Private Equity Week Wire for Wednesday 12/12

SAN JOSE, CA — 0-In Design Automation Inc., a leader in white-box verification technology, announced closure of an $8M round of equity financing that will accelerate development of new products and support expansion into new worldwide markets. The financing was led by a $4M investment from the meVC Draper Fisher Jurvetson Fund I, an information technology venture capital fund providing individual investors access to venture capital investments (NYSE: MVC). Current 0-In investors also participating in this round included Adams Street Partners, Canaan Partners, CMEA Ventures, Sigma Partners and Sprout Group.

GOTHENBURG, SWEDEN — A+ Science Invest AB, InnovationsKapital and Swedestart have invested 45 million SEK in the research company Pharmacore AB. This investment will provide financing of Pharmacore’s development of a new cluster of pharmaceuticals for the treatment of common medical conditions, such as gastritis, functional gastrointestinal complaints, and cardiovascular diseases, such as high blood pressure and heart failure.
Pharmacore’s activities are based on research conducted by leading scientists in medicinal chemistry, gastrointestinal and cardiovascular research at the Universities of Gothenburg and Uppsala.

PALO ALTO, CA — Molecular Nanosystems today announced it has received initial funding and produced its first batch of nanotubes in its fully functional lab. Molecular Nanosystems aims to pursue the commercialization of nanotechnology applications in biotechnology, chemistry and electronics. The company will leverage its core technology by building strategic relationships. Molecular Nanosystems’ initial funding will be used for research and development, laboratory expansion and initial start-up costs.
The scientific achievements of Dr. Hongjie Dai, the key founder, will form the basis for this new company. Dr. Hongjie Dai is an assistant professor in Stanford University’s chemistry department and an award-winning nanotechnology scientist.

PALO ALTO, CA — Silicon Valley Bank, a wholly owned subsidiary of Silicon Valley Bancshares, today announced the opening of the Peninsula Division office in Palo Alto, Calif.

SANTA MONICA, CA — Origin Investment Group Inc., (OTC Bulletin Board: OGNI) announced today that it has signed a definitive agreement to acquire 100% of the issued and outstanding capital stock of International Wireless Inc., a Massachusetts-based technology holdings company.

SAN JOSE, CA — NexVerse Networks, Inc., a newly formed company, announced that it has
raised $15 million in private financing and acquired the ipVerse ControlSwitch
product, the industry leading platform for open softswitch solutions, and
related assets of ipVerse, Inc. Levensohn Capital Management LLC, the lead
investor, was joined by Norwest Venture Partners, Kleiner Perkins Caufield &
Byers and Battery Ventures in financing this round.

These funds will be used to continue development of the ipVerse
ControlSwitch platform and its applications and to expand the marketing and
sales functions. The core ipVerse ControlSwitch team, spanning all major
functional areas and the key executive leadership team from ipVerse have
joined NexVerse Networks.

LOWELL, MA — Storigen Systems today announced
that it has raised $15 million in Series B funding, bringing the total venture
financing raised to date to more than $24 million. This round of funding
comes as Storigen prepares to launch its distributed storage system, which
will vastly improve the economics and performance of enterprise and
service-provider networks. Storigen’s second round of funding was led by
outside investor Pilot House Ventures and includes participation from the
company’s initial investors, Battery Ventures, Charles River Ventures and
OneLiberty Ventures. Storigen will use these funds to extend its sales and
product development as the company gears up for its national launch.

— Element K, a leading provider of e-Learning solutions for information technology and business skills training, today announced the completion of a $16 million financing by primary investor Wasserstein & Co. LP and Rustic Canyon Ventures. This latest round of funding brings the total amount of equity raised by Element K to more than $200 million since February 2000, when an investor group led by Wasserstein & Co. purchased Element K from Ziff-Davis.

VANCOUVER — Ventures West today announced that it has attracted three new high-profile technology executives to its Entrepreneurs In Residence (EIR) program making it the largest team of its kind formed by a Canadian Venture Capital Firm.
High-profile executives joining the program include John Seminerio, former President and CEO of Abatis System Corporation which was acquired by Redback Networks (NASDAQ:RBAK) for over $1 billion; Wilson Lee, former CFO of FloNetwork Inc. which was acquired by DoubleClick Inc. (NASDAQ:DCLK); and Bob Campbell, founder of the telecommunications group at Mobile Data Solutions Inc. (MDSI). The three executives join Barry Guld, founder of Zadall Systems and Richard Timmons, founder of SAGUS Security and DOMUS Software Ltd., to create Canada’s largest Entrepreneur in Residence Program for a Venture Capital Firm.

WALTHAM, MA — InfoLibria, Inc., a leading provider of Internet infrastructure for rich media application delivery and content distribution, today announced an investment with Microsoft. Under the terms of the agreement, Microsoft will invest in InfoLibria and the two companies will collaborate on new technology development and Windows .NET platform integration. This investment expands InfoLibria’s multimillion dollar Series E round led by Mellon Ventures. The financing includes current InfoLibria investors such as Adams Capital, Kemper Ventures, Patricof and Company, Sandler Capital Partners, Madison Dearborn, GE Capital, Telesoft Partners IA and Tudor Private Equity Fund, along with new investments from StarVest Partners, Mitsubishi, and private investors.

LOS ANGELES — The Hartcourt Companies Inc. (OTC Bulletin Board: HRCT; Frankfurt: 900009) announced today that its Board of Directors have selected and appointed Dr. Wallace Ching as President and Chief Executive Officer effective January 1st, 2002. Dr. Ching will replace Dr. Alan Phan whose employment contract will be expired on the same date. Dr. Phan will remain as Hartcourt’s Chairman and Director until his term ends in June 30th, 2002.

Capitalizing on Dr. Ching’s connection with the institutional investors in Hong Kong, Hartcourt Capital Inc., a wholly-owned subsidiary of Hartcourt, is planning to launch a China Venture Fund to fully exploit the opportunities presented by the opening of the China’s financial markets after WTO. Dr. Ching, a well-known expert on Asia’s asset fund management, will also be the CEO of Hartcourt Capital Inc.

NEW YORK — Mi8 Corp., anoutsourcer of messaging and collaboration software, today announced the completion of a US $5 million equity fundraising round.
The funding, raised through private investors, will be used to expand the company’s sales force, to extend its service offerings to meet customer demand, and for day-to-day operations. Previous Mi8 investors also contributed to the round.

CUPERTINO, CA — InTime Software Inc., a leading technology innovator in RTL Closure(TM)(Register Transfer Level Closure), today announced the closing of a $14 million round of funding from venture capital and corporate investors. Venture capital investors included Earlybird of Palo Alto, Calif.; WaldenVC of San Francisco, Calif.; and Novus Ventures of Cupertino, Calif. Cadence Design Systems (NYSE:CDN), the world’s largest Electronic Design Automation (EDA) Company, also participated in this round.
Earlybird and WaldenVC co-led the round, which was oversubscribed. As part of this financing, Stephen Ciesinski of Earlybird and George Sarlo of WaldenVC have joined the Company’s Board of Directors. This round of funding brings the total investment in the company to $25.5 million.

STOCKHOLM, SWEDEN — 3i Group PLC and the Swedish Industrial Development Fund are making a first-stage investment totalling SEK 10 m in fast-food enterprise MicVac AB, which has developed and patented an entirely novel method for producing ready-to-eat food using microwave technology. MicVac makes vacuum-packed, nourishing, high-quality, tasty meals.

NEW YORK — Thomson Financial Ventures today announced it has become an investor and strategic partner of Kestrel Technologies, Inc., a software provider of front-office trading systems to the global securities industry. Thomson Financial Ventures is dedicated to making minority investments in companies that operate in markets important to Thomson Financial, a leading provider of information and technology solutions to the worldwide financial community. Specific terms of the investment were not disclosed.

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