Week in deals, Dec. 17, 2007


Insitu Inc.

Bingen, Wash.


Amount/Round: $21.33M/D

Investors: Battery Ventures, Second Avenue Partners.

Details: Develops long-range autonomous unmanned aircraft systems. The funding is the first close of an anticipated $25M Series D round, according to a regulatory filing. The company has raised about $52M since 2003.


Carigent Therapeutics Inc.

New Haven, Conn.


Amount/Round: $2M/A

Investors: Saint Simeon Marketing and Investments.

Details: Develops drug delivery technology.

Fundamental Applied Biology Inc.

Menlo Park, Calif.


Amount/Round: $21M/B

Investors: SV Life Sciences, Alta Partners.

Details: Develops cell-free protein synthesis technology used to produce drugs and vaccines. The company previously raised about $2.3M from SV Life Sciences. The company named Daniel Gold, former executive with Human Genome Sciences, as its new CEO. David Mack, director at Alta Partners, was named to the board, where he joins Michael Ross of SV Life Sciences. The company’s technology was developed from the work of Stanford University professor James Swartz.

Lineagen Inc.

Salt Lake City


Amount/Round: $5.78M/A

Investors: vSpring Capital, Sanderling Ventures, Mesa Verde Capital Partners.

Details: Develops biotech research and genetics discovery. The company was developed based on research at the University of Utah.

Revance Therapeutics Inc.

Mountain View, Calif.


Amount/Round: $43.2M/C

Investors: Medicis Pharmaceutical Corp. (led), Essex Woodlands Healthcare Ventures, Vivo Ventures, Technology Partners, Shepherd Ventures, Palo Alto Investors.

Details: Develops drugs focused on the aesthetic medicine and personal wellness markets. Medicis Pharmaceutical (NYSE: MRX) invested $20M in exchange for a 10% equity stake and an option to either acquire Revance or obtain an exclusive North American license for its topical botulinum toxin type A product.


The Draths Corp.

Okemos Mich.


Amount/Round: $2.5M/A

Investors: Khosla Ventures.

Details: Operates as a “green” bio-chemical engineering company developing anti-influenza drugs. The funding is the first close of an expected $5M Series A round, according to a regulatory filing. The company previously raised a $1M seed investment from Brad Greenspan, former chairman and CEO of Intermix Media. Greenspan and Samir Kaul of Khosla Ventures are on the board.

Energy & Power Solutions Inc.

Costa Mesa, Calif.


Amount/Round: $20M/A

Investors: NGEN, Robeco Group.

Details: Provides clean energy power and carbon footprint reduction solutions for manufacturing customers. Windstone Capital Partners served as financial advisor on the deal.


White River Junction, Vt.


Amount/Round: $10M/B

Investors: NGP Energy Technology Partners (led), SJF Ventures, Calvert Social Funds, Allco Financial Group.

Details: Develops solar energy systems for residential customers. The company previously raised a $2.25M Series A round in September 2006.


EdgeCast Networks

Los Angeles


Amount/Round: $6M/B

Investors: Steamboat Ventures (led) and individual investors CinemaNow chairman Mark Amin and Lionsgate Films CEO Jon Feltheimer.

Details: Provides content delivery of music, videos and other media content to consumers. The company raised an undisclosed Series A round from individual investors. Scott Hilleboe, senior principal of Steamboat Ventures, and Jeffrey Stibel, president of Website Pros Inc. and former CEO of Web.com, have joined the board.


San Mateo, Calif.


Amount/Round: $4.25M/B

Investors: Intel Capital, ComVentures

Details: Operates a user-created content network. The funding is the first call down of a $5.57M Series B round, according to a regulatory filing.

Music Intelligence Solutions Inc.

San Francisco


Amount/Round: $7M/NA

Investors: Undisclosed individual investors

Details: Provides digital music and media discovery services.

Smilebox Inc.

Redmond, Wash.


Amount/Round: $7M/B

Investors: Bessemer Venture Partners (led), Frazier Technology Ventures.

Details: Provides photo services, scrapbooking and greetings infused with unique multimedia designs. The company raised a $5M Series A round in early 2006. Rob Stavis, managing partner at Bessemer Venture Partners, has joined the board.

TechForward Inc.

Fort Wayne, Ind.


Amount/Round: NA/NA

Investors: New Enterprise Associates (led), First Round Capital.

Details: Provides financial services for consumer electronics, so customers can upgrade electronics by locking in trade-in values at the time of the original sale.


International Battery

Oakland, N.J.


Amount/Round: $25M/NA

Investors: Digital Power Capital (an affiliate of Wexford Capital).

Details: makes large-format lithium ion rechargeable cells and batteries. The funding will be used to complete a manufacturing facility in Allentown, Penn.



Mountain View, Calif.


Amount/Round: $10M/C

Investors: DAG Ventures (led), Accel Partners, Lightspeed Venture Partners.

Details: Develops vertical search engines based on specific topics and operates such sites as www.righthealth.com and www.rightautos.com. The company raised more than $18M from Lightspeed and Accel in May 2006.


Miami, Fla.


Amount/Round: NA/A

Investors: Steamboat Ventures.

Details: Provides an online service for creating and sharing multimedia scrapbooks. The company raised about $2.5M earlier this year from Longworth Venture Partners. David Min, principal of Steamboat Ventures, has joined the board.



Temecula, Calif.


Amount/Round: $20M/NA

Investors: The Carlyle Group, H.I.G. Ventures.

Details: Operates an exchange that allows advertisers to bid for television time on a cost-per-action basis.


Asuragen Inc.

Austin, Texas


Amount/Round: $18.5M/B

Investors: PTV Sciences, Telegraph Hill Partners, Growth Capital Partners.

Details: Provides molecular diagnostics for oncology. Evan Melrose, managing director of PTV, has joined the board. Carlyle’s share of the investment comes from Carlyle Venture Partners III, a $605M U.S. venture and growth capital fund.

NeuroVasx Inc.

Maple Grove, Minn.


Amount/Round: $8.5M/NA

Investors: Miller Johnson Steichen Kinnard, Stephens Group Inc.

Details: Develops catheter and implant technologies to treat acute stroke. The company has now raised $18M since 2000.

REVA Medical Inc.

San Diego


Amount/Round: $42M/NA

Investors: Cerberus Capital Management (co-led), Brookside Capital (co-led), Pequot Capital Management, Medronic, Domain Partners, Group Outcome.

Details: Develops bioresorbable stents to treat arterial disease. Previous backer Boston Scientific will maintain its equity position and also holds an exclusive option for global distribution of the company’s stent products.


LogiXML Inc.

McLean, Va.


Amount/Round: $5M/NA

Investors: Updata Partners.

Details: Develops business software for Web-based reporting and analysis products for the enterprise. Carter Griffin, partner at Updata Partners, has joined the board.


Celeversafe Inc.



Amount/Round: $5M/C

Investors: Harrison Street Capital (led), Presidio Ventures, New Enterprise Associates, Alsop Louie Partners, OCA Ventures.

Details: Develops dispersed storage appliances and software for deployment of dispersed storage networks. Former Motorola CEO Christopher Galvin, who’s also co-founder, chairman and CEO of Harrison Street Capital, has joined the company board.


E-Band Communications Corp.

San Diego


Amount/Round: $10M/B

Investors: Reliance Technology Ventures (the corporate VC arm of the Reliance ADA Group), ADC Telecommunications, Express Ventures, Hercules Technology Growth Capital, Investec.

Details: Develops ultra-high capacity wireless communications systems for the 70/80 GHz E-band spectrum.