Week in deals, Aug. 4, 2008


Aptera Motors Inc.

Carlsbad, Calif.


Amount/Round: $24M/NA

Investors: Idealab (led)

Details: Makes low-cost electric and plug-in hybrid vehicles. Company raised $20M of the round in April 2007 and the remaining $4M in July 2008, according to Thomson Reuters. Other investors in the round include Esenjay Investments, the Simons Family, the Beall Family Trust and Google Inc., according to reports.

Cyrium Technologies Inc.

Ottawa, Ontario


Amount/Round: $15M/B

Investors: The Quercus Trust (led), BDC Venture Capital, Chrysalix Energy Venture Capital and Pangaea Ventures Ltd.

Details: Makes solar cells for concentrator photovoltaic systems. Funding details were announced by company, which said it would use the capital to continue development and testing of its solar cell products and establish volume manufacturing. Cyrium previously raised $2.6M in 2005 from Business Development Bank of Canada (aka BDC Venture Capital), Chrysalix and Pangaea, according to Thomson Reuters.


Branchburg, N.J.


Amount/Round: $12.5M/NA

Investors: Intel Capital

Details: Makes materials, such as chemicals and gases that enhance the performance of semiconductor chips and solar cells. Funding was announced by company. Funding stage and prior funding details were not disclosed.


KickFire Inc.

Santa Clara, Calif.


Round/Amount: $20M/B

Investors: Pinnacle Ventures (led), Accel Partners, Greylock Partners and The Mayfield Fund

Details: Makes low-cost database appliance based on open source database software called MySQL. Company announced funding details. KickFire was founded in 2006 by Raj Cherabuddi and Joseph Chamdani, who previously co-founded SAN switch company Sanera Systems, which was acquired by McDATA.

Crescendo Networks Ltd.

Tel Aviv, Israel


Round/Amount: $9.5M/D

Investors: Challenge Fund (led), Evergreen Venture Partners, Apax Partners, Magma Venture Partners, StageOne Ventures and Convergent Capital.

Details: Makes infriband and network processor appliances that enhance the performance of the server farms. The company has raised a total of $28.7M over four rounds since 2002, according to Thomson Reuters.


Yes To Inc.

Tel Aviv, Israel


Amount/Round: $14M/A

Investors: San Francisco Equity Partners (led) and Simon Equity Partners.

Details: Makes personal care products based on organic fruits and vegetables, such as carrots, tomatoes and cucumbers. Funding details were reported by company.



New York, N.Y.


Round/Amount: $14.5M/B

Investors: The Founders Fund (led), Union Square Ventures and FirstMark Capital

Details: Offers tools to manage online search advertising. Company reported that it has raised a total of $22.5M in past 12 months. Thomson Reuters’ VC database shows that Clickable previously raised $6 million in two tranches in June and November 2007 from Union Square, Pequot Capital Management, Schoffstall Ventures and an undisclosed venture firm.

I Love Rewards Inc.

Toronto, Ontario


Amount/Round: $4.6M/A

Investors: Provider of Web-based corporate rewards and recognition programs. Funding details reported by company. (Note: Round amount was converted from 4.7 million Canadian dollars.)

Local Marketers

Bellevue, Wash.


Round/Amount: $4.1M/A2

Investors: Madrona Venture Group

Details: Offers online advertising services. Funding amount and round reported by company, which says it has raised a total of $5.1M since 2006. Thomson Reuters’ VC database shows Local Marketers raised a total of $4.1M from Madrona over four rounds between 2006 and 2008. Company also named a new CEO: Walter Boos, 55, formerly president of SchoolKiT, an educational software company.


Pennington, N.J.


Amount/Round: $13M/B

Investors: Norwest Venture Partners (led) U.S. Venture Partners and First Round Capital

Details: Operates popular social networking site for teens and others. Company previously raised $4.1M in January 2007. It was rumored to be an acquisition target for IAC/InterActiveCorp in November 2007, but a deal never materialized. Sergio Monsalve from Norwest Venture Partners has joined the board.

Seachandise Commerce Inc.

Beverly, Mass.


Amount/Round: $7.5M/C

Investors: Cloquet Capital Partners (led) DFJ Gotham, Wheatley Partners, Milestone Venture Partners, Inflection Point Ventures and individual investor Tim Draper

Details: Provides an e-commerce advertising platform for product manufacturers. Company, formerly known as Guidester, has raised $11.5M to date since 2005

TimeFox Inc.

Redwood City, Calif.


Amount/Round: $930K/A

Investors: First Round Capital

Details: Operates an online game show network called PlayCafe. Streams live, interactive game shows Monday through Friday at 6 p.m. PST.

MeetUp Inc.

New York, N.Y.


Amount/Round: $7.5M/D

Investors: Union Square Ventures (led) Draper Fisher Jurvetson, Omidyar Network

Details: Operates website where people can organize gatherings. The round was announced in early July, but without a dollar amount. MeetUp previously raised $12.7M in three rounds.


CVRx Inc.



Amount/Round: $84M/E

Investors: New Enterprise Associates (led) Johnson & Johnson Development Corp. (led), BBT Fund, Thomas Weisel Healthcare Venture Partners, InterWest Partners, Frazier Healthcare Ventures and SightLine Partners

Details: Makes implantable device to control hypertension. Details of new funding were announced by company. Thomson Reuters’ VC database shows that CVRx has raised a total of $124.1M over four rounds since 2001, including a $65M Series D in May 2007.

EBR Systems Inc.

Sunnyvale, Calif.


Amount/Round: $35M/C

Investors: Delphi Ventures (led) SV Life Science Advisers, Split Rock Partners, Frazier Healthcare Ventures and De Novo Ventures.

Details: Develops an implantable pacing device for left ventricular stimulation. Company has raised just over $61M since 2003. Company’s website is a single page with contact information and the following corporate description: “EBR Systems, Inc. is an early-stage development venture pursuing novel approaches in cardiac rhythm management.”

TRIA Beauty

Pleasanton, Calif.


Amount/Round: $30M/D

Investors: Aisling Capital, Vivo Ventures, undisclosed existing investors

Details: Formerly known as SpectraGenics. Develops over-the-counter cosmetic medical devices, such as a hair removal system. Company has now raised $56.9M over four rounds since 2005. Previous backers include De Novo Ventures, Global Venture Capital, Incubic Venture Fund, Nippon Venture Capital and Technology Partners, according to Thomson Reuters.

Voyage Medical Inc.

Santa Clara, Calif.


Amount/Round: $22.05M/B

Investors: Kleiner Perkins Caufield & Byers (led), Three Arch Partners (led), RWI Ventures

Details: Makes cardiac medical devices. Dana Mead of Kleiner Perkins and William Harrington of Three Arch received board seats. The company has called down $20M of the round, according to a regulatory filing. Voyage previously raised a Series A of $3.4M from RWI in October 2006.

RF Surgical Systems Inc.

Bellevue, Wash.


Amount/Round: $8M/NA

Investors: Menlo Ventures and Stanford University

Details: Develops surgical sponge detection system. The company said the round was a “Series A,” but this isn’t its first round. It has raised $12M this year and a total of $20M to date.


Cara Therapeutics Inc.

Tarrytown, N.Y.


Amount/Round: $12.3/C

Investors: Devon Park Bioventures (led), Connecticut Innovations, Ascent Biomedical Ventures, Mitsubishi International Corporation and Wistar Morris.

Details: Developing novel therapeutics to treat pain and inflammation associated with diverse medical conditions. Company says new funding is part of its Series C round, which initially closed with $24M in 2007. Company’s total funding to date is $40.5M. Company’s other backers include Alta Partners, MVM Life Science Partners and Scottish Windows.

Celator Pharmaceuticals Inc.

Princeton, N.J.


Amount/Round: $22.5M/C

Investors: Domain Associates, Quaker BioVentures, TL Ventures, Ventures West Management, GrowthWorks, the Business Development Bank of Canada and Healthstone Investment Ltd.

Details: Develops pharmaceutical technology to treat various forms of cancer. Company has raised a total of $69.3M since 2003.


Markham, Ontario


Amount/Round: $44M/C

Investors: Mitsubishi Tanabe Pharma Corp. (led), Vengrowth Advanced Life Sciences Fund, Caisse de Depot et Placement du Quebec, Novo AS, Canadian Medical Discoveries Fund, T(2)C(2)/Bio 2000 LP, GrowthWorks, BDC Capital Inc. and VentureLink

Details: Develops drugs to treat diseases and disorders related to vitamin D deficiency. Funding details announced by company. Thomson Reuters’ VC database shows that Cytochroma previously raised about $32M over several rounds since 2001, including a $17.9M round in January 2007 from GeneChem Financial Corp., Novo AS and VenGrowth Capital. (Note: Round amount converted from 45 million Canadian dollars.)

Intercept Pharmaceuticals Inc.

New York, N.Y.


Amount/Round: $25/NA

Investors: Genextra SpA (led)

Details: Developing drugs focused on chronic fibrotic and metabolic diseases. Company reported that the deal is in lieu of a previously-announced $20.5 million infusion that would have served as the second tranche of a $41 million Series A round led by Genxtra in 2006. Genextra is a Milan-based holding company with majority investments in several biotechnology companies founded on IP generated in Italy.

Sierra Neuropharmaceuticals Inc.

Aurora, Colo.


Amount/Round: $21.5M/A

Investors: HealthCare Ventures (led), Morgenthaler Ventures (led), Sequel Ventures (led), High Country Ventures and GC&H Investments

Details: Operates as a startup phase biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for a platform of diseases of the brain, such as epilepsy, schizophrenia and depression.

Slate Pharmaceuticals

Durham, N.C.


Amount/Round: $5M/A

Investors: T+T Holdings (led)

Details: Develops hormone replacement therapies. News first reported by the Raleigh News & Observer.


Alphion Corp.

Princeton Junction, N.J.


Round/Amount: $12.6M/E

Investors: Tallwood Venture Capital

Details: Provider of photonic components that enable the deployment of all-optical networks. Company has secured $12.6M of a $30M Series E round, according to a regulatory filing. Only venture firm listed in filing is Tallwood. Company previously raised $54.3M over several rounds, starting in 2000, including a $10.2M in February 2007 from Tallwood, Axiom Venture Partners, Goldman, Sachs & Co. Tech Ventures Inc.

Celeno Communications Inc.

Ra’anana, Israel


Amount/Round: $16M/C

Investors: Cisco Systems (led), Miven Venture Partners, Greylock Partners and Pitango Venture Capital

Details: Makes components and subsystems for carrier-class WiFi systems. Names of investors and stage of funding reported by company. Thomson Reuters’ VC database shows that Celeno raised just one prior round totaling $14.3M in March 2007 from Greylock and Pitango. Company’s total funding to date is $30.3M.


Derivix Corp.

New York, N.Y.


Amount/Round: $6.7M/A

Investors: Goldman Sachs and Susquehanna Growth Equity

Details: Makes financial services software for options traders and hedge funds. Founded in 2005. Details of funding were announced by company.

Heatwave Interactive Inc.

Cedar Park, Texas


Amount/Round: $7.5M/A

Investors: Syncom Management Co. Inc.

Details: Operates as an entertainment software company. Develops original, character-based games that combine online gaming along with traditional video games. Syncom, based in Silver Spring, Md., says it focuses on investments in “underserved segments of the media and communications industry” and has helped to build successful African American- and Hispanic-owned media and communications companies, such as BET.

HourTown Inc.

Palo Alto, Calif.


Amount/Round: $450K/A

Investors: Baseline Ventures

Details: Offers online scheduling software for small business owners. Company has secured $450K of a $1M Series A led by Baseline Ventures, according to a regulatory filing. Company was founded by Ryan Donahue, who describes himself as “a founding member of the PayPal design and user research group.”


Three Bridges, N.J.


Amount/Round: $4M/A

Investors: Edison Venture Fund

Details: Provides contract-management software to life sciences industry. Funding details were announced by Edison Venture Fund.

MedeFinance Inc.

Emeryville, Calif.


Amount/Round: $50M/C

Investors: Bain Capital Ventures (led), Industry Ventures and Emergence Capital Partners

Details: Provider of Web-based health care performance analytics software. Company, founded in 1994, raised $10M late last year from Industry Ventures and Emergence Capital Partners. It also raised an undisclosed amount from Kennet Venture Partners Ltd. in 2004.


MBA Polymers Inc.

Richmond, Calif.


Amount/Round: $40M/NA

Investors: Citi Sustainable Investments (led) Honeywell Capital Management (led), Asia West, Balderton Capital and Doughty Hanson & Co.

Details: Source of funding information is VentureWire. MBA operates a recycling plant for plastics and other waste streams such as electronics, which it converts into engineering plastics for reuse in similar applications. Company previously raised $35.5 in several rounds since 1999 from Aloe Private Equity, Asia West, Band of Angels, Benchmark Capital Europe (now Balderton) and Doughty Hanson, according to Thomson Reuters.

Waste Remedies

St. Louis


Amount/Round: $7.25M/B

Investors: Advantage Capital Partners

Details: Provides consulting, management and brokerage services for waste removal. Company, founded in 1995, has a total of $15.75M to date, including $8.5M in Series A financing in 2006.


Sensys Networks Inc.

Berkeley, Calif.


Amount/Round: $5M/D

Investors: Voyager Capital (led), Horizon Ventures, Velocity Interactive and individual investor Garrett Gruener

Details: Provides low-power wireless sensors used in vehicle detection products for traffic monitoring on freeways, arterials, and city streets. Company has now raised $11.1M since 2005.