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Private Equity Week Wire for Wednesday 1/30

PLANO, TX — MindFlow Technologies, Inc., today announced that it has received $5.6 million in second-round funding from a syndicate that includes JMI Equity LP, based in San Diego, CA, as well as Castletop Capital and Triton Ventures, both of which are based in Austin, TX.

MindFlow Technologies supplies intelligent business applications for strategic sourcing analytics that put purchasing managers in control of the sourcing process. As a result of using MindFlow’s ProcureMind solution, purchasing managers achieve a dramatic reduction in sourcing cycle time, decision-making process time and total acquisition costs, as well as a substantial improvement in product quality.

HUNTINGDON VALLEY, PA — Immunicon Corp. today announced that it has raised $28.75 million through a private offering of convertible preferred equity. Proceeds from the offering will be used to develop further Immunicon’s proprietary platform technologies in the field of cell-based diagnostics to screen, diagnose, and monitor cancer and for other diagnostic and research applications.

Burrill & Company, a San Francisco-based life sciences merchant bank, led the financing. New investors also included Wheatley Partners, a New York- based investment firm, and equity4Life, a healthcare investment firm based in Zurich. Current investors, Canaan Partners, Foundation Medical Partners, Johnson & Johnson Development Corporation, LHC Corporation (an affiliate of Claneil Enterprises), TL Ventures, MDS Capital Corporation of Canada, The Cleveland Clinic Foundation, Anthem Capital, and MedCapital, also participated in the offering. UBS Warburg acted as exclusive placement agent for the financing.

— Online travel service, today announced a corporate reorganization and recapitalization program that will fuel the continued growth of the Internet’s exclusive marketplace for Last Minute Travel(R) offers.

Alan Greenberg, Chairman of Greenberg Ventures LLC, a venture capital firm specializing in media and entertainment services, will direct the company as its CEO and Chairman. Greenberg, a highly regarded new media pioneer, was the founder and Chairman of Greenberg News Networks, Inc., a company sold in 1999 to Healtheon/WebMD. Previously, Mr. Greenberg served as Publisher of Esquire where he spearheaded the magazine’s turnaround to profitability prior to its sale to Hearst Publishing.

— Turin Networks Inc., a provider of intelligent multiservice optical transport platforms, today announced that it has received $50 million in its third round of financing, and expects toclose on an additional $8 million in the coming weeks. The sizeable new round of financing demonstrates the high degree of confidence that investors andservice providers have in the company’s value proposition as well as itsability to establish a leadership position in the optical edge market.

The principal new investor in this round was venture capital firm DCM — Doll Capital Management. Major new investors also include RWI Group, Tako Ventures and accomplished individual venture capital investor Don Lucas. Previous Turin investors — Sequoia Capital, Van Wagoner Capital Management, industry veterans Don Green, BJ Cassin and others — also participated in the round.

GAITHERSBURG, MD — BroadSoft Inc., the leader in voice applications and servers, today announced that it has closed a third round of funding totaling $19.5 million.
With the closing of its Series C round, the company has received a total of $47 million in financing since May 1999. BroadSoft expects that the combination of this investment plus its revenue will take the company to cash-flow positive.

NEWARK, CA — Santel Networks, a startup that is developing signal enhancement technology for optical communications systems, announced today that it has raised $25 million in its second round of funding.
Santel’s second round of funding was co-led by Bessemer Venture Partners and Crescendo Ventures. Thomas Weisel Venture Partners, Tyco Ventures and several individual investors have also participated in this round. In addition to raising $25 million in equity investment, the company secured a $2.5 million lease line from GATX Ventures.

MCLEAN, VA — VideoNEXT, Inc., an emerging provider of video applications over the Internet, announced today that the Company has closed on a Series C funding with New England Partners Capital, L.P. and Kirnaf LTD comprising an investment of $2 million in videoNEXT’s Convertible Preferred Stock.

MINNEAPOLIS — St. Paul Venture Capital and TriCardia LLC today announced the formation of a new company, TriCardia Ventures, that will focus on identifying promising ideas and product concepts that can form the basis for marketable intellectual property or very early-stage medical device companies in the cardiovascular field. Principals in the new firm include TriCardia L.L.C.’s Robert Van Tassel, M.D. and Robert S. Schwartz, M.D. David W. Stassen, a general partner with St. Paul Venture Capital who leads the firm’s healthcare investments, will also join the company’s board. Dr Schwartz became a principal of TriCardia L.L.C. in January of this year after serving previously as a co-chairman of the company’s Scientific Advisory Board.

MONTREAL – Imaging pleased to announce that it has successfully closed a $1-million financing round with one of its founding partners, CDP SOFINOV. The financing will, among other things, enable the company to begin pre-marketing studies for its 3-D colour holographic printer.

BALTIMORE — New Enterprise Associates (NEA) today announced the promotion of two partners. Eugene A. Trainor III, formerly Director of Operations, will assume the post of Chief Operating Officer and Administrative General Partner.

Ryan Drant was promoted to Partner from his previous position as Principal. Mr. Trainor has been with NEA since August of 2000, when he was hired as Director of Operations. Prior to that appointment, Trainor was an Executive Vice President and the Chief Operating Officer of Cramer Rosenthal McGlynn, LLC (CRM), a New York-based money management firm.

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