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?=09 =09Thursday, June 07, 2001=09=09? ?=09CONTENTS | COMPANIES | INVESTORS | ADVERTISE | TELL A FRIEND=09VentureW= ire Index =09=09 =09=09today: 672.7 ? -0.94%=09? ? =09=09 =09=09 =09=09top stories =09=09 =09=09 =01=07 FreeMarkets and Adexa Walk Away from $340M Acquistion Deal =09=09 =01=07 inVentures Merges With Staffing Firm Redwood Partners =09=09 =01=07 Design Chain Firm ChipData Seals $23M in Second Round=20 =09=09=01=07 Crosspoint's Lisbonne Joins Matrix Partners =09=09=20 =09=09 =09=09TODAY'S FEATURES=20 =09=09Mohr Davidow Goes Back To School For Good Deal Flow=20 =09=09By Amanda Briggs =09=09With the market in a slump, one the most difficult tasks facing today= 's=20 early-stage investors is cultivating high-quality deal flow. more<< =09=09UPCOMING EVENTS =09=09July 31: New York City =09=09 =09=09Over $750 million has been invested in private equity deals in the fi= nancial=20 services sector (source: VentureWire). Despite all this activity, the=20 e-finance landscape is still largely undefined. Financial Services Outlook= =20 will help define the future. Register before June 19 and SAVE $100!=20 =09=09 =09=09 =09=09This year to date, over $750 million has been =09=09invested in private equity deals in the financial =09=09services sector (source: VentureWire). In this age =09=09of liquidation preference provisions and =09=09retroactive repricings, that's a strong =09=09performance. Financial Services Outlook allows =09=09you a unique insight into where the investment strength =09=09in this market lies, and which private companies are leading =09=09the strongest sectors of the financial technology =09=09and solutions market. =09=09 =09=09Register before June 19 and SAVE=20 $100:http://www.financialservicesoutlook.com/register.asp =09=09 =09=09 =09=09 =09=09 =09=09 =09=09 =09=09new money =09=09 =09=09 =01=07 Business Accelerator Blue Slate Gets First-Round Funds =09=09 =01=07 Corus Pharma Caps Series A at $18.5 Million =09=09 =01=07 Decision Management International Caps $14M Series A =09=09 =01=07 Idesta Secures $8.5 Million in First Round=20 =09=09=01=07 Blackstone Technology Takes $12.6M Series B, Names New CEO =09=09 =01=07 Eye Wear Tech Firm Micro-Optics Sees $4.5M from CDP =09=09 =01=07 ThruPoint Hauls in $31 Million Series E =09=09 =01=07 U.K. Teen Girls Site Mykindaplace Closes Second Round =09=09 =01=07 DevelopOnline Gets $11 Million in Round Two =09=09 =01=07 Mobile App Software Firm 3G Lab Gets $4.2 M in Round Two =09=09 =01=07 SG Cowen Invests in TelOptica, Brings Series B to $15.2M =09=09 =01=07 Cryptic Clue Raises Nearly $500,000 from 2M Invest =09=09 =01=07 iManageProperty Raises $500,000 in Bridge Funding =09=09 =01=07 Genicon Sciences Gets Additional $5 M to Close Series D=20 =09=09=01=07 NextSet Lands Funding from Sabre=20 =09=09=01=07 Advantage3D Scores $100K in Debt and Warrants=20 =09=09 =09=09 =09=09bad news =09=09 =09=09 =01=07 Intransit Networks Closes Seattle Office and CEO Resigns =09=09 =01=07 Music.com Shuts Down, Plans to Sell Assets to Pay Investors= =20 =09=09=01=07 Software Firm Notara Cuts 9% of Staff =09=09 =01=07 Mobile App Firm Wapit Files for Bankruptcy =09=09 =09=09 =09=09new deals =09=09 =09=09 =01=07 i-drive Puts the Brakes on Free Storage Services =09=09 =01=07 Mitsubishi Invests in GlobalEnglish =09=09 =09=09 =09=09new products =09=09 =09=09 =01=07 Materials Product Incubator Triton Spins Off Three Companies =09=09 =09=09 =09=09m&a =09=09 =09=09 =01=07 iMedeon Looks To Grow Through Acquisitions =09=09 =01=07 Medical Hubs Developer Salu Buys Tech Assets of ScanRx =09=09 =01=07 Online Mortgage Firm ClosingGuard Acquires MBH Settlement=20 =09=09=01=07 Platinum Equity to Buy McKessonHBOC Product Groups =09=09 =01=07 DVC Worldwide Buys Strategic Marketing Firm Media Designs =09=09 =01=07 Investment News Firm HedgeWorld Acquires HedgeCall =09=09 =01=07 The Manugistics Group to Buy Some of SpaceWorks' Assets=20 =09=09=01=07 Universal Domains Acquires Cavio =09=09 =09=09 =09=09new directors =09=09 =09=09 =01=07 AT&T Wireless CTO Joins Tropian Board as Outside Director =09=09 =01=07 Akara Appoints Unisphere Networks' CEO to Board =09=09 =09=09 =09=09new people =09=09 =09=09 =01=07 PhoneFree Names New Pres. as it Shifts Focus and Cuts Staff =09=09 =01=07 Nationtax Online Taps Bankrate Chief as President and CEO =09=09 =01=07 Wireless Software Firm BlueKite.com Names New Pres & CEO =09=09 =09=09 =09=09vc fund news =09=09 =09=09 =01=07 nCoTec Has $38.2 M First Closing of Its First Fund =09=09 =09=09 =09=09vc personnel =09=09 =09=09 =01=07 VC Firm Whitney Loses Managing Director=20 =09=09 =09=09 =09=09vw corrections =09=09 =09=09 =01=07 Gazoo =09=09 =09=09 TOP STORIES... NEW MONEY... BAD NEWS... NEW DEALS... NEW PRODUCTS...= M&A...=20 NEW DIRECTORS... NEW PEOPLE... VC FUND NEWS... VC PERSONNEL... VW CORRECTIO= NS =09=09 =09=09 =09=09 =09=09 =09=09 =09=09 =09=09Enterprise Outlook: June 26 & 27 =09=09 =09=09Real-time business collaboration: Much has been said =09=09and written about new applications and network architectures =09=09that facilitate collaboration. But what are the real benefits =09=09of employing these solutions? Which approaches will likely =09=09endure? And which are most cost effective? =09=09 =09=09We'll help you cut through the hype at Enterprise Outlook, =09=09Technologic Partners' annual event in San Francisco. =09=09 =09=09Register to reserve your place:http://enterpriseoutlook.com/ =09=09 =09=09 =09=09 =09=09 top stories=20 =09=09? =09=09FreeMarkets and Adexa Walk Away from $340M Acquistion Deal =09=09 ?=20 =09=09 =09=09 PITTSBURGH (VENTUREWIRE) -- FreeMarkets, a publicly traded=20 business-to-business marketplace, and Adexa, a provider of collaborative=20 commerce services for e-business, said they have agreed to terminate their= =20 acquisition agreement, citing the slowing economy, market conditions, and t= he=20 delays in obtaining SEC approval. In February the companies announced=20 Freemarkets would acquire Adexa for $340 million in stock. FreeMarkets said= =20 it will now take a 3% equity stake in Adexa for $6 million, and enter into = a=20 non-exclusive strategic relationship under which the companies will=20 cross-sell each other's services. In a written statement, Adexa president a= nd=20 CEO, K. Cyrus Hadavi said, "Both companies felt that under current market= =20 conditions, the proposed deal did not make as much sense as originally=20 anticipated." Adexa has received funding from Amerindo Investment Advisors,= =20 DRW Venture Partners, Information Technology, J. & W. Seligman, Sutter Hill= =20 Ventures, and Vitria Technology.=20 =09=09http://www.adexa.com =09=09http://www.freemarkets.com =09=09 =09=09 =09=09inVentures Merges With Staffing Firm Redwood Partners =09=09 ?=20 =09=09 =09=09 SAN FRANCISCO (VENTUREWIRE) -- inVentures, a venture capital firm wi= th=20 offices in Europe, and Redwood Partners, an executive staffing firm based i= n=20 the U.S., have merged to form a new venture firm called Redwood Partners=20 International (RPI). The new firm is raising a new fund of $100 million.=20 According to Veijo Huusko, vice president of RPI's Stockholm wireless=20 division, the merger between the firms took place about three weeks ago. Th= e=20 new firm, which has offices in New York, London, Chicago, Los Angeles, and= =20 Stockholm, will offer executive search, management consulting, and investme= nt=20 and advisory services as well as venture capital financing to startups in= =20 such areas as wireless communications. The firm is also opening an office i= n=20 the San Francisco area, Mr. Huusko said. Mr. Huusko also said the firm is= =20 raising a new venture fund on the order of $100 million. The fund is expect= ed=20 to close by the end of the year, with the initial closing taking place arou= nd=20 September. inVentures has traditionally invested in early-stage companies i= n=20 the business-to-business and wireless applications spaces. =09=09http://www.redwoodpartners.com =09=09 =09=09 =09=09Design Chain Firm ChipData Seals $23M in Second Round=20 =09=09?=20 =09=09 =09=09 RICHARDSON, Texas (VENTUREWIRE) -- ChipData, which develops electron= ic=20 design automation software, said it closed its second round at $23 million= =20 with funding from Trinity Ventures, EDS Ventures, CenterPoint Ventures,=20 InterWest Partners, and Sevin Rosen Funds. New investor Trinity led the=20 round. EDS was also a new investor. ChipData said it has a post-money=20 valuation greater than $50 million and investors now hold more than a 50%= =20 equity stake in the company. The company, which said it had a monthly burn= =20 rate of $800,000, expects to be profitable in the next 18 to 24 months. The= =20 funding is expected to last a quarter beyond targeted profitability. Noel= =20 Fenton of Trinity is taking a seat on ChipData's board of directors, which= =20 now has seven members. ChipData said the new funding would be used for=20 working capital, increasing its staff from 90 to 150 by the end of the year= ,=20 and for developing additional applications for its current product line. Th= e=20 company also said it will open an office in Tokyo by the end of the year an= d=20 was also considering creating a new Japanese business entity. ChipData also= =20 said it has signed business alliances with Cadence, Tibco, Mentor Graphics,= =20 and Nissei Sanyo, among others. In April 2000, ChipData raised $10 million = in=20 first-round funding from CenterPoint Ventures, InterWest, and Sevin Rosen.= =20 =09=09http://www.chipdata.com =09=09 =09=09 =09=09Crosspoint's Lisbonne Joins Matrix Partners =09=09 ?=20 =09=09 =09=09 MENLO PARK, Calif. (VENTUREWIRE) -- Matrix Partners, a venture capit= al firm,=20 said it named Bob Lisbonne as a general partner. Mr. Lisbonne, a partner wi= th=20 Crosspoint Venture Partners since 1999, will join Matrix later this month.= =20 Last November, Crosspoint Venture Partners said it postponed its ninth fund= ,=20 which had commitments totaling over $1 billion, citing market conditions. A= t=20 the time, Crosspoint said it had enough money in its $854 million 2000 fund= =20 to finance a few new companies, but would mainly focus on bringing its=20 existing portfolio companies to profitability. Earlier this week, VentureWi= re=20 reported that Matrix has closed its seventh fund with $1 billion. Mr.=20 Lisbonne will work on the new fund, concentrating on e-business software.= =20 Matrix portfolio companies include Blue Martini Software, Sonus Networks, a= nd=20 Sycamore Networks. Prior to joining Crosspoint, Mr. Lisbonne served as seni= or=20 vice president and general manager of browser products at Netscape. Matrix= =20 Partners, founded in 1977 with a headquarters in Boston, focuses on softwar= e,=20 networking equipment, semiconductor, computing, storage, and Internet=20 sectors, with emphasis on e-commerce, e-business services, and communicatio= ns=20 infrastructure. =09=09http://www.matrixpartners.com =09=09 =09=09 =09=09 new money=20 =09=09? =09=09Business Accelerator Blue Slate Gets First-Round Funds =09=09 ?=20 =09=09 =09=09 ALBANY, N.Y. (VENTUREWIRE) -- Blue Slate Solutions, a provider of bu= siness=20 strategy and technology consulting services, said it received an undisclose= d=20 amount of first-round funding from Exponential, which provides venture=20 capital funding for businesses in upstate New York. Unnamed individuals als= o=20 participated. The company said it plans to use the new capital for product= =20 development and general expansion. With this round, Blue Slate Solutions ha= s=20 granted one seat on five-member board to Exponential. Blue Slate Solutions= =20 was founded in June 2000 by David Wood, a managing director with First Alba= ny=20 Enterprise Funding; Joe Raiti, director of technology of Integrated Partner= s;=20 and Richard Barnett, who was a director of finance for General Electric.=20 Prior to this round, the company was backed by individuals.=20 =09=09http://www.blueslate.net =09=09 =09=09 =09=09Corus Pharma Caps Series A at $18.5 Million =09=09 ?=20 =09=09 =09=09 SEATTLE (VENTUREWIRE) -- Corus Pharma, a pharmaceutical development = company=20 that focuses on respiratory and infectious diseases, said it closed its=20 Series A at $18.5 million with funding from Burrill & Co., Cascade=20 Investment, J.P. Morgan Partners, and OrbiMed Advisors. The company said=20 funding from the round, which was led by Burrill & Co., will be used for=20 clinical trials, infrastructure, and identifying and licensing new=20 pharmaceutical development candidates. Corus named three new board members,= =20 bringing the total to six with one open seat. The new board members are Rod= =20 Ferguson, general partner at J.P. Morgan Partners; John Kim, managing=20 director of Burrill & Co.; and Sam Wertheimer, senior analyst at OrbiMed=20 Advisors. Bruce Montgomery, the company's co-founder, president, and CEO,= =20 said the company was valued at $20 million pre-money and expects the new=20 funding to sustain the company for the next two years. He expects the compa= ny=20 to grow from eight full-time employees to 25 by the end of the year,=20 including a CFO and a vice president of research and development. Prior to= =20 founding Corus, Mr. Montgomery worked at PathoGenesis, where he was an=20 executive vice president of research and development. Digital Coast Partner= s,=20 an investment bank, advised Corus for this round of funding. Corus was=20 founded on January 1, 2001 and held an internal seed round prior to raising= =20 this Series A. =09=09http://www.coruspharma.com =09=09 =09=09 =09=09Decision Management International Caps $14M Series A =09=09 ?=20 =09=09 =09=09 BRADENTON, Fla. (VENTUREWIRE) -- Decision Management International (= DMI),=20 which produces software and provides consulting services for pharmaceutical= =20 and biotech companies, said it raised $14 million in its Series A from=20 MedEquity Investors and Halpern Denny & Co. MedEquity led the round that wi= ll=20 allow DMI to increase its sales and marketing staff and to expand its reach= =20 overseas. The company currently employs 60 people and foresees over 100=20 people working for the company within the next year. The company would not= =20 disclose what its valuation was for this round and would only say it expect= s=20 to generate eight-figure revenues this year. The board has increased to fiv= e=20 members with the addition of two new directors -- Peter R. Gates, managing= =20 director of MedEquity, and George P. Denny III, partner of Halpern, Denny, = &=20 Co. Founded in January 1994 as a consulting firm, the company began=20 developing its own software and is now developing software designed to enab= le=20 pharmaceutical, biotech, and medical device companies to communicate more= =20 efficiently during the manufacturing process. Technology-focused investment= =20 banking firm Hyde Park Capital Advisors in Tampa, Fla. advised DMI.=20 =09=09http://www.dmius.com =09=09 =09=09 =09=09Idesta Secures $8.5 Million in First Round=20 =09=09?=20 =09=09 =09=09 GLASGOW, Scotland (VENTUREWIRE) -- Idesta, a developer of mobile ent= erprise=20 applications, said it closed its first round at EUR 10 million ($8.5 millio= n)=20 with funding from nCoTec, NPM-Capital, and TTP Ventures. George MacRitchie = of=20 nCoTec -- which led the round with $3.4 million -- joined Idesta's board of= =20 directors bringing its total to seven. A representative from NPM or TTP may= =20 also join the board. Outside investors now hold a 38% equity stake in the= =20 company. Idesta has a post-money valuation of $23.7 million. This is nCoTec= 's=20 first investment since the first closing of its fund last week. Idesta said= =20 it will use the funding for expansion into Northwest Europe and the Middle= =20 East. The company also plans on moving its headquarters from Glasgow to=20 Marktrect, Netherlands, and increasing the number of employees from 95 to 1= 30=20 by the end of the year. Idesta was formed in June 2000 out of the merger=20 between FGS Computer Systems of the U.K. and Hi-Spex of the Netherlands. =09=09http://www.idesta.com =09=09 =09=09 =09=09Blackstone Technology Takes $12.6M Series B, Names New CEO =09=09 ?=20 =09=09 =09=09 WORCESTER, Mass. (VENTUREWIRE) -- Blackstone Technology Group, which= =20 provides high-throughput computing software and services, announced it has= =20 closed $12.6 million in Series B funding. Ampersand Ventures, Garfly Invest= ,=20 Itochu International, Molehill Ventures, Softbank Investment, and Synopsys= =20 participated in the round. The company also said it named Brian Ritchie as= =20 president and CEO. Mr. Ritchie succeeds founder Ron Ranauro, who remains wi= th=20 the company as vice president of business development. Mr. Ritchie formerly= =20 served as president and CEO at Auspice, an infrastructure automation servic= e=20 provider. The round was led by Ampersand. All participants in the round wer= e=20 new investors except for Molehill Ventures. As a result of the round, Richa= rd=20 Charpie, managing partner, and David Parker, general partner, of Ampersand= =20 will join the board. Also holding seats on the board are Brad Elmblad of=20 Molehill; Mr. Ritchie; and Blackstone founder, Ron Ranavro. A sixth seat ha= s=20 been reserved for an outside director. Hill and Barlow provided legal couns= el=20 for the company. Series B funds will carry the company for at least the nex= t=20 12 months, said Mr. Ritchie. The company may raise another round before it= =20 breaks even, anticipated within 24 months. Mr. Ritchie declined to comment = on=20 company valuation. He said the funds will be used for developing new softwa= re=20 for infrastructure management and optimization, expected to go to market in= =20 September. The company plans to add between five and ten new positions to i= ts=20 staff of 40 by the end of the year, mostly in research, development, sales= =20 and marketing. To date, Blackstone has received $16.1 million in equity=20 financing. =09=09http://www.computefarm.com =09=09 =09=09 =09=09Eye Wear Tech Firm Micro-Optics Sees $4.5M from CDP =09=09 ?=20 =09=09 =09=09 MONCTON, New Brunswick (VENTUREWIRE) -- Micro-Optics Design, which d= evelops=20 technology for manufacturing eyeglass prescriptions, said it received $4.5= =20 million in its second round of venture funding from ACF Equity Atlantic, BD= C=20 Venture Capital of the Business Development Bank of Canada, CDP Acces Capit= al=20 Acadie, and CDP Sofinov. All the investors invested in the company=20 previously. CDP Sofinov and CDP Acces Capital Acadie, both subsidiaries of= =20 Caisse de depot et placement du Quebec, invested $2.5 million in this round= =20 following a $3.5-million first round investment in May 2000. Micro-Optics= =20 said it will use the funding as working capital and to increase its=20 105-person staff by 35 within a year. The company also said it was=20 considering opening a new office in the U.S. in addition to its Carson, Nev= .=20 branch. Micro-Optics, founded in 1995, also said it was targeting a new rou= nd=20 under $10 million to close by the end of this year with participation from= =20 American venture capital firms.=20 =09=09http://www.micro-optics.com =09=09 =09=09 =09=09ThruPoint Hauls in $31 Million Series E =09=09 ?=20 =09=09 =09=09 NEW YORK (VENTUREWIRE) -- ThruPoint, a network architecture consulti= ng firm,=20 said it has closed on $31 million in fourth-round funding. Investments came= =20 from Banc of America Securities, Morgan Stanley Venture Partners, ORIX USA= =20 merchant banking division, and TIAA-CREF. There was no designated lead=20 investor, a ThruPoint spokesperson said. Morgan Stanley Venture Partners wa= s=20 the only previous investor to participate in this round. Prior investors=20 Cisco Systems and KPMG did not reinvest. No board appointments resulted fro= m=20 the round. Funds from the round will be used for expansion into nine new=20 cities in Europe, product development, and working capital. ThruPoint took = in=20 $68.3 million in net sales for 2000 and $22.4 million in the first quarter = of=20 2001. The company has raised a total of $75 million. =09=09http://www.thrupoint.net =09=09 =09=09 =09=09U.K. Teen Girls Site Mykindaplace Closes Second Round =09=09 ?=20 =09=09 =09=09 LONDON (VENTUREWIRE) -- Mykindaplace.com, a London-based Web site fo= r=20 teenage girls, said it closed its second round of funding with an undisclos= ed=20 amount from BskyB and Eurovestech. Both firms were previous investors.=20 Mykindaplace raised approximately $3 million in its first round of funding= =20 and less that that this round, which was an up round, according to Richard= =20 Bernstein, CEO of Eurovestech. Mykindaplace, which has also received fundin= g=20 from Freeserve, recently purchased the assets of defunct competitor Wowgo.= =20 The company said it plans to reach profitability by this September.=20 =09=09http://www.mykindaplace.com =09=09 =09=09 =09=09DevelopOnline Gets $11 Million in Round Two =09=09 ?=20 =09=09 =09=09 TEMPE, Ariz. (VENTUREWIRE) -- DevelopOnline, a provider of a Web-bas= ed=20 platform for collaborative electronic product development, said that it=20 received $11 million in a second round of financing from Avnet, Carlyle=20 Venture Partners, and 3i. Carlyle Venture Partners and 3i, both previous=20 investors, co-led the financing. This was a down round, though DevelopOnlin= e=20 did not disclose the valuation. The company said it expects the funds to la= st=20 until an unspecified "liquidity event" and is not anticipating raising any= =20 future rounds of venture capital. With this round, Avnet was granted a seat= =20 on the company's five-member board of directors, which already includes=20 members of Carlyle Venture Partners and 3i. Prior to this round, the compan= y=20 raised $15.3 million in one round from Carlyle Venture Partners, 3i, and=20 unnamed individuals.=20 =09=09http://www.developonline.com =09=09 =09=09 =09=09Mobile App Software Firm 3G Lab Gets $4.2 M in Round Two =09=09 ?=20 =09=09 =09=09 CAMBRIDGE, England (VENTUREWIRE) -- 3G Lab, a developer of software = for=20 mobile networks and devices, said it received GBP 3 million ($4.2 million) = in=20 second-round funding from 3i. CEO Stephen Ives said this was an up round,= =20 giving the company a post-money valuation of $20.9 million. Mr. Ives said h= e=20 expects the funds to last 12 to 18 months. The company said it will use the= =20 new funds to develop custom software for network operators as well as for= =20 research and development. In April 2000, 3G Lab received $2.8 million in=20 initial financing from 3i.=20 =09=09http://www.3glab.com =09=09 =09=09 =09=09SG Cowen Invests in TelOptica, Brings Series B to $15.2M =09=09 ?=20 =09=09 =09=09 RICHARDSON, Texas (VENTUREWIRE) -- TelOptica, a provider of optical = networks=20 software and services, announced it has received $2 million from SG Cowen= =20 Ventures Fund I as part of its Series B round. The new investment brings th= e=20 round to close at $15.2 million. The company has a post-money valuation of= =20 $41.2 million. New investor SG Cowen gains an observer seat on the board. T= he=20 round was led by Trellis Partners, and also included Austin Ventures,=20 CenterPoint Venture Partners, and SSM Ventures. Series B funds will be used= =20 for product development, marketing, and adding three people to the sales=20 team, including a VP of sales. Keeping the burn rate steady at $800,000 per= =20 month, CEO Michael Bernique said the company expects between $2.5 million a= nd=20 $3 million in revenues for 2001, up from under $1 million the year before.= =20 TelOptica expects to become profitable at the beginning of 2003, he said.= =20 Brobeck Phleger & Harrison provided legal counsel and Imperial Bank advised= =20 TelOptica in the round. TelOptica has raised more than $21 million to date. =09=09http://www.teloptica.com =09=09 =09=09 =09=09Cryptic Clue Raises Nearly $500,000 from 2M Invest =09=09 ?=20 =09=09 =09=09 COPENHAGEN, Denmark (VENTUREWIRE) -- Cryptic Clue, an encryption tec= hnology=20 firm that has developed a mathematical algorithm for digital security and= =20 protection of companies and individuals, announced it has secured DKK 4=20 million ($456,376) from 2M Invest. In return for the investment, 2M Invest= =20 will receive a 30% ownership interest in Cryptic Clue. In addition, Henrik= =20 Faarup, investment director at 2M Invest, will become chairman of Cryptic's= =20 board of directors.=20 =09=09http://www.crypticclue.com =09=09 =09=09 =09=09iManageProperty Raises $500,000 in Bridge Funding =09=09 ?=20 =09=09 =09=09 BERKELEY, Calif. (VENTUREWIRE) -- iManageProperty, a developer of=20 property-management software for commercial and residential real-estate=20 industries, said it secured approximately $500,000 in bridge financing from= =20 individual investors. iManageProperty is also raising a Series A round for= =20 approximately $5 million, targeted to close within 60 days. The company sai= d=20 the financing would be used as working capital and to expand its 15-person= =20 staff. iManageProperty also recently signed two privately held property=20 management firms as clients. The company was founded in 1994 and is current= ly=20 breaking even. Alterity Partners is acting as the placement agent for=20 iManageProperty.=20 =09=09http://www.imanageproperty.com =09=09 =09=09 =09=09Genicon Sciences Gets Additional $5 M to Close Series D=20 =09=09?=20 =09=09 =09=09 SAN DIEGO (VENTUREWIRE) -- Genicon Sciences, a developer of technolo= gy for=20 the analysis of biological interactions in genomic and proteomic research,= =20 said it received $5 million in additional Series D funding from TVM Life=20 Science Ventures and IngleWood Ventures. The new funding brings the company= 's=20 Series D to $32 million.At its initial Series D close in May, the company h= ad=20 a post-money valuation of $55 million, an up round. The financing was led b= y=20 new investor Audax Ventures, with participation from other new investors=20 CMEA, GIMV, and Radius Ventures. Also contributing were previous investors= =20 Forward Ventures, Oxford Bioscience, and Utah Ventures. The company said it= =20 plans to use the new funding to continue developing its flagship=20 resonance-light-scattering technology for use during the drug discovery=20 research and development process. With this investment there were no=20 appointments to the company's seven-member board of directors, which includ= es=20 John Maki of Audax Ventures, Christine Cordaro of CMEA, Ned Olivier of Oxfo= rd=20 Bioscience, Jeff Sollender of Forward Ventures, and Allan Wolfe of Utah=20 Ventures. =09=09http://www.geniconsciences.com =09=09 =09=09 =09=09NextSet Lands Funding from Sabre=20 =09=09?=20 =09=09 =09=09 PALO ALTO, Calif. (VENTUREWIRE) -- NextSet Software, a provider of b= usiness=20 exchange automation applications, said it has received an undisclosed amoun= t=20 of equity financing from Sabre, a publicly traded travel technology firm. N= o=20 other financial details were disclosed. NextSet also said it has formed a= =20 strategic alliance with Sabre. The two companies have entered into a=20 co-marketing agreement and Sabre will also license some of NextSet=20 infrastructure products. NextSet has raised $28 million in two rounds of=20 funding from Integral Capital Partners and individual investors.=20 =09=09http://www.nextset.com =09=09 =09=09 =09=09Advantage3D Scores $100K in Debt and Warrants=20 =09=09?=20 =09=09 =09=09 PHILADELPHIA (VENTUREWIRE) -- Advantage3D, which provides digital im= aging=20 software, announced it has raised $100,000 in debt and warrants from the B= en=20 Franklin Technology partners. The company said the funds will be used for= =20 developing its imaging software that will go to market in the third quarter= .=20 The round should carry the company for nine months, said CEO Marcos=20 Salganicoff. The company is also raising $3 million in Series A funding,=20 expected to close within three months.=20 =09=09http://www.advantage3d.com =09=09 =09=09 =09=09 bad news=20 =09=09? =09=09Intransit Networks Closes Seattle Office and CEO Resigns =09=09 ?=20 =09=09 =09=09 SEATTLE (VENTUREWIRE) -- Intransit Networks, a wireless asset tracki= ng and=20 inventory control company, closed its Seattle office and co-founder,=20 president, and CEO, Carl O. Peterson has resigned his posts. The company al= so=20 said it will consolidate operations in its Alpharetta, Ga. office and limit= =20 activities to producing a prototype asset tracking system for demonstration= =20 purposes. Mr. Peterson has left the firm but he remains one of three member= s=20 of the board of directors. Vice president of engineering Bob Twitchel, also= a=20 director, will oversee development of the prototype system, and will report= =20 to the board, which also includes investor Mark Spangler. Most recently,=20 Intransit laid off four full-time employees in its Seattle office, bringing= =20 total layoffs in the area to 12 people. The company recently opened its=20 Alpharetta office, which has one employee, Mr. Twitchel. Mr. Peterson cited= =20 his disagreement with the direction of the company and the need to reduce= =20 costs as his reasons for leaving. He said he is currently in the market for= a=20 new job in the Seattle area. The company gave more than 50 presentations=20 since January to potential investors, primarily in the Silicon Valley area,= =20 but failed to close its Series A targeted at $4 million. Founded in August= =20 2000, the company raised $800,000 from Spangler Ventures and Whalen & Gratn= ey. =09=09http://www.intransitnetworks.com =09=09 =09=09 =09=09Music.com Shuts Down, Plans to Sell Assets to Pay Investors=20 =09=09?=20 =09=09 =09=09 NEW YORK (VENTUREWIRE) -- Music.com, a Web site for music industry= =20 professionals, artists, and consumers, has shut down, according to chairman= ,=20 president, and CEO Philippe Bellosguardo. Mr. Bellosguardo said the 12=20 employees who remained with the company after it downsized in February wer= e=20 let go last Friday after all other options failed. One investor in the=20 company blamed the music site's woes on the downturn in the U.S. private=20 equity market, saying that the company had been "severely affected." Now, M= r.=20 Bellosguardo is looking to sell the company's remaining assets, particularl= y=20 its URL, to pay off investors. He would not comment on whether he had=20 received any offers from prospective buyers. Music.com raised $10 million= =20 from Philippines-based iAyala, a wholly owned subsidiary of Ayala; Citicorp= =20 Capital Asia; Berjaya Group, a Malaysian company; and Music Corp., which=20 owned 16% of the company. Mr. Bellosguardo said Music Corp. is providing=20 $300,000 in financing toward expenses related to the sale of the assets.=20 =09=09http://www.music.com =09=09 =09=09 =09=09Software Firm Notara Cuts 9% of Staff =09=09 ?=20 =09=09 =09=09 NEW YORK (VENTUREWIRE) -- Notara, a developer of Web-application sof= tware,=20 said it laid off approximately ten employees, roughly 9% of its staff, in= =20 order to reduce its burn rate. "They were all positions within the company= =20 that could be eliminated," said a company spokesperson. "We didn't lose any= =20 functionality." The spokesperson said rumors that the company's Stratford,= =20 Conn. office has closed were not true, but the company is considering=20 consolidating the Connecticut office and its employees into the New York=20 office. She said most of the cuts affected the company's New York office.= =20 Notara has received funding from Hummer Winbald Venture Partners, RRE=20 Ventures, Bessemer Venture Partners, Nassau Capital, Sumitomo, and the=20 U.K.-based Protege Group. =09=09http://www.notara.com =09=09 =09=09 =09=09Mobile App Firm Wapit Files for Bankruptcy =09=09 ?=20 =09=09 =09=09 HELSINKI, Finland (VENTUREWIRE) -- Wapit, which provides mobile oper= ators=20 and media companies with mobile technology, middleware, and applications,= =20 announced it was unable to secure a second round of funding, and is filing= =20 for bankruptcy. In a statement announcing its decision to shut down, Wapit= =20 said that it had "pursued several paths of negotiation in order to continue= =20 operations," however all attempts proved unsuccessful. Last year, Wapit=20 secured about $2 million in financing from British investment bank Durlache= r,=20 which also served as the adviser in the unsuccessful second round.=20 =09=09http://www.wapit.com =09=09 =09=09 =09=09 new deals=20 =09=09? =09=09i-drive Puts the Brakes on Free Storage Services =09=09 ?=20 =09=09 =09=09 SAN FRANCISCO (VENTUREWIRE) -- i-drive, which provides enhanced stor= age=20 products and services to communication service providers, announced it will= =20 discontinue its free storage service for individual consumers effective Jun= e=20 18, and will focus more on its growing software business. Arif Janjua, who= =20 replaced founder Tim Craycroft as CEO last month, said i-drive has referred= =20 its users to Xdrive Technologies, another company that offers=20 subscription-based online storage service for individuals. In return, Xdriv= e=20 will pay i-drive an undisclosed amount, said Mr. Janjua. He said the change= =20 in focus will not result in any layoffs and that employees who previously= =20 managed operations of the storage site will be repositioned to provide=20 professional services to other storage consumer sites. Late last year,=20 i-drive cut its workforce, which once stood at about 120, to about 50=20 employees. The company said the restructuring, which occurred before Mr.=20 Janjua came on board, has put i-drive in a better position to raise another= =20 round of funding and will speed up its plan to reach profitability by the e= nd=20 of next year. Mr. Janjua said i-drive is looking to raise over $10 million = in=20 its next funding round; the company has raised more than $30 million to=20 date. The company's backers include Draper Fisher Jurvetson, Global Retail= =20 Partners, Hikari, Information Technology Ventures, Partners Group of=20 Switzerland, and ZDNet. Strategic investors include Philips and EMC.=20 =09=09http://www.i-drive.com =09=09 =09=09 =09=09Mitsubishi Invests in GlobalEnglish =09=09 ?=20 =09=09 =09=09 SOUTH SAN FRANCISCO, Calif. (VENTUREWIRE) -- GlobalEnglish, which pr= ovides=20 online English language learning programs, said Mitsubishi invested in the= =20 company through its private equity investment subsidiary, MIC Capital. Term= s=20 of the deal were not disclosed. Mitsubishi currently uses GlobalEnglish's= =20 corporate learning service to train its employees. It also sells the same= =20 product through its subsidiary, Human Link, in Japan. Mitsubishi will not= =20 take a seat on the board as a result of this investment. Fred Grainger serv= es=20 as president and CEO for GlobalEnglish, which was founded in 1997. Investor= s=20 in the company include The Investment Group of Santa Barbara, Mayfield Fund= ,=20 and SPO Partners & Co.=20 =09=09http://www.globalenglish.com =09=09 =09=09 =09=09 new products=20 =09=09? =09=09Materials Product Incubator Triton Spins Off Three Companies =09=09 ?=20 =09=09 =09=09 CHELMSFORD, Mass. (VENTUREWIRE) -- Triton Systems, a materials-based= product=20 incubator, announced it has spun off three new companies with a first round= =20 of equity financing: Elecon, which manufactures conductive polymers for th= e=20 electronics marketplace; Tribond, a developer of temperature-controlled=20 sealing technology; and Sensera, which provides real-time electronic=20 biosensors. Millennium Materials Fund and Triton provided $4.5 million for= =20 Elecon, $3.5 million for Tribond, and $1.75 million for Sensera. Millenium= =20 led all the investments. In its $4.5 million first round, Elecon received $= 2=20 million from Millenium and the balance from Triton. Post-money, the company= =20 was valued between $15 million to $18 million, said Ross Haghighat, CEO and= =20 chairman of Triton and the new spin-offs. Zwi Vromen of Millenium joins the= =20 Elecon board, which currently has five directors. With a burn rate of under= =20 $250,000 per month and the expectation that it will grow from 12 to nearly = 30=20 employees by the end of the year, Elecon will raise a second round from=20 venture capital and strategic investors early this fall. Mr. Haghighat=20 expects $5 million to $7 million in revenues in 2002, with profitability at= =20 the end of 2002. Of Tribond's $3.5-million round, $1 million came from=20 Millenium and the rest from Triton. Post-money valuation for the company,= =20 which provides plastic welding technology for the biomedical and food=20 packaging sectors, is $12 million. New money will be used for product=20 development and the hiring of 13 employees. With a burn rate of $150,000 pe= r=20 month, the company expects more than $5 million in revenues for 2002, and= =20 profitability at the end of that year. The company will raise between $10= =20 million and $12 million in a second round of funding in the fall, targeting= =20 post-money valuation of nearly $40 million. Sensera, which develops=20 biosensors for the pharmaceuticals industry, is valued at $8.5 million afte= r=20 the first round. Millenium contributed $1 million to the round. The company= =20 said it will use the new funds to develop a fully integrated sensor and to= =20 develop a sensor array. Sensera will seek more than $5 million in a second= =20 round early in 2002, and expects approximately $25 million in post-money=20 valuation. =09=09http://www.tritonsystems.com =09=09 =09=09 =09=09 m&a=20 =09=09? =09=09iMedeon Looks To Grow Through Acquisitions =09=09 ?=20 =09=09 =09=09 SAN FRANCISCO (VENTUREWIRE) -- iMedeon, an Alpharetta, Ga.-based mob= ile=20 technology company, is preparing to make a number of acquisitions, a compan= y=20 executive told VentureWire. Speaking Tuesday at the Technologic Partners'= =20 Mobile Outlook conference in San Francisco (Technologic publishes=20 VentureWire), iMedeon chairman and CEO, Lawrence D. Duckworth, said the=20 company is raising Series C funds that will be used in part to expand the= =20 company aggressively through acquisitions. While Mr. Duckworth did not=20 comment specifically on the amount of money to be raised in the round, he= =20 said iMedeon is targeting companies that will help "round out" its solution= s=20 set. "We're looking to expand our footprint," he said. Mr. Duckworth said= =20 acquisitions will take place over a two-year period with no set number of= =20 companies in mind. In addition to companies it currently has no relation=20 with, Mr. Duckworth said iMedeon may purchase some of its existing business= =20 partners. The company's partners include Dataroam, a wireless application= =20 service provider based in the U.K. iMedeon may also opt to make strategic= =20 investments instead of acquisitions, he said. The company has yet to make a= ny=20 acquisitions though Mr. Duckworth said he expects the first deal to happen= =20 "soon." The company will pay for its deals with a combination of cash and= =20 stock. iMedeon, which provides wireless Web applications for mobile workfor= ce=20 management, raised $15.5 million in second-round financing in November, wit= h=20 participation from wireless data company Aether Systems, GE Equity, GE Powe= r=20 Systems, and Insight Capital Partners.=20 =09=09http://www.imedeon.com =09=09 =09=09 =09=09Medical Hubs Developer Salu Buys Tech Assets of ScanRx =09=09 ?=20 =09=09 =09=09 GRANITE BAY, Calif. (VENTUREWIRE) -- Salu, a developer of customized= medical=20 specialty hubs for physicians, said it has acquired the technology assets o= f=20 ScanRx, a prescribing software technology for Pam-computing operating=20 systems. Terms of the cash and stock deal were not disclosed. In valuing th= e=20 deal, Salu said it considered revenue potentials as well as the potential= =20 cost of developing the same products. The ScanRx technology will be include= d=20 among the Salu Link brand of PDA products. ScanRx was self-funded and=20 employed fewer than 10 people. No former ScanRx employees will join Salu an= d=20 former ScanRx CEO Mark Choate has joined another company. Law firm Perkins= =20 Coie advised Salu in the deal. With $15 million still in the bank, Salu is= =20 looking to acquire revenue-stage companies that complement its medical hubs= ,=20 said spokesperson David Ray. Salu, which acquired Dermdex in March of this= =20 year and Medsprout.com in November 2000, currently has hubs for dermatology= ,=20 neurologyl, allergy, and cardiology. Mr. Ray also said the company may add= =20 additional hubs for pain medicine, gastroenterology, or eye care. Revenue= =20 projections for 2001 range between $15 million and $18 million, with Salu= =20 breaking even in the first half of 2002. Salu had originally intended to=20 break even at the end of this year, but has pushed back that projection=20 because of additional technology investments. Salu has raised $33.5 million= =20 in venture capital to date from Atlas Venture, El Dorado Ventures, MDS=20 Capital, and individuals.=20 =09=09http://www.salu.com =09=09 =09=09 =09=09Online Mortgage Firm ClosingGuard Acquires MBH Settlement=20 =09=09?=20 =09=09 =09=09 NEW YORK (VENTUREWIRE) -- ClosingGuard, an online mortgage-closing = system=20 for mortgage lenders and title insurers, said it acquired MBH Settlement=20 Group, a real estate settlement company, for an undisclosed amount of cash.= =20 ClosingGuard will integrate its technology platform within MBH's settlement= =20 services, with MBH operating as a wholly owned subsidiary of ClosingGuard.= =20 The combined entities will employ approximately 140 people in 15 offices in= =20 California, Maryland, New York, Virginia, and Washington. According to=20 ClosingGuard CEO Greg Jacobson, four of MBH's five founding partners have= =20 been granted executive positions within the new company, with the remaining= =20 partner assuming an advisory position. Mr. Jacobson declined to mention nam= es=20 or new titles. He also stated that the company is not planning on dischargi= ng=20 anyone as a direct result of the acquisition and that there are no plans to= =20 consolidate divisions of the individual companies. ClosingGuard is=20 profitable, with revenues this year expected to reach $12 million, Mr.=20 Jacobson said. He added that he anticipates more growth through the=20 acquisition of more settlement agencies. The company is currently open to= =20 seeking further venture capital and has already received funding from=20 Prospect Street Ventures. MBH was backed by individuals.=20 =09=09http://www.closingguard.com =09=09http://www.mbh.com =09=09 =09=09 =09=09Platinum Equity to Buy McKessonHBOC Product Groups =09=09 ?=20 =09=09 =09=09 LOS ANGELES (VENTUREWIRE) -- Platinum Equity, which specializes in t= he=20 acquisition and operation of global technology companies, said it has agree= d=20 to acquire the Amisys 3000 and Pathways Managed Care product groups from th= e=20 information technology business of McKesson HBOC, a publicly traded company= =20 that provides supply-management and healthcare-information technology, for = an=20 undisclosed amount. Amisys 3000 and Pathways Managed Care, which provide=20 third-party administration for the managed care market, will become a new= =20 subsidiary of Platinum Equity under the name Amisys. The company will have= =20 more than 200 employees, and Steve Rock, CEO of Synertech Health System=20 Solutions and SVP of healthcare operations at Platinum Equity, will serve a= s=20 CEO. The new company will retain its current offices and staff for the firs= t=20 100 days. The acquisition is expected to close at the end of June. Peter J.= =20 Solomon Company provided financial advice for McKessonHBOC. Platinum Equity= =20 had internal advisors. =09=09http://www.peh.com =09=09 =09=09 =09=09DVC Worldwide Buys Strategic Marketing Firm Media Designs =09=09 ?=20 =09=09 =09=09 MORRISTOWN, N.J. (VENTUREWIRE) -- DVC Worldwide, a behavioral market= ing=20 holding company, said it has acquired Media Designs International, a=20 strategic marketing company. Terms of the cash-and-stock deal were not=20 disclosed. Media Designs, which had revenues of approximately $5 million in= =20 2000, will become a subsidiary of DVC Worldwide and continue to operate as = it=20 had previously. The acquired company was self-funded, and employed a staff = of=20 ten who have been retained. Media Designs president will join DVC Worldwide= 's=20 North American operating board. Bryan Cave provided legal counsel for Media= =20 Designs. DVC Worldwide is backed by $125 million from BancOne Venture=20 Partners, Frontenac Company, Lake Capital, Lexington Partners, PPM America= =20 Capital Partners, and individuals. =09=09http://www.dvcworldwide.com =09=09http://www.mediadesigns.com =09=09 =09=09 =09=09Investment News Firm HedgeWorld Acquires HedgeCall =09=09 ?=20 =09=09 =09=09 WHITE PLAINS, N.Y. (VENTUREWIRE) -- HedgeWorld, which provides news,= =20 resources, and free secure communications platforms for investors, investme= nt=20 managers, and service providers in the hedge fund industry, announced it ha= s=20 acquired the assets of HedgeCall, a unit of Investor Broadcast Network (IBN= )=20 that provides audio and video streaming capabilities to the hedge fund and= =20 alternate investment industries. The value of the transaction was not=20 disclosed. IBN announced in March it was looking to sell Hedgecall, after= =20 which it planned to operate as a holding company. Over the next 90 days,=20 HedgeWorld will integrate HedgeCall's audio and video streaming services in= to=20 the HedgeWorld.com site, especially presentations by hedge fund managers. T= he=20 company said Hunt Taylor, host of Hedge Radio Network, will continue to hol= d=20 interviews on HedgeCall.com. IBN is funded by Intel Capital, Momentum=20 Investments, Pennsylvania Early Stage Partners, VerticalNet, and White Rock= =20 Capital. Hedgeworld, which has raised about $16 million in funding, is back= ed=20 by Highcrest Capital Partners, Gabelli Asset Management, ED&F Man Limited,= =20 and the Zeron Group.=20 =09=09http://www.hedgeworld.com =09=09http://www.investorbroadcast.com =09=09 =09=09 =09=09The Manugistics Group to Buy Some of SpaceWorks' Assets=20 =09=09?=20 =09=09 =09=09 ROCKVILLE, Md. (VENTUREWIRE) -- The Manugistics Group, a publicly li= sted=20 provider of supply-chain management software, said it entered into a=20 preliminary agreement to acquire the intellectual property and certain asse= ts=20 of SpaceWorks, an e-commerce software firm in Rockville, Md., that shut dow= n=20 in the beginning of May due to a lack of funding. Financial terms of the de= al=20 were not disclosed. Manugistics did not specify when the deal will be=20 completed. The company said it intends to incorporate SpaceWorks' Web-based= =20 order-management technology with its own products. SpaceWorks had received= =20 over $16 million from Columbia Capital and GE Equity.=20 =09=09http://www.manu.com =09=09 =09=09 =09=09Universal Domains Acquires Cavio =09=09 ?=20 =09=09 =09=09 CALABASAS, Calif. (VENTUREWIRE) -- Universal Domains, a publicly hel= d=20 company that buys, sells and registers domain names, said it acquired=20 Seattle-based Cavio, which develops e-commerce applications for privacy,=20 security, fraud, and misrepresentation. Terms of the deal were not disclose= d.=20 Founded in March 2000, Cavio raised $2 million in its Series A from private= =20 investors. Cavio will change its name to Universal Domains and will remain = in=20 Seattle. All 20 employees will stay with the new company. =09=09http://www.cavio.com =09=09http://www.universaldomains.cc =09=09 =09=09 =09=09 new directors=20 =09=09? =09=09AT&T Wireless CTO Joins Tropian Board as Outside Director =09=09 ?=20 =09=09 =09=09 CUPERTINO, Calif. (VENTUREWIRE) -- Tropian, which provides wireless= =20 communications products, said AT&T Wireless chief technology officer Roderi= ck=20 Nelson has joined its board of directors. Mr. Nelson, who also leads the AT= &T=20 product and technology development group, takes the sixth position as an=20 outside director on the board. He was introduced to Tropian through CEO Mik= e=20 Farese. Tropian, which, in May, launched its first product -- a chipset for= =20 wireless handsets and bay stations -- is raising Series D funding. Although= =20 spokesperson Javed Patel declined to comment on the size of the upcoming=20 round, he said it would close near the end of July. The company is backed b= y=20 $38 million from Convergence Partners, Crosspoint Venture Partners, Infineo= n=20 Technologies, InveStar, and TriQuint Semiconductor.=20 =09=09http://www.tropian.com =09=09 =09=09 =09=09Akara Appoints Unisphere Networks' CEO to Board =09=09 ?=20 =09=09 =09=09 OTTAWA (VENTUREWIRE) -- Akara, which provides an optical utility ser= vices=20 platform, said it named James Dolce, president and CEO of Unisphere Network= s,=20 as its fifth board member. Unisphere designs and sells routing switches and= =20 network management software for implementation of high-speed data services.= =20 Mr. Dolce was introduced to the company through an industry event where he= =20 met Akara founder Sol Wong. Mr. Dolce founded Redstone Communications, whic= h=20 was acquired by Siemens, and co-founded Arris Networks, which was purchased= =20 by Cascade Communications. Akara is backed by Battery Ventures, Corning=20 Capital, Dominion Ventures, Greylock Management, Morgan Keegan, and VenGrow= th. =09=09http://www.akara.com =09=09 =09=09 =09=09 new people=20 =09=09? =09=09PhoneFree Names New Pres. as it Shifts Focus and Cuts Staff =09=09 ?=20 =09=09 =09=09 NEW YORK (VENTUREWIRE) -- PhoneFree, an Internet-based phone company= , said=20 it Charan Khurana, who previously worked for Cisco Systems, IBM, and Bell= =20 Labs, as its new president. The company also said it changed its name to=20 Gemini Voice Solutions and made layoffs as it shifts its focus to broadband= =20 voice service. Mr. Khurana will replace CEO and president Jan Horsfall as= =20 president. Mr. Horsfall will become vice chairman of the company and Gemini= =20 will not be seeking a replacement to fill the CEO position. A company=20 spokesperson said the company cut approximately 46 of its 85 employees over= =20 the course of two rounds of layoffs in January and April. Geoff Hatheway,= =20 senior vice president of marketing for Gemini, said the company has been=20 developing its broadband voice service since last year. "The phone-to-phone= =20 side of the business using voice-over-IP presented much greater revenue tha= n=20 PC-to-PC," said Mr. Hatheway. Gemini customers will be able to place calls = on=20 standard analog phones using the broadband voice network. The staff cuts=20 mainly affected those on the PC side of the business. In January, the compa= ny=20 announced it would begin charging two cents a minute for its formerly free= =20 PC-to-phone call service, citing the decline of the ad market. Gemini said = it=20 will still provide free PC-to-PC calls and keep its phonefree.com Web site.= =20 Backers of the company include Blackstone Capital Partners III, eVentures= =20 Group, Millennium Technology Ventures, EFO Holdings, Cain Capital, Brazos= =20 Investment Partners, Activated Communications, TeKBanC, and individuals.=20 =09=09http://www.geminivoice.com =09=09 =09=09 =09=09Nationtax Online Taps Bankrate Chief as President and CEO =09=09 ?=20 =09=09 =09=09 BIRMINGHAM, Ala. (VENTUREWIRE) -- Nationtax Online, a Web-based busi= ness=20 tax-filing network, said it concluded a four-month search and appointed=20 William P. Anderson as its new president, CEO, and sixth board member. Mr.= =20 Anderson replaces former president and CEO, Lee Walthall, who founded the= =20 company in 1998. Mr. Walthall will remain chairman of the board. Mr. Anders= on=20 was introduced to Nationtax through Heidrick & Struggles International, an= =20 executive search firm. Mr. Anderson formerly served as CEO of Bankrate. Pri= or=20 to that, he was president and CEO of Block Financial, a subsidiary of H&R= =20 Block and worked at KPMG Peat Marwick for 19 years where he started as an= =20 auditor and concluded his tenure as a partner-in-charge of the national=20 corporate finance practice within the management consulting department.=20 Nationtax Online has raised $18.5 million to date and is backed by Cordova= =20 Ventures, Grotech Capital Group, LiveOak Equity Partners, R-H Capital=20 Partners, Southeastern Technology Fund, and Troutt Venture Capital Partners= .=20 =09=09http://www.nationtax.com =09=09 =09=09 =09=09Wireless Software Firm BlueKite.com Names New Pres & CEO =09=09 ?=20 =09=09 =09=09 SAN FRANCISCO (VENTUREWIRE) -- BlueKite.com, a developer of softwar= e for=20 the delivery of rich content to mobile computing devices, announced the=20 appointment of Robin Abrams as president and CEO. Most recently, Ms. Abrams= =20 served as CEO at Ventro, a business e-commerce marketplace. Ms. Abrams=20 replaces founding president and CEO, David Cox, who will remain with the=20 company as an adviser to the executive team. Ms. Abrams also joins as the= =20 sixth member of the company's board, which includes Chris Gibbons of the=20 Texas Pacific Group, Bill Hipp of 2M Invest, Craig Jorgens of the Texas=20 Pacific Group, and Willa Seldon of Milepost Ventures. In August of 2000,=20 BlueKite.com closed a $36 million Series C round of financing led by new=20 investor Texas Pacific Group. New investors Credit Suisse First Boston and= =20 Robertson Stephens' Bayview 2000 Fund, along with previous investors Axiom= =20 Venture Partners, JF Shea, Teknoinvest, and Viridian Capital, also=20 participated. To date, the company has raised approximately $48 million in= =20 three rounds of funding.=20 =09=09http://www.bluekite.com =09=09 =09=09 =09=09 vc fund news=20 =09=09? =09=09nCoTec Has $38.2 M First Closing of Its First Fund =09=09 ?=20 =09=09 =09=09 LONDON (VENTUREWIRE) -- nCoTec, a technology venture capital firm wi= th a=20 focus on Northwestern Europe, announced the first closing of its nCoTec I a= t=20 EUR 45 million ($38.2 million) at the end of May with investments from=20 Commerzbank, Misys, Mercurius, Societe Generale, and Wallbrook. nCoTec said= =20 it is targeting to close the fund at $127 million. The fund will make=20 early-stage investments ranging between $848,000 and $4.2 million in=20 communications technology companies. nCoTec also said it would seek to lead= =20 investment opportunities and take between 20% and 40% equity stakes in=20 portfolio companies with board representation. To date, nCoTec has committe= d=20 $14.4 million and has five companies in its portfolio: Idesta, Kevab,=20 Volantia, Digital Route, and Siroyan. The company also said it was currentl= y=20 evaluating three companies for future investments. Alasdair Warren, Tim=20 Horlick, Lars Lindell, George MacRitchie, Pierre Nadeau, and Jacob Philipso= n=20 are the six managing partners for the fund. nCoTec, founded in April 2000,= =20 has offices in London and Stockholm and plans on opening new offices in=20 Munich and Sophia Antipolis in southwest France.=20 =09=09http://www.ncotec.com =09=09 =09=09 =09=09 vc personnel=20 =09=09? =09=09VC Firm Whitney Loses Managing Director=20 =09=09?=20 =09=09 =09=09 STAMFORD, Conn. (VENTUREWIRE) -- Mark Murphy, a managing director a= t=20 Whitney & Co., has left the venture capital firm, VentureWire has learned. = A=20 Whitney spokesperson confirmed Mr. Murphy's departure. He was a member of= =20 Whitney's partner group and worked with Whitney's limited partners. Mr.=20 Murphy could not be reached for comment. The Whitney spokesperson could not= =20 say whether anyone would replace Mr. Murphy. Mr. Murphy's departure marks t= he=20 latest in a series of recent staff departures from Whitney. At least three= =20 managing directors, Steve Hines, Carla Skodinksi, and Barry Hines, have als= o=20 left Whitney & Co., one of the nation's oldest venture capital firms, this= =20 year. Last month Whitney announced it closed its fifth fund with=20 approximately $1.1 billion. It also said it would significantly reduce=20 overseas staff and make cuts in junior-level domestic staff. Last week=20 VentureWire reported the firm would spin off its London, Tokyo, and Hong Ko= ng=20 offices.=20 =09=09http://www.whitney.com =09=09 =09=09 =09=09 vw corrections=20 =09=09? =09=09Gazoo =09=09 ?=20 =09=09 =09=09 NEW YORK (VENTUREWIRE) -- A story in Tuesday's VentureWire on softwa= re=20 infrastructure company Gazoo, which changed its name to Talaris, contained = an=20 incorrect URL. For now, Gazoo can be found at www.mygazoo.com.=20 =09=09 =09=09 =09=09company index =09=09 =09=09 =09=093G LAB, Adexa, Advantage3D, Akara, Blackstone Technology Group, Blue = Slate=20 Solutions, BlueKite, Cavio, ChipData.com, ClosingGuard, Corus Pharma, Crypt= ic=20 Clue, Decision Management International, DevelopOnline.com, DVC Worldwide,= =20 FreeMarkets, Gemini Voice Solutions, Genicon Sciences, Global English,=20 Hedgeworld, i-drive.com, Idesta, iManageProperty, iMedeon, Intransit=20 Networks, Investor Broadcast Network, Manugistics Group, Matrix Partners, M= BH=20 Settlement Group, Media Designs International, Micro-Optics Design, Mohr=20 Davidow Ventures, Music.com, Mykindaplace.com, Nationtax Online, nCoTec,=20 NextSet Software, Notara, Platinum Equity, Redwood Partners International,= =20 Salu, TelOptica, ThruPoint, Triton Systems, Tropian, Universal Domains, Wap= it , Whitney & Co.=20 =09=09 =09=09 =09=09Fierce competition. Trillion-dollar markets. Massive =09=09technology investments. Financial institutions face =09=09huge obstacles as they compete for new customers in =09=09a world transformed by the Internet. =09=09 =09=09Come see industry leaders put it all in perspective. =09=09Join us at Technologic Partners' newest Outlook: =09=09 =09=09Financial Services Outlook - July 31 =09=09World Trade Center Marriott =09=09 =09=09For more information on the agenda and=20 registration:http://financialservicesoutlook.com/ =09=09 =09=09 =09=09 =09=09investor index =09=09 =09=09 =09=092M Invest, 3i Group, ACF Equity Atlantic, Ampersand Ventures, Bank of= =20 America, BDC Venture Capital, Ben Franklin Technology Partners, BskyB,=20 Burrill & Co., Cascade Investment, CDP AccSs Capital Acadie, CDP Sofinov,= =20 CenterPoint Venture Partners, EDS, Eurovestech, Garfly Invest, Halpern Denn= y=20 & Co., InterWest Partners, Itochu, J.P. Morgan Capital, MedEquity Investors= ,=20 Molehill Ventures, Morgan Stanley Dean Witter Venture Partners, nCoTec, NPM= =20 Capital, OrbiMed Advisors, Orix USA, Sabre, Sevin Rosen Funds, Softbank,=20 Synopsys, TIAA/CREF, Triton Ventures, TTP Venture =09=09 =09=09 =09=09your account =09=09 =09=09click on the following links to: =09=09=01=07 Switch to the plain-text version =09=09=01=07 Change your e-mail address =09=09=01=07 Cancel your subscription =09=09=01=07 Thoughts, suggestions, commentary =09=09=01=07 This newsletter was mailed to you at: jdasovic@ENRON.COM =09=09 =09=09contact =09=09 =09=09Send news items to editor@venturewire.com =09=09Send questions, complaints, or service queries to venturewire@venture= wire.com =09=09Send advertising inquiries to visconti@venturewire.com =09=09 =09=09 =09=09legal =09=09 =09=09This copy of VentureWire and the information within it may not be rep= roduced,=20 saved, or otherwise copied into a database without the prior written consen= t=20 of Technologic Partners. =09=09 =09=09VentureWire is a service mark of Technologic Partners =09=09,2001 Technologic Partners =09=09=09?
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