Regional News
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- Overture Networks Secures $15 Million Second Round
- LVL7 Systems Lands $12.5M
- Encelle Lands $4M
- Ziptronix Closes on $3.5 Million in Second Round of VC
- Norak Licenses Technology to Merck
- Analytical Sciences Wins $23M NIOSH Contract
- MERIX Names New CEO
- American To Fly Nonstop RDU-San Jose Route
Overture
Networks Secures $15 Million Second
Round
RTP-based Overture Networks, a developer of
technology for delivering voice and data services
over metro networks, has secured $15 million in its
second round of financing. The round was led by new
investor Morgenthaler Ventures and also includes
first time investments from Armada Ventures and
Intersouth Partners. Gray Ventures and other existing
investors also participated in the round. To date,
Overture has raised a little over $18 million. www.overturenetworks.com
LVL7 Systems
Lands $12.5M
LVL7 Systems, a networking software company that
accelerates the development of network infrastructure
equipment, has secured $12.5 million in an
oversubscribed, Series B funding round. Gabriel
Venture Partners, of Redwood Shores, CA, and
Annapolis, MD, and H.I.G. Ventures, of Atlanta, GA,
jointly led the investment round. The company
received $8.5 million to fuel its drive to
profitability and expand its sales and marketing
initiatives. An additional $4 million is available to
the company based on growth requirements and
expansion plans. LVL7 previously received $10 million
in seed, private and strategic investments. The
company has offices in Cary, NC and San Jose, CA. www.lvl7.com
Encelle Lands
$4M
Raleigh-based biotechnology firm Encelle has landed
two-thirds of a $6 million infusion of venture
capital and a development partner for its lead
product, an artificial tissue to aid in treating
wounds. Intersouth Partners of Durham, the North
Carolina Enterprise Fund of Raleigh and New
Orleans-based Koerner Capital, have put $4 million
into Encelle's fourth funding round. All three have
previously invested in the company, which has raised
$23.6 million to date. According to a company
spokesperson, other investors have agreed to put
another $2 million into the company by the end of the
year. Encelle also recently formed a partnership with
Smith & Nephew, a U.K.-based medical device
company that specializes in wound care, orthopedics
and endoscopy. www.encelle.com
Ziptronix
Closes on $3.5 Million in Second Round of
VC
In an initial closing for its second round of
venture capital, Ziptronix, an RTP-based developer of
semiconductor bonding technology, has raised $3.5
million. Ziptronix spun off two years ago from the
Research Triangle Institute (RTI), which along with
Alliance Technology Ventures provided the new funds.
The company has developed a process for bonding
semiconductors so that they don't have to be laid out
flat on a circuit board; instead, the semiconductors
can be combined in more compact three-dimensional
form. Ziptronix expects to raise additional funds for
its second round of venture capital, targeting a
total of $12 million. The company employs 22 people.
www.ziptronix.com
Norak Licenses
Technology to Merck
RTP-based Norak Biosciences, a privately held
developer of drug discovery technology, recently
announced it had signed a licensing agreement with
pharmaceuticals giant Merck & Co. Under the
agreement Norak will provide drug targets of interest
to Merck. Financial terms of the deal were not
disclosed. www.norakbioscience.com
Analytical Sciences
Wins $23M NIOSH Contract
Durham-based Analytical Sciences Inc. (ASI), a
technology and research firm focused on human health
issues, has been awarded a 7-year, $23 million
contract from the National Institute for Occupational
Safety and Health (NIOSH) to provide a variety of
technology products and services. To support the new
contract, ASI has opened a new regional office in
Morgantown, W.Va. that employs about 30 new technical
personnel. The company said that it plans to expand
its staffs in Durham, Atlanta, Austin and Maryland as
well. ASI currently employees about 530 people. www.asciences.com
MERIX Names New
CEO
Durham-based MERIX Biscience Inc., a privately held
developer of cancer vaccine technology, has named
Clint Dederick as its CEO. Dederick is also chairman
of the company's board of directors. Since 1987,
Dederick has served as group director of venture
projects for Senmed Medical Ventures. www.merixbio.com
American To Fly
Nonstop RDU-San Jose Route
The high-tech community got a boost when American
Airlines announced they will start a daily nonstop
service between Raleigh-Durham and San Jose, Calif.
on Mar. 2. Since Midway Airlines dropped the route
and filed for bankruptcy, the high-tech and investor
communities have lobbied hard for direct routes. The
San Jose flight will depart RDU at 5 p.m. and arrive
at San Jose at 8:08 p.m. From San Jose, the flight
will leave the Silicon Valley at 10:40 p.m. and
arrive RDU at 6:36 a.m. the next morning.
- October 9th —
CED Capital Connection Information
Session
- October 16th —
Executive Series Workshop: Creating a Versatile
Executive Team
- October 18th —
CFO Roundtable - Structuring Compensation Plans for
Your Sales Force
- October 21st —
Biotech Forum - BioDefense and Homeland Security -
How the Triangle Biotech Community Can Support the
Effort
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HR Roundtable: HR Technology -- Pleasant Dreams?
Harsh Reality? What's YOUR
Experience?
October 22nd — Marketing Roundtable - Leveraging Marketing Resources
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