PE Week Wire — 10/4/06

Alsius Corp., an Irvine, Calif.-based developer of products to control patient temperature in hospital critical care settings, will go public via a reverse merger with blank check acquisition company Ithaka Acquisition Corp. (OTC BB: ITHK). Alsius CEO William Worthen will remain CEO, while Ithaka principals Paul Brooke (MPM Capital venture partner) and Eric Hecht (CEO of Potomac Pharma) will remain on the combined company's board of directors. Alsius had been in registration for a $40.25 million IPO, and has raised nearly $100 million in total VC funding from firms like Mayfield, Canaan Partners, Channel Medical Partners, New Enterprise Associates, Sightline Partners and The Vertical Group.

JumpTap Inc., a Cambridge, Mass.-based provider of mobile search and advertising solutions, has raised $22 million in Series C funding. Valhalla Partners led the deal, and was joined by return backers General Catalyst Partners, BCE Capital and Redpoint Ventures.

OpenView Venture Partners, a spinout of Insight Venture Partners' Boston office, has closed its inaugural fund with $100 million in capital commitments. The firm will focus on expansion-stage opportunities in the information technology sector.


    VC Deals

Beceem Communications Inc., a Santa Clara, Calif.-based provider of chipsets for mobile WiMax technology, has secured $27.1 million of a $50 million Series D round, according to a regulatory filing. Return backers include Sequoia Capital, Walden International and Global Catalyst Partners.

Ruckus Wireless Inc., a Mountain View, Calif.-based provider of wireless equipment for home networking, has secured $15 million of a $21 million Series D round, according to a regulatory filing. Motorola was joined by return backers Sequoia Capital and WK Technology Fund.

Novare Surgical Systems Inc., a Cupertino, Calif.-based developer of minimally-invasive devices for use in cardiac surgery, has raised $16 million in Series D funding. Point Judith Capital and Tudor Investment Corp. co-led the deal, and were joined by Deerfield Partners and return backers Thomas Fogarty, Channel Medical Partners, Canaan Partners and Asset Management.

Tymphany Corp., a Cupertino, Calif.-based provider of audio transducers, has raised $13 million in convertible preferred equity from American Capital Strategies.

Lendia Inc., a Marlborough, Mass.-based provider of outsourced solutions to financial institutions that originate residential mortgages, has raised an undisclosed amount of private funding from 1848 Capital Partners.

    Buyout Deals


Sara Lee Corp. (NYSE: SLE) may put itself on the private equity auction block, according to The Financial Times. The food company's current market cap is approximately $12.3 billion.

Freescale Semiconductor Inc. (NYSE: FSL) considered a bid for rival Philips Semiconductor earlier this year, according to an SEC filing. Freescale dropped its interest once Philips Semi agreed to be acquired by KKR and Silver Lake Partners in August. Freescale has since agreed to be acquired for $17.6 billion by The Blackstone Group, The Carlyle Group, Permira Funds and Texas Pacific Group.

The Riverside Co. has acquired Crisis Prevention Institute Inc., a Brookfield, Wis.