Week in deals, Aug. 10, 2009


DNAnexus Inc.

Palo Alto, Calif.


Amount/Round: $1.55M/A

Investors: First Round Capital.

Details: Develops a platform to manage DNA sequence data. First Round Partner Rob Hayes has joined the board.

FRX Polymers Inc.

Chelmsford, Mass.


Amount/Round: $6M/NA

Investors: Israel Cleantech Ventures and Capricorn Venture Partners.

Details: Makes environmentally friendly flame retardant plastics.

Replenish Inc.

Pasadena, Calif.


Amount/Round: $10.25M/seed

Investors: NA

Details: Develops a flexible drug delivery platform.

XDx Inc.

Brisbane, Calif.


Amount/Round: $14.4M/G

Investors: Bristol Myers Squibb (led), Burrill Venture Capital, DAG Ventures, Integral Capital Partners, Intel Capital, Kleiner Perkins Caulfield & Byers, New Leaf Venture Partners and TPG Biotechnology.

Details: Develops noninvasive gene expression tests. The company, f.k.a. Expression Diagnostics Inc., previously raised about $86M in funding. Last fall, it withdrew it plans to launch an IPO. Brook Byers, a Kleiner Perkins partner, serves the company as chairman.


Ibiquity Digital Corp.

Columbia, Md.


Amount/Round: $42.5M/NA

Investors: ABC, Clear Channel, CBS Radio, Grotech Capital Group, JPMorgan Partners, New Venture Partners, FirstMark Capital, Ford Motor Co., Harris, Texas Instruments and Visteon.

Details: Develops and licenses digital AM and FM broadcast technology. The company had previously raised more than $140M in funding since 1999.


Convey Computer Corp.

Richardson, Texas


Amount/Round: $24M/B

Investors: Braemar Energy Ventures, CenterPoint Ventures, Intel Capital, InterWest Partners, Rho Ventures and Xilinx.

Details: Makes applications to improve the performance of microprocessor servers. The company previously raised nearly $16M in funding. Jiong Ma, of Braemar, and Joshua Ruch, of Rho Ventures, has joined the board.


OPEN Sports Network

Ft. Lauderdale, Fla.


Amount/Round: $4M/NA

Investors: Undisclosed individual investors.

Details: Operates a sports-oriented website, providing fantasy sports and other activities. Separately, the company sold a 20% equity stake to FoxSports.com, as part of a $20M strategic partnership.


Bill.com Inc.

Palo Alto, Calif.


Amount/Round: $8.5M/NA

Investors: August Capital (led), DCM and Emergence Capital.

Details: Provides online bill management and payment for accounting firms and small and mid-sized enterprises. The company has now raised more than $17M in funding. David Hornik, general partner at August Capital, has joined the board.


Return Path Inc.

New York


Amount/Round: $5.5M/NA

Investors: Union Square Ventures, Mobius Venture Capital, Sutter Hill Ventures and Western Technology Investments.

Details: Provides email management solutions. The company previously raised about $46M, including a $6M late stage round earlier this year.



New York


Amount/Round: NA/NA

Investors: Intel Capital.

Details: Provides energy management services to corporate clients to reduce energy usage and earn market payments for those reductions. Intel Capital invested an undisclosed amount through its Open Energy Initiative. The funding is an extension of CPower’s $10.68M Series B round it raised earlier this year from Mayfield Fund, Bessemer Venture Partners, Expansion Capital Partners, Schneider Electric Ventures, New York City Investment Fund and Consensus Business Group.

Grid Net Inc.

San Francisco


Amount/Round: NA/C

Investors: Braemar Energy Ventures (led), Catamount Ventures, GE Energy Financial Services and Intel Capital.

Details: Develop network management software and communications services for the utility industry’s smart grid. A recent regulatory filing said that the company had raised $13.8M of an $18M round, but it is unclear how much the company has now raised. Scott DePasquale, principal and executive-in-residence at Braemar, has joined the board.

Power Assure Inc.

Santa Clara, Calif.


Amount/Round: $2.5M/A

Investors: Draper Fisher Jurvetson (led) individual investors.

Details: Provides power management solutions for data centers. The company was founded by Clemens Pfeiffer, who previously was president and CEO for 10 years at International SoftDevices Corp. and earlier served as chief software architect for Hewlett-Packard Co. where he helped launch the company’s software business.


Advanced Electron Beams

Wilmington, Mass.


Amount/Round: $14.2M/C

Investors: Flagship Ventures (led), Atlas Venture, General Catalyst Partners, GE Energy Financial Services, Agman Partners and Rockport Capital Partners.

Details: Develops electron beam technology for advanced manufacturing processes and environmental controls. The company previously raised about $31M in funding.


TradeHelm Inc.,

Chicago, Ill.


Amount/Round: NA/NA

Investors: Susquehanna Growth Equity.

Details: Provides an algorithmic trading platform and software services.



Los Angeles


Amount/Round: $2.5M/NA

Investors: Maveron and the Highland Consumer Fund.

Details: Operates a chain of frozen yogurt shops in Los Angeles, San Diego, and New York. The funding is the first close of a $10.7M VC round, according to a regulatory filing. The company has now raised nearly $36M since 2007.


Melodis Corp.

San Jose, Calif.


Amount/Round: $4M/NA

Investors: Walden Venture Capital and an undisclosed manufacturer.

Details: Develops sound search technology to navigate information on mobile or IP connected devices. The company had previously raised about $12M in funding from Catalyst Partners, TransLink Capital, Walden Venture Capital and JAIC America.


iLoop Mobile Inc.

San Jose, Calif.


Amount/Round: $4M/NA

Investors: NA

Details: Provides interactive mobile marketing, mobile advertising and mobile content distribution services. The funding is the first close of a $4M round, according to a regulatory filing.


New York


Amount/Round: $10M/NA

Investors: Safeguard Scientifics (led), QED Investors and European Founders Fund.

Details: Provides a digital media-buying platform for advertising agencies. The company also secured $2.5M in debt funding from Silicon Valley Bank. Erik Rasmussen, vice president and managing director of the Technology Group at Safeguard Scientifics, has joined the board.


New York


Amount/Round: $10M/B

Investors: Greenhill SAVP, Grotech Ventures, Court Square Ventures.

Details: Provides an online advertising marketplace and management platform. Brian Hirsch, managing director of Greenhill SAVP, has joined the board.


Neotract Inc.

Pleasanton, Calif.


Amount/Round: $24M/B

Investors: Johnson & Johnson Development Corp. and New Enterprise Associates.

Details: Develops medical devices focused on urological and gynecological disorders. The funding is the first close of a $25.2M Series B round, according to a regulatory filing. The company had previously raised just over $20M.


Supernus Pharmaceuticals Inc.

Rockville, Md.


Amount/Round: $35M/NA

Investors: NA

Details: Develops treatments for diseases affecting the central nervous system. The company raised $45M in venture funding in 2006 from Abingworth Management, New Enterprise Associates and OrbiMed Advisors.


The Neat Co.



Amount/Round: $7.3M/NA

Investors: Edison Venture Fund (led) and MentorTech Ventures.

Details: Provides scanning software and hardware solutions to read transform paper receipts, business cards and other documents onto digital spreadsheets. Edison Venture Fund led the round with a $5.75M investment.

Panaya Inc.

Menlo Park, Calif.


Amount/Round: $5M/B

Investors: Tamares Group (led) and Benchmark Capital.

Details: Provides software as a service automating systems, applications and products in data processing. The company previously raised $5M in 2006 from Benchmark and Gemini Capital.

Queplix Corp.

Princeton, N.J.


Amount/Round: $750K/A

Investors: Javelin Venture Partners.

Details: Develops enterprise search software and universal data access products. The funding is the first close of a $1.5M round, according to a regulatory filing. Noah Doyle and Jed Katz of Javelin have joined the board.


Pelican Imaging Corp.

Soquel, Calif.


Amount/Round: $7M/A

Investors: InterWest Partners and Granite Ventures.

Details: The startup is developing computational cameras to manipulate static two-dimensional images through 3D. The technology could have use in teleconferencing. Eric Zimits of Granite Ventures and Tom Rosch of InterWest Partners have joined the board.





Amount/Round: $1M/A

Investors: CommonAngels.

Details: Develops iPhone applications for large enterprises. The company is lead by CEO Chuck Goldman, former director of field engineering and professional services at Apple. Maia Heymann and Peter McKay, from CommonAngels, have joined the board.

Ozmo Inc.

Palo Alto, Calif.


Amount/Round: $3.75M/C

Investors: Granite Ventures and Tallwood Venture Capital.

Details: Provides low-level Wi-Fi personal area network solutions. The funding is the first close of a $10M Series C round, according to a regulatory filing. The company, f.k.a. H-Stream Wireless, Inc., has now raised $29M since 2006.

WeFi Inc.

Dover, Del.


Amount/Round: NA/B

Investors: Lightspeed Venture Partners and Pitango Venture Capital.

Details: Develops a community-based global Wi-Fi network.