Draper Triangle
Inspired Technologies Raises $2.8 M
Inspired Technologies has raised $2.8 million in funding, most of which came from local companies. Previous investors Draper Triangle and Birchmere Ventures participated; new this round was Smithfield Equity Partners, the angel network arm of Smithfield Trust. Inspired's CEO Rich Kocinski believes the capital infusion will allow the company to reach cash flow positive. The company's flagship product, SmartDose, is a portable oxygen device that automatically adjusts the dose of oxygen based on a user's activity level. Learn more about the technology at www.SmarterO2.com.
May 13, 2010 | Permalink
Imago Acquired by AMETEK
Imago Scientific Instruments, has been purchased by Ametek (NYSE: AME). Imago joins CAMECA as part of Ametek's Materials Analysis Division, which provides a wide range of complementary imaging and analysis technologies. Learn more about Ametek at www.ametek.com.
April 13, 2010 | Permalink
Aethon and Bosch Form Partnership
Aethon has formed a partnership with the Bosch Group through its Robert Bosch Venture Capital GmbH (RBVC) venture arm. The total investment of $6.6 million, $5 million from RBVC, included contributions from existing investors, and will be used to fuel the company's growth through sales expansion and new product development. Visit Aethon's website to learn more about the company and its plan for future growth.
April 6, 2010 | Permalink
CardioInsight Closes $6 Million Funding Round
CardioInsight Technologies has closed a $6 million Series B round of funding with Draper Triangle, Dr. Michel Haissaguerre and company management participating. With the infustion of capital, CardioInsight will accelerate and expand its clinical studies program to include new centers such as the Cleveland Clinic and Penn Medicine Hospital University of PA, as well as to complete the product development program for the first commercial system, targeted for regulatory approval and commercial release in 2011. Learn more about this breakthrough technology at www.cardioinsight.com.
February 9, 2010 | Permalink
Co-eXprise Closes First $2M VC Deal
Co-eXprise, Inc., a developer of supply chain software, has closed its first round of venture funding with a $2 million raise from Draper Triangle. Up to this point, the 6 year old company has relied on Angel investors. Jay has joined the Board of Directors. Learn all about the company that received our largest initial investment ever at www.co-exprise.com.
February 2, 2010 | Permalink
Rick Faulk Named President & CEO of Landslide
Landslide Technologies has named Rick Faulk President and CEO; and has secured $8 million in growth capital. Draper Triangle participated in the round led by Adams Capital Management. Under the new leadership, Landslide will use the investment to continue to drive the business forward and deliver innovative solutions that make Landslide the provider of choice for accelerating and inproving the sales process. Learn more about Landslide at www.landslide.com.
January 28, 2010 | Permalink
ClearCount Closes Series B
ClearCount Medical Solutions has closed a $3.4M Series B financing round, led by Draper Triangle. The company will use the funds to drive sales and product development of its RFID-based solutions designed to prevent retained surgical sponges. ClearCount has developed the only FDA-cleared sponge counting and detection solution. The SmartSponge System is the only system to incoporate the efficiency of counting with the safety of detection for the purpose of preventing a retained object during surgery. Learn more at www.clearcount.com.
October 22, 2009 | Permalink
Plextronics Closes $14 Million Financing Round
Plextronics has completed a $14 million Series B-1 financing round, led by Solvay North American Investments, LLC, with several existing investors also contributing. The financing will allow the company to continue to grow its research, development and pilot manufacturing programs, all of which are aimed at the commercialization of its technology. Learn more at www.plextronics.com.
August 20, 2009 | Permalink
ThinkVine Secures $1.85 Million Series B
ThinkVine recently closed on a $1.85 Million second round of financing co-led by Draper Triangle and DFJ Portage and joined by DFJ, CincyTech USA and Fort Washington Capital Partners. ThinkVine will use the funding to fuel its sales and marketing efforts and bolster reasearch and development. Over the past year, the company has seen double-digit revenue growth, tripled its headcount and expanded its Fortune 500 customer base. Learn more about the company and its The Emerging Marketplace application at www.thinkvine.com.
April 16, 2009 | Permalink
Precision Therapeutics Raises $43 Million
Precision Therapeutics has secured $43 million in additional funding to expand the development and commercialization of ChemoFX, a diagnostic test that helps physicians select the most effective chemotherapeutic regiment for cancer patients. The round was led by Longitude Venture Partners, and included existing investors Draper Triangle, Adams Capital Management, Quaker BioVentures, Birchmere Ventures, and Techno Venture Management. The capital infusion will allow the company to expand its market penetration and pursue new programs concerning individualized therapy for cancer patients. The company has raised $105 million in VC funds in the last 10 years. Learn more at www.precisiontherapeutics.com.
November 11, 2008 | Permalink
7 Pittsburgh Companies Get $41M in 3Q
According to an article in the Pittsburgh Business Times, seven Pittsburgh companies received a combined $41.36 million in venture, angel and government funding during the third quarter of 2008, the largest third-quarter infusion in five years. Almost all of the companies are in the life sciences/biotech category. Draper Triangle participated in three of the financing rounds: Aethon, ClearCount Medical Solutions and Entermedia, where the companies raised a combined $18.26 million.
October 30, 2008 | Permalink
Venture Opportunities Growing in Pittsburgh
Pittsburgh entrepreneurs have a distinct advantage over their counterparts in other major cities ... A MoneyTree Report ranks the Pittsburgh region as the nation's second-fastest-growing area for venture capital investment over the past decade according to the number of companies receiving funding. Seattle, DC and Los Angeles all fell in behind Pittsburgh and only New Mexico's VC investing is growing faster. Last year, 44 Pittsburgh companies received $198.17 million, compared to 12 companies receiving $32.32 million in 1997, the study said. The number of companies grew 267 percent while total investment soared a study-topping 513 percent. Apparently, the country's most-livable city isn't so bad for growing businesses either!
March 11, 2008 | Permalink
Innovation Works Funds 100th Company
2007 was a great year for Innovation Works. Last year, the organization invested in its 100th company since 1999, its portfolio of technology-related firms garnered $117 million in follow-up investment, and it funded seventeen start-up companies, the most since the organization began. Jay Katarincic believes that Innovation Works has perfected the "model" to convert entrepreneurial ideas into thriving companies. Read an article in the Tribune Review about a recent celebration of Innovation Works held at the Pittsburgh Technology Center.
January 22, 2008 | Permalink
Renal Solutions Acquired by Fresenius Medical Care
Renal Solutions (RSI) has been acquired by Fresenius Medical Care AG & Co. KGaA (NYSE: FMS, FMS/P). RSI will continue operations as a wholly owned subsidiary of Fresenius Medical Care, the largest integrated global provider of dialysis products and services. Peter DeComo will continue to lead RSI in Warrendale, PA and Oklahoma City, OK. Visit www.renalsolutionsinc.com or www.fmc-ag.com to learn more about the acquisition and the companies.
November 29, 2007 | Permalink
Mike Stubler to Present at OVA Luncheon Meeting
Mike Stubler will participate in a luncheon panel discussion sbout the state of the venture capital industry in Ohio and Northeast Ohio on Friday, November 8, 2007 from 11:30-1:30 at the Union Club. The discussion, "The Quiet Recovery: The Role of Venture Capital in an Entrepreneurial Economy," is being presented by The Ohio Venture Association and is open to members and non-members. Visit www.ohioventure.org for more information or to register.
October 23, 2007 | Permalink
Entrepreneurial Funding Looking Up in Pittsburgh
In a recent article in the e-zine, Pop City, Pittsburgh venture capitalists spoke out about the future of entrepreneuship and venture funding in Pittsburgh. The article states that new companies received $230 million in investment dollars -- the largest growth in VC investment of any area in the country. Don Jones believes that today's angels are helping to develop successful companies, who, in turn, help develop other successes. "What we need is to reach a critical mass for the domino effect to be self-perpetuating. There needs to be families of successful companies that spin off each other." For the full article, check out popcitymedia.com.
July 17, 2007 | Permalink
Draper Triangle to Co-Host First East Coast Venture Challenge
Draper Triangle, along with Draper Fisher Jurvetson and DFJ Gotham, will host the first ever DFJ East Coast Venture Challenge on May 21st at Columbia University. Entrepreneurs from all eight Ivy League schools, New York University and Carnegie Mellon University will have the opportunity to compete for $250,000 in venture financing, and six months free office space in New York City. All competitors will have the chance to find funding and other resources at the Challenge as angel investors, successful entrepreneurs and other venture service providers will also be in attendance. Entries are due before May 11, 2007. For more information, visit http://www.dfj.com/eastcoastvc.
March 20, 2007 | Permalink
PA in Top 5 for Venture Deals in 3rd Quarter
An article in the Pittsburgh Business Times notes that almost $60.9 million in venture capital was invested in nine Pittsburgh-area companies, helping to push Pennsylvania into the top 5 states in terms of deals for the 3rd Quarter of this year. Draper Triangle's investment in Plextronics made up a portion of that total. Local companies received the largest combined third-quarter infusion of venture capital in years, second only to the $70 million raised in 2001.
October 31, 2006 | Permalink
CardioInsight Receives Initial Funding
CardioInsight Technologies, Inc., a bioscience start-up based in Cleveland, has closed its first round of funding and is poised to hit the ground running as it works to commercialize the technology known as electrocardiographic imaging. The technology comes out of Case Western Reserve University, in association with University Hospitals of Cleveland. The CardioInsight approach non-invasively images electrical activity on the surface of the heart to diagnose and treat heart problems related to electrical function without performing invasive procedures. Draper Triangle Ventures, JumpStart, Inc. and Case provided the funding.
August 22, 2006 | Permalink
Ayalogic Secures Additional Financing
In a vote of confidence from existing investors, Ayalogic has closed on an additional $1.25 million in financing, the majority from institutional investors from a Series A round raised late in 2004. We've invested again, as has Early Stage Partners and JumpStart. The plans are to use this additional investment to build the company’s infrastructure of talented people and innovative technology. Ayalogic plans to expand its sales and marketing expertise through direct sales and channel partners, locally and nationwide.
June 20, 2006 | Permalink
Sean McDonald Offers Advice for VC-Seekers
If you're looking to raise money from a venture capital firm, Sean McDonald has some advice for you. In an article in the Pittsburgh Business Times, McDonald cautions business owners against being too close to their own ideas that they lose sight of the opportunity for the investor. "Your job is to give [the investors] investment opportunities where they have a very good chance of making exceptional returns on their money." And Sean should know, he's helped PTI attract nearly $50 million in venture funding over the past five years, including $20 million in February of this year.
June 9, 2006 | Permalink
Venture Investments Up 45% in 2005
The Pittsburgh Business Times reports that year-over-year venture capital investments in Pittsburgh-area companies are up by 45%, according to a MoneyTree survey. As one of the region's most active investors, Draper Triangle has begun to invest in companies from our DTV II fund. Jay predicts a very good year for investments, citing the companies already in our portfolio that will be doing significant follow-on rounds of financing, plus the sheer number of new companies present in the region.
January 27, 2006 | Permalink
Aethon Closes $11 Million Financing Round
Aethon recently closed an $11 million financing deal, allowing the company to double its workforce and expand its customer base nationwide. The round was led by Trident Capital and included previous investors Draper Triangle Ventures, Salix Ventures, Ascension Health Ventures and Pacific Venture Group.
November 22, 2005 | Permalink
Draper Triangle Receives $5 Million
Draper Triangle received $5 million from the Commonwealth Financing Authority as part of a $60 million package created two years ago to make more capital available for startups. As one of the most active investors in southwestern PA, we were the only Pittsburgh-based recipient out of the seven venture firms who received money.
October 25, 2005 | Permalink
Draper Triangle Receives VFSFI Grant
Ohio Governor Bob Taft announced today that we have been awarded a $1 million grant from the Third Frontier Validation Fund and Seed Fund Initiative (VFSFI). The grant is intended to increase the dollars available to grow early-stage Ohio technology companies. Joining Draper Traingle as 2005 grant recipients were Blue Chip Validation Fund, Cleveland Clinic Foundation's BioValidation Fund, Ohio TechAngels Fund and Queen City Angels First Fund II. Read the Governor's release on the Ohio DoD's website.
November 23, 2004 | Permalink
Draper Triangle Funds Ayalogic, Inc.
Draper Triangle led a Series A round of funding for Akron-based Ayalogic, Inc. -- our first investment from the recently announced $60 million fund, DTVII. Ayalogic is a pioneer in universal press-to-talk systems and the funding will enable the company to take its product to market early next year. Read the full release here.
November 9, 2004 | Permalink
Draper Triangle Opens DTV II with $40 Million to Start
We're very pleased to announce the initial closing on Draper Triangle Ventures II (DTV II), a venture fund for Midwestern-based technology companies. Targeted to close in excess of $60 million, DTV II will make seed and early stage investments in compelling advanced software, medical device, automation technology, MEMS and nanotechnology companies. In addition, we've also opened an office in Cleveland, and plan one for Cincinnati mid-2005.
The release is here. You can also read articles about DTV II in the Pittsburgh Business Times, Crain's Cleveland Business, Pittsburgh Post-Gazette, and Pittsburgh Tribune Review.
September 30, 2004 | Permalink
BodyMedia Lands $2 Million
BodyMedia closed on another $2 million in venture capital investing, bringing the total investment in the firm to $20 million. Participants in the round included Draper Triangle, along with Draper Fisher Jurvetson ePlanet and Saturn Partners.
September 17, 2004 | Permalink
Draper Triangle Funds The Haley Enterprise
Draper Triangle welcomes The Haley Enterprise to our family of portfolio companies. The Haley Enterprise is a business software and services company in the business rules and process managment market. The $5.5 million Series A round of funding will be used to expand sales and marketing and to assist with the ongoing development of the company's innovative and technology-leading software products. The release is posted on Haley's website.
July 27, 2004 | Permalink
Bill Hambrecht to Keynote at Plexus4
William Hambrecht, the legendary investment banker who brought the world Apple Computer, Genentech and the OpenIPO, will join our Limited Partners, select community leaders and other individuals who have been instrumental in the region's success for Plexus4. This 4th annual cocktail reception and dinner, to be held April 26th at the Duquesne Club, celebrates Pittsburgh's entrepreneurs and financial community and recognizes its position as the hub of the region's high-technology community. Read more about Bill Hambrecht.
March 31, 2004 | Permalink
