Posts Tagged ‘venture funding’
Friday, March 15th, 2013
A new analysis, published by The Big Data Group and powered by SiSense’s Prism technology, unveils venture capital trends that challenge common beliefs.
“The data points to a Series B crunch, rather than a Series A crunch,” explains David Feinleib , Managing Director of the Big Data Group.
“Venture Capital is a hot topic. Yet, Venture Capital data is hard to come by and is difficult to analyze,”
The study analyzes ten years of startup data on 100,000 companies from a variety of sources, including Crunchbase, Wikibon and NASDAQ, and is available at http://www.bigdatalandscape.com/news/100k-company-venture-capital-study.
- Less is More: Fewer startups received funding in 2012 but the ones who did, raised 22% more capital on average.
- “Series A crunch” doubtful: There were more Series A deals done in 2012 and they closed on average 2 months faster in 2012 than in 2011.
- “Series B crunch” possible: There were fewer Series B deals done in 2012 and they took on average 45 days more to close in 2012 than in 2011.
- Enterprise deals are back: Enterprise deals increased in 2012 and gathered on average 40% more capital in 2012 than in 2011.
- Web deals are cooling off: Web deal volume dropped in 2012 and the average amount raised per company shrunk by close to 45% in 2012.
Wednesday, September 19th, 2012
Leonardo DiCaprio is an investor in Mobli.
So, does the world need another photo and video sharing app? Global investor Kenges Rakishev, who just invested $20 million in the firm Mobli, thinks so and he’s in prominent company. Other investors in the company include Leonardo DiCaprio, Tobey Maguire, Serena Williams and Lance Armstrong.
Mobli, a photo and video sharing app built to connect content with captive audiences, has raised a $20 million Series B round of financing provided by Rakishev, a well-known global investor, and an additional $2 million from previous investors.
Rakishev has some prominent company as an investor in the firm.
For Rakishev, this is part of a series of recent strategic investments in innovative mobile and multimedia technology players. Late last month, he invested $5 million into TriPlay, a global provider of cross-platform cloud services and the developer of MyMusicCloud and MyDigipack.
Prior to this, he announced his acquisition of $32 million in stock of Net Element (OTCQB:NETE), a global technology and publishing company that operates in mobile commerce and payment processing, and also publishes popular entertainment portals and destinations.
On Mobli, users follow and engage with individuals, as well as subject-based channels they find interesting. Posting photos and videos to relevant Mobli channels ensures content creators receive the feedback they deserve.
The company, which has now raised a total of $28 million, plans to use the financing to continue development and expand its audience base.
“Mobli has tremendous potential because it enables people to do something very powerful – to see the world through other people’s eyes – in a simple, easy to use, and highly engaging format,” said Rakishev, chairman of numerous boards in private and public sector companies worldwide, listed by Forbes as one of the 50 most influential people in Kazakhstan.
“Mobli leverages social media to meet a very real human need to visually share experiences, thoughts and ideas with other people in real-time.”
The Mobli app is available free for iPhone, Android and the Web.
For iPhone: http://itunes.apple.com/us/app/mobli-share-photos-videos!/id426679976?mt=8
For Android: https://play.google.com/store/apps/details?id=com.mobli&hl=en
Friday, September 7th, 2012
New York-based Quirky, a company that helps people bring their product ideas to market, has wrapped up a $68 million in Series C funding led by Andreessen Horowitz, with significant participation from new investor Kleiner Perkins Caufield & Byers (KPCB).
The funding round also included existing investors Norwest Venture Partners and RRE Ventures. Quirky has raised $97 million to date.
Quirky has built a platform that facilitates invention and pairs its online community of creative people with an expert in-house team of product designers, engineers, and manufacturing and retail specialists.
The process allows Quirky to develop two new and innovative products each week. Since its launch in 2009, Quirky has collaboratively developed hundreds of new products, many of which can be found in Target, Staples, OfficeMax and Bed Bath & Beyond. The revenue from all these products is shared with those who created and collaborated on them.
Quirky speeds up the product development process. “It took one year and 45 days to build the Empire State Building,” noted Ben Kaufman, founder and CEO of Quirky. “It takes most consumer product companies 18 to 24 months to launch a new vegetable peeler. Something is wrong here.”
Quirky will use the new funding to grow the company’s capacity to produce products across an increasing number of verticals.
The company will also refine its community submission and contribution process and grow its product development and community engagement teams. Additionally, Quirky will seek to involve community members at the retail level through a new distribution program.
Anyone can participate on Quirky.com either by submitting their own product idea for $10, or by voting, determining pricing and influencing other people’s product ideas. Thirty cents of every dollar generated from the direct sale of a product on Quirky.com goes back to these influencers.
Scott Weiss, general partner of Andreessen Horowitz, and Mary Meeker, general partner at Kleiner Perkins, will join Quirky’s Board of Directors.
Most exciting retail concept since the Apple store?
“Offline retail and product development are well overdue for innovation and Quirky is the most exciting new retail concept we’ve seen since the Apple store opened over a decade ago,” said Scott Weiss. “Ben Kaufman had the vision to democratize product development. Quirky has taken the speed and best practices of online software development and brought it to bear in developing offline consumer products.”
Read more about Quirky on Scott Weiss’ blog here.
Mary Meeker said, “Quirky’s social design platform is reinventing consumer product R&D with materially faster time from product conceptualization, to design and manufacturing and, ultimately, to retail sale. Since its founding in 2009, Quirky has launched more than 200 innovative products — including top-sellers Pivot Power, Cordies and Crates — and has paid out over $2 million to its inventors and contributors. The pace of Quirky product launches and number of contributors, now at 260,000 online users, is rapidly accelerating.”
Tuesday, August 14th, 2012
Local digital advertising has been one of major new media strategies and having technology that automates the process is paying for Durham, NC-based Netsertive.
Netsertive, a fast-growing ad tech firm specializing in localized digital advertising and channel marketing technology, has closed $10 million in a combination of a $7.3 million round of Series B equity financing and a $2.5 million credit facility.
According to the Raleigh News & Observer, the company anticipates doubling its size by adding 60 more employees over the next 12 months.
Netsertive’s proprietary platform helps local businesses, multi-location retailers and product brands reach target customers in their respective local markets with automated digital marketing.
Local digital marketing expected to double
Local marketing spending in the United States totals more than $130 billion annually. According to research firm BIA/Kelsey, about $21 billion of that has already shifted to newer forms of interactive digital marketing, and that amount is projected to double to nearly $40 billion within four years, driving a massive market opportunity.
In addition, there is over $22 billion in co-op funding made available to local retailers, though a major portion of that goes unused or is deployed inefficiently.
Netsertive brings automation and efficiency to that $22 billion in co-op to unlock the power of co-branded performance marketing at the local level, and eliminate burdensome reimbursement processes for both the brand and the retail partners.
Standalone localized ad campaign automation
The company provides standalone localized campaign automation as well as its innovative Digital Co-Op system that combines brands and local channel partners in turnkey, cooperative online ad campaigns.
It applies its patent-pending technology in specific vertical markets including Audio/Video & Security, Home Goods, Automotive, Sports & Fitness, and Medical Practices.
“We have a simple vision: creating innovative technology to connect local consumers to products and businesses,” said Brendan Morrissey, CEO, Netsertive.
“We’ve tapped into a massive market that has gone largely unnoticed for years. Ninety percent of local purchase decisions are influenced by online experiences.”
Harbert Venture Partners, of Richmond, VA, led the equity round and was joined by existing Series A investors RRE Ventures and Greycroft Partners, both of New York City. Debt financing was completed with Square 1 Bank,Durham, N.C.
“We’ve watched Netsertive grow rapidly over the past three years, and we’re convinced that their team and technology is solidly positioned to be a market leader in the channel marketing and local digital advertising arenas, both large and growing markets,” said Wayne Hunter, managing partner with Harbert Venture Partners. Hunter, who has joined Netsertive’s board.
He added “We were particularly excited with their vertical specialization and channel marketing innovations that have attracted many notable brands to their platform.”
Moving to larger offices in the Research Triangle
“This latest round of financing enables us to continue expanding our capabilities, scale the business, and deliver more solutions for brands and local businesses that help them drive more revenue,” said Morrissey.
Netsertive secured a $4.5 million Series A round in late 2010. Since that time, revenue has increased seven-fold and they’ve hired more than 50 employees. The company expects to hire at least 60 more in the next 12 months to meet demand and extend its technology platform with more products.
As a result of its continued fast growth, Netsertive will be relocating to a larger corporate headquarters in RTP this fall.
Wednesday, August 8th, 2012
By Allan Maurer
Andre Parreira, CEO, founder of Realtime.
SANTA MONICA, CA - Realtime, creator of a global technology framework and applications to power what CEO and founder Andre Parreira calls “The foundation of Web 3.0), has launched in the United States with a $100 million investment from BRZTech Holding, a São Paulo-based technology investment group.
Parreira tells the TechJournal the technology has the potential to change the Web by delivering real time updates of text, images, video, and advertising as well as making visiting every website a interactive, social experience. Site visitors will be able to see who else is there and interact with them in real time.
It can also make e-commerce more like an in-store experience while providing retailers and advertisers with the ability to track what users are viewing as they see it. “You can see where people are and what’s in front of them,” he says. That means advertisers will have a new metric – the time a user spends looking at or interacting with an ad. “They can charge for time spent instead of for impressions or clicks,” says Parreira.
That could put Internet advertising on more of a par with television – which currently remains the top medium for high dollar advertising.
It could revolutionize e-commerce
“This could be a great help in e-commerce, because for the first time you can see what customers are doing. You can send them a promotion or flash sale. If you see a product trending, you can adapt in real time and send offers to one person or everyone.”
It could also be a boon for publishers. “Once you deliver a real time experience, the time users spend on a site increases by several times,” he explains. That’s not just wishful thinking. “We did a test in Portugal with a leading mobile cellular operator. They increased their sales by six times that day and put the technology on all their properties. They want to sell our product as part of their cloud offering.”
You can check out some case studies here.
He says any small business or large enterprise can use the technology to have real time capabilities. “Our technology will be the foundation of the next era of the Internet,” he says.
BRZTech, which made the $100 million investment, is a three-month old investment vehicle backed by a number of private investors in Europe and South America, including Portuguese conglomerate The Ongoing Group.
Realtime was founded in 1997 as Internet Business Technologies (IBT).
Company is hiring in multiple locations
Today, Realtime has offices in Sao Paulo, Rio de Janeiro, London, Madrid, Lisbon, and its new newest offices in Santa Monica, CA, and New York and Parreira says the company is hiring.
The technical nitty-gritty
Realtime Messaging System & Framework is powered by ORTC (Open Realtime Connectivity) and the xRTML - extensive Realtime multiplatform language.
The ORTC (Open Real-time Connectivity) is a highly scalable, cloud-hosted, many-to-many messaging system for Web and mobile apps.
Due to its bidirectional permanent link between server and connected user, ORTC allows a web application to broadcast (push) data to a single user or to every connected upon demand. This is a huge improvement over needing to refresh a browser.
This important change increases the speed of message delivery (low latency) and saves bandwidth costs, allowing the development of Web applications that until now would be too slow to be effective or too expensive to operate.
A Realtime multiplatform language
The programming environment is completely secure, featuring a broad number of languages with full control of tagging and extensibility. In its early beta release, Realtime has already signed up more than 1,000 developers to the xRTML community, and it will be shortly announcing developer conferences, incentives, hackathons and competitions for new applications.
Making the Realtime Web a reality
“Many people have talked about the coming ‘real-time Web’ in very abstract terms, and Realtime is the first company building a tangible framework that will make that abstraction a reality. We did not create a product. We created an industry,” said Parreira. “We are committing the resources to make Realtime the fluid, next-generation, truly conversational standard for the Web across the world.”
Realtime has already secured partnerships in the United States and worldwide with large-scale media publishers. In addition, Realtime has over 2,000 other existing global client relationships, delivering an average of 500,000 messages per second, with a worldwide footprint that surpasses 120 million user-connections every 24 hours.
Realtime Platform Will Create Tens of Thousands of Applications
Realtime’s sign-up of its first 1,000 developers is just the beginning of what it sees as a large-scale deployment of innovative “live Web” applications in the coming years utilizing the xRTML/ORTC platform, similar to Linux kicking off an explosion of new companies and applications based on its platform two decades ago.
The company is also developing and selling applications of its own, initially focusing on the e-commerce and advertising verticals.
Realtime will soon be demonstrating the power of its technology across the United States in the form of hosting local meetups in large web development communities, regular webinars, and other events.
Tuesday, August 7th, 2012
Affdex reads facial expressions using a webcam to help understand how people feel. (Graphic: Business Wire)
Are you ready to share not only videos you find interesting, but your emotional reactions to them? You may be able to do just that in the not too distant future. A company that has raised nearly $20 million in venture backing and several National Science Foundation grants is already marketing emotion-reading technologies.
Waltham, MA-based Affectiva has secured $12 million in Series C financing, backed by Hong Kong businessman Li Ka-shing’s Horizons Ventures and Kleiner Perkins Caufield & Byers (KPCB) Digital Growth Fund, with participation from existing investors.
The company’s technologies interest marketers and online video makers because it could sharpen their ability to create emotionally effective videos.
Affectiva, an MIT spin-off founded in 2009 by professor Rosalind W. Picard, Sc.D. and research scientist Rana el Kaliouby, Ph.D., has successfully commercialized emotion technologies, including Affdex, an automated facial coding platform and Q Sensor, a wearable biometric sensor.
Building on its momentum in market research, Affectiva will use the new funds to accelerate Affdex development of emotional insights for all forms of online video content, including advertisements, trailers, TV shows and movies.
Will use built-in webcams on laptops
Using the webcam found on laptops, tablets and smartphones, people will watch Affdex-enabled online videos and easily share their emotional experience with friends, family and content providers.
This accurate, scalable emotional insight will also allow content providers to optimize their content with improved relevance, engagement and viral impact, resulting in more user traffic and increased advertising revenue.
“Our goal is to make Affdex a globally ubiquitous tool that enables people to understand and share their emotional experiences online,” said David Berman, chief executive officer at Affectiva.
“While there is tremendous value for online video publishers to better understand consumer engagement with their content, we want to take this even further, so that consumers can see and share their own personal emotional scores.”
Opportunities for marketers
“Capturing and viewing online video has become mainstream. The ability to effectively measure real-time emotion while consumers are watching video has the potential to improve online engagement and satisfaction for users, in addition to creating opportunities for marketers to more effectively determine what consumers care most about,” said Mary Meeker, a partner at KPCB and Internet-industry expert.
The additional financing will also support the continued development for Q Sensor, already in use by hundreds of leading universities and corporations, to collect data and develop meaningful insights for areas such as sleep, anxiety, and stress.
Affectiva is partnering with a number of leading research and commercial institutions on healthcare applications for clinical and consumer health.
Affectiva previously raised $7.7 million from WPP, Myrian Capital and the Peder Wallenberg Charitable Trust, represented by Lingfield AB.
In addition, the company has also won several National Science Foundation (NSF) Small Business Innovation Research (SBIR) grants to further develop the cloud-based Affdex platform for brand managers seeking to optimize ad performance.
As a part of the financing, Frank Meehan at Horizons Ventures will join Affectiva’s board of directors and Mary Meeker, a partner at KPCB, will join as an Affectiva board observer.
Monday, July 2nd, 2012
Jumptap’s $27.5 million funding round from investors including General Catalyst Partners, Redpoint Ventures, Summerhill Ventures, Valhalla Partners, and WPP; as well as two new investors — Keating Capital and a large, institutional investor, is another indication of just how hot targeted mobile advertising is right now.
Jumptap says the capital will be used to accelerate growth through additional investments in product and technology development and prepare for a public offering.
Over the past year, Jumptap has extended its industry-leading ability to target through partnerships with more than 20 third-party data providers such as Polk, Acxiom, Datalogix, TARGUSinfo, Catalyst, and i360, making Jumptap the first to bring offline data to mobile advertising.
Additionally, the company forged partnerships with hyper-local leader PlaceIQ, and social ad service 140 Proof.
Each month Jumptap reaches 107 million mobile users in the U.S. and 156 million mobile users worldwide, and delivers 20 billion mobile impressions. The Company has also experienced a surge in the development of its technology patent portfolio, with 29 patents issued and 200 pending. To support its escalation, Jumptap has grown its employee base by 50 percent in 2011.
“The mobile advertising industry continues to grow at more than 50 percent annually. Jumptap is growing in excess of that,” said George Bell, CEO, Jumptap. “We’re focused on expanding our leadership in this surging market, developing our patented technologies in data and targeting, and preparing the company to go public.”
Here at the TechJournal, we often publish stories based on Jumptap’s Understanding Mobile Audience series adn its MobileSTAT reports.
Monday, May 14th, 2012
CHICAGO – SilkRoad, a provider of social talent management solutions, has completed a $35 million Series C financing round.
New investors include Keating Capital (Nasdaq: KIPO) and NTT Finance (NYSE: NTT). Existing investors including Intel Capital, Crosslink Capital, Foundation Capital, Azure Capital and Tenaya Capital, amongst others, invested in the oversubscribed round.
This new funding will support worldwide expansion and product innovation in preparation for a potential 2012-2013 initial public offering. The company has raised a total of $129 million.
Global human capital management (HCM) spending is expected to hit $8.1 billion by 2015, according to IDC. ’
Additionally, the recent wave of acquired talent management companies is further proof of the significant market opportunity expected. As the economy continues to recover, HCM will continue to be one of the hottest areas for IT spending.
Thursday, March 1st, 2012
By Joe Procopio
Last night at dinner, Windsor Circle’s Matt Williamson was a busy man. In between bites and drinks, he filled pages in a notebook with research on a number of investors who introduced themselves after his pitch. The beautiful thing was there was a veritable cornucopia of information to be had among the six of us at dinner, and by the time it was over, he was armed.
Williamson says, “It’s been an incredible experience being in such a tight concentration of venture capitalists. The overwhelming response is that we’re a compelling story for such a short amount of time that Windsor Circle has been around. I’ve been pleasantly surprised at how helpful the VCs are.”
He said a lot more than that, but I blacked out. It was late.
He’s not alone. Several startups are making that upward swing from the pitches into meetings, and if yesterday was an explosion of activity, then this morning and afternoon should be buzzing with follow up.
Not Just Digital
PodPonics is an Atlanta based high tech agriculture startup, converting shipping containers into high tech controlled growing environments producing fresher, urban, weather-safe produce — in other words better and faster with incredible yield. These containers can be stacked 10 high to produce 150x yield per acre.
That’s a game changer.
CEO Matt Liotta will present this afternoon. But they’ve been networking and meeting people in preparation. They say it’s a good setup, allowing mass concentration of conversation is short periods of time and they’ve been able to generate interest before they even take the stage.
Not Just Deals
It isn’t just the dealmaking though. This year, I’ve met more entrepreneurs and potential entrepreneurs who are here just to get the lay of the land and figure out how to take the next steps with their idea or fledgling company.
The panels have also been refreshingly honest. The first sentence I heard in the Venture Capital Outlook session was that “the wheels fell off on August 15th.” Having been out in the field raising money at that point, I absolutely agree with that. It’s like the mirage vanished.
Overall, there seems to be a lot of activity in the $1 billion plus range, and a lot in the under $100 million range, with a big black hole in the sweet spot. This is troubling for those early-stage graduates, but with such an emphasis on customers and revenue over the last four years, it’s certainly not a shocker.
There is a lot of visceral reaction to crowd-funding, and you’re going to see a lot more in this space in the near future, and it will probably be volatile and filled with argument.
It’s tricky, to say the least. There was a lot of talk about how it can and should be done, not only from a legal perspective but also making sure that you can get follow on money and that there are no surprises going into your next round.
However it can’t be ignored. Kickstarter, though not technically crowd-funding but more beta-product pre-purchase (or free T-shirt), has done three $1 million plus deals already this year.
So while Groupon, Facebook, and Zynga dominate the exit talk, crowd funding made up a large portion of the entry talk.
But it wasn’t the only talk. Angels are making more noise these days, and a common theme, the lack of organization in the Angel community that makes it hard to get started, is still an issue, even post AngelList. One of the questions was “where do I find Angels” and the first answer was “LinkedIn.”
Coincidentally, TechCrunch did a post last night on AngelList potentially creating a common pitch-deck template. And while I don’t agree that that’s the right next step, it should be about more robust ways to build relationships between the entrepreneurs and the angels, it’s at least a step.
Thursday, December 15th, 2011
MicroVentures, an online crowdfunding investment service that allows accredited investors to invest in deals that they might not otherwise see, has raised $150,000 while it continues to focus on helping entrepreneurs connect with individual investors.
This latest round was raised by using the service itself – all contributions were from several of the investors currently in the network, with the average investment of just over $10,000 per participant.
As easy money for founders is coming to an end in the current economic climate and an increasing number of start-ups face significant struggles to secure money, crowdfunding has continued its rise.
When VC money dries up
When VC money dries up, the opportunity to get in on deals does not – quite the contrary.
Crowdfunding services like MicroVentures open doors for individuals to invest in carefully vetted high-growth companies early, and have a return on their investment should the company have a successful exit. Entrepreneurs, for their part, have realized that it pays to shake your bootstrap to build a nimble, successful start-up and are turning to services like MicroVentures to find their perfect match.
“We are excited about the level of participation from the individual and independent investors we’re talking to. They clearly value the due diligence process we use for each of the start-ups that apply to the network,” said Bill Clark, CEO and founder of MicroVentures.
Entrepreneurs creative with spending
“The new generation of entrepreneurs has become very creative with how they spend funds, and they have learned that they don’t need massive amounts of financing to build innovative services and scale them.”
Crowdfunding not only puts individuals in touch with high-growth start-ups, it also has a larger positive side effect. It addresses the question of how to generate economic growth from a web-enabled, bottom-up approach: individuals coming together to support small businesses that are the engines of creation of the U.S. economy. By 2012, the peer-to-peer trend is forecast to reach $1 billion in transactions.
The more participants on the MicroVentures platform, the more opportunities exist for start-ups to get off the ground and succeed. And the more participating investors can leverage the power of this new funding platform.
In late October, MicroVentures announced that it raised $300,000 for a fund created to buy private shares in Facebook on a secondary market. The latest round of funding will be used to grow the platform and investor base to offer more opportunities to entrepreneurs and expedite the funding process, with the goal of reducing the fundraising cycles down from an average six months to even as little as a month or less.
Friday, November 18th, 2011
MOUNTAIN VIEW, CA – Fenwick & West,a law firms providing comprehensive legal services to high technology and life science clients says the results of its Third Quarter 2011 Silicon Valley Venture Capital Survey shows strong valuations for venture financings continued during the third quarter in the Valley. Internet, digital media and software firms performed best.
The Third Quarter 2011 survey analyzed the valuations and terms of venture financings for 113 technology and life science companies headquartered in the Silicon Valley that reported raising capital in the third quarter of 2011.
Up rounds exceeded down rounds
“During the third quarter of 2011, up rounds exceeded down rounds 70% to 15% with 15% flat. This was an increase from the second quarter of 2011, when up rounds exceeded down rounds 61% to 25%, with 14% flat.
Series B rounds were especially strong with 89% up rounds. The was the ninth consecutive quarter in which up rounds exceeded down rounds,” said Barry Kramer, partner in the Corporate Group of Fenwick & West and co-author of the survey.
An up round is one in which the price per share at which a company sells its stock has increased since its prior financing round. Conversely, a down round is one in which the price per share has declined since a company’s prior financing round.
The Fenwick & West Venture Capital Barometer™ – which measures the change in share price of Silicon Valley companies funded during the quarter compared with the share price of their previous financing round – showed a 69% average price increase for the quarter, a slight decrease from the 71% reported in the second quarter of 2011.
Additionally, one of the companies in the internet/digital media industry had a 1,500% up round, and were this company excluded the Barometer would have been 54% for the quarter.
“This was also the ninth consecutive quarter in which the Venture Capital Barometer was positive,” said Kramer.
Internet, digital media, software best performing
“The best performing industries in the quarter from a valuation perspective were internet/digital media and software (including a significant number of “software as a service” companies and companies building applications for mobile devices), which substantially outpaced the other industries, followed by hardware and cleantech, while the life science industry continued to lag,” added Michael Patrick, partner in the Corporate Group of Fenwick & West and co-author of the survey.
“The third quarter of 2011 was a mixed quarter for the venture capital industry, with healthy valuations, solid amounts of investing and an improved M&A environment. However fundraising by venture funds, IPOs, venture capitalists’ confidence level and Nasdaq, were all off significantly.
Nasdaq has recovered significantly in 4Q11 to date, and Groupon had a successful IPO, but the macro environment continues to be unpredictable, and accordingly the future direction of the venture environment is uncertain,” added Patrick.
Both venture capitalists and entrepreneurs tells us that valuations on the East Coast and the Southeast are not on a par with those on the West Coast, particularly in Silicon Valley. Perhaps that will bring more West Coast VCs into the heartland and the opposite coast to hunt deals, but they do seem to have an aversion to too many cross-country flights.
Complete results of the survey with related discussion are posted on Fenwick & West’s website atwww.fenwick.com/vctrends.htm.
Friday, June 24th, 2011
DURHAM, NC -With oil prices high, government support for alternative energy projects and investors hot for companies with advance solar technologies, a Durham, NC firm has nabbed substantial new venture backing. Semprius, the Durham, NC-based company with a proprietary technology for printing semiconductors on glass, plastic or other materials for use in solar panels, has raised $20 million of an offering targeted at $30 million, according to a filing with the U.S. Securities and Exchange Commission.
Investors in the firm include Durham’s Intersouth Partners, Austin’s Arch Venture Partners, Chicago’s Illinois Ventures, CA-based Applied Ventures, and Tokyo-based Global Venture Partners.
Semprius develops novel technology for the manufacture of advanced semiconductor devices. This technology enables “point-of-use electronics,” greatly broadening the options available to designers of advanced electronic devices. Semprius presented at TechMedia’s 2010 Southeast Venture Conference.
For many existing designs, the technology can enable a manufacturing process that is faster and far less expensive. It is ideal for multiple markets and applications, the company says, including solar modules, electronic displays and wireless devices.