If you want to make venture capitalists laugh, ask them about the stupidest (or so-crazy-they-might-just-work) ideas they’ve been pitched lately. Earlier this week, Luke and I visited OVP Venture Partners in Kirkland, WA, and besides being a group of investors with very broad and deep expertise—everything from software and life sciences to materials and cleantech—they’ve … Continue reading “Top 4 Rejected Startup Ideas from OVP Venture Partners”
SynergEyes, Inc. Receives $13,300,000 Series C Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=43a963cd-e286-44f3-9743-3920ba04eab0&Preview=1 Date 2/6/2009 Company Name SynergEyes, Inc. Mailing Address 2232 Rutherford Road Carlsbad, CA 92008 Company Description SynergEyes® hybrid contact lenses offer the best of both worlds. The soft skirt offers all day comfort while the “breathable” rigid center keeps eyes healthy while providing crisp, clear vision…even at night. Website http://www.synergeyes.com Transaction … Continue reading “SynergEyes, Inc. Receives $13,300,000 Series C Round”
Zadspace Inc Garners $1,400,000 Series A Funding Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=b14ee82c-77bc-4403-bf74-0e5ef05e407f&Preview=1 Date 2/6/2009 Company Name Zadspace Inc Mailing Address 214 Main Street El Segundo, CA 90245 Company Description Zadspace Inc is a provider of targeted advertising and product placement solutions.Zadspace was founded in 2006 by Todd Outten and James Ho. A venture-backed company, we have filed two utility patents surrounding our highly … Continue reading “Zadspace Inc Garners $1,400,000 Series A Funding Round”
IronKey Secures Series C Funding Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=7da4ee6b-6eb0-4771-9901-ad1f37314351&Preview=1 Date 2/6/2009 Company Name IronKey Mailing Address 5150 El Camino Real Los Altos, CA 94022-1542 Company Description IronKey’s mission is to create and develop the best security technologies and make them simple-to-use, affordable, and available to everyone. Website http://www.ironkey.com Transaction Type Venture Equity Transaction Amount Undisclosed Transaction Round Series C Proceeds … Continue reading “IronKey Secures Series C Funding Round”
FreeRange Bought by Handmark
Portland, OR-based FreeRange Communications, a mobile publishing firm, announced it has been bought by Handmark, a mobile media company in Kansas City, MO. Financial terms of the deal were not given. FreeRange works with publishers like The Wall Street Journal, Associated Press, CBS, and PaidContent.
Mobui, Nickelodeon Team Up on iPhone
Mobui, a mobile applications company in Redmond, WA, has formed a partnership with Nickelodeon to deliver iPhone applications, including games based on the cartoon character SpongeBob. The newly released series of games, announced today, is Nickelodeon’s first full foray into iPhone apps.
Vertex CEO Josh Boger Retiring In May; Matthew Emmens To Fill Role
(Update: The last three paragraphs were added after a conference call with reporters.) Vertex Pharmaceuticals founder, president and CEO Josh Boger, one of the best-known and more colorful executives in the biotech industry, is retiring on May 23. He will be replaced by Vertex director Matthew Emmens, the company said late this afternoon in a … Continue reading “Vertex CEO Josh Boger Retiring In May; Matthew Emmens To Fill Role”
1366’s Campaign to Make Better, Cheaper Solar Cells Gets Boost from Department of Energy
1366 Technologies, the Lexington, MA-based MIT spinoff working on ways to manufacture cheaper, more efficient photovoltaic (PV) cells, said today that the Department of Energy’s Solar America Initiative has selected the company for a performance-based award worth up to $3 million. 1366 president and CEO Frank van Mierlo says the company will get the money … Continue reading “1366’s Campaign to Make Better, Cheaper Solar Cells Gets Boost from Department of Energy”
Snowblind Sold to Warner Bros.
Warner Bros. Home Entertainment Group announced it has acquired Bothell, WA-based Snowblind Studios, a developer of action role-playing video games. Financial terms were not disclosed. Snowblind will work together with Warner Bros. Interactive Entertainment, the company’s game publishing division, to create new games.
Dyax and Biogen Expand Pact
Biotech firms Dyax (NASDAQ:[[ticker:DYAX]]) and Biogen Idec (NASDAQ:[[ticker:BIIB]]), both based in Cambridge, MA, have expanded a previous deal under which Dyax has discovered antibody drugs for Biogen with its phage display technology, according to a press release. The expanded deal guarantees Biogen 10 more product licenses, and, in return, Biogen will pay Dyax a $5 … Continue reading “Dyax and Biogen Expand Pact”
Sugar Beyond the XO Laptop: Walter Bender on OLPC, Sucrose 0.84, and “Sugar on a Stick”
Many people wouldn’t touch coffee or cereal without sugar. And the XO laptop would be useless without Sugar—the standard, Linux-based graphical interface for the little green laptop, nearly a million of which have been distributed to classrooms in developing countries by the Cambridge, MA-based One Laptop Per Child Foundation. While OLPC and Microsoft have been … Continue reading “Sugar Beyond the XO Laptop: Walter Bender on OLPC, Sucrose 0.84, and “Sugar on a Stick””
TriTech Gets Public Safety Contract
The City of San Antonio, TX, has awarded a $14.7 million contract to San Diego’s TriTech Software Systems to develop a comprehensive emergency communications system for the region. TriTech says it will install its computer-aided dispatch, mobile data and records management system for the Alamo Region Public Safety System. TriTech’s technology will coordinate law enforcement, … Continue reading “TriTech Gets Public Safety Contract”
RXi to Sell up to $25M in Stock
RXi Pharmaceuticals (NASDAQ:[[ticker:RXII]]), a Worcester, MA-based developer of RNA-interference drugs, says that is has agreed to sell up to $25 million of its common stock to YA Global Investments. The deal gives RXi—which was co-founded by Nobel Laureate Craig Mello and featured in a story that Luke wrote last year—the option to sell newly issued … Continue reading “RXi to Sell up to $25M in Stock”
X Prize Foundation Awards $25K for Best “Crazy Green Idea” Video
What began in Boston last September as a contest to generate ideas for a new “Energy X Prize” has ended in El Segundo, CA, with two UC Irvine students winning the $25,000 award. The X Prize Foundation, which organized the competition, identified the winners today as second-year undergrads Kyle Good of Temecula, CA, and Bryan … Continue reading “X Prize Foundation Awards $25K for Best “Crazy Green Idea” Video”
Tech Workers Shouldn’t Dismiss Old-School Businesses, Says Onyx Co-Founder Brent Frei
Last week, Xconomy published a story about the large number (13 and counting) of former Onyx Software managers who have gone on to become CEOs of other companies. We were put on the trail by Brent Frei, the co-founder of Onyx who’s now executive chairman of Bellevue, WA-based Smartsheet. In talking further with Frei, some … Continue reading “Tech Workers Shouldn’t Dismiss Old-School Businesses, Says Onyx Co-Founder Brent Frei”
Seattle Genetics Defies Gravity With Biotech’s First Underwritten Stock Sale in Six Months
The recession will surely kill off some biotech companies that lack hard cash and the hard data that shows their experimental drugs can improve patients’ lives. But after I heard Seattle Genetics CEO Clay Siegall tell the story of how his company raised $55.8 million last week, I had to conclude it’s still possible to … Continue reading “Seattle Genetics Defies Gravity With Biotech’s First Underwritten Stock Sale in Six Months”
In Tough Times, We Need Leadership, Not Interference, From Lawmakers
Likely you have heard about the large and growing budget problem we have in our state. Right now the gap between projected tax revenues and spending obligations is over $6 billion and it is expected this will grow by another $1+ billion by the next revenue forecast in March. With this significant financial problem hanging … Continue reading “In Tough Times, We Need Leadership, Not Interference, From Lawmakers”
Venrock’s Bryan Roberts: Shakeout Is Coming to VCs, Not Just Companies
As venture-backed tech and life sciences companies around the country are hunkering down to figure out how to survive the downturn, the same can be said for the venture backers themselves. That was one of the interesting observations I heard during a recent interview in San Francisco with Bryan Roberts, a partner who specializes in … Continue reading “Venrock’s Bryan Roberts: Shakeout Is Coming to VCs, Not Just Companies”
Pathway Medical Gets Traction, Ekos Raises $12.5M, ZymoGenetics Sales Boss Departs, & More Seattle-Area Life Sciences News
Medical devices captured more than its usual mindshare in the Seattle life sciences scene this week, with news of a substantial venture deal and a new product that appears to be catching on in the marketplace. —Pathway Medical Technologies, the Kirkland, WA-based developer of a high-speed drill that removes fatty buildups from leg arteries, revealed … Continue reading “Pathway Medical Gets Traction, Ekos Raises $12.5M, ZymoGenetics Sales Boss Departs, & More Seattle-Area Life Sciences News”
Zag.com Garners $37,400,000 Series E Funding
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=a52a824e-c685-46c1-8c53-104674fc1a53&Preview=1 Date 2/5/2009 Company Name Zag.com Mailing Address 525 Broadway, 3rd Floor Santa Monica, CA 90401 Company Description Zag is a technology and services company that operates a robust auto shopping, research and pricing technology that allows users to get the information and up-front pricing they need in order to be in … Continue reading “Zag.com Garners $37,400,000 Series E Funding”
Napo Pharmaceuticals Lands New Funding Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=b07a04b8-6d32-40d5-bc6a-3bf2d2cef1c6&Preview=1 Date 2/5/2009 Company Name Napo Pharmaceuticals Mailing Address 250 East Grand Avenue South San Francisco, CA 94080 Company Description Napo Pharmaceuticals focuses on the development and commercialization of proprietary pharmaceuticals for the global marketplace in collaboration with local partners. Our strategy is to focus both on higher-volume business in the emerging … Continue reading “Napo Pharmaceuticals Lands New Funding Round”
Linkage Biosciences Lands $2,000,000 Series A Financing
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=79d5aa02-751f-48ae-8133-81a8c30e824e&Preview=1 Date 2/5/2009 Company Name Linkage Biosciences Mailing Address 2503 Bush Street San Francisco, CA 94115 Company Description Linkage Biosciences is a molecular diagnostics company developing products that will dramatically improve and expedite complex genetic testing. Website http://www.linkagebio.com Transaction Type Venture Equity Transaction Amount $2,000,000 Transaction Round Series A Proceeds Purposes Proceeds … Continue reading “Linkage Biosciences Lands $2,000,000 Series A Financing”
UW Startup, Soluxra, to Form Around Organic Solar Cell Technology
A new startup company is in the works at the University of Washington, based on inexpensive, portable solar cells that could go far beyond the standard rooftop model. Conventional solar cells are made from expensive silicon, but the UW group, led by materials science and engineering professor Alex Jen, has come up with a way … Continue reading “UW Startup, Soluxra, to Form Around Organic Solar Cell Technology”
HighJump Acquires Coaxis Division
Minnesota-based HighJump Software announced today it has acquired Insight Distribution Software from Portland, OR-based Coaxis. Terms of the deal were not disclosed. Insight Distribution specializes in software for the food and beverage industries.
FDA Committee Votes in Favor of Dyax Lead Drug for Rare Blood Disease
An FDA advisory committee recommended approval of Cambridge, MA-based Dyax‘s (NASDAQ:[[ticker:DYAX]]) lead drug candidate, ecallantide, to treat severe attacks of a rare blood disease known as hereditary angioedema (HAE), according to an FDA spokeswoman. The advisory committee members voted 6-5, with two abstentions, that there was enough data to support the approval of the Dyax … Continue reading “FDA Committee Votes in Favor of Dyax Lead Drug for Rare Blood Disease”
ZymoGenetics Sales Chief Exits
ZymoGenetics’ senior vice president of sales and marketing, Michael Dwyer, has left the company as of yesterday, according to a regulatory filing. The Seattle-based company (NASDAQ: [[ticker:ZGEN]]) didn’t explain why he left, or financial terms of his departure. Dwyer joined the company in April 2006 to commercialize its first FDA-approved drug, recombinant thrombin (Recothrom). The … Continue reading “ZymoGenetics Sales Chief Exits”
Insilicos Wins $400K NIH Grant
Insilicos, a Seattle-based company that makes software for drug researchers, has received a $400,000 grant from the National Institutes of Health to study a statistical method for predicting disease. The grant will support the company’s work on Least Angle Regression, says Insilicos president Erik Nilsson, in an e-mail. This is the second grant for Insilicos … Continue reading “Insilicos Wins $400K NIH Grant”
Oracle to Buy mValent
Oracle (NASDAQ:[[ticker:ORCL]]), the enterprise software giant, says that it has agreed to acquire mValent, a Waltham, MA-based provider of software used to automate and manage applications. Redwood Shores, CA-based Oracle plans to integrate mValent its Oracle Enterprise Manager business. The deal—terms of which were not disclosed—is expected to close in the first half of this … Continue reading “Oracle to Buy mValent”
WBBA: Perspectives on Multiple Sclerosis
The Northwest has a higher incidence of multiple sclerosis than most anywhere on earth. No one knows exactly what causes MS, or why it’s more common in the Northwest. The Washington Biotechnology & Biomedical Association will host an event on that covers industry, academic and clinical perspectives on discoveries, research and treatment. This panel will … Continue reading “WBBA: Perspectives on Multiple Sclerosis”
WTIA: Scaling the Cloud With Amazon Web Services
The Washington Technology Industry Association is hosting an event on cloud computing with Amazon web services, as part of an ongoing series on the industry trend. At this session, Adam Selipsky, vice president of Amazon Web Services, will provide an overview of the company’s service and how it can help businesses scale up. Two Amazon … Continue reading “WTIA: Scaling the Cloud With Amazon Web Services”
WTIA: Cloud Computing Fundamentals
The Washington Technology Industry Association is organizing an event on cloud computing fundamentals as part of an ongoing series. This session will feature Aaron Kimball of Cloudera, who will cover the basics of flexible ways to deal with data. Then Jason Lochhead, chief technology officer of Terremark Hosting Services Division, will perform a demo of … Continue reading “WTIA: Cloud Computing Fundamentals”
Solar Contractor Plans Mid-Atlantic Expansion With $14M Infusion
Privately held Borrego Solar Systems, which designs and installs solar power systems, said today it has received $14 million in venture funding to fuel its expansion into the Mid-Atlantic Region. The contractor based in El Cajon, CA, (about 15 miles East of San Diego) currently installs rooftop photovoltaic systems on commercial, residential and government buildings, … Continue reading “Solar Contractor Plans Mid-Atlantic Expansion With $14M Infusion”
Harvard Researcher to Helm Merck’s Cancer Research, Genzyme Acquires Certain Exact Sciences Assets, NeurAxon Out to Axe Migraines, & More Boston-Area Life Sciences
New England life sciences firms gave us a little breather on the fast-breaking news this past week, so we had some time to take a closer look at some of the most interesting new companies and projects in the field. —Luke interviewed Tom Hughes, the CEO of Zafgen, and learned more about the startup’s plans … Continue reading “Harvard Researcher to Helm Merck’s Cancer Research, Genzyme Acquires Certain Exact Sciences Assets, NeurAxon Out to Axe Migraines, & More Boston-Area Life Sciences”
InterSystems CEO Ragon Donates $100M to Create New AIDS Research Institute
Local software entrepreneur Phillip “Terry” Ragon and his wife Susan Ragon have granted $100 million to Massachusetts General Hospital to form a research institute focused on developing vaccines for AIDS and other infectious diseases. The institute, called the Phillip T. and Susan M. Ragon Institute, will include a team of engineers and scientists from MGH, … Continue reading “InterSystems CEO Ragon Donates $100M to Create New AIDS Research Institute”
Qualcomm’s Best-Laid Plans for Cell Phone TV Service
Updated Feb. 4 at 3:55 p.m. PST with the House of Representatives approving a four-month delay in DTV conversion. See below for more details. At the Consumer Electronics Show in January, Qualcomm’s MediaFlo subsidiary unveiled plans to nearly double its FLO TV service for cell phones, by expanding into 108 U.S. markets this year. The San … Continue reading “Qualcomm’s Best-Laid Plans for Cell Phone TV Service”
PATH, Fueled by Bill Gates’ Fortune, Builds Global Health Hothouse in Seattle
Bill and Melinda Gates don’t give their money away to just anybody who comes along with an impressive resume and a good cause. So why has the world’s largest charitable foundation seen fit to give $1.3 billion of its fortune to a little-known Seattle-based nonprofit called PATH? PATH, which has raked in the second-largest amount … Continue reading “PATH, Fueled by Bill Gates’ Fortune, Builds Global Health Hothouse in Seattle”
AMAG Pharma Awaiting FDA Word on New Iron-Replacement Drug
AMAG Pharmaceuticals could be months away from a long-awaited green light from the FDA to begin sales of ferumoxytol (Feraheme), an iron-replacement treatment for people with kidney disease, and a potential cash cow for the Cambridge, MA-based biotech firm (NASDAQ:[[ticker:AMAG]]). The promise of ferumoxytol has boosted the prospects of AMAG (formerly Advanced Magnetics), transforming the … Continue reading “AMAG Pharma Awaiting FDA Word on New Iron-Replacement Drug”
Phenomix Aims to Grab Piece of $10 Billion Diabetes Market
San Diego-based Phenomix isn’t one to shy away from a fight. This privately held biotech company with just 50 employees is forging ahead with a new drug for diabetes, one of the most competitive, and crowded marketplaces in the entire pharmaceutical industry. As long as the diabetes epidemic rages on like a “runaway train” in … Continue reading “Phenomix Aims to Grab Piece of $10 Billion Diabetes Market”
Seattle Startup Weekend 2
Following a successful weekend in early 2008, Startup Weekend returns to Seattle for 54 hours of discussions, pitches, coding, and other activities—all with the goal of seeing how many viable product and startup ideas emerge from the entrepreneurial community. Hosted by Google in Fremont. (See Xconomy’s preview here.)
Massachusetts Gov. Deval Patrick Visits Microsoft to Build Ties With the Northwest
Yesterday morning in Redmond, WA, Governor Deval Patrick of Massachusetts sat down with Ray Ozzie, the chief software architect of Microsoft. They talked about high-tech innovation in the Boston area, how Microsoft views its own global future, and how the company could work together with Massachusetts to help drive the local economy. “I was talking … Continue reading “Massachusetts Gov. Deval Patrick Visits Microsoft to Build Ties With the Northwest”
Borrego Solar Systems Secures $14,000,000 New Funding Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=94884b10-3f14-4fe2-9695-061b343df156&Preview=1 Date 2/4/2009 Company Name Borrego Solar Systems Mailing Address 1365 N. Johnson Avenue El Cajon, CA 92020 Company Description Borrego Solar is a solar electric contractor specializing in commercial, residential and public sector turnkey, grid–connected solar electric systems. Website http://www.borregosolar.com Transaction Type Venture Equity Transaction Amount $14,000,000 Transaction Round Undisclosed Proceeds … Continue reading “Borrego Solar Systems Secures $14,000,000 New Funding Round”
Rib-X Pharmaceuticals Inc. Lands $25,000,000 Series D Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=67a665de-f29d-4130-8d63-cc7dc216d0e7&Preview=1 Date 2/4/2009 Company Name Rib-X Pharmaceuticals Inc. Mailing Address 300 George Street New Haven, CT 06511-6663 Company Description Rib-X Pharmaceuticals is a product-driven small molecule drug discovery and development company focused on the structure-based design of new classes of antibiotics. The company’s underlying drug discovery engine capitalizes on its proprietary high-resolution … Continue reading “Rib-X Pharmaceuticals Inc. Lands $25,000,000 Series D Round”
Oracle Corp. Acquires mValent, Inc. for Undisclosed Sum
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=452fba75-bf98-4013-8218-1f5375e784bb&Preview=1 Date 2/4/2009 Company Name mValent, Inc. Mailing Address 230 Third Avenue Waltham, MA 02451 Company Description mValent tackles IT complexity and compliance with automation software that eliminates configuration management chaos in application infrastructure. Website http://www.mvalent.com/ Transaction Type M&A Transaction Amount Undisclosed Transaction Round Proceeds Purposes M&A Terms Financial details of the … Continue reading “Oracle Corp. Acquires mValent, Inc. for Undisclosed Sum”
Solar Power Partners Obtains $32,000,000 New Financing
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=77b9576e-bab2-4d4d-bb5a-91349a7cd9ef&Preview=1 Date 2/4/2009 Company Name Solar Power Partners Mailing Address 100 Shoreline Highway Mill Valley, CA 94941 Company Description Solar Power Partners, Inc. (SPP™) is a developer, owner, and manager (DOM) of a distributed network of mid-size commercial Solar Energy Facilities (SEF) that we remotely manage from a central location. SPP™ provides … Continue reading “Solar Power Partners Obtains $32,000,000 New Financing”
Collapse of Innovative Spinal Technologies was Years In the Making, Sources Say; CEO Responds
[Updated, see below.–WR] Our stories last week about the shutdown of Innovative Spinal Technologies, a Mansfield, MA, company that raised $75 million in private funding to market devices for stabilizing injured spines, prompted a number of IST’s former employees and business associates to contact Xconomy to help flesh out the details of the company’s demise … Continue reading “Collapse of Innovative Spinal Technologies was Years In the Making, Sources Say; CEO Responds”
Transforming Healthcare Summit
H.I.L. Forum presents an evening conference on healthcare reform. From the event website: “The American healthcare sector has never experienced such a time of crisis, uncertainty, and opportunity. As a result, the new Obama Administration has made healthcare the centerpiece of its stimulus and reform plans. Billions of dollars are flowing into healthcare from Bush’s … Continue reading “Transforming Healthcare Summit”
Zerhouni Joins Gates Foundation
Elias Zerhouni, the former director of the National Institutes of Health during the Bush Administration, has joined the Bill & Melinda Gates Foundation as a senior fellow. Zerhouni, a world-class radiology researcher, will advise the foundation on its Grand Challenges in Global Health Initiative, in which the foundation works to identify the top scientific challenges … Continue reading “Zerhouni Joins Gates Foundation”
RNA Networks Nets $7M
Portland, OR-based RNA Networks, a memory virtualization software startup, announced it has raised $7 million in Series A funding, led by Menlo Ventures. RNA (which has a pretty deceptive name) aims to make networked memory in servers and data centers cheaper and faster for business applications like financial services, trading, content delivery, and online gaming.
SolarWorld Cuts 63 Jobs in WA
SolarWorld Industries, whose parent company is based in Bonn, Germany, is cutting 63 positions from its Vancouver, WA facility, according to the Washington State Employment Security Department. SolarWorld says the move is not a reduction in total staff, but rather a transfer of operations to its new manufacturing plant in Hillsboro, OR (which Xconomy reported … Continue reading “SolarWorld Cuts 63 Jobs in WA”
Mixpo Raises $4M from Madrona Venture Group, Other Investors
Seattle video-advertising startup Mixpo has raised $4 million in a Series B round of venture funding, as first reported by VentureBeat. The round is being led by existing investor Madrona Venture Group, based in Seattle, and also includes Yaletown Venture Partners and Growthworks Capital. Venture capitalist Matt McIlwain leads Madrona’s involvement with Mixpo. Mixpo was … Continue reading “Mixpo Raises $4M from Madrona Venture Group, Other Investors”