Private Equity Week Wire for Friday 11/16

LOS ANGELES — Hiwire Inc., the leading provider of advertising solutions for streaming media, announced the closing of $9.5 million in capitalization, anchored by New Enterprise Associates (NEA), Zone Ventures, Grey Ventures (a subsidiary of Grey Global) and Clear Channel Communications (NYSE:CCU). The funding will allow Hiwire to improve its world class ad insertion technology, support new media partners in the industry’s largest ad delivery network (which includes more than 250 Clear Channel radio properties in the top 50 U.S. markets), and expand its growing ad sales force. Hiwire has raised a total of $18 million in previous rounds.

ALAMEDA, ca — Xenogen Corp., a leader and innovator in the field of real-time in vivo cellular and molecular imaging, today announced that it has closed a $25 million round of financing. To date the company has raised over $70 million in equity financing. New investors that participated in this financing, include CMEA Ventures and Euclid SR Partners. Several of the company’s existing investors also participated in this round, including SR One Limited (GSK’s corporate venture capital fund), Lombard Odier & Cie, Chevron Technology Ventures and Harvard Private Capital Holdings.
BOSTON — IDG Ventures, a global venture capital and private equity firm, today announced it has expanded its international network by opening a Boston office. The firm also announced that Michael A. Greeley, formerly of Polaris Venture Partners, has joined as Managing General Partner to open the new office and pursue promising new investment opportunities on the East Coast. IDG Ventures also has offices in San Francisco, Seattle, London and Beijing.

Prior to joining IDG Ventures, Greeley was with Polaris Venture Partners, where he focused on both early and late-stage investment opportunities. Prior to Polaris, Greeley was Senior Vice President and Founding Partner of GCC Investments, a $200 million private equity fund. He also held senior-level positions with Wasserstein Perella & Co. and Morgan Stanley & Co., where he was a member of the Mergers and Acquisitions Group.

TORONTO – Researchers working with the University of Toronto and its affiliated research institutions received a boost today with the launch of the Discovery District Biotech Fund. The $6 million venture investment fund, created by the New Generation Biotech Funds, will invest in early stage enterprises seeking to protect, commercialize and market health and life sciences and biomedical research discoveries.

Toronto-based health researchers affiliated with the University of Toronto, the Hospital for Sick Children, Mount Sinai Hospital and the University Health Network (made up of Princess Margaret, Toronto General and Toronto Western hospitals) will be eligible to submit proposals to the Fund through their technology transfer offices.
FALLS CHURCH, VA — Milestone Equity Partners, a for-profit incubator focused on identifying, instructing and launching premier early-stage technology companies, has announced the closing of an $11 million round of financing that will allow it to launch a minimum of seven incubators over the next three years.

Milestone will use this funding to build a national network of incubators in local markets across the country. Leveraging its experience as a team of proven business leaders, Milestone has developed a nationally scaleable incubation model that partners with entrepreneurs and venture capital firms by leading early-stage portfolio companies through a customized program enabling them to identify and secure customers, partners and investors. Over the last five years prior to launching Milestone, the company’s leadership team has been instrumental in raising over $350 million in equity and debt financing, and their companies have produced liquidity in excess of $2 billion.

NEW YORK — World Publications CEO Terry Snow announced today a partnership with Boston Ventures Management that positions the company for further growth. World, a leading producer of special-interest publications and other media products, has sold a minority position to Boston Ventures, a leading private equity firm specializing in the media, communications and entertainment industries. The deal provides World with capital to continue expanding in the developing publishing markets that have fueled its phenomenal revenue growth. In its 20-plus-year history, World has successfully launched seven titles and has acquired an additional ten titles. Plans for the next 18 months include new acquisitions, brand extensions and growing existing magazines.

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