “We are excited to join Intradigm’s group of investors and look forward to contributing to the company’s future success in recognizing the substantial promise of RNAi as a therapeutic class.”

    Intradigm today also provided an update on recent corporate developments, announcing that Mohammad Azab, M.D., has resigned his position as chief executive officer but will retain his position on Intradigm’s board of directors. Dr. Azab will be succeeded as chief executive officer by Philip Haworth, Ph.D., who previously served as the company’s vice president of business development.

    “The board would like to thank Dr. Azab for his valuable contributions to building the company and successfully raising the recent Series B financing. We are delighted that he will continue his strategic role on Intradigm’s board,” said Jamie Topper, M.D., Ph.D., the chairman of the board of Intradigm. “At the same time, we are excited to have Dr. Haworth assume the role of CEO and apply his impressive breadth of industry experience to the continued success of the company.”

    Dr. Haworth possesses more than 15 years of management experience in the biotechnology industry. He has previously held senior executive roles at several leading biotechnology companies including Genencor International and COR Therapeutics, among others. In these positions, he led the identification and negotiation of numerous collaborative and licensing agreements with a range of global and regional pharmaceutical companies. He possesses deep operational expertise that spans discovery and development, technology and product licensing, mergers and acquisitions, and financings.

    “I am pleased to have the opportunity to support Intradigm’s exceptional team as we work to further strengthen the company’s position of leadership in the RNAi sector,” said Dr. Haworth. “Astellas’ decision to join our experienced investor base, as well as Lilly Ventures’ desire to increase its investment, provides additional support and validation for Intradigm and our ongoing development efforts in the promising area of RNAi.”

    ABOUT INTRADIGM

    Intradigm is a private biotechnology company committed to the discovery, development and delivery of targeted, systemic RNA interference (RNAi) therapeutics for the treatment of serious diseases with an initial focus on oncology. Intradigm is unique among private companies, with its comprehensive RNAi therapeutics platform consisting of structural features for next-generation RNAi molecules, biodegradable polycationic polymers for the delivery of RNAi therapeutics and proprietary siRNA sequence applications. Our proprietary delivery technology is unique in its potential to offer safe and effective systemic administration using a library of novel peptide-based biodegradable polymers.

    We have established an impressive proprietary portfolio of siRNA sequences against more than 50 highly valued oncology and other disease targets. In addition, we have secured an exclusive license to the Zamore patent family from the University of Massachusetts, which covers broad structural features of siRNA design for more potent next-generation siRNA sequences. Our goal is to grow Intradigm to become a leading company in enabling the development of novel RNAi therapeutics against a broad range of therapeutic targets using our siRNA sequences and delivery technology.

    For more information on Intradigm, please visit http://www.intradigm.com.

    Source: Intradigm Corporation


  • RipCode Raises $12.5 Million in Additional Financing to Accelerate Global Deployment of its Next-Generation Video Delivery Technology

    Granite Ventures Joins Investment Team to Drive Increased Market Traction for RipCodes Innovative On-Demand and Real-Time Streaming Transcoding Products

    DALLAS RipCode, Inc., an innovator of Internet and mobile video infrastructure solutions, today announced that it has secured more than $12.5 million in additional financing to fuel worldwide market traction for the companys breakthrough video delivery technology. Granite Ventures led the round alongside existing investors Hunt Ventures, El Dorado Ventures, Vesbridge Partners, and ATA Ventures. Additionally, Eric Zimits, managing director of Granite Ventures, joins RipCodes board of directors.

    RipCode plans to leverage this capital infusion to expand sales, marketing and product development of its next-generation media conversion technology, which is gaining worldwide momentum for easing the delivery of quality video across all types of web distribution platforms and mobile devices. The companys patent-pending On-Demand and Real-Time Stream Transcoding appliances are designed to optimize end-user viewing experience; significantly reduce operational cost and complexity; and enable expanded monetization opportunities for content providers and network operators. As a result, RipCode is poised to capitalize on the explosive growth of the mobile video market. According to a 2007 Research and Markets report, the U.S. market for paid mobile video services is forecasted to grow from $180 million in 2006 to $10.2 billion in 2012. The total transactional revenue opportunity for global web and mobile Internet video services across premium, short form informational, and reference content expands RipCodes opportunity even further.

    According to Brendon Mills, CEO of RipCode, the funding will further the companys long-term strategy to create ubiquitous video viewing, regardless of platform or device. Early adopters are embracing our on-demand and live video transcoding appliances to quickly and economically reach a wider audience with professionally-generated and user-generated video, he explains. This additional funding will support the continuing development of current and future video delivery innovations enabling our customers to provide video content to consumers of all types when they want it, and on whatever device they wish whether mobile, desktop, or large screen TV.

    Last month, RipCode and MySpace announced the launch of a global mobile video initiative with MySpace Mobile, which relies on RipCodes on-demand video transcoding to let MySpace Mobile users view MySpace video content from many of the most popular video-enabled mobile devices. Because MySpace uses RipCodes technology to transcode video on demand, the premier lifestyle portal eliminates the need to store the extensive MySpace video library in multiple mobile formats, which saves significant hardware, energy and storage resources. The company also recently announced the availability of on-demand video transcoding for the most popular video-enabled phones, including the Apple iPhone, T-Mobile G1, RIM Blackberry Bold and Blackberry Storm.

    Granite Ventures is extremely pleased to participate in this latest funding round, which takes place as RipCode is gaining commercial traction and continuing to make significant technology strides with its leading-edge transcoding appliances, says Zimits. This is an exciting time for RipCode as it is well positioned to lead the market with its disruptive technology and strong interest from key players across the growing digital media transcoding, streaming, and monetization ecosystem.

    About Granite Ventures, LLC

    Granite Ventures has been helping early-stage technology companies build solid foundations for success since 1992. Granite has managed over $1 billion in venture capital and has invested in more than 100 private companies. They partner with promising and successful entrepreneurs to create businesses that have a competitive edge, and help those businesses achieve category leadership. More information can be found at www.granitevc.com.

    About RipCode

    RipCodes transcoding solution is specifically designed for the next generation of Internet video, providing a powerful dual-application infrastructure solution for delivering video on-demand and real-time video streaming. RipCodes On-Demand and Real-Time Stream Transcoding applications are powered by its high density, high concurrency Video Transcoding Appliance and supported by RipCodes extensive suite of video applications and Web 2.0 workflow solutions. Built to address the high-availability needs of todays new media market, RipCodes On-Demand and Real-Time Stream Transcoding solutions enable the cross-marketing of content over a variety of channels including mobile video, mobile broadcast, Internet video and IPTV for the greatest flexibility in expanding video delivery and increasing revenue opportunities.

    Headquartered in Dallas, Texas, RipCode is privately held and backed by leading venture capital firms including Granite Ventures, Hunt Ventures, Vesbridge Partners, El Dorado Ventures and ATA Ventures. For more information, visit www.RipCode.com.

    All company names and trademarks herein are properties of their respective owners.

    Source: RipCode, Inc.


  • Clean Technology Venture Investment Reaches Record $8.4 Billion in 2008 Despite Credit Crisis and Broadening Recession

    Even With Diminished 4Q08 Results, Clean Technology Investment Fundamentals Remain Strong

    SAN FRANCISCO The Cleantech Group, founders of the clean technology investment category and providers of leading global market research and other services for the clean technology ecosystem, today announced preliminary 2008 results for clean technology venture investments in North America, Europe, China and India totaling a record $8.4 billion, up 38% from $6.1 billion in 2007. The 2008 total represents the seventh consecutive year of growth in venture investing, widely recognized as a leading indicator of overall investment patterns:

    Historical Clean Technology VC Investment By Year

    North America, Europe & Israel, China, India

    2001 $506,780,774
    2002 $883,269,409
    2003 $1,258,565,762
    2004 $1,398,256,823
    2005 $2,077,524,074
    2006 $4,520,208,949
    2007 $6,087,179,844
    2008 (preliminary) $8,414,259,610

    Source: Cleantech Group (cleantech.com)

    As expected, clean technology venture investing slowed in 4Q08, but its important not to miss the forest for the trees, said Nicholas Parker, Executive Chairman, Cleantech Group. In 2008, there was a quantum leap in talent, resources and institutional appetite for clean technologies. Now, more than ever, clean technologies represent the biggest opportunities for job and wealth creation.

    Preliminary results for 4Q08 indicate venture investment commitments worldwide of $1.7 billion across 99 disclosed investments, the smallest quarterly total in 6 quarters. 4Q08 was down 35% from 3Q08, yet down only 4% from 4Q07 despite a much more difficult economy.

    The top clean technology sectors in 2008 were solar, biofuels, transportation, and wind. Solar accounted for almost 40% of total clean technology investment dollars in 2008, followed by biofuels at 11%.

    2008 saw solar take a 40% share of clean technology venture investment dollars, led by mega-investment rounds in thin-film solar, concentrated solar thermal and solar service provider companies, said Brian Fan, Senior Director of Research, Cleantech Group. Investors also continued to migrate from first-generation ethanol and biodiesel technologies to next-generation biofuels technologies, led by algae and synthetic biology companies. Other sectors with healthy investor interest included smart grid companies, small-scale wind turbines, plastics recycling, green buildings and agriculture technologies.

    Top Venture Capital Clean Technology Sectors in 2008
    Technology Sector Amount Invested % of total
    Solar $3.3 billion 40%
    Biofuels (including ethanol, biodiesel, synthetic biology, algae) $904 million 11%
    Transportation (including electric vehicles, advanced batteries, fuel cells) $795 million 9.5%
    Wind $502 million 6.0%
    Smart Grid $345 million 4.1%
    Agriculture $166 million 2.0%
    Water $148 million 1.8%

    Top clean technology funding rounds in 2008 were dominated by US-based solar companies:

    Five Largest Clean Technology Rounds in 2008
    Company Description Amount Raised
    NanoSolar (USA) Thin-film solar (CIGS) $300 million
    Solyndra (USA) Thin-film solar (CIGS) $219 million
    SoloPower (USA) Thin-film solar (CIGS) $200 million
    WinWinD Oy (Finland) Wind Turbines $177 million
    Solar Reserve (USA) Concentrated Solar Thermal $140 m
    illion

    BY WORLD REGION:

    EUROPE AND ISRAEL

    European and Israeli companies raised $1.8 billion in 146 disclosed rounds, up 43% from 2007. Europe and Israel accounted for 21% of the global total. The traditionally strong energy generation sector increased its share of total investment to 71% ($1.279 billion) from 56% ($ 703 million) in 2007, with a strong increase in investments in wind ($322.6 million, an increase of 294% from 2007) and solar ($589.3 million, an increase of 64% from 2007) leading the way. Outside of the energy generation sectors, energy efficiency investing led the way, representing 8% ($137.6 million) of the total invested.

    The most significant country growth was seen in Germany ($383 million invested, an increase of 217% from 2007) and Israel ($247 million invested, an increase of 224% from 2007), both led by very large solar deals. Germany overtook the UK as the country receiving the most venture capital in 2008, helped significantly by the regions largest deal of 2008, the $133.7 million investment in Berlin-based solar thin-film manufacturer Sulfurcell Solartechnik. The UKs decline in total investment ($337.8 million, down 11% from 2007) left it second in the country league table, with Israel moving into third place from sixth in 2007.

    CHINA:

    In 2008, Chinese cleantech companies raised $430 million in 18 disclosed rounds, up 22% from 2007. China accounted for 5% of the global total.

    As expected, 2008 witnessed steady gains in clean technology investment in China. Solar accounted for 60% of the total, reflecting the continuing migration of solar module manufacturing from Europe and the US to China, as well as the opportunity of a large domestic market for solar water heating. Other active sectors include agriculture, lighting, and wind.

    The underlying fundamentals driving cleantech investment in China, including government efficiency targets in energy, water and resource utilization, emission reduction targets, government and corporate goals for cleaner supply chains and industrial operations, and corporate social responsibility goals, remain in place.

    INDIA:

    Indian companies raised $277 million in 14 disclosed rounds, down 20% from 2007. India accounted for 3% of the global total. Although 2008 was down from 2007, new investors including Kleiner Perkins and Garage Technology Ventures, as well as corporate investors such as Applied Materials, entered the India clean technology market.

    The clean technology sector in India remains nascent compared to more mature markets such as North America and Europe. Much of the interest has been in addressing the energy shortage challenges faced by the country, therefore, energy generation and infrastructure, with solar and wind deals leading the way, attracted the majority of investment dollars. However, new sectors received capital, such as electronic waste recycling, energy efficiency and water management.

    NORTH AMERICA:

    In 2008, U.S. companies raised $5.8 billion in 241 disclosed rounds, up 56% from 2007. US companies accounted for 68% of the global total. Canadian companies raised $159 million in 14 disclosed rounds, down 58 percent from 2007.

    TOP INVESTORS:

    Leading clean technology investors in 2008, as measured by the number of disclosed financing rounds the fund participated in, were:

    Full-Year 2008 Top Five Most Active Clean Technology Venture Funds
    Venture Capital Firm # of rounds
    Khosla Ventures 21
    Kleiner Perkins Caufield & Byers 18
    Quercus Trust 16
    RockPort Capital Partners 13
    Draper Fisher Jurvetson 13

    Source: Cleantech Group (cleantech.com)

    M&As and IPOs:

    For full-year 2008, clean technology M&A totaled an estimated 163 disclosed transactions, totaling $40.4 billion. Top M&A transactions included:

    Top 5 Clean Technology M&A Transactions in 2008
    Acquiring Company Target Company Am
    ount
    Type
    Iberdrola SA Energy East Corp. $4.6 billion Acquisition
    LBO France Converteam Group SAS $3.1 billion Minority Stake
    Scottish & Southern Energy Plc. Airtricity Holdings, Ltd. $2.6 billion Acquisition
    International Power Plc. Trinergy Ltd. $2.5 billion Acquisition
    Arcapita Honiton Energy Ltd. $2.0 billion Joint Venture

    Source: Cleantech Group (cleantech.com)

    In 2008, clean technology public offerings totaled an estimated $5.1 billion in 16 IPOs.

    Top 5 Clean Technology IPOs in 2008
    Company IPO Date Amount Raised Exchange
    EDP Renovaveis, S.A. 6/4/2008 $2.4 billion NYSE Euronext Lisbon
    American Water Works Company, Inc. 4/23/2008 $1.2 billion NYSE
    SMA Solar Technology 6/26/2008 $570 million Frankfurt
    GT Solar, Inc. 7/24/2008 $500 million NASDAQ
    Energy Recovery, Inc. 7/2/2008 $69 million NASDAQ

    Source: Cleantech Group (cleantech.com)

    The Cleantech Group has issued projections for what the sector may see in 2009. Those predictions are available at http://cleantech.com/about/pressreleases/120408.cfm

    Key takeaways reviewed in webinar next week

    The Cleantech Group will review key findings of its 4Q08 and full-year 2008 data in a live webinar January 13, 2009 at 11AM EST / 8AM PST / 16:00 GMT, exclusively for members of the Cleantech Groups Cleantech Network. Members may join the live meeting at http://cleantech.acrobat.com/research/ a few minutes before the event begins, and will need their email address and Cleantech Network password to log in. Members unsure of their passwords can contact Cleantech Group at +1 810-224-4310 x.7151 or can retrieve their password at http://cleantech.com/memberpassword.cfm

    Cleantech Forum XXI San Francisco February 23-25, 2009

    Join Cleantech Groups 21st Cleantech Forum in San Francisco February 23-25. “Cleantech in 2009: Upside Driver in a Downside Market” will bring together over 800 of the industry’s most influential clean technology innovators, investors and policymakers. Visit http://www.cleantech.com for information and registration.

    About the Cleantech Group, LLC

    The Cleantech Group pioneered the clean technology investment category in 2002. Today, it accelerates the development and market adoption of clean technologies globally through membership in the largest global network of investors and companies representing more than $3 trillion in assets. Member investors, growth companies/vendors, enterprises, service providers, and others receive access to capital, investment deal flow, market leading research and data, insight, sales leads, human capital, and promotional opportunities. The Cleantech Group also produces the premier Cleantech Forum events worldwide. Details at http://www.cleantech.com.

    Source: Cleantech Group, LLC.


  • Clarus Ventures Names Two New Partners

    Dr. Emmett Cunningham and Scott Requadt Promoted From Principals

    CAMBRIDGE, Mass., and SOUTH SAN FRANCISCO, Calif., Jan. 5 Clarus Ventures, LLC (“Clarus Ventures”), a leading life sciences venture capital firm, announced today the promotions of Emmett Cunningham, M.D., Ph.D., M.P.H., to Partner and Scott Requadt, J.D., M.B.A., to Transactional Partner, effective Jan. 1, 2009.

    Dr. Cunningham joined Clarus in 2006 and represents the firm as a Director on the Board of SARcode and as a Board Observer at FerroKin, Pearl, Taligen and Zogenix. He is also a member of the Scientific Advisory Boards of ESBATech and CoMentis. Dr. Cunningham joined Clarus from Eyetech Pharmaceuticals, where he was Senior Vice President of Medical Strategy and helped build and lead the development and commercialization of Macugen, a first-in-class product for the treatment of age-related macular degeneration. Prior to Eyetech, Dr. Cunningham was at Pfizer, where he was responsible for the clinical development of early-phase CNS compounds and the in-licensing of early- and late-stage therapeutic candidates in ophthalmology.

    In addition to his extensive clinical, scientific and operating experience in the pharmaceutical, biotech and medtech industries, Dr. Cunningham is an internationally recognized specialist in eye diseases with more than 200 publications. In addition to his investing responsibilities at Clarus, he is an Adjunct Clinical Professor of Ophthalmology at Stanford. Dr. Cunningham received his M.D. and M.P.H. degrees from Johns Hopkins University and his Ph.D. degree in neuroscience from the University of California at San Diego. He completed his residency in ophthalmology and his fellowship training in corneal disease and uveitis at the University of California, San Francisco.

    “Emmett has demonstrated a superior understanding of a wide array of therapeutic areas and has been instrumental in helping select Clarus portfolio companies and advance their business plans,” said Robert Liptak, a Managing Director at Clarus.

    Scott Requadt joined Clarus in 2005 and represents the firm as a Director on the Board of TyRx Pharma and as a Board Observer at Biolex, Oxford Immunotec, Link Medicine and Variation. He joined Clarus from TransForm Pharmaceuticals shortly after the company’s sale to Johnson & Johnson. While at TransForm and as Director of Business Development, Requadt was responsible for corporate development, business development and legal activities, including managing the intellectual property group. Prior to TransForm, Requadt was an attorney specializing in mergers & acquisitions at the New York City-based law firm of Davis Polk & Wardwell, where he completed numerous public and private deals worth in excess of $1 billion, negotiated credit facilities of more than $10 billion and represented two companies during their initial public offerings. Before this, Requadt was a law clerk for a senior judge at the Supreme Court of Canada. Requadt holds a B.Com (Economics & Finance) from McGill University, a J.D. from the University of Toronto and an M.B.A. from Harvard Business School, where he was a Baker Scholar.

    “In addition to his contributions in identifying and evaluating new investment opportunities, Scott’s legal and business background will enable him to play a unique and crucial role across Clarus portfolio companies during investment, partnering and transaction endeavors,” said Liptak.

    About Clarus Ventures

    Clarus Ventures is a life sciences venture capital firm founded by a team of accomplished investment professionals with extensive and complementary industry backgrounds that have enabled them to establish a long history of success in creating value. Their deep relationships with world thought leaders and decision makers allow this team to identify unique investment opportunities and shepherd them to maturity. Clarus augments its core expertise of investing in biopharmaceuticals and medical technology companies with the deep and diverse expertise of the team in research and development, commercialization, business development and operations management at the global level. Clarus is based in Cambridge, Mass., and South San Francisco, Calif., and presently manages more than $1.2 billion across two life-sciences dedicated funds.

    For additional information on Clarus Ventures, please visit www.clarusventures.com.

    Source: Clarus Ventures, LLC


  • First Institutional Round of $8 million

    SundaySky Ltd., a revolutionary digital video generation solution provider announced today that it has completed an $8 million Series A round of funding led by Carmel Ventures and Globespan Capital Partners. Avi Zeevi, General Partner of Carmel Ventures and Jonathan Seelig, Managing Director of Globespan Capital Partners have joined the Companys board of directors.

    Founded in 2006, SundaySky provides real time, personalized and automatic generation of video for e-commerce, social networks, news and entertainment web sites. SundaySkys platform enables websites to automatically convert their content into dynamic, continuously updated, high quality video clips. SundaySky enabled websites to significantly increase the appeal of their content, stickiness of their site and their conversion rates while creating a significant inventory of video ads.

    SundaySkys CEO, Mr. Shmulik Weller, said that this round of investment will allow the company to rapidly expand its marketing, sales and business development activities mainly in the US while continuing to develop its product line. “The effectiveness of video on the web and its growing need, open great opportunities for SundaySky”, said Weller, “and we are thrilled to have investors like Carmel and Globespan who have proven track records in this field.”

    “Video is becoming the most important and fast growing form of web media. said Mr. Avi Zeevi of Carmel Ventures. “We found SundaySky to have a unique combination of an outstanding founding team and a breakthrough technology which can change the way video content is created.

    Jonathan Seelig of Globespan said: When I first saw SundaySkys technology, I had the same feeling that I had when I was shown my first dynamically generated web page a full decade ago. At the time, I thought that dynamic web pages would revolutionize the web and they did. SundaySky is in a position to do the same thing for web video content.

    About Carmel Ventures
    With over $600 million currently under management, several successful exits, and a growing portfolio of promising start-ups, Carmel is among Israels top-tier venture capital funds. Carmels investments are focused primarily on early stage companies in the fields of Software, Communications, Internet, Media, Semiconductors, and Consumer Electronics. Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel provides significant capital and active, hands-on support through the growth cycle of its portfolio companies and is recognized as a true company building fund in Israel. Carmel, headquartered in Herzliya, Israel enjoys a worldwide network of industry, strategic and investment resources.
    Carmel is an affiliate of the Viola Partners Group, a leading innovative private equity investment group with over $1.8B under management focused on technology-based investment opportunities in Israel. For more information, please visit www.carmelventures.com.


    About Globespan Capital Partners:
    Globespan Capital Partners is a leading global venture capital firm with over $1 billion under active management. Globespan takes a balanced approach to investing with multi-stage investments in information technology and cleantech companies. Our investment team has a proven track record based on partnering with management teams to build strong, successful companies. We have significant experience and relationships in Asia which allows us to provide our portfolio companies access to global markets. With offices in Boston, Palo Alto and Tokyo, we invest in companies across the U.S. and in Japan on behalf of a global base of limited partners.
    Since 1996, the Globespan team has invested in more than 125 companies. Portfolio companies that have gone public include: Airgate PCS, Avanex, BladeLogic, Brocade, Clearwire, Flexi International, Glu Mobile, Net Perceptions, ShoreTel, Silknet Software, Virtusa, and Vixel. Acquired portfolio companies include: Aptis, Argon, CDS, Cerulean, Digital Island, edocs, enCommerce, m-Qube, Monterey, Obsidian, Ocular Networks, Pirus, Plaxo, Sentient, and Trigo. For more information, please visit www.globespancaptial.com.

    Source: SundaySky


  • Venture Capital Investment in Greentech and Renewable Energy Exceeds $2.5B in Q4 2008 and Reaches $7.7B for the Year

    Greentech Media Reports Another Strong Quarter and a Record Fundraising Year, With Green Technology and Investment as a Brightspot in the Economy

    Greentech Media Reports Another Strong Quarter and a Record Fundraising Year, With Green Technology and Investment as a Brightspot in the Economy

    Pace to Slow but Still Remain Strong Through 2009

    CAMBRIDGE, Mass., Jan. 5 Greentech Media Inc., the industry-leading online media company covering green technology news and analysis, released the most recent quarterly data showing that venture capital investment in green technologies exceeded $2.5 billion in the fourth quarter of 2008, a modest decrease from the previous quarter’s total of $2.9 billion.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20081211/GREENTECHLOGO )

    “Greentech VC investors remain optimistic on this sector and still have faith in the VC model. Investors continue to fund early stage deals as well as later stage deals,” said Eric Wesoff, Senior Analyst at Greentech Media. “At least 30 of the 115 deals this quarter were seed stage or A rounds.”

    “VCs are now digging deep in the greentech sector and looking outside traditional technologies at previously underinvested areas like energy storage, energy efficiency, recycling, water, cleaner coal and green IT,” he added.

    Solar technology once again led the VC charge this quarter with more than $1.3 billion invested in 29 venture capital rounds – more solar deals closed in the fourth quarter than in the third quarter’s total of 26. The solar total was heavily influenced by Solyndra’s massive fund raise, but even without that figure – the solar investing landscape was still very active. One could also call it over-invested.

    “2008 marks the ‘end of the beginning,’ an end to the first few years of investment enthusiasm,” said Eric Straser, a partner at Mohr Davidow Ventures and leader of its cleantech investment team. “In the next period, we’ll see investors focus on strong investor syndicates, management teams that have proven they can execute, and value propositions that can truly deliver differentiated economics to the world’s largest markets.”

    “We will continue to see investors allocate capital, albeit more cautiously, to cleantech as the underlying macro forces driving cleantech remain unchanged and cleantech looks well positioned to be a significant part of the new administration,” he added.

    Other renewable energy sectors, such as wind, smart grid and energy storage continue to receive record amounts of funding. Venture firms invested heavily in biofuels such as cellulosic ethanol and algae with more than $350 million directed towards these new feedstocks and technologies.

    “VC investment in green energy technologies in 2008 exceeded $7.7 billion in more than 350 deals – more than double last year’s dollar totals. We anticipate a slowing in the dollar amount but look for an increase in number of deals as investors back off from building solar and biofuel factories and look for more capital-efficient technologies and firms,” Wesoff added.

    The table below provides the breakdown of VC investment by sector:

              Greentech Sector                   Total Q4 VC Funding    Number of Deals          Solar                                  $1,335.9M+                 29       Ethanol, Biofuels, Gasification          $358.55M                 18       Wind                                       $218M+                  5       EE, DR and Smart Grid                     $208.5M                 11       Batteries, FCs, Energy Storage           $101.55M                 14       Energy Project Development                   $96M                  2       E-Waste and Recycling                      $74.8M                  7       Green IT                                  $37.3M+                  7       Automotive and transportation             $29.03M                  4       Green Agriculture                            $25M                  2       Lighting                                  $23.9M+                  7       New Coal Tech                                $9M+                  2       Misc. Greentech                             $8.6M                  2       Green Buildings                             $4.0M                  1       Geothermal                                  $3.5M                  1       Environmental Technology                    $3.9M                  2       Water                                       $1.5M                  1               Q4 VC Totals                       $2540M                115          Source: Greentech Media   

    Wesoff of Greentech Media made the following observations:

    • “Early stage financing is still alive. VCs and angel investors are still investing in new innovative technologies. Not as much as in 2005 to 2007, but angel and Round A financings are still represented.”

    • It’s been a remarkable year for VC investment in greentech so far, and the fourth quarter has served as a harbinger, giving an indication of the strength of this investment sector in the face of difficult market forces.

    • Look for 2009 to be the year of smart grid, energy storage, and energy efficiency.

    • “We see investment numbers staying strong through 2009 as investors continue to nurture their current portfolio firms and look for new opportunities,” Wesoff added.

    About Greentech Media

    Greentech Media is an integrated online media company designed to deliver the highest-quality content in the greentech industry, whether it is research, news or critical networking events. Greentech Media is headquartered in Cambridge, Mass., with operations in New York City, San Francisco and Munich. For more information visit: http://www.greentechmedia.com.

    About The Venture Power Report

    Published by Greentech Media, the Venture Power Report covers Renewable Energy and Green Power with a focus on Venture Capital investment, technology commercialization, and startup exits. The Report has been published since 2004 and reaches thousands of VCs, CEOs and Senior Technologists. For more information, visit:

    http://www.greentechmedia.com/GreentechMedia/Newsletter/TheVenturePowerReport.html.

    Source: Greentech Media Inc.


  • Mirics Secures Additional $7m Funding to Accelerate Worldwide Growth

    New investment enables commercial team expansion in US and Asia and new additions to product roadmap

    FLEET, England Mirics Semiconductor today announced that it has secured $7m of financing from its existing investor team of Acacia Capital Partners, Intel Capital and Pond Venture Partners. The funding is in addition to the $12m B-round announced in August 2007 and will enable Mirics to expand its commercial activities, and also accelerate further additions to its Mirics FlexiTVTM product line. Mirics FlexiTV, first announced in 2008, is the worlds first commercially available software based solution for receiving global broadcast TV and radio on processor-based platforms such as notebook computers and portable media players (PMPs).

    When Mirics first announced FlexiTV in the summer of 2008, we knew the industry reaction to this disruptive technology would be very positive. In fact, the commercial progress that Mirics has made since the product launch has prompted significant expansion of our commercial team in the US and Asia, to support our rapidly growing customer base, explains Mirics CEO, Simon Atkinson. This additional funding from our existing investors confirms their commitment and belief in the commercial prospects for Mirics technology. It will enable Mirics to meet the customer demand for FlexiTV and also support product portfolio expansion to address newly identified market segments.

    Commenting on behalf of the investor team, Marcos Battisti, Mobility Sector Director at Intel Capital, said: With FlexiTV, Mirics has demonstrated the commercial viability of a true universal broadcast receiver for portable processor-based platforms. The industry response to FlexiTV has been extremely positive, and the investors were keen to ensure Mirics had the long-term financial security to aggressively grow the commercial team and product portfolio to support customer demand. The fact that Mirics has secured this funding in such an uncertain global economic climate is testament to the strength of its technology and world-class team.

    About Mirics

    Mirics Semiconductor Inc. is a venture-backed fabless semiconductor company developing innovative RF silicon and software solutions to bring nomadic global broadcast reception to portable and PC platforms. Founded in April 2004 and based in Hampshire, UK, Mirics has brought together a strong development and operations team with extensive experience in delivering high performance integrated circuits and algorithmic IP into high volume wireless, broadcast and cellular applications.

    Mirics was originally backed with Series A funding from Pond Venture Partners, Europe’s largest early-stage technology fund. In August 2007 the company closed a $12m Series B round securing backing from Intel Capital, the global investment arm of Intel Corporation, Acacia Capital Partners, and further investment from Pond Venture Partners.

    Based upon projections from analysts such as IDC and Gartner, Mirics expects the PC TV market to exceed 32 million shipments (OEM + retail) by 2010.

    www.mirics.com

    Source: Mirics Semiconductor Inc.


  • Advanced Hydro Inc., an Austin Based Startup, Raises Seed Capital to Commercialize Anti-Fouling Dopamine Technology for Water Filtration Membranes

    AUSTIN, Texas Advanced Hydro Inc., an Austin based startup, today announced that it has successfully raised US$0.5 million seed investment from Quercus Trust and 21 Ventures. It has also concluded licensing terms for Dopamine Technology from The University of Texas. Now, the company is in the process of setting up pilots to demonstrate the value of this technology in the field.

    Dopamine technology has shown great potential for alleviating fouling in membrane based water filtration systems, said Prof. Benny Freeman, the Kenneth A. Kobe and Paul D. & Betty Robertson Meek and American Petrofina Professor of Chemical Engineering at The University of Texas at Austin. This versatile technology allows modification of all wetted parts in a module, including membranes, housing, and spacers by simply flowing a specialized solution through the module. Lab data show 30-50% improvement in flux of commercial membranes used to purify highly fouling feed streams.

    We are very excited to have the opportunity to commercialize this promising cost reduction technology, as the need for clean, easily accessible and affordable water has been on the rise, said Dr. Dileep Agnihotri, CEO of Advanced Hydro Inc., and I am very delighted to have Quercus Trust and 21 Ventures as investment partners. Their commitment to support early stage, disruptive, clean technologies from startup to revenue generating successful companies has been a unique and successful business model.

    Advanced Hydro Inc., with an exciting technology for addressing fouling problems in membrane based filtration systems, provides a very exciting addition to our portfolio, said David Anthony, managing partner for 21 Ventures. Demand for clean and affordable water is growing tremendously and the dopamine based anti-fouling technology provides a solution for a well known problem in the industry and it fits in our portfolio of CleanTech companies.

    About Advanced Hydro

    Advanced Hydro Inc. is a Delaware registered corporation, with operational office based in Austin, established in Dec. 2008. For more information on Advanced Hydro and its differentiated advantage of the dopamine based anti-fouling technology, please email at info@advancedhydro.net or visit www.advancedhydro.net

    About the Quercus Trust

    The Quercus Trust of Newport Beach, California is recognized as one of the leading CleanTech venture funds in North America with strategic investments in the clean technology areas of solar, water, bio-fuels, wind and batteries. The Quercus Trust is known to provide more value than just funding and takes a long-term view of invested capital leveraging its industry expertise and relationships for the benefit of its portfolio companies.

    About 21 Ventures

    21Ventures, LLC is a venture capital fund focusing on the technologies and ideas that will dominate the 21st century. Its fields of expertise include clean technologies, mobile software and security. 21Ventures invests primarily in early-seed companies possessing proprietary technologies poised to change the market landscape.

    Source: 21Ventures, LLC


  • Lab21 Successfully Closes Funding Round of 2.2m

    CAMBRIDGE, England Lab21, a specialist diagnostic services and products healthcare company is pleased to announce that it has closed a 2.2m round of financing from leading international private equity investors. The new funds will be used to progress its acquisition plan and to establish its US operations in South Carolina to expand its presence in the North American market.

    Graham Mullis, CEO of Lab21 commented: Given the very difficult financial markets of the past 6 months, I am delighted to welcome two new investors to Lab21 which is a significant endorsement to the growth strategy of Lab21. With new capital, we anticipate closing a number of company acquisitions. This investment will also allow Lab21 to commence its expansion plans overseas where we believe our brand and strong focus on quality and service will be well received.

    Nexus Medical Partners, based in Boston and South Carolina, USA and Rowan Dartington of the UK join Merlin Biosciences and Kreos capital as shareholders. Maddy Kennedy, CFO Lab21 explained: I am pleased to be working with investors who understand healthcare markets and diagnostics specifically. Merlin Biosciences, now part of the Excalibur Group have continued to support Lab21 and advised the Company with this finance round. We are also delighted that Dr Ed Snape, who is co-founder and head of the healthcare practice at Nexus Medical Partners has agreed to join the Board of Lab21

    Dr Snape commented: I am pleased to accept the Board position at Lab21 and support the establishment of its South Carolina operations to facilitate its entry into the US market. The diagnostic market is changing rapidly and Lab21 is well placed with its management and product portfolio to be a serious consolidator in the sector. Lab21s business model which combines the technology and distribution capabilities of both a service provider and product developer makes for an exciting investment opportunity.

    Jonathan Beatson-Hird, Managing Director of Rowan Dartington and also fund manager for the Isambard Fund, said: Our strategy has been to build our investment portfolio around three sectors, one of which is the In vitro diagnostics market. This is a dynamic industry displaying strong defensive characteristics. We are delighted to be able to invest in Lab 21 which is a core holding for us. We believe that the current economic environment is ideal for the corporate strategy of consolidation and with their state of the art products and services makes the company well positioned for growth in these uncertain times.

    The Company will not reveal details of its acquisition plans and US market strategy today but expects to complete on two European company acquisitions during H1 next year.

    About Lab21

    Lab21 is a global provider of state-of-the-art diagnostic products and services, supporting drug discovery and healthcare. Its customers include healthcare providers, pharmaceutical and biotechnology companies.

    The Company has a growing test portfolio providing companion diagnostics and high technology assays for the growing integration of personalised medicine into healthcare. These services and products are currently in infectious diseases, oncology and pharmacogenetics areas with emerging interests in cardiovascular and metabolic disease.

    Lab21’s clinical reference laboratory and corporate office is based in Cambridge, UK and the Company’s investors include Merlin Biosciences and Kreos Capital

    Website: www.lab21.com

    About Excalibur

    Excalibur is an international integrated fund management and corporate finance business specialising in the medical sciences sector. Excalibur was created in April 2008 when Merlin Biosciences acquired Orbis Capital, a leading corporate and structured finance business. The Excalibur Group draws on the fund management expertise of Merlin Biosciences and the financial structuring skills of the Orbis Capital team to create considerable value for portfolio companies and customers in the medical sciences sector.

    About Nexus Medical Partners

    Nexus is a leading private equity firm focused on emerging medical companies in North America and Europe. It has offices in Quincy, MA and Charleston, SC. See www.nexusmp.com for more information

    About Rowan Dartington

    Rowan Dartington is the South Wests leading stockbroker with approximately 1 billion under management. It is investing into Lab 21 via the Isambard Fund, their pre-IPO fund specializing in Renewable Energy, Biotechnology, Pharmaceutical and Engineering sectors.

    Source: Source: Lab21


  • Motion Computing Secures $6 Million in New Funding

    Investors Include New Enterprise Associates, Institutional Venture Partners and G-51 Capital

    AUSTIN, Texas Motion Computing, a leader in mobile computing and wireless communications, announced today that it has received funding of $6 million from New Enterprise Associates (NEA), Institutional Venture Partners (IVP), G-51 Capital, and other new investors. The funds will be used to drive continued expansion into the healthcare market and support international growth opportunities.

    NEA, an investor in Motions earlier funding rounds, is a leading venture capital firm focused on the information technology and healthcare sectors and has funded approximately 550 companies to date. IVP, one of the premier later-stage venture capital firms and previous investor in Motion is also participating in the current funding round, as is Austin-based G-51 Capital.

    Since our first investment in Motion we have watched it develop through the introduction of innovative products and solutions, establishing a leadership position in the markets it serves, said Paul Hsiao, NEA Partner. We are committed to helping the company build on its success.

    Motion continues to bring cutting-edge solutions and products to the healthcare industry and we are pleased to be able to assist in Motions continued expansion, said Norm Fogelsong, IVP General Partner.

    The Motion C5 is the worlds first Mobile Clinical Assistant (MCA), now deployed in more than 4,000 healthcare organizations worldwide. Additionally, Motion recently entered new markets with the F5 rugged field tool, which is being used across vertical industries that require a highly durable device in a lightweight and portable design.

    Motion provides mobile computing products and services for the healthcare industry and across other vertical markets, and is the leading provider of slate tablet PCs, with more than 40 percent market share worldwide, according to the IDC Market Analysis, Worldwide Tablet PC 2007-2011 Forecast. Founded in 2001, Motion has relationships with hundreds of valued software and hardware partners worldwide, and sells through over 1300 leading resellers in 25 countries across North America, Europe, Australia, Asia and the Middle East.

    About Motion Computing

    Motion Computing is a mobile computing and wireless communications leader, combining world-class innovation and industry experience so professionals in vertical industries such as healthcare, field sales and service and government can use computing technology in new ways and places. The companys enhanced line of tablet PCs, mobile clinical assistants and accessories are designed to increase productivity for on-the-go users while providing portability, security, power and versatility. Motion combines those products with services and unique vertical market knowledge to deliver robust solutions platforms, peripherals, services and wireless customized for the needs of a particular industry. For more information, visit www.motioncomputing.com.

    Motion Computing and Motion are registered trademarks of Motion Computing, Inc., in the United States and other countries. All other trademarks and copyrights are the property of their respective owners.

    Source: Motion Computing


  • KaloBios Raises Additional $12 Million in Series D Venture Financing for a New Total of $32 Million

    Leading Silicon Valley Venture Capital Firms Confidently Invest in NAS Storage Company

    SOUTH SAN FRANCISCO, Calif. KaloBios Pharmaceuticals, Inc. today announced that the company has raised an additional $12 million in the second closing of its Series D venture financing, which along with the $20 million it raised in September brings the round to $32 million. This tranche was dominated by a new investment from Baxter International Inc. to go along with the September investments by new investors Genzyme Ventures and Mitsubishi UFJ Capital. Additional participants in the round also include MPM Capital, Sofinnova Ventures, Alloy Ventures, GBS Ventures, Singapore Bio-Innovations, Pte., and 5AM Ventures.

    We are very pleased to add significantly to this financing round in a very challenging environment, said David Pritchard, KaloBios President and Chief Executive Officer. This achievement reflects our investors appreciation of the value that we have built with our two Phase 2, potential first-in-class human antibody therapeutics programs that are focused on significant market opportunities. It also recognizes the strategic potential of our Humaneering technology for engineering potential best-in-class human antibody therapeutics for chronic diseases.

    About KaloBios Lead Product Candidates

    KaloBios has three antibody products now in clinical development.

    • KB001 — a Humaneered, high-affinity antibody fragment that KaloBios is developing for the treatment of Pseudomonas aeruginosa infections. The antibody is currently in Phase 1/2 testing in both patients with cystic fibrosis and intensive care patients on ventilation.
    • KB002 — a monoclonal antibody that has completed five clinical trials as a treatment for autoimmune diseases, including persistent asthma and rheumatoid arthritis. KB002 is a prototype for KB003, a Humaneered IgG1 antibody that has finished Phase 1 clinical trials and will start Phase 2b clinical trials in 2009.
    • KB004 — a Humaneered IgG1 antibody that binds to a receptor tyrosine kinase expressed on the surface of tumor vasculature and tumor cells. This antibody is being developed for the treatment of solid tumors and some hematologic cancers.

    The company plans to offer all three programs (KB001, KB002/003 and KB004) for partnering in 2009.

    About KaloBios

    KaloBios Pharmaceuticals, Inc., a U.S. based, private monoclonal company, uses its biologic capabilities and its proprietary platform technology to develop first-in-class human antibody therapeutics. The company has multiple programs that have been in seven Phase 1 or 2 clinical trials in 2008: KB001 is an anti-infective for Pseudomonas aeruginosa infections being tested in cystic fibrosis and in intensive care patients on a ventilator, and KB002 and KB003 are being evaluated in inflammatory conditions, such as rheumatoid arthritis and asthma. KB004 is in preclinical development for oncology. The companys Humaneering technology offers advantages over other methods of human antibody creation in terms of immunogenicity, potency, and manufacturing yields. For more information, visit www.kalobios.com.

    Legal Information

    The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of an effective registration statement of or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the convertible preferred stock.

    Montgomery & Co. LLCs health care team assisted the company with financial aspects of the financing and Gunderson Dettmer provided legal counsel.

    Source: KaloBios Pharmaceuticals, Inc.


  • ONStor Secures Additional Round of Funding

    Leading Silicon Valley Venture Capital Firms Confidently Invest in NAS Storage Company

    CAMPBELL, Calif., Dec. 19 ONStor, Inc., a leading provider of clustered NAS solutions for primary and value-tier storage for enterprises and content-rich organizations, today announced it has secured an additional round of funding from its key investors: Mayfield Fund, Foundation Capital, and Sand Hill Capital. The latest round of funding closed earlier this week.

    “Given the challenging economic climate, we are extremely pleased with the strong endorsement these leading investors have given to our business strategy and solution portfolio,” said Bob Miller, ONStor CEO and chairman of the board. “Their ongoing support reflects the market demand for our scalable NAS solutions in the enterprise. ONStor cuts costs through storage and server consolidation and makes growing a data center simple and cost effective,” Miller continued, “Our customer retention rates continue to be well above the industry average, and our goal is to achieve profitability in 2009.”

    The additional round of funding will be used for ongoing operational expenses and new product development, as well as business growth and marketing programs dedicated to attracting additional IT solution providers and customers.

    About ONStor

    ONStor provides clustered NAS solutions for both primary and value-tier storage, focusing on enterprise data centers and content-rich organizations and giving customers the ability to cost effectively manage the accelerating growth of unstructured data. ONStor’s award-winning solutions deliver flexible data management, protection, and file server consolidation for a new generation of data-intensive applications through a combination of advanced technologies including virtualization and energy-efficient design.

    Proven at customer sites worldwide, ONStor Pantera integrated NAS systems plus Cougar and Bobcat clustered NAS gateways offer the broadest choice of storage and enable customers to easily scale storage with the lowest total cost of ownership (TCO). ONStor solutions are available through a global network of resellers and distribution partners. More information about ONStor can be found at http://www.onstor.com.

    ONStor and the ONStor logo are trademarks of ONStor, Inc. in the U.S. and other countries. All other marks and trademarks are or may be the property of their respective owners. Information regarding products, services and offerings may be superseded by subsequent documents and is subject to change without notice. For the latest information and specifications regarding ONStor, Inc. and any of its offerings or services, please contact your local sales office or the corporate headquarters.

    Source: ONStor, Inc.


  • JAZD Markets Closes $8M Series-A Round

    Company to Deliver SaaS Applications for the $500 Billion Commercial Insurance Industry

    ANDOVER, Mass. JAZD Markets, the leader in on-line B2B directory driven marketing as a service, today announced that it has recently closed an $8 Million Series A round of investment in the company. The round of investment was jointly led by Commonwealth Capital Ventures and Pilot House Ventures.

    JAZD will leverage the investment capital to accelerate the build-out of its directory marketing platform and expand relationship with B2B Trade Publishers. “This new funding will take JAZD Markets to profitability and assure our position as the definitive leader in on-line directory driven marketing as a service platform for B2B Publishers and their advertising clients,” said Jamie Bedard, Founder and CEO of JAZD Markets. “The on-line B2B directory market has been poorly served by traditional technology only providers leaving Publishers with few options. JAZD changes the game for Publishers by delivering a turn-key publisher branded directory platform built on leading web 2.0 technologies, powered by compelling SEO/SEM traffic generation and a dedicated sales force committed to rapid revenue growth for the partnership.”

    The company also announced that it has recently added technology innovator David Block as VP of Engineering. It also added Michelle Palmer as the VP of Business Development. Palmer is a proven B2B publishing executive and will be focused on establishing deep partnership with publishers. JAZD also adds Search Marketing & SEO Expert Eric Melin as VP, Traffic Generation. The team will report directly to Founder and CEO, Jamie Bedard.

    About JAZD Markets:

    Located in Andover, Mass, Jaz’d! is a comprehensive MaaS platform company built by on-line marketers and B2B publishers to deliver the highest tangible return from on-line marketing investment available today.

    As the leading on-line directory driven marketing solution for B2B, Jaz’d! is changing the way on-line marketing works by aligning buyers and sellers together in highly informative, measurable and easy-to-navigate environments. Jaz’d! partners with leading B2B publishers, industry associations and social networks to deliver Web 2.0 enabled vertical marketplaces built upon a foundation of integrated directory placement, high quality traffic generation, social tools, click-track analytics and vertical search functionality into comprehensive marketing as a service (MaaS) platforms.

    JAZD! operates multiple on-line B2B markets under the brands: www.jazdchemicals.com, www.jazdenergy.com, www.jazdtech.com, www.jazdfoodandbeverage.com, www.jazdconstruction.com, www.jazdtelecom.com, www.jazdmanufacturing.com, www.jazdhospitality.com, www.jazdelectronics.com, www.jazdoilandgas.com, www.jazdpackaging.com where buyers can easily find and the right product/service.

    For more information visit JAZD Markets at www.jazd.net

    Source: JAZD Markets


  • ProspX Secures $6.5 Million in Series A Funding

    Company to Deliver SaaS Applications for the $500 Billion Commercial Insurance Industry

    AUSTIN, Texas ProspX, Inc., a developer of collaboration and automation applications for the commercial insurance industry, today announced that it has secured $6.5 million in Series A funding. The funding round was led by Adams Capital Management and will be used by ProspX to expand development and marketing of its unique multi-party collaboration systems specifically designed to streamline processes for the commercial insurance industry.

    The commercial insurance industry is ripe for technology solutions that improve collaboration and the flow of business – especially because current offerings fail to address the multi-party nature of this important industry segment, said Martin Neath, general partner, Adams Capital Management. We look forward to working with the management team as ProspX brings to market technologies that will transform the business of commercial insurance.

    As a $500 billion a year market, the commercial insurance industry provides services for hundreds of thousands of customers worldwide. To improve the flow of business for these customers, ProspX has developed a collaborative online Software-as-a-Service (SaaS) application platform designed to help commercial insurance agents, brokers and carriers accelerate the selling process.

    Our goal is to improve many of the inefficiencies that exist in todays commercial insurance industry, said Todd Young, CEO of ProspX. With the support of Adams Capital Management and our talented team, we can execute on our vision of enabling insurance entities to grow and profit from the opportunities automation can provide to this expanding market.

    About Adams Capital Management

    Established in 1994, Adams Capital Management (ACM) is a national venture capital firm with $815 million under management. ACM is a lead Series A investor that is noted for its domain and operations expertise in the information technology, networking infrastructure and semiconductor industries. ACM’s discontinuity-driven investment strategy targets emerging growth companies with disruptive technologies that yield innovative products with the potential to define and dominate their categories. For more information visit www.acm.com.

    About ProspX

    ProspX develops on-demand collaboration and automation solutions that improve productivity for agencies, brokers and carrier partners in the commercial insurance industry. ProspX is headquartered in Austin, Texas, and is privately held with funding from Adams Capital Management. More information on ProspX is available at www.prospx.com.

    ProspX is a trademark of ProspX, Inc. All other company and product names mentioned are used only for identification and may be trademarks or registered trademarks of their respective companies.

    Source: ProspX, Inc.


  • GoFish Closes $22.5 Million Equity Financing

    The Company Completes Repurchase of Debt

    SAN FRANCISCO GoFish Corporation (OTCBB:GOFHNews)(www.gofishcorp.com), a leading digital media company, announced that it has closed its previously announced equity financing raising $22.5 million. The company completed the financing through the sale of convertible preferred stock and warrants to purchase common stock in a private placement with three institutional investors led by Panorama Capital, Rustic Canyon Partners and Rembrandt Venture Partners. Existing holders of approximately $5.4 million of the companys debt also converted debt into convertible preferred stock and warrants to purchase common stock. Rembrandt Venture Partners has the option to invest an additional $2.5 million within 60 days of the closing.

    The company used a portion of the proceeds to repurchase all of its remaining, unconverted debt. In addition, all of the warrants previously issued in connection with the companys existing debt were either repurchased or converted into common stock at the closing. The company will use the remainder of the proceeds to further accelerate the growth of its immersive media solutions and continue expansion of its sales and marketing team.

    Full details of the financing will be reported today when the company files its Current Report on Form 8-K with the U.S. Securities and Exchange Commission.

    About Panorama Capital

    Panorama Capital is a venture capital firm based in California’s Silicon Valley that invests in passionate entrepreneurs who are building leading companies in technology and life sciences. Founded in late 2005 as the successor to the venture capital program of JPMorgan Partners, the Panorama team takes a hands-on, highly collaborative approach to investing, bringing to each portfolio company the extensive experience of a seasoned group of investors who collectively possess more than 140 years of broad experience as investors, executives, entrepreneurs, engineers and physicians. Panorama has been a successful investor in the digital media sector with portfolio companies like Federated Media. For more information about Panorama Capital, visit www.panoramacapital.com.

    About Rustic Canyon Partners

    Rustic Canyon Partners is an early stage venture capital firm that invests in exceptional entrepreneurs building transformational companies. The investment team works collaboratively, drawing on a diverse set of experiences as successful entrepreneurs, managers, and strategic and financial advisors. With over $900 million in funds under management, Rustic Canyon is one of the largest firms based in Southern California, with strong presence in Silicon Valley and Seattle. Key investment themes include Internet/media convergence, clean technology, technology-enabled services, information services, and wireless and wireline broadband.

    About Rembrandt Venture Partners

    Rembrandt Venture Partners (RVP) was established in 2004 to provide private equity capital to early stage technology companies. Rembrandt invests in a variety of sectors including Internet infrastructure, application software delivered as a service, communications, next generation wireless sectors and new media convergence. Vision: As many venture funds have dramatically increased in size, and angel investment activity has declined over the past few years a void has developed in the market. Rembrandt believes there is a substantial opportunity for a fund focused on early company building.

    About GoFish Corporation

    GoFish Corporation (www.gofishcorp.com) (OTCBB:GOFHNews), headquartered in San Francisco and New York with sales offices in Los Angeles and Chicago, is a leading entertainment and media company focused on brand immersion experiences that reach consumers in a deeply engaged state of mind. GoFish specializes in aggregating and distributing premium content on a large network of quality sites for which GoFish is the exclusive brand advertising monetization partner. The GoFish Network of sites reaches over 25 million unduplicated online users domestically and 69 million worldwide.* It ranks as the third largest online U.S. youth opportunity and a top five mom opportunity for blue-chip advertisers.

    *Source: Comscore Media Metrix Media Trend (with duplication), October 2008.

    Safe Harbor Statement

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include statements identified by words, such as projects, believes, anticipates, plans, expects, will, and would, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of GoFish to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. Actual events may differ materially from those mentioned in these forward-looking statements because of a number of risks and uncertainties. Discussion of factors affecting GoFishs business and prospects is contained in GoFishs periodic filings with the Securities and Exchange Commission. GoFish undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise unless required to do so by the securities laws. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the GoFishs filings with the Securities and Exchange Commission. These filings are available on a website maintained by the Securities and Exchange Commission at www.sec.gov.

    Source: GoFish Corporation


  • VCs Forecast 10% Decline In Investment

    Venture capital firms predict they’ll invest 10% less in 2009, says an annual survey of 400 venture capitalists by the National Venture Capital Association.

    They still plan to plow large sums into clean technology and life sciences, but they’ll put fewer dollars into the software and chip firms that traditionally got the lion’s share of funding.

    VCs project investing $27 billion in 2009 vs. $30 billion this year, says the report released Wednesday.

    Entrepreneurs seeking initial funding to launch a company will be hit hardest. Almost all venture capitalists, 96%, say it will be harder for new companies to get funded.

    The newest startups will be hit hardest because of the weak economy and weak market for initial public offerings, used by VC firms to cash out their investments.

    Also, VC firms are having a hard time finding buyers for portfolio companies at fair valuations. As a result, they’re holding onto those investments longer. The extra time and money required by those longer-term holdings means VCs will have less for newcomers.

    The exceptions might be entrepreneurs with solid track records of launching successful companies, says NVCA President Mark Heesen. “Entrepreneurs that VCs have worked with in the past will have a leg up,” he said.

    Yet, VC interest remains strong in cleantech and life sciences.

    Cleantech, which includes solar and pollution control, is in the best position for increased funding. Though VC funding is expected to decline in most tech sectors in 2009, 68% of respondents said they believe funding for cleantech will rise or remain at 2008 levels.

    “It’s not just energy technologies like solar and wind,” Heesen said. “It also includes smart buildings, lighting and technologies that provide more efficient ways to get oil and gas out of the ground.”

    In 2003, just 2% of all VC funding went to cleantech. That rose to 10% in ’07, and an expected 15% in ’08.

    Eight of the 10 largest VC funding deals this year went to clean technology. That includes $140 million for SolarReserve, a Los Angeles-based developer of solar energy. AVA Solar, Fort Collins, Colo., received $104 million. It makes thin-film photovoltaic modules, also called solar cells or solar panels.

    The biotech sector has the second-highest promise for VC investment in 2009. Of those polled, 58% said biotech investment would rise or remain on par with this year. In this sector, Menlo Park, Calif.-based Pacific Biosciences raised the most VC dollars in 2008, some $100 million. The company is developing DNA sequencing technology.

    Investments in semiconductor startups, historically a darling of the venture capital industry, are expected to decline the most in 2009. Nearly four in five of the VCs surveyed expect less chip investment next year. Most also expect software will get fewer dollars.

    “VCs will tell you that there is no new mega trend in information technology now,” Heesen said, “no new ‘wow’ technology that will revolutionize the IT category.”

    According to the NVCA survey and a similar one released this week by accounting firm KPMG, venture firms believe the IPO market will reopen in 2010.

    “VCs are beginning to see a light at the end of the tunnel,” said Brian Hughes, co-leader of KPMG’s venture capital practice.

    Source: Investor’s Business Daily


  • Tagged Inc. Secures $5 Million in Venture Debt

    Company’s Steady Growth and Profitability Impresses Horizon Technology Finance and Leader Ventures

    SAN FRANCISCO, Dec. 17 Tagged Inc. announced today the company has raised $5 million in venture debt. Led by Horizon Technology Finance and Leader Ventures, the new funding will enable the company to accelerate its growth and expand the services and features of its social discovery site Tagged.com.

    “We have been very impressed with the management team at Tagged and we are excited to support their growth,” stated Jim Parsons, SVP and Managing Director of Horizon Technology Finance. “The team has a proven track record of building profitable online businesses. Tagged has a dedicated user base and is successfully converting that base into predictable revenue. We are confident that Tagged will continue to distance itself from the competition with its unique social network platform.”

    “Tagged is successfully navigating the social networking frontier and is capitalizing on new models evolving around user engagement and advertising,” commented Renee Baker, Managing Director at Leader Ventures. “The team’s smart management and attention to detail has earned them an aggregate audience of millions in a competitive environment.”

    “The additional funds will enable us to continue to support our growing traffic, which has increased by more than 500% this year,” said Greg Tseng, co-founder and CEO at Tagged. “Horizon Technology Finance and Leader Ventures are ideal partners for us as we scale revenues and profits in the coming year. The fact that we’ve been able to raise venture debt during the current credit crisis underscores the amazing progress our team has made, as well as the tremendous opportunity that lies ahead.”

    About Tagged

    Tagged.com was launched in 2004 and is a leading social discovery site. The company is located in San Francisco, CA and is backed by Mayfield Fund. For more information visit Tagged at http://www.tagged.com or contact the organization at business@tagged.com.

    About Horizon Technology Finance

    Horizon Technology Finance Management LLC is a privately-held independent venture debt finance company that provides senior and subordinated venture debt financing solutions to venture capital-backed technology and life science companies through its affiliated investment finance company Compass Horizon Funding Company LLC. The Horizon team has provided over $2 billion in financing to more than 750 venture capital-backed technology and life science companies over a span of 20 years. Horizon has offices in Farmington, CT and the San Francisco, CA area.

    For more information, please visit http://www.horizontechfinance.com.

    About Leader Ventures

    Leader Ventures is a private investment firm providing blended debt and equity financing to a diversified portfolio of private and public companies. With offices in San Francisco and Menlo Park, the firm invests primarily in the US and employs a variety of loan plus equity structures to invest in companies at different developmental stages across a variety of industry segments. For more information please visit http://www.leaderventures.com.

    Source: Tagged Inc.


  • DMC Capital Funding Established to Provide Growth Financing and Advisory Services to Technology and Consumer Focused Companies

    – Private Equity Firm with a 30-Year Legacy in Consumer Products, Supply Chain Management to Help Foster Mid-Market Growth Amid an Uncertain Economy –

    NEW YORK, December 17 Distribution Management Consolidators, LLC today announced the launch of DMC Capital Funding, LLC a private equity growth capital firm.

    The firm will offer growth funding and financing to well established companies that have between US$20 million to US$200 million in annual revenue and need financing to expand their reach and market penetration. Leveraging long-standing retail relationships and decades of experience of its principals with consumer product distribution and channel marketing services, DMC Capital Funding is uniquely positioned to provide both capital and advisory services to a broad range of industries.

    DMC Capital Funding will offer existing companies financing and advisory services through multiple solutions, including:

    – Immediate access to credit or loan financing – DMC Capital Funding will make available bridge or longer-term loans to companies looking to finance ongoing operations, expansion of production, penetration of new markets and the like;
    – Equity participation – DMC Capital Funding may purchase a passive equity stake in companies meeting risk assessment guidelines;
    – Strategic investments – By leveraging their infrastructure and supply chain management expertise, DMC Capital Funding may offer both financing and management assistance in product development, sourcing, product design, sales, marketing, distribution and customer service operations;
    – Acquisition – DMC Capital Funding is seeking to acquire firms whose business aligns with the vision of DMC Capital Funding LLC.

    “The current credit crisis, as well as reduced consumer spending, has placed many established technology and consumer product companies in a precarious position. These companies may have superior products and significant potential, but have been locked out of the credit markets, leaving them without the capital needed to foster growth or penetrate the shelf space of major retailers,” said Andrew Lowinger, chief executive officer of DMC Capital Funding. “Therefore, many companies are finding themselves without the necessary infrastructure and channels to localize their offering for consumers in disparate regions of the globe. DMC Capital Funding can add value to these already successful organizations in the form of funding, marketing experience and management expertise.”

    Mr. Lowinger concluded, “DMC Capital Funding, LLC has the financial strength and capital resources necessary to provide growth capital and seasoned management to drive growth and success in this period of credit contraction and equity-market upheaval.”

    DMC Capital Funding is currently working with retailers to strategically align their financial services with select vendors who can benefit from growth capital. In early January, DMC Capital Funding will participate in the Consumer Electronics Show (CES) in Las Vegas in central hall booth 9817. CES is a gathering of the biggest established names in consumer technology and the brightest emerging brands. During the show, DMC Capital Funding will be hosting a series of meetings and events to evaluate qualified companies and their capital investment needs. To schedule a meeting with DMC Capital Funding please contact Jim Zerka at +1-212-448-7629

    About DMC Capital Funding, LLC

    DMC Capital Funding, LLC is a private equity firm designed to provide funding, advisory services and purchase consumer and technology product companies who are positioned to grow in the current credit constrained marketplace. The firm brings over 30 years of experience in financing, sales, marketing, manufacturing and brand development to well-established companies become powerful competitors in the global marketplace.

    Source: DMC Capital Funding, LLC


 

By using this website you agree with our cookie policy