LAVAL, CANADA — The Solidarity Fund QFL and Innovatech Grand Montreal today
announced respective investments of $2.5 million and $1.5 million in Amphitech
International inc., a Laval-based company that has designed an airborne obstacle
awareness radar system for helicopters. These investments complete the $5 million
transaction, entered into with other private investors, who have injected a total of $1 million.
The technology developed by Amphitech International is based on a high- performance
radar mounted on a scanning gyro-stabilized platform that monitors a given airspace and
detects obstacles up to one nautical mile in range. The technological innovation lies in the
gyro-stabilized platform entirely controlled by microprocessor that scans a commanded
window pattern without being affected by vibration and unwanted movements of the
structure on which it is mounted.
MINNEAPOLIS — Dain Rauscher Wessels has hired
John N. Deal as managing director and co-head of its communications technology
investment banking team, according to Peter de Vos, director of corporate finance at DRW.
Deal, a 15-year investment banking veteran, previously was a managing director in
corporate finance at J.P. Morgan, where he focused on emerging growth communications
technologies companies on the West Coast. Prior to that, he held senior investment
banking positions at SG Cowen Securities, Lehman Brothers and Bankers Trust. He has a
bachelor’s degree in finance from the University of Virginia and an MBA from UCLA.
“John brings to our firm not only wide ranging skills and strong leadership but also
valuable relationships with the venture capital community and corporate managements in
the communications technologies space,” de Vos said.
HOLMDEL, NJ — uReach, a unified communications provider, has received
$3.5 million in financing from Marquette Venture Partners and private
The funding will be applied toward extending the leadership position that
uReach has built in the unified communications industry by offering uReach
products and services to service providers.
This financing follows a $16 million investment made by BancOne and Argo
Global Capital in Q4 of 2000. During the past several months, uReach has
garnered investments totaling $19 million to expand its business beyond its
established consumer base to provide enhanced messaging solutions to wireless
and wireline carriers, ILECs, portals and ISPs.
MONTREAL — Hydro-Quebec CapiTech is investing an additional $1.5
million in QuestAir Technologies Inc. (QuestAir). Hydro-Quebec CapiTech had already
invested $2 million in QuestAir Technologies through Energy Capital Innovation, in
November 1999. QuestAir thereby completes a fourth round of financing for about $20
million to a group comprised of new and existing investors.
SEATTLE — LifeSpan BioSciences Inc., a leading
genomics company using molecular pathology to profile and localize gene expression in
human diseases, announced today that it has raised $19 million in Series C Preferred
Funding. The lead investor was SAIC Venture Capital Corporation, the venture arm of
Fortune 500 company Science Applications International Corporation. Other participants
included Zurich-based equity4life, current shareholders and new private investors.
The new financing represents LifeSpan’s largest to date, following placements of $5.2
million and $13.2 million in 1999 and 2000, respectively. Proceeds from the latest round
will be used to automate and enhance the technology used for the company’s high
throughput gene expression analysis, build new gene family databases, launch a new
series of disease family databases beginning with cancer, and support LifeSpan’s
proprietary gene research.
TORONTO — Chris Strachan, Chief Executive Officer of the Bulldog
Group Inc. is pleased to announce the appointment of Carl Wolf, former Vice President of
Corporate Development at Sun Microsystems Inc., as chairman of the Bulldog board of
Spanning 25 years, Mr. Wolf’s career is marked by his strategic vision and understanding
of the technology market. Recently retired from Sun Microsystems, Mr. Wolf dedicated more
than a decade to expanding and developing business in support of Sun’s overall corporate
strategy. In his most recent role as Vice President of Corporate Development, Mr. Wolf was
responsible for the company’s mergers and acquisitions, and venture and strategic
investments. In this role he completed 13 acquisitions and 10 minority equity investments.
Beginning his career as a consultant specializing in corporate strategy at the Boston
Consulting Group, Mr. Wolf soon moved on to a merger and acquisition and venture
capital role as a Principal at Xerox Development Corporation. In 1981, Mr. Wolf accepted
the position of President of Interactive Data Corporation and Senior Vice President of
Chase Manhattan Bank. In 1985, Mr. Wolf’s entrepreneurial spirit and his technological
insight led him to become one of the founders of Gold Hill Computers Inc., a leading
provider of software tools for developing artificial intelligence applications. Mr. Wolf joined
the Sun Microsystems in 1989.
CLEVELAND — EmployOn Inc., the largest aggregator
of career opportunities on the Internet, announced today it has completed its
Series A round of investment with a total of $16 million raised. The
$16 million round includes an additional $4 million investment from Crystal
Internet Venture Funds, Doll Capital Management (DCM) and from the president
and CEO of EmployOn, Jim Bennett.
CUPERTINOCA — Bizfinity(TM), Inc., an
Application Service Provider (ASP) of fully-hosted, Web-based e-commerce
solutions for small businesses, today announced the successful completion of
$9 million in venture capital funding, the majority from New Enterprise
Associates (NEA). Other VCs include Dali Hook Partners, Labrador Ventures and
SAN DIEGO — RunMoney Corporation, a business to
business provider of comprehensive managed money platforms integrating elite
professional investment management and back office support, today announced a
further undisclosed venture capital investment by Mellon Ventures, Inc., a
subsidiary of Mellon Financial Corporation (NYSE: MEL), a Fortune 500 global
financial services company with over $500 billion in assets under management.
AURORA, OHIO — AtomicBox.com, Inc. announced today
that it has closed on its Series A Preferred Stock private placement. Tucker Anthony Sutro
Capital Markets acted as placement agent for the financing.
JACKSON, MS — AIR2LAN, Inc., announced today that it has
secured nearly $5 million in additional financing.
Half of the funding is in the form of a common equity securities exchange agreement from
a publicly traded strategic partner. The value of the shares to be received by AIR2LAN has a
current market value of approximately $2.5 million.
Delta Capital Management, LLC, based in Memphis, Tenn., a venture capital firm that
invests primarily in healthcare, telecommunications and information technology ventures,
has invested approximately $1.5 million in AIR2LAN through a convertible promissory note.
Other outside accredited investors have invested approximately $900,000 in exchange for
AIR2LAN common stock.
PASADENA, CA — Health Integration Inc. (formerly
Health Integration Strategies, LP), a five-year-old health care services company with offices
in Pasadena (corporate), and Omaha, Neb., received $9 million in Series A financing from
an investor group including Delphi Ventures (lead), St. Paul Venture Capital and Validus
MINNEAPOLIS — Four51, Inc. announced today that the company
has completed a $1.45 million financing round. This is the company’s second round of
financing, and comes from the same investors responsible for Four51’s previous round of
$3.5 million. In addition, Space Center Ventures, a Twin Cities-based venture capital firm,
has joined as a new investor.
PASADENA, CA — Idealab Capital Partners, a $450 million
venture capital firm investing in early stage software and communications companies,
announced today that it is changing its name to Clearstone Venture Partners. It also
announced a new Venture Partner, the opening of two offices, and the completion of three
new investments. Clearstone also announced that Dr. Leonid Kazovsky has joined the firm as a Venture
Partner and will serve on its technical advisory board, while assisting with new
investments and working with portfolio companies. Dr. Kazovsky is a Professor of Electrical
Engineering at Stanford University and head of the Optical Communication Research
Laboratory (OCRL) at Stanford. In addition to authoring or co-authoring some 300 technical
and conference papers during his career, Dr. Kazovsky took a one-year leave from Stanford
in 1998 to launch Alidian Networks, where he continues to serve on the Board of Directors. Clearstone also unveiled its new office on Sand Hill Road in Silicon Valley and announced
plans to move its southern California office to Los Angeles’ Westside. Managing Directors
Bill Elkus, Jim Armstrong and William Quigley are based at Clearstone’s Los Angeles
location, while Managing Director Erik Lassila heads up the Silicon Valley office.
SAN JOSE, CA — iTelco Communications Inc., an
application solution provider of unified communication, Internet Protocol (IP) conferencing
and unified messaging for telecommunication carriers and Internet and mobile service
providers, announced today that it has closed the first part of its second round of funding.
The investors include Draper Fisher Jurvetson, Intel Capital, iGlobal Partners and k1
Ventures. The funds will help iTelco to continue developing its communications services
solutions and expand its presence in Asia.
CAMPBELL, CA — nDSP Corp., a leading
supplier of enabling technology for broadband media applications, announced today that
the company has completed a $12.7 million Series B round of funding. nDSP Corp.
owns patented non-linear Digital Signal Processing (DSP) technology that enables
manufacturers to develop TV, DVD and Internet appliances that process, enhance and
display broadband media, providing the consumer with high quality video, text and
graphics at an affordable cost. Standard TVs enhanced by nDSP video processor chips
have High Definition-like video quality but cost considerably less than High Definition TVs
Participants in the latest round of funding include Vantage Point Venture Partners,
TechFund Capital, Crown Growth Partners, Maton Venture and Paradigm Venture Capital.
Vantage Point Venture Partners and TechFund Capital also participated in nDSP’s initial
round of funding in July 1999.
LOS ANGELES — USBX Inc. (U.S. Business Exchange),
a leading provider of merger and acquisition (“M&A”) services to small to medium-sized
businesses, today announced that it has raised $8 million in its Series B financing.
New institutional investors include Topspin Partners and Avalon Capital Management. The
largest existing investors, Carlyle Venture Partners and Evercore Ventures, re-affirmed their
commitment to USBX with follow-on investments in the Series B round as well.
PRINCETON, NJ — Princeton eCom, a leading provider of
electronic billing and payment services, announced today that it had completed a $20
million convertible debt financing. New Century Equity Holdings Corp. (Nasdaq: NCEH) and Mellon Ventures, the private
equity partnership of Mellon Financial Corporation (NYSE: MEL), participated in the $20
million convertible debt financing.
The company’s other investors include SG Capital Partners LLC, the U.S. merchant
banking affiliate of Societe Generale, Bottomline Technologies, Terra Lycos Ventures L.P.,
a venture capital fund affiliated with Terra Lycos, Inc. (Nasdaq: TRLY), and BT Investment
SAN FRANCISCO — Kenamea, Inc., an enterprise software
company that delivers an Application Network to enable reliable and real-time interactive
business applications over the Internet, today announced that it has successfully closed a
$32 million Series C funding round. The round includes Azure Capital Partners,
Lightspeed Venture Partners and previous investor Crosspoint Venture Partners. Palm
Ventures, the strategic investment group of Palm, Inc., also participated, as announced in
February 2001. Kenamea was co-founded in August 1999 by John Blair and by Bob
Pasker, founder of WebLogic and Chief Architect of the WebLogic Application Server.
Kenamea has now raised a total of $40.5 million in venture funding that includes a
Crosspoint-led round of $8.5 million in June 2000.
AUSTIN, TEXAS — AV Labs, the accelerator venture fund based in
Austin, Texas, today announced details of its most recent investments. New investments
included five infrastructure and enterprise application companies: dForward, eCityLimits,
Excalium, IT Newco and Telconic. These companies joined AV Labs’ existing portfolio of
more than 16 active companies focused on delivering applications and infrastructure
products and services through the Internet.
The firm also announced follow-on financing for five of its existing portfolio companies:
Covasoft, FLQ Solutions, Lane15 Software, Salion and Terrace Mountain Systems. The five
companies raised more than $33 million in follow-on financing from Austin Ventures,
Compaq, Intel Ventures, Lightspeed Ventures, Techxas Ventures and HLM Management.