TechJournal South
Header

Archive for April, 2009

MAVA survey anticipates more funding deals in Q2

Thursday, April 23rd, 2009

MCLEAN, VA – More than three-quarters of investors anticipate closing one or two new deals in the second quarter of 2009, forecasting an increase from the number of deals closed in the first quarter.

Funds continue to commit more capital and more time to working with their current portfolio companies, according to results from the Mid-Atlantic Venture Association (MAVA) quarterly survey of investor firms.

Deal flow slowed in first quarter of 2009 with 46 percent of survey respondents reporting closing no deals, an increase of 17 percent from first quarter 2008. However, the time frame to close a deal has shortened to one to three months from four to six months for 42 percent of the investors.

MAVA released results today from its survey of investor member firms conducted each quarter on the state of the venture industry, venture fund investments and portfolio companies.

This survey covered first quarter 2009 activities and a forecast about the remainder of 2009. Issued via e-mail and distributed using Vovici, it received a 25 percent response rate.

• Liquidity timeline now five or more years
Uncertainty of the market economy, the viability of the potential investment changing during the due diligence process and the need to reserve follow-on cash elsewhere were the primary reasons noted for a downturn in deal activity.

The average liquidity timeline for investments is now estimated by 88 percent of the respondents to be five or more years. As a result of extended exit timelines, most funds are setting aside more follow-on capital for their existing investments.

• Investors see opportunities
Investors do see opportunities in the marketplace, according to Julia Spicer, MAVA’s executive director.

“They are looking for highly capital-efficient businesses with low valuations and companies that offer highly differentiated products and services with a quick return on investment.

Strong companies today have a tremendous opportunity to capture market share and investor interest. Micro- and small cap-companies with low valuations are also seen as attractive deals.”

There is also investor interest due to federal stimulus initiatives primarily in the alternative energy, clean tech, and health care information technology sectors, but the high cost of energy technologies makes them less appealing.

•Lack of exits and liquidity are challenges
There are numerous challenges ahead for the venture industry, stated survey respondents. Lack of exits and liquidity were frequently cited as well as the challenge of finding sufficient capital to keep promising portfolio companies alive.

Investors, however, are encouraging limited partners to remain active in order to take advantage of attractive investment opportunities created by dropping valuations. “Strong companies attract investor interest,” stated Spicer. “Well-positioned deals still get funded but there is lower risk tolerance.”

Portfolio companies face challenges with liquidity and slower revenue growth due to their customers feeling the same need to cut expenses and conserve cash. On the positive side, portfolio companies have less competition and easier access to talented employees.

With the actions taken by Obama administration, the industry is anticipating opportunities with federal stimulus programs for their portfolio companies but there is also concern about the impact of new federal policies and regulations.
Capital Connection ‘09

MAVA’s flagship event, Capital ConnectionTM ‘09, is scheduled for May 26-27 at the Mandarin Oriental Hotel, Washington, D.C.

Online: www.mava.org

SCRA and Oak Ridge National Labs ink accord

Thursday, April 23rd, 2009

CHARLESTON, SC – SCRA, a global leader in applied research and commercialization services and the Department of Energy’s Oak Ridge National Laboratory (ORNL) announce the signing of a Memorandum of Understanding (MOU) to explore a wide range of collaborative opportunities in applied research, commercialization, and knowledge-based economic development.

SCRA brings deep domain expertise in technology-based economic development, advanced materials, alternative energy, homeland security, and health care technologies to the new partnership.

“We are pleased at the opportunities collaboration with ORNL will provide to commercialize technologies in South Carolina and globally,” said Bill Mahoney, SCRA CEO.

ORNL brings a rich history of scientific research in support of the U.S. Department of Energy’s mission, including neutron science, high-performance computing, biology, materials science and national security.

ORNL will share its unique capabilities to assist SCRA in growing the Knowledge Economy in South Carolina through both SCRA’s internal operations and the SC Launch program.

Online: www.scra.org

Capstrat social media specialist to speak at Triangle Games Conference

Thursday, April 23rd, 2009

RALEIGH,NC – Capstrat’s Roger Harris will present an in-depth look at the intersection of social media and gaming when he presents at the Triangle Game Conference on April 29.

Harris will provide insight into how social media will impact gamers, developers and vendors with a particular focus on how social media will accelerate the evolution of online gaming in uncertain directions.

The Triangle Game Conference will present the thinking of some of the industry’s most influential minds through five tracks that include panels, lectures and targeted discussions.

Harris will lead the discussion titled, “Games People Play: Social Media Dimensions of Online Gaming,” from 4:00 – 5:00 p.m. in Congressional Room B, Marriott City Center.

“Gaming has led technological advances since the home computer’s earliest days,” said Harris. “Online social media has added another dimension to game development. We can expect games to incorporate increasingly complex social elements,” he continued.

“Moreover, future game style, technology and branding will be largely driven by the demands of social communities,” Harris said.

Held in Raleigh, North Carolina, on April 29th and 30th, the Triangle Game Conference is the East Coast forum for networking, career building and sharing gaming industry expertise.

The conference – currently the only one of its kind in the Southeast – will include lectures by industry experts, the Career Lounge and Game Development University.

Expression Pathology lands $6.5M for personalized medicine assays

Wednesday, April 22nd, 2009

ROCKVILLE, MD – Expression Pathology Inc., a developer of technology for tissue protein analysis, has received financing of $6.5 million, led exclusively by Abraxis BioScience, a global biotechnology company.

The company says it will use the financing to appply it’s patented Liquid Tissue proteomics technology in developing personalized medicine clinical assays. The assays will measure protein biomarkers of drug response and disease prognosis to help make treatment decisions.

“Expression Pathology has created unique technology solutions for tissue protein analysis,” said Lex Vander Ploeg, a senior vice president at Abraxis who is on the company’s board.

“Abraxis is looking forward to harnessing these technologies and clinical assays in its development and diagnostic programs, and to benefiting from the value which is being created by growing interest from biopharmaceutical companies and academic research groups, who are increasingly seeking to access Expression Pathology’s technologies to accelerate their own research.”

Online: www.expressionpathology.com

Bright View Technologies lights up with $4M round

Wednesday, April 22nd, 2009

MORRISVILLE, NC – Bright View Technologies Inc., a developer of advanced optical films for LED display applications, has raised $4 million in a round led by Durham-based Intersouth Partners.

The company says the financing will be used to advance products to market and to expand manufacturing and product development. Kip Frey and Chris Hegele of Intersouth Partners will join the company’s board.

Bright View’s ACEL product is an optical film used as a high value diffuser in LED luminaries.

It enables +90 percent system efficiency fixtures, and eliminates glare, mixing the light to create an aesthetically pleasing glow, according to the company.

Bright View’s RAC product line delivers a high brightness, high yield, single film solution that reduces manufacturing costs by replacing existing three and four film solutions in portable LCD displays.

“Bright View is experiencing a strong response to its ACEL and RAC products, as evidenced by the volume shipments of ACEL and customer interest in the value proposition for RAC,” said Kip Frey of Intersouth Partners.

“This round of financing will help the company ramp its product development and bring its breakthrough technology to market.”

Founded in 2002, Bright View previously raised $19 million.

Online: www.brightviewtechnolgies.com

Atlanta-based Ventyx acquiring The Structure Group software assets

Wednesday, April 22nd, 2009

ATLANTA – Ventyx, the world’s largest private software, data and advisory services provider to the utility industry, has entered into a definitive agreement to acquire the software assets of The Structure Group.

Houston-based Structure Group’s flagship nMarket software suite is the market-leading transaction management and settlements solution for the deregulated power and natural gas industry.

Financial details were not disclosed.

“Structure’s nMarket suite offers the energy industry’s most field-tested and proven software platform for transaction management in today’s complex physical and financial energy markets,” said Ventyx president and CEO Vince Burkett.

Online: www.ventyx.com

Red Vision Systems takes title to $6.79M round

Wednesday, April 22nd, 2009

By Allan Maurer

GAINSVILLE, FL – Red Vision Systems, which sells an array of property title information services, has raised nearly $6.8 million, according to a regulatory filing. The New Jersey-based company’s customer service center is in Gainsville and its Maryland operations are run from Baltimore.

According to the filing with the U.S. Securities and Exchange Commission, the company raised $6,799,969.

RedVision serves users of title evidence looking for relevant and accurate information to make business decisions relating to real property transactions.

The company’s approach combines a distributed services workflow platform, a vast title plant database, and service experts.

Its Gainsville customer service facility won a 2008 Best of Gainsville Award in the title companies category from the U.S. Local Business Association (USLBA).

The USLBA identifies companies that they believe have achieved exceptional marketing success in their local community and business category.

The company has not yet responded to TJS’s request for more information.

Online: www.redvision.com

Nitronex radios in $4M in debt funding for transistor tech

Wednesday, April 22nd, 2009

By Allan Maurer

DURHAM, NC – Nitronex, a company developing and making high performance radio frequency power transistors for commercial and military markets, has raised $4 million in debt financing, according to a regulatory filing.

The U.S. Securities and Exchange Commission document cites Palo Alto-based Alloy Ventures and Chicago-based ARCH Venture Fund VI as part of the funding.

The company has raised at least $46.6 million in venture-backing since its founding in 1999 from Alloy, ARCH, Intersouth Partners, Diamondhead Ventures, VantagePoint Venture Partners and Contender Capital.

Nitronex develops and manufactures a wide range of gallium nitride on silicon (GaN-on-Si) RF power transistors for commercial and military communications markets.

Its patented technology provides significant performance and cost advantages for a number of important markets including cell phone towers, car dashboard displays, DVD lasers, military communications and other applications, the company says.

The technology is based on research at North Carolina State University.

Online: www.nitronex.com

Perigrine Energy plans $135M SC biomass plant

Wednesday, April 22nd, 2009

HARTSVILLE, SC – Peregrine Energy Corp., a company developing independent power and other industrial energy efficiency-related projects, says it plans to develop a new woody biomass-fueled cogeneration plant at Sonoco’s Hartsville Manufacturing Complex.

Ralph H. Walker, Jr., president of Peregrine Energy said the $135 million investment by Peregrine represents one of the largest single capital development projects in South Carolina’s Darlington County’s history.

Plans are for Peregrine to construct and own a new 50-megawatt capacity facility that will be capable of generating enough electricity to power approximately 14,000 homes. The new biomass-fueled cogeneration facility will replace Sonoco’s existing coal-fired boilers.

Once the facility is operating, Peregrine intends to sell the entire electrical output and all renewable energy certificates associated with the plant to Progress Energy Carolinas Inc., and low pressure steam from the plant to Sonoco for use in the manufacture of recycled paperboard and other converted products at its Hartsville complex.

The proposed facility will sit on a 12- to 15-acre site within the Sonoco complex.

The project also would benefit the regions’ forestry industry by utilizing pre-commercial thinnings and waste logging residues as the woody biomass fuel for the project.

Online: www.peregrinecorp.net

NuVox Communications opens Jacksonville data center

Wednesday, April 22nd, 2009

JACKSONVILLE, FL – NuVox Communications Inc. has opened a 5,000-square-foot data center in downtown Jacksonville.

The center doubles its existing space and houses its Internet and phone network hub.

The company has about 9,000 customers and annual revenue of about $20 million, according to the Jacksonville Business Journal.

RadarFind homes in on $2M of $8M C round

Wednesday, April 22nd, 2009

MORRISVILLE, NC – RadarFind Radarfind, which sells a technology that helps hospitals locate equipment or patients, has raised $2 million of an open C round targeted at $8 million, according to Dow Jones’ VentureWire.

Founded in 2003, Radarfind spent most of its first three years building its system. It raised at least $5.5 million in previous rounds from angel investors and the NC Idea Fund.

Radarfind’s “Real-time Location system” technology “May be the best in the business,” says CEO Tery Kane in a previous interview with TechJournal South.

“We talked to a lot of hospitals and looked at what the specifications needed to be.”

Hospitals can be difficult environments in which to install system wide equipment such as wireless technologies. They have a lot of electronic equipment, separate rooms and walls and other obstacles. “The technical challenges everyone else has, this company has solved,” Kane said.

Kane described Radarfind’s patent-pending solution as “a combined technology, all integrated.” While pieces of it use a wireless frequency, it isn’t “Wi-Fi,” Kane said.

It blends power line and ISM band technologies into a system customized for each hospital. It can find any tagged device or patient.

Kane said the company’s C round will bolster its product development during slow hospital sales, according to VentureWire.

Online: www.radarfind.com

Previously on TechJournal South:
RadarFind takes bridge investment

http://techjournalsouth.com/news/article.html?item_id=2568

How to deflect asteroids and save the Earth

Tuesday, April 21st, 2009

RALEIGH, NC – You may want to thank David French in advance. Because, in the event that a comet or asteroid comes hurtling toward Earth, he may be the guy responsible for saving the entire planet.

French, a doctoral candidate in aerospace engineering at North Carolina State University, has determined a way to effectively divert asteroids and other threatening objects from impacting Earth by attaching a long tether and ballast to the incoming object.

By attaching the ballast, French explains, “you change the object’s center of mass, effectively changing the object’s orbit and allowing it to pass by the Earth, rather than impacting it.”

Sound far-fetched? NASA’s Near Earth Object Program has identified more than 1,000 “potentially hazardous asteroids” and they are finding more all the time.

“While none of these objects is currently projected to hit Earth in the near future, slight changes in the orbits of these bodies, which could be caused by the gravitational pull of other objects, push from the solar wind, or some other effect could cause an intersection,” French explains.

So French, and NC State Associate Professor of Mechanical and Aerospace Engineering Andre Mazzoleni, studied whether an asteroid-tether-ballast system could effectively alter the motion of an asteroid to ensure it missed hitting Earth. The answer? Yes.

“It’s hard to imagine the scale of both the problem and the potential solutions,” French says. “The Earth has been hit by objects from space many times before, so we know how bad the effects could be.

For example, about 65 million years ago, a very large asteroid is thought to have hit the Earth in the southern Gulf of Mexico, wiping out the dinosaurs, and, in 1907, a very small airburst of a comet over Siberia flattened a forest over an area equal in size to New York City. The scale of our solution is similarly hard to imagine.

“Using a tether somewhere between 1,000 kilometers (roughly the distance from Raleigh to Miami) to 100,000 kilometers (you could wrap this around the Earth two and a half times) to divert an asteroid sounds extreme. But compare it to other schemes,” French says, “They are all pretty far out.

Other schemes include: a call for painting the asteroids in order to alter how light may influence their orbit; a plan that would guide a second asteroid into the threatening one; and of course, there are nukes. Nuclear weapons are an intriguing possibility, but have considerable political and technical obstacles.

Would the rest of the world trust us to nuke an asteroid? Would we trust anyone else? And would the asteroid break into multiple asteroids, giving us more problems to solve?”

Psydex Psyngs with $3.5M raise, launches news analysis service

Tuesday, April 21st, 2009

By Allan Maurer

ATLANTA – Psydex, a provider of services that search and analyze the world’s news sources in real time, has received $3.5 million in funding. The company is using the funding to launch Psyng, (pronounced “sing”) a news portal that it says cuts through the noise and chatter across news sources, revealing statistical patterns and trends in social networks, human behavior and financial markets.

It says Psyng delivers instant analysis and alerting on global news events—as they happen.

Rob Usey, Psydex CEO and co-founder, tells TechJournal South the funding is a strategic investment from unnamed sources. The seven-employee company will hire incrementally around the globe, he says.

Usey says “There is a media revolution underway and Psydex has the technology and services to change the way the world looks at news. Because our system indexes and analyses both mainstream media and emerging social media sources we are effectively measuring and tracking ‘thought contagion’ in real time.”

The company’s sophisticated text and data analysis system enables to spot volatility in a given subject in real time. It measures the normal level of chatter for news events such as earth quakes, plane crashes, fires, killings, and when unusual patterns occur, sends out alerts.

For example, when US Airways Flight 1549 landed in the Hudson River in January, Psydex’s algorithms detected—within seconds of the incident—unusual chatter levels well before the news was broadly disseminated.

“As this event unfolded, our data showed us—in a fraction of a second—not only the uptick in news on the incident, but also who was reporting it, and who reported it first,” Usey says. “For both investors and algorithmic trading systems, this was tradable, actionable data.”

Usey points out that “40 percent of all the market trades on the planet are done by algorithms. They’re just programs. An algorithm can’t read a headline.

“What typically happens is that a trader managing the program reads the headline and minutes pass before he can do something. Our system turns an analog headline into something a computer can use.”

Another area in which Psyng may find customers is in tracking positive or negative comments about companies. “You can’t wait 24 hours to respond,” says Usey. “The contagion spreads around the globe in seconds or minutes. If someone is saying something bad about you, you need to know right away so you can counter it.”

Psyng can also help automated Internet advertising models that dynamically alter the ads served on Web pages detect buzz that would affect which ads they serve, he says.

Dr. Robin Bloor, a partner at Newton, MA-based research and consulting firm Hurwitz & Associates, recently wrote that Psydex delivers machine-readable information that was previously available only through manual processing.

He also suggests that Psydex’s capabilities “will become as necessary to financial trading operations as Reuters and Dow Jones feeds are.”

And Dr. Fern Halper, also a partner at Hurwitz & Associates, says there are many good cases for analyzing news-related text in real-time, including being “first to know if something negative is being said about your company.”

“The secret sauce is the company’s ability to organize streaming content in-memory and around time,” she wrote on her blog.

“The goal is when an event hits, rather than taking hours or minutes to get information to the person who needs to know, it takes seconds.”

Psydex co-founder and chief technology officer Don Simpson says Psydex is the next generation of real-time search and analytics.

“We’ve solved some of the really hard problems with analyzing semantics across both archived and real-time unstructured data streams.

“Our novel approach is based on proprietary, grid-based semantic algorithms and a temporal search and discovery engine,” Simpson says.

“Psydex is the result of decades of experience working on some of the most challenging intelligence problems on the planet and learning where traditional approaches fail.”

The company’s founders have 18 years experience in sophisticated text analysis. Psydex’s sister company, Cognixint Technology Partners in Maryland does classified information analysis work for government agencies.

For the next 30 days, Psydex is offering Psyng as a beta version to customers and partners —for free.

Online: www.psydex.com ; www.psyng.com

nContact Surgical grabs nearly $5M of $15M round

Tuesday, April 21st, 2009

MORRISVILLE, NC – nContact Surgical, a develper of tissue coagulation devices used during surgeries, has raised almost $5 million of a $15 million round, according to a regulatory filing.

PEHub reported the funding.

Return investors include: Finistere Partners, Intersouth Partners, Massey Burch Capital and Harbert Venture Partners. Other investors listed on the company’s Web site include: Tall Oaks, Village Ventures and Hippo Ventures.

The company raised a total of about $24 million in three previous rounds.

Its VisiTrax applies radiofrequency energy to the outer surface of the heart to create lesions on a beating heart.

Online: www.ncontact.us/

NC-based MyBode Inc. lands $1.6M financing

Tuesday, April 21st, 2009

DURHAM, NC – MyBode, a company selling search and customer relationship management software that helps home buyers find properties, has raised $1.66 million, according to a regulatory filing with the U.S. Securities and Exchange Commission.

The company has raised a total of $1.94 million since its founding.

The filing lists Westlake Ventures of Madeira Beach, FL as an investor.

The company’s BestHomePro lets users customize searches and helps brokers find the right matches for clients.

Online: www.mybode.com

New RTP firm developing treatments for brain disorders

Tuesday, April 21st, 2009

By Allan Maurer

RESEARCH TRIANGLE PARK, NC – NeuroScience Pharmaceuticals, which has licensed technology from Duke University and the Durham Veteran Affairs Medical Center for the treatment of brain disorders, is seeking a $3 million A round.

Dr. Gabriel Cipau, president and CEO of the new clinical-stage company, said it will be focused on the development of neurosteroid drugs.

Neurosteroids are potent brain substances that play a role in controlling anxiety and depression.

NeuroScience’s lead product, Pregnenolone, is being tested for the treatment of schizophrenia in two fully funded Phase II clinical trials. Cipau tells TechJournal South the trials are funded through grants.

Each study will involve 88 patients and enrollment is expected to start in the next two months.

The NC Biotechnology Center approved a $50,000 low-interest Company Inception Loan to NeuroScience – the latest in a series of loans made by the Biotechnology Center to support start-up biotech firms.

John Richert, VP of business and technology development for the Biotechnology Center, said, “This inception loan helps pay for basic activities related to the formation of the company, making it possible for NeuroScience to find the necessary funding for Phase III clinical trials from investors

The Series A round, Cipau says, will be used to develop more effective delivery formulations and perform some additional pharmacokinetics studies.

“We also intend to explore through Proof of Concept studies additional indications for Pregnenolone. The funding will be sufficient until Phase 2 studies will be completed in late 2011,” he says.

Cipau explains that “Multiple characteristics of Pregnenolone strongly support its potential efficacy for the treatment of cognitive symptoms and negative symptoms in neuropsychiatric disorders. Reductions in Pregnenolone have been associated with depressive symptoms in humans.”

The neurosteroid also increases neurogenesis, or creation of new neurons, shows anti-inflammatory effects, protects against neurodegeneration, and has additional actions “consistent with cognitive enhancement potential,” says Cipau.

“In summary,” he says, “Pregnenolone has multiple mechanisms of action supported by an extensive preclinical literature and emerging clinical data. Pregnenolone metabolism to other neurosteroids may also contribute to its therapeutic efficacy.”

Cipau is a former Wellcome executive and was CEO of several pharmaceutical and biotechnology companies including Nippon Wellcome, Catalytica Pharmaceuticals, Copley Pharmaceuticals, Biolex and PhaseBio.

In addition to a Series A round, the company is also seeking partners for clinical development and development of new delivery technologies.

Online: www.neurosciencepharma.com

Verizon hiring in Maryland

Tuesday, April 21st, 2009

HANOVER, MD – Verizon Communications Inc. is hiring up to 250 people this year, with 80 immediate job openings at its Hanover, MD call center.

The Hanover location serves as both the company’s regional headquarters and its customer call center.

The company plans to hold a job fair April 25 from 9 to 1 at the site (74011 Coca Cola Drive).

The company says it prefers applicants with a college degree and interest in wireless technology.

Triangle Game Conference will explore video gaming trends

Tuesday, April 21st, 2009

By Allan Maurer
RESEARCH TRIANGLE PARK, NC—When Juan Benito, creative director of Atomic Games started playing games in the late 1980s on computers, PCs were then a dominant gaming platform. An earlier generation played on Atari gaming consoles that plugged into a TV. “Now,” Benito points out, “As Japanese gaming consoles evolved, people have moved back to their living rooms away from their desk and PC.”

Serious PC game players had to “Upgrade a $2,000 PC rig almost every year,” Benito notes. Consoles provided a less expensive, more accessible and reliable gaming experience. “The user experience has evolved and the PC has not kept pace. That said, PCs still have a strong role to play in the gaming industry, particularly with casual and massive multiple player games online,” he says.

Evolving game trends will get a thorough airing at the upcoming Triangle Game Conference.

The business of games, media and games, serious games, game design, and games and media are among the topics of panels, speakers and tracks at the TGC April 29 at the Raleigh Convention Center and Marriott City Center.

Dr. Michael Capps, president of the hugely successful Epic Games based in Raleigh will keynote the event. Peter Tamte, president of Atomic will also be doing a keynote.

In an earlier interview, Capps told TechJournal South, “If we had held a game conference ten years ago, there would probably only have been a handful of people from Red Storm and Epic Games. Now we’re expecting 500 people for this event.”

Discussing trends in the gaming business with TechJournal South, Benito said that while games are not recession proof, they are recession resistant. “There is still a lot of growth to be had in the game industry and I think we’ll suffer less,” he says. “In bad times, people still need to find good times and games are a good value proposition. You buy a game for from $3 to $60 and get hundreds of hours of enjoyment, so they stand up well compared to movies and other media.”

Benito says one business trend in the gaming industry is clearly evident. “We’re seeing a split in the marketplace. Both high end front runner games, state-of-the-art shooters that cost millions to make and sell millions of units and inexpensive or free casual games are getting traction. What suffers are the ones in the middle that are neither Triple A games nor casual. I think we’ll see a decline in those.”

Atomic Games, known for its military tactics titles, spun out of Destineer in January 2009. It employs 75 people in Raleigh.

It is one more than 30 game companies forming a growing and impressive gaming sector in the Research Triangle area, which Michael Capps of Epic has called “The game-engine capital of the world.”

Game engines can be licensed by other game makers from companies such as Epic to shorten development cycles and improve game quality without starting from scratch.

Benito says casual games, which require developers to come up with an entertaining experience without using so many system resources on a PC are “A renewing thing for the industry.”

Benito says that at Atomic, “We want to change the perceptions about games in general.” Especially, he says, the idea that video games “Are just for kids, that they are toys not appropriate for certain types of subject matter.” That means, he says, that games can take on serious topics such as the war in Iraq.

“We think they have as much validity to be tapped inside video games as elsewhere. It’s a generational shift. Those of us who grew up playing games won’t have any hesitation to lay a rich game tackling issues of any type.”

In addition to lectures and panels, the Triangle Game Conference will feature an Expo, Career Lounge and Game Development University, a student-oriented exhibition to help aspiring game developers tap into educational resources and make connections with industry leaders.

Online: www.trianglegameconference.com; www.atomic.com; www.epicgames.com

Virginia and MA-based New Atlantic Ventures closes $115M fund

Monday, April 20th, 2009

RESTON, VA – New Atlantic Ventures says it has closed a new $115 million fund it plans to invest in early-stage information technology companies.

It is the Reston, VA and Cambridge, MA-based firm’s third fund, NAVIII. It will focus on East-coast startups in wireless data, new media, online business services and emerging technologies.

In one of the most challenging fund-raising environments in many years, New Atlantic Ventures say it attracted a strong roster of blue chip institutional investors, including endowments, pension funds, insurance companies, fund of funds and family offices from the United States, Europe and the Middle East.

John Backus, a Managing Partner with the firm. “Since 2000, our investment strategy has delivered superior financial returns to our investors.

“Our success in closing this fund at this moment in time shows that investors looking for superior financial returns continue to believe in early stage venture capital and its high-return prospects.

“This is a terrific time to have a fresh pool of capital, and we are putting it to work,” he said.

“Other venture funds have experimented with their business models over the last ten years with mixed results. So institutions appreciate the back-to-basics strategy we have always employed,” said NAV Managing Partner Todd Hixon.

“We have a cohesive senior team with operating credentials, a proven ability to add value, a focus on early- stage companies, an active screen for capital efficient business models, and a right-size fund. This combination has historically been the venture capital formula for market- beating returns.”

Online: www.navfund.com

GlaxoSmithKline acquiring Stiefel Laboratories for $2.9B

Monday, April 20th, 2009

RESEARCH TRIANGLE PARK, NC – UK-based GlaxoSmithKline, which has U.S. headquarters in the RTP, has purchased Stiefel Laboratories of Coral Gables, FL, for $2.9 billion.

Stiefel operates an R&D facility in the Triangle and planned to invest more than $50 million and hire 250 people for the 115,000-square-foot site, a former Eli Lilly property.

Stiefel, a 160-year-old company, makes acne treatments and other skin care products and vitamins.