VC Buzz - $48.965+ Million in Today's Deals
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New in the News
SAN JOSE, Calif. -- TeleCruz Technology Inc., developer of high-performance embedded circuit and software platforms for interactive televisions, announced the receipt of an investment from Gemstar International Group Ltd., (Nasdaq:GMST) a provider of electronic programming guides. Gemstar's investment is a part of a $17 million round of financing, which also includes funds from Institutional Venture Partners, CrossLink Capital partners and The Zeron Group. Prior to this latest investment, TeleCruz received first- and second-round financing from Robertson Stephens, IVP and Fuji Bank. http://www.telecruz.com
SAN DIEGO-- OnlineAsset.com has closed a $15.6 million Series A round of venture capital funding, it was announced by founders Frank Berlage and Norman Bastin. The La Jolla, Calif.-based company is developing a global, Internet e-commerce exchange for the sale of used, idle, or secondary corporate assets. Sigma Partners was the lead investor in this first round of financing. Other investors included Delphi Ventures, Athena Technology Ventures, Jafco American Ventures and Capstone Ventureshttp://www.onlineasset.com
NEW YORK--THCG Inc. (NASDAQ:THCG) announced that it has raised $5 million from GSC Partners, the manager of Greenwich Street Capital Partners II, L.P., a $1.5 billion private equity fund backed by Citigroup Inc. (NYSE: C). GSC received 2.5 million shares of THCG common stock and two warrants each to purchase one million shares of common stock of THCG. The exercise prices for the first and second warrants are $5.4375 and $7.25, respectively. In addition, the firm anticipates the immediate consummation of an additional $1.865 million private placement, raised from a group of private investors, including employees of the firm.
THCG's stated mission is to build dominant companies by becoming a leading provider of business creation, development and financing resources to Internet entrepreneurs and traditional bricks and mortar companies migrating to the Internet. THCG has equity interests in a client portfolio of Internet-related companies including ETRAVNET.COM Inc. (OTCBB:ETRV), iBeauty.com, Interleaf Inc. (Nasdaq: LEAF), LogNet Systems Inc. and TechOnLine Inc. http://www.thcg.com
GLENDALE, Calif.--HealthAllies.com -- a healthcare Internet company with a concept to help consumers reduce their medical bills using the Web -- announced the completion of its first round of funding. Glendale-based HealthAllies.com has received an initial capital infusion of more than $4 million from an investor group through a private placement of preferred stock. Participants in the investor group include idealab Capital Partners, as the lead investor; Charles Conn, CEO of Ticketmaster On-Line-Citysearch; and Ted Meisel, president of GoTo.com (Nasdaq:GOTO). http://www.healthallies.com
NEW YORK-- Altvest Inc. announced that it has closed its first round of private equity financing, raising $3 million for a minority stake in the firm. Investors include institutions, family offices, funds of funds, investment advisors and hedge fund service providers from around the world. Altvest is a Web-based information network linking alternative investment funds and institutional-sized investors around the worldhttp://www.altvest.com
NEW YORK-- Clickmail Inc., a developer of Internet-based word of mouth networks, announced that it has received $2.5 million in first round financing from an investor group led by Flatiron Partners and Chase Capital Partners.http://www.banner-email.com http://www.flatironpartners.com http://www.chasecapital.com
NEW YORK--ChipCenter LLC, a joint venture between Arrow Electronics Inc. (NYSE:ARW), Aspect Development Inc. (Nasdaq:ASDV), Avnet Inc. (NYSE:AVT) and CMP Media Inc., announced that it has received another round of funding from its investor pool. ChipCenter is a comprehensive online service for electronic-component information and sourcing. http://www.chipcenter.com http://www.arrow.com http://www.avnet.com http://www.CMPnet.com
NEW YORK-- UGO Networks Inc., an online entertainment destination for males, announced that Liberty Digital (Nasdaq:LDIG), a diversified new media company with investments in Internet content, interactive television and music service businesses, has taken the lead in UGO Networks' fourth round of financing. Specific terms were not disclosed. http://www.ugo.com
REDWOOD CITY, Calif. -- Equinix Inc., designer and operator of the first neutral IBX (Internet Business Exchange) facilities, announced that it is entering into a strategic alliance with Bechtel Corp. to build more than 30 of its unique Equinix IBX facilities worldwide over the next four years. The agreement represents the largest expansion of neutral Internet interconnection facilities ever contracted. Equinix is a privately held company with investment from Cisco Systems, Microsoft Corp., and Benchmark Capital.http://www.equinix.com
PITTSBURGH -- Mastech Corp. (Nasdaq:MAST), a global provider of information technology services, announced it has created a $50 million fund called Mastech eVentures, to launch and finance web-based companies. Through eVentures, Mastech will create its own start-up companies, and also take a majority or minority ownership position in other early or expansion-stage firms. http://www.mastech.com
CAMPBELL, Calif. -- Portera, a provider of Web-based business services for the professional services industry, announced that it will provide the software infrastructure, including a complete Web-hosted application suite, for the Services Division of Baan Company N.V. (Nasdaq:BAANF; Amsterdam: BAAN), a global provider of enterprise software. Specific terms of the four-year deal were not disclosed. Portera investors include Hambrecht & Quist, Institutional Venture Partners, Kleiner Perkins Caulfield & Byers, Oracle Corp., RRE Investors, Spring Creek Partners and Weiss Peck & Greer. http://www.Portera.com
NEW YORK-- Track Data Corporation (Nasdaq:TRAC) announced that it has partnered with MarketXT to provide customers of its online trading service, myTrack, with extended-hours trading. The partnership positions myTrack at the forefront of the burgeoning extended-hours investment market while further expanding the reach of the MarketXT marketplace. MarketXT investors include Polaris Venture Partners, Oliver Wyman & Co. and Warburg, Pincus Ventures. http://www.MarketXT.com
Who's Who & Where
WEST ORANGE, N.J.-- dynamicsoft Inc., a provider of connection management and end-to-end server solutions, named Jonathan D. Rosenberg chief scientist responsible for driving the technology direction of the company's eConvergence Server Solutions. dynamicsoft is funded by ComVentures and VantagePoint Venture Partners.http://www.dynamicsoft.com http://www.comven.com http://www.vpvp.com
MINNEAPOLIS--Ruth Bruch, Union Carbide's vice president, chief information officer, became president and chief operating officer of ZoneTrader.com, a Minneapolis-based business-to-business online company. ZoneTrader.com recently received venture funding from Trident Capital and Technology Crossover Ventures.http://www.zonetrader.com
BELLEVUE, Wash.--BSQUARE Corp. (Nasdaq:BSQR) announced the addition of David Moore, a senior analyst at Vulcan Ventures, to its board of directors. BSQUARE is a supplier of software products and services for PC Companions, Internet appliances, industrial automation devices, Windows-based terminals, and other intelligent computing devices. Vulcan Ventures is an investment firm owned by Microsoft co-founder Paul Allen. http://www.bsquare.com
SAN FRANCISCO--eGroups Inc., a provider of group communication services on the Internet, announced the appointment of three new members of its executive team, Jacqueline Maartense, vice president of marketing and business development; Carolyn Patterson, vice president of operations; Jade Dauser, vice president of corporate services.The company is funded by Sequoia Capital and Atlas Ventures.http://www.eGroups.com
BOSTON-- PaperExchange.com, an online provider of e-commerce solutions for the pulp and paper industry, announced the appointment of Duane DeSisto to chief financial officer. DeSisto comes to PaperExchange.com from AAI-Foster Grant, where he also served as chief financial officer. PaperExchange.com investors include The Kraft Group, Internet Capital Group (NYSE:ICGE), Terrapin Partners LLC and Roger Stone, an internationally renowned paper industry figure. http://www.paperexchange.com
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