It’s going to be a busy summer for Andy Sack. The serial online entrepreneur and investor is getting deep into his latest venture, Founder’s Co-op, and he doesn’t have much time for chit-chat. I’m just able to catch him on his cell, while he’s rushing off to a meeting and getting ready to head out … Continue reading “One Founder’s Opinion: Internet Entrepreneur Andy Sack Says Seattle Startups Need Less Money, More Mentoring”
Author: Gregory T. Huang
Greg is a veteran journalist who has covered a wide range of science, technology, and business. As former editor in chief, he overaw daily news, features, and events across Xconomy's national network. Before joining Xconomy, he was a features editor at New Scientist magazine, where he edited and wrote articles on physics, technology, and neuroscience. Previously he was senior writer at Technology Review, where he reported on emerging technologies, R&D, and advances in computing, robotics, and applied physics. His writing has also appeared in Wired, Nature, and The Atlantic Monthly’s website. He was named a New York Times professional fellow in 2003.
Greg is the co-author of Guanxi (Simon & Schuster, 2006), about Microsoft in China and the global competition for talent and technology. Before becoming a journalist, he did research at MIT’s Artificial Intelligence Lab. He has published 20 papers in scientific journals and conferences and spoken on innovation at Adobe, Amazon, eBay, Google, HP, Microsoft, Yahoo, and other organizations. He has a Master’s and Ph.D. in electrical engineering and computer science from MIT, and a B.S. in electrical engineering from the University of Illinois, Urbana-Champaign.
TIBCO Software Scoops Up Insightful for $25M
Insightful, a Seattle-based provider of statistical analysis and data-mining software, announced today that it has agreed to be acquired by TIBCO Software, a business-infrastructure software firm based in California. The deal is worth some $25 million, and Insightful will become a wholly-owned subsidiary of TIBCO.
Massachusetts #1, Washington #5 in State Tech and Science Rankings; New England Dominates List
As if its sports teams’ bragging rights weren’t enough, Massachusetts has now topped the state rankings in science and technology prowess. Meanwhile, Washington placed a respectable #5. That’s the word today from the California-based Milken Institute’s 2008 State Technology and Science Index. The rankings are based on 77 indicators across five broad categories: R&D inputs, … Continue reading “Massachusetts #1, Washington #5 in State Tech and Science Rankings; New England Dominates List”
Vaccsys Raises $9M in Series A
Vaccsys, a vaccine maker based in Seattle, has called down $9 million of an $18 million Series A round, according to Private Equity Hub, which cites a regulatory filing. The investors include Alta Partners, The Column Group, and Versant Ventures (all based in California).
University of Washington Tech Transfer Group, LaunchPad, Is Looking for the Next Big Startup
The University of Washington’s commencement ceremony may have been last weekend, but Jim Roberts and his team at UW TechTransfer aren’t winding things down—they’re gearing up for the high season. “During the summer it doesn’t drop off,” Roberts says. Roberts is the head business development officer at LaunchPad, a two-year-old initiative within the university’s tech … Continue reading “University of Washington Tech Transfer Group, LaunchPad, Is Looking for the Next Big Startup”
Geospiza Lands New Customer, New Board Member
Geospiza, a Seattle company that develops software to manage genetic analysis, announced that it has been selected to provide its analysis package to the Ontario Institute for Cancer Research in Toronto. This follows the appointment last week of Leroy Hood, cofounder and president of Seattle’s Institute for Systems Biology (and an Xconomist), to the company’s … Continue reading “Geospiza Lands New Customer, New Board Member”
Open Coffee at Louisa’s: Internet Startups, Investors, and One Notable No-Show
This morning I had the pleasure of attending my first Open Coffee Club at Louisa’s Bakery & Cafe up on Eastlake Avenue in Seattle. Every Tuesday morning from 8:30 to 10 (note to self: bus schedules mean nothing here, just like in Boston), it’s where local tech entrepreneurs gather to network and talk ideas over … Continue reading “Open Coffee at Louisa’s: Internet Startups, Investors, and One Notable No-Show”
Intel Spins Off $50M Solar Company: SpectraWatt To Open Facility in Oregon
Looks like Intel is officially entering the renewable-energy space. The Santa Clara, CA-based chipmaker, which has major operations in the Northwest, has announced that it is spinning out an independent solar-energy company called SpectraWatt (an awful name, can we all agree). Intel (NASDAQ: [[ticker:INTC]]) said in a statement that the company was formed “to spur … Continue reading “Intel Spins Off $50M Solar Company: SpectraWatt To Open Facility in Oregon”
Calling Any and All Late-Stage Investors: An OVP Partner’s Take on Seattle’s VC Scene
Yesterday I had a nice chat with Lucinda Stewart, a managing director at Kirkland-based OVP Venture Partners. A fast-rising star, Stewart focuses on investments in software, digital media, and security, and she serves on the board of directors of several area companies including Talyst, Vantos, and most recently Lucid Commerce, which announced a Series A … Continue reading “Calling Any and All Late-Stage Investors: An OVP Partner’s Take on Seattle’s VC Scene”
Hello, Seattle: Xconomy Comes to Town To Cover Innovation Community
Just a quick follow-up to Bob’s post. Yes, today marks the start of Xconomy’s coverage of the Seattle and Pacific Northwest tech-business scene. Our goal is to bring you “hyperlocal” reporting on the most compelling innovation news—the deals, entrepreneurs, investors, companies, and technology—on the ground as it happens. We want to help grow a community … Continue reading “Hello, Seattle: Xconomy Comes to Town To Cover Innovation Community”
Making Personal Health Networking as Easy as a Book Club: Former Amazon Exec Launches Online Healthcare Site
For Keith Schorsch, it all started with a tick. In the summer of 2004, the former senior executive at Amazon was on the East Coast for a family reunion when (unbeknownst to him) he was bitten. Back in Seattle, he came down with a bull’s-eye rash and flu-like symptoms. Then one night, at a Mariners … Continue reading “Making Personal Health Networking as Easy as a Book Club: Former Amazon Exec Launches Online Healthcare Site”
Lucid Commerce Lands $2.5 Million in Series A
Lucid Commerce, a Seattle-based provider of on-demand business intelligence for direct marketers, announced today that it has raised $2.5 million in Series A funding. The round was led by Kirkland, WA-based OVP Venture Partners. Lucid said the funding will be used to add capacity and scale the company’s operations.
Still Growing, Vertafore To Acquire Sircon
Vertafore, a Bothell, WA-based provider of insurance software and services, announced today that it is acquiring Sircon, a Michigan-based firm that provides online networking services for the insurance industry. The financial terms of the deal (which is expected to close in July) were not disclosed. Vertafore has been growing steadily since moving its headquarters to … Continue reading “Still Growing, Vertafore To Acquire Sircon”
Parexel To Purchase ClinPhone for $182M
Parexel International (NASDAQ: [[ticker:PRXL]]), based in Waltham, MA, announced today that it will acquire ClinPhone, a U.K.-based firm that provides voice response and electronic data capture for drug companies, for some $182 million. Parexel, which does clinical research and consulting for the biotech and pharmaceutical industry, has arranged a $300 million credit facility with JPMorgan … Continue reading “Parexel To Purchase ClinPhone for $182M”
As iRobot and University of Washington Team Up, Robotic-Sub Competition Heats Up
This week, iRobot made a splash with the news that it has signed a sole licensing agreement with the University of Washington in Seattle to commercialize UW’s “Seaglider” underwater robot. The specific terms of the deal with UW TechTransfer were not disclosed, but the announcement marks the Bedford, MA-based robotics company’s first foray into the … Continue reading “As iRobot and University of Washington Team Up, Robotic-Sub Competition Heats Up”
WidgetBucks Raises $10M in Series B
Seattle-based WidgetBucks, an online advertising network, announced that it has raised $10 million in its second round of funding. The investment was led by Draper Fisher Jurvetson and also included Bellevue, WA-based Ignition Partners.
Blue Cross Blue Shield of Massachusetts Is First Insurance Company To Partner with Google Health
The face of online health care is changing in Massachusetts—and probably for the better. Today one of the state’s leading health insurance companies, Blue Cross Blue Shield of Massachusetts (BCBSMA), announced that it has signed an agreement to integrate with the Google Health platform. It is the first health insurance company to do so. Google … Continue reading “Blue Cross Blue Shield of Massachusetts Is First Insurance Company To Partner with Google Health”
Madrona Venture Group Closes $250 Million Fund, Its Largest to Date
Times are good for at least one of the area’s tech-focused VC firms. Seattle-based Madrona Venture Group announced today that it has closed a $250 million fund, the largest in its 13-year history. Returning investors include the Kauffman Foundation, the University of Washington, the University of Virginia Management Company, and Investure, while new investors include … Continue reading “Madrona Venture Group Closes $250 Million Fund, Its Largest to Date”
$60 Million More for Merrimack Pharma
As if we needed more validation of the local biotech scene, Cambridge, MA-based Merrimack Pharmaceuticals announced today that it has raised $60 million in a Series F round of private equity financing. This latest round follows a $65 million Series E financing announced in April 2006. The investors in today’s round include Credit Suisse First … Continue reading “$60 Million More for Merrimack Pharma”
Three Seattle Companies Accept Webby Awards
At the 2008 Webby Awards in New York City last night, three Seattle-based companies accepted their prizes. I Can Has Cheezburger? won awards in both the “weird” and “humor” categories (I still have no idea what this website is about). Zillow won in the “real estate” category. And Farecast (recently acquired by Microsoft) won in … Continue reading “Three Seattle Companies Accept Webby Awards”
The Clean Dozen: First Class of Cleantech Fellows Comes to Boston
Back in April, we reported on the New England Clean Energy Council’s new fellowship program, which is designed to train experienced businesspeople in the art of cleantech entrepreneurship. Now the NECEC has announced its charter class of fellows who will take part in the pilot this summer. It’s a three-month, half-time classroom program that will … Continue reading “The Clean Dozen: First Class of Cleantech Fellows Comes to Boston”
Point Carbon Comes to Boston
Point Carbon, a leading cleantech analysis and consulting firm based in Oslo, Norway, has announced it is opening an office in downtown Boston. With U.S. operations already in Washington DC, the company aims to expand its network of experts and tap into the local energy and cleantech industry.
Let the Games Begin: Akamai To Speed Olympic Video Downloads
Having tackled the Super Bowl, Akamai Technologies is setting its sights on a more global stage—the summer Olympics in Beijing. Back in January, we reported that the Cambridge, MA-based company, which specializes in online content distribution and networking, was helping the New England Patriots and the NFL get ready for the biggest game of the … Continue reading “Let the Games Begin: Akamai To Speed Olympic Video Downloads”
UTC Power Tapped To Lead $22M DOE Project
UTC Power, a renewable energy company based in South Windsor, CT, has been selected by the U.S. Department of Energy to lead a two-year, $22 million project to develop cheap, modular fuel cell systems. This is the latest in a flurry of fuel-cell activity this week, with Westwood, MA-based Acumentrics having received a $15.6 million … Continue reading “UTC Power Tapped To Lead $22M DOE Project”
$8 Million More for Bradford Networks
Bradford Networks of Concord, NH, a developer of software for managing enterprise network access, announced that it has raised $8 million in Series B funding. The round was led by New York-based Updata Partners and also included Lexington, MA-based Windspeed Ventures.
Look Out, Comcast and Verizon: Bicoastal Startups Are Bringing Free Wi-Fi to Harvard Square (and Elsewhere Soon, We Hope)
Why isn’t there free Wi-Fi everywhere? I ask this as I sit in an Espresso Vivace in Seattle, typing away and enjoying free wireless (and a truly terrific latte—easily an 8.5 on the Huang scale). Being new to the city and still in the process of setting up connectivity, I’m acutely aware of any and … Continue reading “Look Out, Comcast and Verizon: Bicoastal Startups Are Bringing Free Wi-Fi to Harvard Square (and Elsewhere Soon, We Hope)”
Vantos Vaults Ahead with $10.6M in Series B
Look out, corporate fraudsters. Seattle-based Vantos, an enterprise investigation management firm, announced that it has raised $10.6 million in Series B funding. The round was led by Bellevue, WA-based Fluke Venture Partners, with OVP Venture Partners and Outlook Ventures also participating.
OpenAir Acquired by NetSuite for $26M
NetSuite, a Silicon Valley business software firm, has signed a deal to buy Boston-based OpenAir for some $26 million, plus $5 million in restricted stock units at closing. OpenAir provides Web-based services automation software for business groups.
U.S. Faces Competition in Wireless, Internet, and Biopharma, Says 2008 Venture Capital Survey (and One Local Investor)
Let’s take a global view of innovation. The Boston and San Francisco clusters may anchor the U.S.’s dominance in biotech, but Europe is gaining ground—and in areas like telecom and clean energy, there is already strong competition from both Europe and Asia. That’s the news today from the 2008 Global Venture Capital Survey, conducted by … Continue reading “U.S. Faces Competition in Wireless, Internet, and Biopharma, Says 2008 Venture Capital Survey (and One Local Investor)”
$22 Million Invested in Inimex Pharma
Inimex Pharmaceuticals, based in Vancouver, BC, has announced that it has closed a $22 million Series B venture round, led by Morningside Venture Investments. Inimex is focused on discovering and developing new medicines based on selective modulation of the innate immune response. The funds will help the company conduct the first clinical trials of an … Continue reading “$22 Million Invested in Inimex Pharma”
Goodbye Amazon, Hello Cambridge: Powered by Local Firms, Borders’ Online Store Is the New Face of E-Commerce
I love Borders. Independent bookshops aside, it’s my favorite place to kill an hour or two while browsing the latest books and enjoying a nice cup of coffee. (The original Borders chai was the best, but it’s hard to argue with a latte from Seattle’s Best—more on that coming soon). So when I heard about … Continue reading “Goodbye Amazon, Hello Cambridge: Powered by Local Firms, Borders’ Online Store Is the New Face of E-Commerce”
1366 Technologies Voted Best in Show
1366 Technologies, an MIT spinoff based in Lexington, MA, has been named the winner of a solar-energy startup competition at Greentech Media’s PV Annual 2008 conference. 1366, whose goal is to make solar energy as cheap as coal-based energy by 2013, is backed by Polaris Venture Partners and North Bridge Venture Partners.
$16 Million in Funding for Two Stealth Mobile Companies
There’s something in the air, and it smells like wireless. Two local mobile-software startups, both very mysterious, both still in stealth mode, have received financing in the same week. On the heels of recent activity involving Red Bend, Skyhook Wireless, and iPhone parties, it seems like the local mobility scene is heating up. OK, here’s … Continue reading “$16 Million in Funding for Two Stealth Mobile Companies”
American Science and Engineering Lands $6.2M NATO Contract
American Science and Engineering, based in Billerica, MA, announced yesterday that it has received a $6.2 million contract from the NATO C3 Agency to deliver its X-ray screening systems for cargo and vehicles to security checkpoints. AS&E’s Z Portal and other inspection technologies compete in the same space as Acton, MA-based Passport Systems.
Foster-Miller Awarded $400 Million Military Contract
Updated, May 29: Those robots must be doing something right. Less than a month after its 2000th TALON military robot went out into the world, Waltham, MA-based Foster-Miller has been awarded its biggest robot contract yet—for more of the same. The $400 million award calls for Foster-Miller to deliver an unspecified number of additional TALON … Continue reading “Foster-Miller Awarded $400 Million Military Contract”
Vaultus Puts Patient Data on PDAs
The last time I went to the doctor was so long ago that my charts were still being kept on paper. But with initiatives like Google Health in full swing, things are changing fast. Analysts at The Diffusion Group, based in Texas, say that more than half of health care providers now use advanced mobile … Continue reading “Vaultus Puts Patient Data on PDAs”
Emergent BioSolutions Buys Protein Sciences for $78M
Emergent BioSolutions, based in Rockville, MD, announced today an agreement to acquire the assets and operations of Meriden, CT-based Protein Sciences, a maker of flu vaccines, in a deal worth up to $78 million. Emergent will pay up to $28 million in cash, $20 million in stock, and up to $30 million for commercialization milestones … Continue reading “Emergent BioSolutions Buys Protein Sciences for $78M”
Alnylam Inks $1 Billion Deal with Takeda
Talk about staking a claim to local biotech turf. Early this morning, Takeda Pharmaceutical Company, Japan’s biggest drugmaker, announced jointly with Cambridge, MA-based Alnylam Pharmaceuticals (NASDAQ: [[ticker:ALNY]]) that the two companies have signed a strategic partnership deal that is potentially worth more than $1 billion over five years. This comes on the heels of Takeda’s … Continue reading “Alnylam Inks $1 Billion Deal with Takeda”
iRobot Lands $22M in Army Contracts
iRobot, based in Bedford, MA, announced it has received orders totaling some $22 million from the U.S. Army. The orders are from two separate contracts. The first ($16 million) calls for iRobot to deliver more than 200 robots to the infantry by October 31, while the second ($6.3 million) is for another set of military … Continue reading “iRobot Lands $22M in Army Contracts”
HyperMed Raises $4 Million From GBP Capital
HyperMed, a medical imaging company based in Burlington, MA, announced it has completed a $4 million round of funding from Greenwich, CT-based GBP Capital. The proceeds will support marketing and sales of HyperMed’s lead product, a spectroscopic imaging device that probes tissue metabolism.
Maine Names Tech Stars
It’s not just about lobsters, vacations, and Stephen King. Maine’s technology community is booming. On Wednesday, TechMaine, the state’s trade association for the tech sector, announced the winners of its 5th not-quite-annual (they skipped a year) Technology Awards. The awards highlight the achievements of tech firms across the state. We thought you’d be interested to … Continue reading “Maine Names Tech Stars”
Lies, Damned Lies, and Statistics: The Definitive Rundown on New England Biotech
It’s official: 2007 rocked for New England biotech. Whether you look at IPOs, mergers, or venture activity, the region is consistently among the nation’s leaders. And on a per capita basis, it might even be unsurpassed. Such was the word (except for the per capita bit, which we added) this week from Ernst & Young’s … Continue reading “Lies, Damned Lies, and Statistics: The Definitive Rundown on New England Biotech”
Rocky Mountain High: Atlas Venture Is Banking on microRNA for Miragen
Look out, heart disease. This week’s announcement of Boulder, CO-based Miragen Therapeutics closing a Series A round worth $8 million is the opening salvo in a new fight against the dreaded disease—and the coming-out party for an intriguing new company. The founding investors are Waltham, MA-based Atlas Venture and Colorado-based Boulder Ventures. Although Miragen is … Continue reading “Rocky Mountain High: Atlas Venture Is Banking on microRNA for Miragen”
FTC Clears Avant-Pfizer Deal for $40M
The Federal Trade Commission has cleared a licensing deal between New York-based Pfizer and Avant Immunotherapeutics, a Needham, MA-based drug company. The deal, worth an initial $40 million plus $10 million in Avant stock, is for a brain cancer vaccine called CDX-110 from the Celldex Therapeutics unit of Avant. Pfizer will also pay Avant fees … Continue reading “FTC Clears Avant-Pfizer Deal for $40M”
Tough Times are the Right Times for Entrepreneurs, Says TiE Boston’s New Executive Director
The first thing I want to know is what “TiE” stands for. Answer: The Indus Entrepreneurs, which reflects the South Asian background of the organization’s charter members. But over the years, TiE has sometimes been referred to as “Talent, Ideas and Enterprise” and “The Innovative Ecosystems.” So excuse my confusion. (I would opt for “Twin … Continue reading “Tough Times are the Right Times for Entrepreneurs, Says TiE Boston’s New Executive Director”
Fate Therapeutics Names Executive Chairman
Earlier this week we reported that bi-coastal biotech Fate Therapeutics had named its new CEO, Paul Grayson. Today the company officially announced Grayson, as well as the appointment of John Mendlein as executive chairman. Mendlein was most recently CEO of Boston-based Adnexus Therapeutics, which was bought by Bristol-Myers Squibb last October for more than $505 … Continue reading “Fate Therapeutics Names Executive Chairman”
Greentech Media Raises $2.75M in Series B
Greentech Media, an online media company based in Cambridge, MA, announced that it has raised $2.75 million in Series B funding. EGORA Holding and the Massachusetts Green Energy Fund co-led the round. Greentech Media, which launched last September, covers news and research in the clean energy and technology space.
We, Robot: The Greater Boston Robotics Cluster
OK, we’re big on robots around here. From iRobot’s landmark court case to Kiva’s shuffling warehouse bots, from the FIRST (For Inspiration & Recognition of Science & Technology) high-school robot competition to Hydroid’s Navy contract for robot submarines, we’ve been covering the business of bots in depth and on the ground since our inception. And … Continue reading “We, Robot: The Greater Boston Robotics Cluster”
Bird Flies the Coop: A Startup Social Enterprise Heads From MIT To Pakistan
Attention entrepreneurs: it isn’t always about the technology. Often the real innovation lies in the distribution or business model. Take the problem of providing clean drinking water in developing countries. The technology needed to make individual water supplies safe isn’t rocket science—it ranges from purifier packets of chlorine to special containers that use sunlight to … Continue reading “Bird Flies the Coop: A Startup Social Enterprise Heads From MIT To Pakistan”
Brookfield Renewable Power Comes to Bay State
Brookfield Renewable Power, a Canadian energy company, is planning to open a new US headquarters in Marlborough, MA. The firm has a $13 billion portfolio in hydroelectric plants and wind farms across North America and Brazil. It is owned by Brookfield Asset Management (NYSE: [[ticker:BAM]]), based in Toronto.