Venture Capital News

Samsung Ventures Leads 15.4M Sandbridge Technologies Series 'B' Extension

Sandbridge Technologies, a fabless semiconductor company developing the world's first flexible "software defined" processors for baseband and multimedia processing in mobile handsets, announced today that it recently closed a $15.4M extended Series B.

Sandbridge is the world's leading developer of ultra-low power, high performance, reprogrammable solutions to replace fixed-function, multi-chip hardware in wireless handsets. The company's patented SandBlaster(R) technology has been hailed by analysts as potentially disruptive for the wireless industry, and it was honored as a "Technology Pioneer" by the World Economic Forum in 2004, "for extreme innovation, market leadership, and potential for significant positive impact on society."

Sandbridge has developed the first multi-mode, multi-function SOC (system- on-chip) DSP based platform for handsets — the SB3000(R) series with the capacity to perform all baseband and multi-media processing in software without compromising battery consumption.

The SB3000(R) series processor facilitates faster, lower-cost development of handsets than fixed-function hardware and uniquely allows OEM's to keep pace with rapidly evolving wireless protocols and multi-media features by enabling them to develop, test, revise and implement designs on a single reprogrammable platform entirely in high level "C" software.

The SB3000(R) enables a whole new class of protocol-agnostic, multi- function convergent wireless devices that merge the form and convenience of handhelds with the flexibility and performance of PC's.

Located in White Plains, NY, Sandbridge Technologies is a fabless semiconductor company with a mission to simplify the development and improve the features-to-cost ratio of next generation convergent wireless devices.

Founded in 2001 by veterans of IBM, Lucent and Cadence. Sandbridge has developed a radically innovative DSP platform that provides the first flexible alternative to dedicated baseband and multi-media hardware in mobile devices. Sandbridge Technologies Inc. is a venture funded company with investments by Samsung Ventures, Bessemer Venture Partners, Atlas Venture, Doughty-Hanson Technology Venture, Columbia Capital, Siemens Venture Capital, Castile Ventures and other investors.

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Intel Capital Extends Global Reach

Intel Capital, the venture capital investment arm of Intel Corporation, has embarked on a bolder, more proactive strategy designed to enhance innovation worldwide by helping its portfolio companies to be more successful through larger investment stakes and more active collaboration.

Recognizing the importance of technology centers outside the United States, Intel Capital over the past year announced the formation of a series of geographic investment funds in India (US $250 million) , China (US $200 million), the Middle East and Turkey (US $50 million), and most recently Brazil (US $50 million) in March. In 2005, Intel Capital invested over 60 percent of its US $265 million total in companies outside the United States.

Reflecting this global focus, earlier this week Intel Capital announced the first agreement by the Intel Capital Middle East and Turkey Fund with Orascom Telecom, a major Middle East telecommunications provider, to invest in Orascom Telecom WiMAX Limited. The investment focuses on identifying and developing new WiMAX opportunities throughout the region.

To illustrate this proactive approach, since March 2005 Intel Capital has either led, co-led or been the sole investor in 54 deals — 46 percent of the total of all deals signed. The PIPEX Wireless investment announced last month is another example where Intel Capital formed a new joint venture in collaboration with PIPEX in the United Kingdom to promote WiMAX deployment. Intel Capital was the lead investor in PIPEX Wireless deal and is contributing both management expertise and active collaboration with the vast resources of Intel Corporation to help make this new company successful. Earlier this week, Intel Capital also announced further WiMAX investments in Worldmax, a joint venture with Enertel Holdings in the Netherlands, and the aforementioned Orascom Telecom WiMAX Ltd. that build on a foundation of previous WiMAX investments in Australia, Brazil, Mexico, Europe and the United States.

Through opportunities such as CEO Summit, Intel Capital’s annual investment conference held this year in Mumbai, India, Intel Capital will continue to work with portfolio companies creating engines of innovation around the world. In addition, Intel Capital will use its relationships to stimulate innovation — via Intel Capital Technology Days, which consist of structured matchmaking with portfolio companies and leading industry executives, and direct collaboration with Intel Corporation’s vast resources — across a broad range of technologies.

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Local Firms Participate in UK Government's Venture Funding Initiative

A new joint venture partnership, NVG/FOCUS, the brainchild of New Vantage Group, LLC (NVG) of Vienna, VA and FOCUS Enterprises, Inc. (FOCUS) of Washington, DC is part of a winning group, Seraphim Capital, which has been awarded one of five slots in the UK Enterprise Capital Fund (ECF) initiative. The initiative, a public/private partnership, is designed to fill an "equity funding gap" in which UK firms that are up and running but have not yet achieved profitability find it difficult to obtain growth capital. NVG/FOCUS is the only US partner in the country-wide program initiated by the UK Treasury and developed by the Department of Trade and Industry (DTI).

Seraphim Capital is led by a syndicate of business angel groups across the UK, including Archangel Informal Investment (Edinburgh), Advantage Business Angels (Birmingham) and Pi Capital and London Seed Capital (both of London). The pounds Sterling 30m co-investment fund (about $56M at today's exchange rate) will invest alongside leading business angels and other private investors, and will focus on investments in companies throughout the UK. Seraphim aims to grow these investments in the US with the help of NVG and FOCUS.

John May, Managing Partner of New Vantage Group which co-founded the Dinner Club series of regional angel groups and is Chair of the Angel Capital Association said: A competitive bidding process for fund managers and business angel groups to run ECFs was launched in July 2005. In September, the DTI received 45 individual bids. An independent outside panel, headed by David Quysner, a distinguished UK venture capitalist was appointed to evaluate the competing bids and as a result, four awards have been made to date, of which Seraphim is one. Approval is subject to contract and funds will have up to six months to complete raising the full amount of private capital and opening the doors for business. Each ECF will be able to make equity investments of up to pounds 2 million. ECFs invest a combination of private and public money in small high- growth businesses seeking up to pounds 2 million of equity finance.

Other consortium partners in the UK include: Greater London Enterprise, London Seed Capital Angels, Pi Capital, ArchAngel Informal Investments, Advantage Business Angels, Entrust, The Summit Group and General Capital Venture Finance. New Vantage Group, LLC creates and manages early-stage venture funds for active angel investors including the Washington Dinner Club and the Active Angel Investors network and maintains joint venture partnerships with regional clubs such as Chesapeake Emerging Opportunities. Since 1997 members have invested over $34 million in more than 38 Mid-Atlantic based companies.

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Utility Associates Announces Braemar Energy Ventures Investment

Representatives of Utility Associates Inc., a leading provider of hosted mobile field workforce solutions, announced that Braemar Energy Ventures recently completed a $1.5 million Series A Preferred investment in the company.

The funding will be used primarily to provide additional working capital as Utility Associates launches new sales and marketing programs to further capitalize upon rapid market acceptance of its Avail ™ mobile field workforce solution. The AVaiL 'software as a service' solution is used to track and manage field crews and assets. The platform was successfully used recently by several utilities to safely and effectively implement Mutual Aid operations in support of Hurricane Katrina recovery.

The Braemar Series A Preferred round is the first outside investment in Utility Associates since a seed round of funding was completed by Allegheny Energy Inc., a Utility Associates early adopter customer. Allegheny Energy CIO Tom Gardner is also a member of the Utility Associates' board of directors.

In just over 24 months since launch, Utility Associates' AVaiL has become the field mobile operations communication, control, and mutual aid collaboration solution of choice for a number of utilities and government agencies across the United States. Major customers include Georgia Power and Atlanta Gas Light. The company has plans to double its staff in 2006 while also expanding into the government field workforce and construction services market.

Utility Associations recently launched its Avail OnComm hardware solution that supports field crew connectivity and mobile asset tracking. With WiFi connectivity the OnComm™ fleet-based on-board computer provides broad mobile operations communication functionality including highly reliable, high-bandwidth Internet connectivity, and GPS location services.

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Venture Investors and Entrepreneurs Are Now Betting Heavily on the Boomer Market (June 20)

America 's 78 million baby boomers — a generation with more than $2.5 trillion in spending power — are fast approaching their golden years.

Recognizing the tremendous market opportunities, the venture community is investing heavily in entrepreneurial companies that are developing new products for the 45+ consumer.

The second annual Silicon Valley Boomer Venture Summit will be held June 20, 2006 at Santa Clara University in Santa Clara, CA. This one-day event features leaders from the private venture investment community, their portfolio companies and entrepreneurs targeting this market.

North Castle Partners, Johnson & Johnson Development Corporation, and Draper Fisher Jurvetson will present their investment strategies and entrepreneurs they are backing. Intel Capital will share its healthy living market research. Keynotes are Safa Rashtchy, senior Internet analyst for Piper Jaffray & Co., "Business Models that are Work on the Internet," and Craig Newmark, founder of craigslist, "The Best of Online Community and Customer Service: the craigslist Story."

Other noted speakers include Gale Benessen, Advisor, North Castle Partners; Jennifer Fonstad, Managing Director, Draper Fisher Jurvetson; Fernando Torres-Gil, Professor of Social Welfare and Public Policy, UCLA School of Public Affairs; Michael Goldberg, General Partner, Mohr Davidow Ventures; Emilio Pardo, Chief Brand Officer, AARP; Jon Staenberg, Partner, Rustic Canyon Partners; Brad Vale, VP, Johnson & Johnson Development Corporation; Peter Ziebelman, Partner, Palo Alto Venture Partners; and Jeff Zimman, CEO, Posit Science Corporation.

The Silicon Valley Boomer Business Plan Competition's five finalists will present their business plans and the $10,000 Grand Prize Winner will be announced. The competition has attracted 75 business plans from five countries.