Week in deals, Jan. 18. 2010


Phase Bioscience Inc.

Durham, N.C.


Amount/Round: $25M/B

Investors: New Enterprise Associates, OSI Pharmaceuticals, Hatteras Venture Partners, Johnson & Johnson Development Corp. and Fletcher Spaght Ventures.

Details: Develops therapeutic fusion proteins. The company previously raised about $6.8M in funding.


Achates Power Inc.

San Diego


Amount/Round: $19.2M/B

Investors: Triangle Peak Partners, Sequoia Capital, Madrone Capital Partners, Rockport Capital Partners and InterWest Partners.

Details: Develops fuel-efficient engine technology.

Coda Automotive

Santa Monica, Calif.

Amount/Round: $25M/C

Investors: NA

Details: Operates an electric car and battery company. The funding is a first close for its Series C round. The company previously raised $44M from the Angeleno Group and individual investors such as Miles Rubin (company founder), Mac Heller (Coda co-chair), Kevin Czinger (Coda president and CEO), Hank Paulsen (former U.S. Treasury Secretary), John Bryson (ex-Edison International CEO), Mack McLarty (former chief of staff for President Clinton) and Thomas Steyer (founder of Farallon Capital Management).

HaloSource Inc.

Bothell, Wash.


Amount/Round: $21.9M/D

Investors: Montlake Capital, Physic Ventures and Origo Partners.

Details: Develops antimicrobial and clean technology solutions for safe water, infection control and wound healing. The company previously raised more than $31M from Origo, Unilever Venture Partners, Alexander Hutton Venture Partners, Britannia Holdings and WRF Capital.

Morgan Solar Inc.



Amount/Round: $3.5M/A

Investors: Iberdrola Group SA, Nypro Inc. and Turnstone Capital Management.

Details: Develops concentrated solar photovoltaic panels. The funding brings the Series A round total to $8.2M.

SpectraWatt Inc.

Hillsboro, Ore.


Amount/Round: $12M/NA

Investors: Goldman Sachas & Co.

Details: Makes photovoltaic cells for solar manufacturers. The funding is the first close of a $41.4M funding round, according to a regulatory filing. The company was formed in 2008 as an independent spinout from Intel Corp., and received an initial $50M in funding commitments led by Intel Capital. Other participants included Cogentrix Energy (subsidiary of Goldman Sachs), PCG Clean Energy and Technology Fund and Solon AG.


Article One Partners

New York


Amount/Round: $3M/A

Investors: General Catalyst Partners.

Details: Operates as an online community that legitimizes the validity of patents. The company also named former Anaqua CEO Paul DiGiammarino as president and NineSigma exec Ray Felts as COO.

The Echo Nest Corp.

Somerville, Mass.


Amount/Round: $1.3M/C

Investors: Commonwealth Capital Partners and individual investors Donald McLagan (former Compete CEO), Nicholas Negroponte (MIT Media Lab) and Jim Pallotta (Raptor Capital).

Details: Operates an online “music intelligence company.” The company has now raised about $4.3M in funding. The technology was based on research at UC Berkeley, Columbia University and MIT.


Ogden, Utah


Amount/Round: $1.5M/NA

Investors: Highway 12 Ventures and Village Ventures.

Details: Provides expert tech and entertainment reviews online. The company previously raised $6M in funding in 2007.

Twitter Inc.

San Francisco


Amount/Round: $5.17M/NA

Investors: Benchmark Capital and Union Square Ventures.

Details: Operates a micro-blogging service. The company previously had raised nearly $100M in Series E funding from Insight Venture Partners, Benchmark Capital, Institutional Venture Partners, Morgan Stanley, Spark Capital and T Rowe Price. Overall, the company has now raised more than $160M in funding.


San Francisco


Amount/Round: $800K/seed

Investors: Google Ventures, First Round Capital and individual investors, such as Reid Hoffman, founder of LinkedIn.com and a partner at Greylock Partners.

Details: Provides consumers income for online link sharing.


TheraSim Inc.

Durham, N.C.


Amount/Round: $1.25M/NA

Investors: Andromeda Capital.

Details: Develops online tools to reduce performance errors in health care and clinical research.


Advanced Cardiac Therapeutics Inc.

Laguna Beach, Calif.


Amount/Round: $5M/B

Investors: NBGI Ventures.

Details: Develops irrigated cardiac ablation systems.

Molecular Biometrics Inc.

Norwood, Mass.


Amount/Round: $12.5M/B

Investors: Atlas Venture (led), Safeguard Scientifics and Oxford Bioscience Partners.

Details: Develops analytical methodologies for molecular diagnostic and monitoring applications. The company has now raised more than $26M in funding.

TVA Medical Inc.

Austin, Texas


Amount/Round: $2.6M/A

Investors: Santé Ventures.

Details: Develops minimally invasive therapies for treating end-stage renal disease. William “Billy” Cohn, founder of TVA Medical, has joined Santé Ventures as a venture partner.


Acton Pharmaceuticals Inc.

Marlborough, Mass.


Amount/Round: $15M/A

Investors: Sequoia Capital.

Details: Develops respiratory drugs. The company also announced that it has licensed the Aerospan inhalation aerosol from Forest Labs (NYSE: FRX).

BioLeap Inc.

New Hope, Penn.


Amount/Round: $5M/A

Investors: Adams Capital Management and Quaker BioVentures.

Details: Develops drugs that utilize computational fragment-based design technology. Brenda Gavin, founding partner of Quaker BioVentures, and William Frezza of Adams Capital, have joined the board.

ImpactRx Inc.

Mr. Laurel, N.J.


Amount/Round: $1.2M/E

Investors: NA

Details: Develops a subscription database for pharmaceutical companies. The company previously raised about $36M in VC funding from Mediphase Venture Partners, 3i Group, Oxford Bioscience Partners and Merck Capital Ventures.

VentiRx Pharmaceuticals Inc.

San Diego


Amount/Round: $25M/A

Investors: MedImmune Ventures (led), Frazier Healthcare Ventures, ARCH Venture Partners and Domain Associates.

Details: Develops drugs focused on the treatment of cancer and infectious, respiratory and autoimmune diseases. The company previously announced $26.6M in Series A funding nearly two years ago, which came on top of a $2.3M seed round.


Harvest Automation Inc.

Groton, Mass.


Amount/Round: $4M/A

Investors: Life Sciences Partners, MTDC and the Midpoint Food & Ag Fund.

Details: Develops robotic solutions for material handling.



Redwood City, Calif.


Amount/Round: $8.65M/B

Investors: Bessemer Venture Partners (co-led) and Kleiner Perkins Caufield & Byers (co-led).

Details: Provides online name-monitoring and protection services. The company previously raised $2.6M from European Founders Fund, Maples Investments and RP/JA Investments.


Discera Inc.

San Jose, Calif.


Amount/Round: $11M/D

Investors: Lurie Investments, Scale Venture Partners, Horizon Ventures and Ardesta.

Details: Develops fabless analog semiconductors that make miniature silicon resonators for the frequency and timing control markets. The company has now raised more than $59M in funding from Lurie Investments, Scale, Horizon, Ardesta, 3i Group and Partech International.

MicroCHIPS Inc.

Bedford, Mass.


Amount/Round: $16.5M/G

Investors: InterWest Partners, Polaris Venture Partners, Novartis Venture Fund, Flybridge Capital Partners, Medtronic, Saints Capital, Intersouth Partners, Care Capital and CSK Venture Capital.

Details: Develops microchips for the delivery of drugs and other chemicals. The company has now raised about $86M in funding since 1999.



Providence, R.I.


Amount/Round: $350K/NA

Investors: The Slater Technology Fund.

Details: The company was spun out of Brown University to focus on optimization solutions.

Lithium Technologies Inc.

Emeryville, Calif


Amount/Round: $18M/C

Investors: DAG Ventures (co-led), Tenaya Capital (co-led), Benchmark Capital, Emergence Capital and Shasta Ventures.

Details: Develops on-demand solutions for enterprise communities. The company has now raised about $39M in funding.

Spiceworks Inc.

Austin, Texas


Amount/Round: $16M/C

Investors: Institutional Venture Partners (led), Austin Ventures and Shasta Ventures.

Details: Develops software designed for companies to track their IT assets. The company previously raised $13M in funding.


Carbonite Inc.



Amount/Round: $20M/D

Investors: Menlo Ventures and CommonAngels.

Details: Operates as an online backup solutions company for consumers and small businesses. The company previously raised about $50M from Performance Equity, Menlo Ventures, 3i and Common Angels Fund.


Flurry Inc.

San Francisco


Amount/Round: $7M/B

Investors: InterWest Partners (led), Draper Fisher Jurvetson, Union Square Ventures, First Round Capital and Draper Richards.

Details: Develops next generation mobile applications. The company has now raised more than $10M in funding.