Equity Financing
Precision Therapeutics Raises $34M
Precision Therapeutics has raised $33.97 million of a targeted $35 million in a mixed securities offering, according to an SEC filing. Since 1996, Precision has raised $63 million in venture funding. Read the filing at http://tinyurl.com/3xxu6m7.
June 7, 2010 | Permalink
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
Trustwave Looking to Go Public
According to ChicagoBusiness.com, Trustwave Holdings, which acquired BitArmor Systems earlier this year, has plans to become a public company by this time next year. The company is the leading provider of software that ensures merchants are in compliance with credit card companies' security standards. An IPO would give Trustwave the capital to do larger deals, increase its capabilities and expand internationally. Read the full article on ChicagoBusiness.com.
April 27, 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
ClearCount Medical Solutions Closes Series A Round
ClearCount Medical Solutions, an innovator of patient safety solutions for the operating room, has closed a $4.1M Series A financing roung. The company plans to use the funds to accelerate sales efforts of its RFID technology for the prevention of retained surgical sponges. Draper Triangle led the round. Learn more about ClearCount's innovative patient safety technology at www.clearcount.com.
October 17, 2008 | Permalink
Aethon Raises $14 Million
Aethon recently closed on a successful $14 million financing round led by two new investors, Nexus Medical Partners and Radius Ventures and supported by existing VC groups Draper Triangle, Trident Capital, Pacific Venture Group, Salix Ventures and Ascension Health Ventures. This funding supports Aethon's goal of continued business growth, accelerated sales, and intensified research and development efforts on new products and product extensions. The two new investing partners were strategically selected by Aethon. Nexus was chosen for its potential to help Aethon expand into the European market; and Radius Ventures brings a roster of proven healthcare industry executives and experts who can contribute to Aethon's expansion. Over the last 3 years, Aethon's TUG robotic delivery systems have provided supply and equipment delivery solutions for more than 100 hosptials around the country.
September 23, 2008 | Permalink
Precision Therapeutics to Raise $30+ Million
Precision Therapeutics expects to close on more than $30 million in venture funding, the largest round raised in the company's 13-year existence. Investors in the round included existing firms (including Draper Triangle) as well as some new out-of-town backers. CEO Sean McDonald plans to increase his company's staff by 50% this year, and plans to use the money to hire across the board, and for continued research into the company's personalized cancer therapies.
July 30, 2008 | Permalink
TOA Closes $13 Million Series C
TOA Technologies, the leading provider of web-based software solutions for companies managing mobile workforces, has closed a Series C round of financing. The $13 million round, led by Intel Capital includes funding from Draper Triangle and Early Stage Partners, as well as private investors. Proceeds from the round will be used to accelerate business growth in new geographies and vertical markets, and fuel the continued technological innovation etsablished in the company's pioneering SaaS Customer Appointment Management Solution. Read more on TOA's website.
June 5, 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
Thinkvine Receives $1 Million in Funding
Thinkvine, Inc., a Montgomery (OH)-based marketing intelligence/software firm has raised $1 million in venture funds from Draper Triangle, CincyTech and Fort Washington Investment Advisors. CEO Damon Ragusa says his goal for the company is to grow revenues to as much as $10 million over the next three years, primarily by transforming the company from a consulting firm into a product-centered organization. Thinkvine is the second investment Draper Triangle has made in the Cincinnati area; the first was case management software solutions provider, CH Mack. Visit www.thinkvine.com for more information about the company.
February 2, 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
RuleBurst Acquires Haley
Australian company RuleBurst Limited, a leader in software solutions to prevent, detect and cure breaches in legislation, policy and business rules has acquired Haley. The acquisition merges two global leaders of natural language business rules management software and extends RuleBurst's existing position as the fastest growing rules vendor in the world. According to a recent report on the business rules market by research firm IDC, the combined company will rank as the fourth largest BRMS vendor worldwide. Read more about the new combined company at www.haley.com.
November 14, 2007 | Permalink
Socialtext Raises $9.5 Million
Socialtext Inc. has raised $9.5 million in a third round of funding, and named Eugene Lee chief executive. The Palo Alto-based provider of enterprise wiki software said the round was led by Menlo Park-based Draper Fisher Jurvetson. Also participating were existing investors Redwood City-based Omidyar Network and SAP Ventures.
November 4, 2007 | Permalink
Precision Therapeutics Plans IPO
Precision Therapeutics, Inc. plans an initial public offering of its common stock, according to a regulatory filing Friday with the Securities and Exchange Commission. The company did not disclose the expected number or price range of shares to be offered, but indicated the offering price could total up to $80.5 million (that figure was an estimate used to calculate the registration fee and is subject to change). Precision develops tests to help physicians individualize cancer therapy. JP Morgan Securities, Piper Jaffray & Co, and JMP Securities are underwriting the offering.
August 28, 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
Plextronics Receives $750K from SEF
Plextronics has received $750,000 in funding from the Sustainable Energy Fund (SEF) of Central Eastern Pennsylvania to further the development of Plexcore PV technology for organic solar cells. Plexcore PV technology is paving the way for the commercialization of organic solar cells as a leading source of renewable energy. Pennsylvania has one of the nation's most progressive alternative energy portfolio standards; it states that by 2020, 18% of all retail energy must come from clean, efficient and advanced resources. Read the full release on the Plextronics website.
January 23, 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
Plextronics Completes $13.1 Million Series A Funding
Draper Triangle has participated in the recent funding of Plextronics, Inc., a world leader in developing active layer technology for printed electronic devices. The Series A Round, closed at $13.1 million, will be used to expand Plextronics' development and commercialization staff as well as its operations to continue the commercializatioin of Plexcore in OLED displays and lighting, polymer solar cells and plastic circuitry. For more information on our latest portfolio company, visit the Plextronics website.
August 15, 2006 | Permalink
DFJ Element Closes $284 Million Venture Fund
DFJ Element, a venture fund formed by Draper Fisher Jurvetson and Element Venture Partners, has closed with a well-oversubscribed $284 million (the initial target was $150 million). The fund will invest in clean technology companies. DFJ Element has already invested in 4 companies: CoalTek, Inc, Fat Spaniel Technologies, Miartech, Inc. and EcoSMART Technologies. Limited partners in the new fund include CalPERS, Swiss Re, Coca Cola, ITT, Robeco, LA City Employees Retirement System, WP Global and British Airways, among others.
June 29, 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
Aethon Receives TTC Project Funding
The Technology Collaborative (TTC) a statewide economic development organization that supports the growth of Pennsylvania's world-class robotics, cyber-security and digital technologies industries, has allocated $2.3 million to twelve companies and one joint university/corporate team across Pennsylvania. One of those companies was Aethon. According to Aldo Zini, CEO of Aethon, the funding "will allow Aethon to more rapidly penetrate the healthcare delivery robot market, while providing useful base technology to regional autonomous mobile robot partners."
May 3, 2006 | Permalink
$3.4 Million in Funding for Imago
Imago Scientific Instruments announced that it will receive $3.4 million in equity financing from three venture capital sources. Led by Draper Fisher Jurvetson, the funding round comes just 2 weeks after Imago acquired Oxford nanoScience from the UK-based Polaron plc.
April 27, 2006 | Permalink
Precision Therapeutics Closes on $20 Million in Venture Funding
Precision Therapeutics has raised $20 million in venture capital funds marking the region's first big funding round of 2006, according to an article in the Pittsburgh Business Times. The final amount was more than 40% above what the company originally sought when it began raising funds last summer. CEO Sean McDonald expects this to be its last venture round as they will use the money to market their tissue-based support tool that helps clinicians select the most effective chemotherapy regiment for individual patients, a move which should bring the company to profitability.
February 21, 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
BodyMedia Secures Series E Financing
Along with existing investors, Draper Triangle Ventures and Draper Fisher Jurvetson ePlant, BodyMedia welcomed Ascension Health Ventures, LLC (AHV) as an investor in its recently closed Series E financing. The capital infusion will be used to continue research and to expand the company's products into more traditional healthcare environments.
September 27, 2005 | Permalink
Precision Therapeutics Seeks Capital
Sean McDonald, CEO of Precision Therapeutics, will soon be very busy. His company is set to start clinical trials at Yale Medical Center, and he just launched a $12 million venture capital round. The company recently received a $1.7 million reimbursement from Medicare - an important element to the fundraising campaign. Precision Therapeutics has raised more than $32 million in venture funds since McDonald came on board in 2001. McDonald expects to reach his fund-raising goal by the end of the year, tapping both new and existing investors.
August 16, 2005 | Permalink
Draper Triangle Funds Unitask, Inc.
Unitask, Inc., a leading provider of software products to help organizations make the Oracle E-Business Suite easy, recently completed a $2.5 million venture capital financing deal co-led by Draper Triangle and Early Stage Partners. This investment marks the first round of funding for the growing software company, which will use the funds to accelerate product development and expand sales and marketing. For more information on Unitask, read the full release.
June 14, 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
HyperNex Secures Expansion Funding
HyperNex will create 66 jobs and retain 10 employees when it expands its operations over the next three years. Pennsylvania Governor Ed Rendell's Governor's Action Team (GAT) worked with HyperNex to secure expansion funding. The Department of Community and Economic Development (DCED) offered a $425,000 financial package that includes a $225,000 Opportunity Grant.
August 24, 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
Aethon Raises $7 Million from New & Existing Investors
We've invested for a second time in Aethon, manufacturer of Tug - the robotic hospital delivery system, and added Salix Ventures, Ascension Health Ventures and Pacific Venture Group to the investor pool. Salix led the round with a $7 million investment. Read the full release at www.aethon.com/pressroom.
June 24, 2004 | Permalink
Imago Raises $5 million in 2nd Round
Imago Scientific announced that it has raised $5 million in a second round of financing. The company was able to attract a new lead investor for this round - Portage Venture Partners - a member of the Draper Network - and its previous investors, including Draper Triangle, participated again in this round, testimony to the attractiveness of Imago's technology. Read the full release.
February 20, 2004 | Permalink
Precor Acquires ClubCom, CardioTheater
Precor takes another step toward global leadership with the acquisition of entertainment technology leader ClubCom, including its Cardio Theater division. ClubCom will operate as an independent subsidiary. In addition to providing open-platform entertainment network services to a variety of customers, ClubCom will collaborate with Precor on new technologies, such as Precor's InSite? wireless information service for club and facility management. Find out more about the acquisition on ClubCom's website.
January 29, 2004 | Permalink
VC rebound
Pittsburgh Business Times reports more than $46 million of venture capital flowed into Pittsburgh companies during Q3. We did our part with investments in BodyMedia and Precision Therapeutics. Jay thinks we're seeing a rebound.
October 28, 2003 | Permalink
BodyMedia secures $4M
BodyMedia has completed a new $4 million round of financing, led by us and our our Redwood City, Ca. affiliate, Draper Fisher Jurvertson ePlanet. Roche Diagnostics of Indianapolis agreed in February to resell BodyMedia's self-monitoring product. The press release is available here.
October 28, 2003 | Permalink
