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Latest Deals: 23-29 April 2003

The AltAssets weekly round up of deals done across the world. This week there were 71 active investors in 31 deals and three exits across nine sectors, compared to 133 active investors in 47 deals and two exits the previous week…

Active investors this week

Europe & Israel

Wireless

Investments:

Northzone Ventures invests in Colibria
Northzone Ventures has committed capital to a round of equity financing for Colibria, a Norwegian company that develops mobile instant messaging and presence platforms. The round totalled E3.5m, the proceeds of which will be used to increase its sales and marketing activities globally. Also participating in this round were Four Seasons Venture and SND Invest, a new investor in the company.

Skanditek funds Aptilo Networks
Swedish venture capital firm Skanditek has invested in a round of financing for Aptilo Networks, a Stockholm-based company that develops and produces systems solutions for public wireless local area networks. The amount of capital that was invested in this round remained undisclosed. The new funds will enable the company to continue its international expansion, including the US market. Nordstjernan Ventures, also from Sweden, joined Skanditek in the round.

IDG Ventures Europe finances Shazam
IDG Ventures Europe has provided venture capital financing to Shazam Entertainment, a UK-based music technology and services company that focuses on serving mobile telephone operators around the world. The company has secured more than E6m from IDG Ventures Europe and Lynx Capital Ventures, both of whom invested in the previous E7.5m round. There was also an investment from IDG Ventures China, which is planning the roll-out of Shazam into the Chinese mobile market.

Telecommunications

Investment:

Amadeus Capital funds Aepona group
Amadeus Capital Partners has co-led an equity investment in Aepona group, a Belfast-based company that provides service creation platforms for fixed and wireless telecoms service providers. Trinity Venture Capital invested alongside Amadeus in the E11.5m round, the proceeds of which will go towards establishing operations and local support in new markets, namely the US and Asia.

Media

Investment:

EQT buys cable TV business for E236m
Nordic firm EQT Partners has acquired TeliaSonera's cable television business for E236m. Telia was forced to sell Com Hem after the European Commission insisted on it as a condition of approval for Telia's merger with Sonera. Com Hem is the largest cable television operator in Sweden and had net sales of SKr1bn in 2002. The investment will be used to continue the development of existing operations and to introduce new products and services.

Healthcare & Life Sciences

Investments:

Bridges Community Ventures invests in Eyebright
Bridges Community Ventures has committed capital to Eyebright, a UK-based company that provides cataract surgery facilities to the National Health Service and private sector healthcare providers. The company plans to build 25 clinics over the next five years, working closely with opthalmologists, and the new capital will go towards ensuring this expansion. The terms of the investment were not disclosed.

Shalom leads round in Masor Robotics
Shalom Equity Fund has led a round of institutional financing for Masor Robotics, a developer of navigation tools for use in minimally invasive surgery. Headquartered in Nesher, Israel, secured $7m in this first round, the proceeds of which will go towards the development and launch of Masor's initial product. Other new investors included Alice Ventures, Dor Ventures and Proseed Venture Capital. Johnson & Johnson Development, an existing shareholder, also provided funds for this round.

Technology

Investment:

Dassault leads investment in genOway
Dassault Dévéloppement has led a round of venture financing in France-based genOway. The company develops mice and rats for use in the pharmaceuticals and biotechnology industries. The company raised E3.3m from a group of investors that also included Qualis SCA and Rhône Alpes Création. The funds will enable the company to launch its product portfolio across Europe.

Software

Investment:

Four Seasons Venture commits funds to Scali
Four Seasons Venture has invested capital in a series B round of venture capital financing for Scali, a Norway-based company that develops and produces cluster software and solutions. Four Seasons led the E5.4m investment, which also included Intel Capital and SND Invest, as well as strategic investor Kongsberg Gruppen. The company has also announced that Bjorn Skare, an industry veteran who initiated the turnaround of Traconi, has joined the company as chief executive officer.

Barclays Private Equity backs NCC MBO
Barclays Private Equity has backed the E44m management buy-out of The NCC Group, a UK-based company that provides third party protection and business storage software. Barclays Private Equity has acquired a 65 per cent stake in the company with the current management team leading the deal. The NCC Group will continue to offer a consultancy service, which will largely be in the protection, verification and assurance markets.

Manufacturing

Investment:

ABN Amro backs MBO of G-Star International
ABN Amro has backed the management buy-out of G-Star International, a Netherlands-based company that designs, sources and sells branded jeans and jeans-related products. The company's network of sales offices covers Europe, the US, Australia and New Zealand. The terms of the acquisition were not disclosed.

Exits

Technology

Triangle exits WaveScan
Triangle Venture Capital Group has realised its investment in WaveScan, a division of 20/10 Perfect Vision. WaveScan develops an optical diagnostic technology for the personalised care market. VISX of Santa Clara, California, acquired the company, which it intends to develop and expand into new markets.

North America

Technology

Investments:

Adams Capital Management commits to Intrinsity
Adams Capital Management has committed to a $35m round of equity financing for Intrinsity, a developer of processors for high-end signal processing. The company, which is located in Austin, Texas has secured $35m in this series C round. Adams Capital Management, an existing investor in Intrinsity, led the round. Several other investors, which remain undisclosed, also participated. The company has now raised a total of $48m in venture capital since it was founded.

First Capital Group invests in SecureLogix
First Capital Group has invested in a round of funding for SecureLogix, a San Antonio, Texas-based provider of voice security and management systems. The company raised $4.2m in this series C round of funding, which was led by previous investor Symantec and included Castletop Capital. Proceeds from this round will be used for operating capital and to bring the company to break even. SecureLogix has raised a total of $35.6m to date, according to VentureWire.

Arlington commits to NLX Corp
Arlington Capital Partners has committed $31.5m to NLX Corp, a Sterling, Virginia-based company that designs and manufactures military and commercial flight simulators and weapon systems trainers. In addition to this the company provides systems engineering, operations, maintenance and logistics support to its training systems. The company intends to use the new capital to improve its technology.

Kodiak provides capital to Silicon Dimensions
Kodiak Venture Partners has provided capital to a round of financing for Silicon Dimensions, a developer of physical design tools for design engineers. Based in Marlborough, Massachusetts, the company secured $3m in this first round from Kodiak and Globespan Capital Partners. Proceeds from the round will go towards developing and releasing its first products, towards the growth of its software engineering team and to the completion of its management team, especially senior sales and marketing positions.

Arch Venture Partners among investors in Nanosys
Arch Venture Partners is among a group of investors that have returned for another round of financing for Nanosys, a Palo Alto, California-based company that provides nanotechnology-enabled systems. This first close of its second round of funding totalled $30m, the proceeds of which will be used for development and marketing efforts. Other return investors included CW Group, Polaris Venture Partners, Venrock Associates, Prospect Venture Partners and Alexandria Real Estate Equities. They are also joined by new investors CDIB Bioscience Ventures, China Development Industrial Bank, Harris & Harris, Lux Capital and SAIC Venture Capital Corporation.

Flagship Ventures commits to Maptuit
Flagship Ventures has committed to a round of financing for Maptuit, a Burlington, Massachusetts-based company that develops navigation systems for transport trucks and location-based services for the telematics industry. The round has closed on $8m and included lead investor Edison Venture Fund and Draper Fisher Jurvetson New England. David Flaschen, managing director of Flagship Ventures, has joined Maptuit's board of directors.

VenGrowth Capital Partners finances Bistro
VenGrowth Capital Partners has invested in a $2.8m round of institutional financing for Bistro Corporation, a Toronto, Canada-based company that develops restaurant enterprise management technology and quick service management systems. Bistro also received funding from the Business Development Bank of Canada. Proceeds from this round will be used for general corporate purposes.

Wireless

Investment:

Bay Partners funds Staccato
Bay Partners has joined with Charles River Ventures and Allegis Capital in a first closing of a series A round of financing for Staccato Communications. Having changed its name from Discrete Time Communications, Staccato received $7.5m in this round, which it will use to expand its team and to accelerate its development efforts.

Telecommunications

Investment:

Investcorp leads investment in TelePacific
Investcorp has led a round of financing for TelePacific Communications, a Los Angeles-based company that provides broadband telecommunications services to businesses throughout the western US. The company raised $30m in this round of later stage financing. The round included participation from Rader Reinfrank and other undisclosed investors. The proceeds will be used for customer services and to pursue acquisition opportunities, according to VentureWire.

Healthcare & Life Sciences

Investments:

Genesys Capital Partners funds biotech start-up
US private equity firm Genesys Capital Partners has provided capital to StemPath, a biotech start-up developing adult stem cell-based therapies. StemPath is headquartered in Ottawa, Canada, where it raised US$691,0000 in this round of seed financing. Genesys was the sole investor. The new capital will be used by StemPath to develop new treatments for diabetes, heart disease, Parkinson's and degenerative neuromuscular diseases.

General American Investors commits to Cytokinetics
General American Investors has committed funds to a second tranche of fifth-round financing for Cytokinetics, a San Francisco-based biotechnology company that develops drugs in the areas of oncology, cardiovascular disease and anti-fungal therapeutics. The company has now secured $40m in the round, the proceeds of which will be used to grow Cytokinetic's capabilities in clinical development and pre-commercialisation planning. Other investors that also took part in this round included Mayfield, Mizuho Bank, PRM Ventures, Sevin Rosen Funds and Vulcan Ventures.

InvestBio provides capital for Kinexis
InvestBio Ventures, an investment group focused on early-stage biotechnology opportunities, has made a seed-stage investment in San Diego, California-based Kinexis. The company is a drug-discovery firm focused on the treatment of disorders of the body's internal clock. The new capital will be used for product development and sales and marketing.

Software

Investments:

Lightspeed finances speech recognition software company
Lightspeed Venture Partners has provided capital for Apptera, a San Bruno, California-based company that develops packaged speech applications centred around voice recognition software. The company raised $5.6m in this series B round from Lightspeed, who led the round, and Alloy Ventures, the lead investor from Apptera's series A financing. The latest capital will be used to support customer demand.

Polaris Venture Partners leads equity funding for Service Integrity
Polaris Venture Partners has co-led an equity financing for Service Integrity, a Newton, Massachusetts-based company that develops web services monitoring and analysis software. The company received $3m in seed financing from Polaris and co-lead General Catalyst Partners. The new capital will go towards strengthening its team and also towards the launch of its first commercial product.

Austin Ventures joins financing for QuickArrow
Austin Ventures has joined a number of other investors in a round of institutional financing for QuickArrow. The company, which is also located in Austin, Texas, provides automation and management software for billable professional service organisations. The $2.6m that the company has raised in this third round will be used for general corporate purposes. Koch Ventures and Access Venture Partners also participated.

Tudor Ventures co-leads recap of IVT
Tudor Ventures has co-led a recapitalisation round of financing for Interactive Video Technologies, a New York-based provider of enterprise software that enables customers to create live and on-demand rich media presentations. The company raised $8m in this series B recap round. Existing investor Tudor Ventures co-led the round with strategic investor Cisco Systems. The transaction also included other undisclosed investors. The proceeds from the round will be used for product development, sales and marketing.

JDA Partners funds EDCare Management
JDA Partners has committed capital to a round of equity financing for EDCare Management, a Miami, Florida-based company that provides outsourced emergency department management and physician staffing services. EDCare received $5m in this round. The investment will allow the company to capitalise on growth opportunities in the marketplace.

Manufacturing

Investment:

Goldman Sachs completes investment in aircraft manufacturer
Goldman Sachs Capital Partners has completed an investment in a Colorado-based aircraft manufacturer. Adam Aircraft Industries is located in Englewood, where it develops a family of general aviation aircraft. It has secured an undisclosed amount of funds from Goldman Sachs Capital Partners, which it will use to fund the company through FAA certification of its A500 and A700 models and to begin aircraft production.

Materials & Construction

Investment:

BIA invests in Towers of Texas
BIA Digital Partners has invested in a round of financing for Towers of Texas. The company, which is situated in Sandia, Texas, owns, develops and erects communications towers. The company secured $5.7m from BIA, which facilitated the creation of a $20m senior debt facility. The new funds will be used for general operating capital that will allow the company to pursue its growth strategy.

Media

Investment:

Chrysalis commits to e-mail publisher's first round
Chrysalis Ventures has invested $1.4m in the first round of funding for Information Outfitters, an e-mail newsletter publishing company located in Louisville, Kentucky. The company delivers a newsletter service entitled Emazing.com, which delivers over eight million daily newsletters covering a broad range of topics. The funding will be used to hire additional employees, develop technical infrastructure, and launch new products.

Exits

Software

ITU Ventures realises its investment in Eizel
ITU Ventures and Innovent have realised their investments in Eizel Technologies, a Mountain View, California-based company that develops a software that makes e-mail, attachments and web-enabled applications accessible on any device over any wireless network. Nokia has acquired Eizel for an undisclosed amount and will integrate the company with its own enterprise product portfolio.

Materials & Construction

Blue Point Capital realises stake in Pleasants Hardware
Blue Point Capital has sold Pleasants Hardware, a North Carolina-based company that distributes commercial door, frame and architectural hardware. The company has been acquired by strategic buyer WW Holdings. Terms of the deal were not disclosed. Pleasants Hardware has 22 locations in 11 states, according to PrivateEquityCentral.

Copyright © 2003 AltAssets

Alex Hingston is a researcher with AltAssets.

If you have any information about your latest deals or exits and would like us to cover it, please e-mail your press releases to deals@AltAssets.net or call Alex Hingston on +44 (0)20 7242 8810.