MENLO PARK, CA — Trinity Ventures, a leading venture capital firm focused on investments in early-stage software, communications, and enterprise-systems companies, today announced that industry veteran Alex Osadzinski has been appointed a Venture Partner.
Formerly an Entrepreneur-in-Residence, Osadzinski has been working with Trinity Ventures since July 2001. Osadzinski will focus his investment efforts in both the Trinity Software and Enterprise Systems and Communications practices.
ROCKVILLE, MD — Chevin Inc., a provider of enterprise monitoring and data collection software, announced that its parent corporation has just received an unscheduled $1.25 million ((pound)750,000) infusion of cash from MTI, a venture capital firm based in Watford, England.
In a show of support, the investment was matched by an undisclosed amount from the management and employees of Chevin, who were given an opportunity to purchase shares in the company on the same terms offered to venture capitalists.
HAUPPAUGE, NY — CorrectNet Inc., an innovator in the development of web-based business applications, today announced that it has secured $5.25MM in its first institutional round of funding. The investors included Edison Venture Fund, NewSpring Ventures and The Charles Schwab Corporation. Proceeds will be used for marketing, sales and other growth initiatives.
MILPITAS, CA — Maranti Networks(TM), a pioneer of application aware storage switching platforms, announced today that it has received $25 million in series B funding, bringing its total equity investment to $31 million since being founded in October 2000. This second round of investment is led by Menlo Ventures and Trinity Ventures, along with Alliance Ventures, who led Maranti’s first round of funding last year. Based on its patent-pending technology, Maranti will introduce the first standards-based, application aware storage switching platform enabling truly intelligent storage networks. Maranti Networks addresses the needs of today’s complex enterprise storage environments by delivering storage services for business continuance with unprecedented scalability, availability and performance.
KINGSTON, ON — Cytochroma Inc. announced today that the Company has raised an additional Cdn$3.5 million in its recent private equity financing; thereby increasing total proceeds to Cdn$15.5 million (US$9.9 million). On October 29, 2001 Cytochroma announced that it raised $12 million in the first closing of this Series “B” financing. Two of Quebec’s leading venture capital funds, T2C2 Bio/2000 L.P. and CDP Sofinov, a member of CDP Capital, both of Montreal, with respective investments of Cdn$2.5 million and Cdn$1.0 million, joined original Series “B” investors; The Business Development Bank of Canada (BDC), Novo A/S of Denmark, GeneChem Technologies Venture Fund L.P. of Montreal, Canadian Medical Discoveries Fund of Toronto, Working Ventures Canadian Fund Inc. of Toronto and VentureLink Capital Corp. of Toronto.
SAN JOSE, CA — Nextest Systems Corp., a leader in the manufacture of automatic test equipment (ATE) for cost-sensitive semiconductors, today announced it has raised $20.0 million in capital. The equity will be used to develop new products that continue to deliver higher throughput and functionality at an extremely low cost of test. It will also enable the expansion of the customer support and sales efforts needed to meet the increasing demand for Nextest’s ATE solutions.
The funding comes from major equity funds, venture capitalists, and private investors. The round was co-led by Needham Capital Partners and J. & W. Seligman & Co. and included SG Cowen & Co., Merrill Lynch, Roser Ventures and Anthem Venture Partners. With this round of funding, Nextest also appointed Eugene White, former chief executive officer of Amdahl Corporation and current director of Needham and Company, Inc., to their board of directors.
FOOTHILL RANCH, CA — Aristos Logic, a leading developer of silicon solutions for the networked
storage market, today announced that it has raised $15.5 million in Series B
funding from an investment group led by J.P. Morgan Partners and TPG Ventures.
Enterprise storage experts Quantum Technology Ventures also participated in
this round of funding. The company intends to use the proceeds to continue
aggressive development of its Storage Processing Unit (SPU(TM)) technology and
FibreSlice(TM), its flagship product targeted at the enterprise class storage
controller, as well as network storage virtualization applications.
NEW YORK — CellPoint Inc. (Nasdaq:CLPT), a global provider of mobile location software technology and platforms, announced today that it has filed a $100 million malpractice claim against its former legal counsel, Salans Hertzfeld Heilbronn Christy & Viener, relating to work performed by Salans in the Company’s agreements with Castle Creek Technology Partners LLC.
The essence of the malpractice claim is that Salans held themselves out to CellPoint as knowledgeable commercial lawyers, familiar with financing documentation, and securities requirements. Salans represented CellPoint in contract negotiations and documented the details of a private placement in which a venture capital company, Castle Creek Technology Partners LLC, invested ten million dollars in CellPoint with entitlement to convert its investment into shares. Salans also worked on subsequent agreements and modifications with Castle Creek in July and September of this year, which the claim also addresses.
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