VC Buzz - $83.5 Million in Today's Deals
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ATLANTA -- Cypress Communications announced the closing of $53.5 million in private-equity financing to be used for national expansion purposes. Investors in this round of financing, the company's third, include current investors: The Centennial Funds, Alta Communications, Beacon Ventures and new investors: Nassau Capital, Gramercy Communications Partners, AEW Partners III L.P., Transwestern Commercial Services, and Latona Cycom Investment LLC.
Atlanta-based Cypress Communications is a major building-centric provider of high-speed Internet, voice and video communications services for tenants in commercial office buildings.www.cypresscom.net
SEATTLE--Onvia.com announced the close of $25 million in a Preferred Series B financing led by GE Equity. Top venture capital firms Internet Capital Group and Mohr Davidow also contributed, both of whom were part of Onvia.com's previous financing rounds. This round brings Onvia.com's financing for 1999 to $48 million. The company completed a $12 million venture capital round in February, and a secondary debt round of $11 million in September.www.onvia.com
NEW YORK--Multi-Media Industries Corp. (OTCBB:MMIC) announced that it has received a letter of intent from Taurus International Investments Inc., Bradenton, Fla., that Taurus will finance the company to the extent of $5 million. Taurus International Investments is a venture capital and corporate finance management company specializing in raising capital from European investors for medium-sized listed companies.
Multi-Media Industries, a development-stage company, is the holding company for Auctionfun.com, Randall Entertainment and Century Records.www.auctionfun.com
SHELTON, Conn.--TranSwitch Corp. (NASDAQ:TXCC), a leading developerand global supplier of innovative high-speed VLSI solutions for communications applications, announced that it has entered into a strategic technology partnership and OEM agreement with Onex Communications Corp., a Boston-based company specializing in developing and marketing VLSI solutions for emerging converged communications networks.
Onex Communications Corp. recently closed initial rounds of financing with a total of approximately $10 million. Three venture capital groups - Star Ventures, St. Paul Ventures, and Signal Lake Venture Fund - joined TranSwitch in the funding.www.transwitch.com
NEW YORK-- As part of the implementation of a newly developed global restructuring strategy, NEC USA announced that it has established a Venture Development Center to advance the company's research and development efforts and establish new businesses capable of quickly bringing advanced new technologies to market.
The newly created Venture Development Center will develop new business models and plans based on emerging technologies, seek out assessments and capital investments from venture capital groups, incubate new technologies as needed, and aggressively develop a series of new entrepreneurial businesses. It will be located at NEC's existing facilities in San Jose, Calif., and will operate as a separate division of NEC USA.www.nec.com
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