Week in deals, Feb. 1, 2010


Better Place

Palo Alto, Calif.


Amount/Round: $350M/B

Investors: HSBC Group (led), Morgan Stanley Investment Management, Lazard Asset Management, Israel Corp., VantagePoint Venture Partners, Ofer Hi-Tech Holdings, Morgan Stanley Principal Investments and Maniv Energy Capital.

Details: Provides services for electric vehicles, such as battery leasing and charging stations for all-electric car owners. The funding was at a PMV of $1.25B.The company previously raised $200M in October 2007. Kevin Adeson, HSBC Head of Global Capital Financing, has joined the board and HSBC will own about 10% of the company’s shares.


Ciris Energy Inc.

Centennial, Colo.


Amount/Round: NA/NA

Investors: GE Energy Financial Services, Braemar Energy Ventures and Rho Ventures.

Details: Develops coal gasification technologies.

Cymbet Corp.

Elk River, Minn.


Amount/Round: $31M/C

Investors: Perseus LLC (co-led), Intel Capital (co-led), Texas Instruments, BekaertNV, Helmet Capital, Cedar Point Capital, The Dow Chemical Co. and The IGNITE Group.

Details: Manufactures thin-film solid-state batteries used in several electronic devices, such as cell phones. The batteries don’t contain lead or other hazardous chemicals.

Harvest Power Inc.

Waltham, Mass.


Amount/Round: NA/NA

Investors: Waste Management Inc., Kleiner Perkins Caufield & Byers and Munich Venture Partners.

Details: Operates food and yard waste composting facilities.

SolarCity Corp.

Foster City, Calif.


Amount/Round: $60M/NA

Investors: PG&E Corp.

Details: Provides solar energy system installation and design. The deal is described as “tax equity financing” for solar installations for residential and commercials markets in the United States. The company previously raised about $74M from First Solar Inc. and Draper Fisher Jurvetson.



San Francisco


Amount/Round: $5M/A

Investors: Trinity Ventures (co-led) and Bessemer Venture Partners (co-led).

Details: Provides labor solutions to help businesses outsource mundane or repetitive tasks to the cloud. The company previously raised $1.2M from The Founders Fund and individual investors, including Travis Kalanick, Marcus Ogawa, Manu Kumar, Gary Kremen and Lorenzo Thione.



Mountain View, Calif.


Amount/Round: NA/NA

Investors: Individual investors Joi Ito (Creative Commons CEO) and Reid Hoffman (founder of LinkedIn.com and a partner at Greylock Partners).

Details: Operates an online music exploration site.


Santa Monica, Calif.


Amount/Round: NA/C

Investors: Clearstone Venture Partners, Anthem Venture Partners and Lightspeed Venture Partners.

Details: Operates a social shopping site. The company previously raised $9.6M in two rounds of funding, according to CEO Scott Morrow. ThisNext, which was expected to announce the funding on Monday, also was expected to disclose that it acquired Stylehive for an undisclosed amount.


Alvenda Inc.



Amount/Round: $5M/A

Investors: Split Rock Partners.

Details: Develops an ecommerce network that helps merchants sell through Facebook and other advertising media.


QD Vision Inc.

Watertown, Mass.


Amount/Round: $3M/NA

Investors: DTE Energy Ventures.

Details: Develops nanotech-based products for solid state lighting and displays. Last month, the company announced $10M in fourth round funding from return backers North Bridge Venture Partners, Highland Capital Partners and In-Q-Tel.


The Receivables Exchange

New Orleans


Amount/Round: $17M/C

Investors: Bain Capital Ventures (led), Redpoint Ventures and Prism Ventureworks.

Details: Operates an online marketplace for real-time trading of accounts receivable. The company raised a $7.75M Series B round early last year.


CareCloud Corp.

Miami, Fla.


Amount/Round: $2.3M/NA

Investors: Undisclosed individual investors.

Details: Provides Web-based physician practice software and services.


Neomend Inc.

Irvine, Calif.


Amount/Round: $30M/D

Investors: Clarus Ventures (led), Sanderling Ventures, Novo Ventures, Vivo Ventures, and Prospect Venture Partners.

Details: Develops sealant and adhesion prevention products for the surgical market. Clarus Ventures led the round with a $17M investment.


Elevation Pharmaceuticals Inc.

San Diego


Amount/Round: $30M/A

Investors: Canaan Partners, TPG Growth, Care Capital and Mesa Verde Venture Partners.

Details: Develops aerosol therapies for patients with respiratory diseases. The company was co-founded in 2008 by Cam Garner, a San Diego serial entrepreneur who serves as Elevation board chairman; CEO Bill Gerhart, the former chief executive of Mpex Pharmaceuticals; and Ahmet Tutuncu, a former vice president of medical affairs at Verus Pharmaceuticals. Canaan General Partner Brent Ahrens, TPG Biotech Managing Director Heather Preston and Care Capital CEO Jan Leschly have joined the board.

Juvaris BioTherapeutics Inc.

Pleasanton, Calif.


Amount/Round: NA/B

Investors: NA

Details: Develops vaccines for cancer and infectious diseases. The funding, by an undisclosed corporate investor, represents a second close on a previously disclosed Series B round that could reach $25M. Existing backers include SV Life Sciences and Kleiner Perkins Caufield & Byers.

Kolltan Pharmaceuticals Inc.

New Haven, Conn.


Amount/Round: $8.5M/B

Investors: Celtic Therapeutics Holdings and Tichenor Ventures.

Details: Develops cancer treatments. The technology is based on research from the Yale School of Medicine. The company previously raised about $40M in Series A funding from Purdue Pharma, HBM BioVentures and Elm Street Ventures.


Quest Discovery Services Inc.

San Jose, Calif.


Amount/Round: $3.75M/NA

Investors: Central Valley Fund.

Details: Provides outsourcing solutions for medical and public records acquisition, such as large volume reproductions and photo duplication.


Comet Solutions Inc.

Albuquerque, N.M.


Amount/Round: $2M/B

Investors: Athenian Venture Partners, Tri-State Growth Capital Fund and Kentucky Co-Investment Partners.

Details: Develops early simulation software for product development. The company raised a Series A round of funding from Flywheel Ventures, Fort Washington Capital Partners Group, ITU Ventures and New Mexico Angels. The company last year also raised a $1.4M loan from The Innovation Ohio Loan Fund


Marlborough, Mass.


Amount/Round: $12M/B

Investors: Matrix Partners and North Bridge Venture Partners.

Details: Develops virtual desktop management software.


Coraid Inc.

Redwood City, Calif.


Amount/Round: $10M/A

Investors: Allegis Capital (co-led) and Azure Capital Partners (co-led).

Details: Develops storage solutions. Customers include U.S. National Institutes of Health, which uses the company’s storage network to support its human genome research project. Lara Druyan of Allegis Capital and Paul Weinstein of Azure Capital Partners have joined the board.


Tantalus Systems Corp.



Amount/Round: $13M/NA

Investors: Redpoint Ventures.

Details: Develops smart grid data communications solutions.