Venture Capital News
Ocean Tomo To Sell Social Networking Patent at Oct 25 Auction in Chicago
Representatives of Ocean Tomo Auctions announced it will offer for sale "the Jaipuria Patent", U.S. Patent 7,047,202, and a pending continuation-in-part application, which are amongst the foremost patent filings related to the social networking industry. The Jaipuria Patent was filed in 2001 and claims priority to an earlier application filed in India in 2000 -- before the growth of the social networking industry. These patent assets will be offered as Lot 54 at the Ocean Tomo Fall 2007 Live IP Auction on October 25 at the Palmer House Hilton in Chicago.
The patent discloses a means for building a user and community driven secured social network, flexible privacy features for users in maintaining their online social network, and a means to refer users to one another via a referral network. In addition, the patent covers a social networking technology that is driven by user privacy features – fundamental to all successful social networking services today.
Among the many social network features disclosed and claimed in the patent and pending application are: fundamental technology used to develop and maintain an online social network; creating an online social network including individual users and groups; searching a social network to identify users and groups for keywords and then identifying a chain of contacts leading to the targeted user or group; flexibility in granting user defined privacy rights and access levels to control availability of user's personal information and contacts with respect to others in user's personal and extended network; process of anonymous referral networking using a link by link request forwarding system; and accessing and using social network via the Internet or wireless devices.
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Austin Ventures Announces Addition of Joe Marengi as Venture Partner
Representatives of Austin Ventures (AV), a leading venture capital firm, announced that Joe Marengi, a former Dell and Novell executive, has joined the firm as a venture partner.
Mr. Marengi's industry experience includes 10 years with Dell, Inc, where he was SVP and general manager of Dell Americas, responsible for all of Dell's operations in the America's region, including sales, marketing, manufacturing, and service. His focus was on the corporate and public institution customer base.
Prior to Dell, he was president and COO of Novell, Inc. As president, he was responsible for strategy and day-to-day operations of the company. He joined Novell in 1989 moving through several successive promotions to become the Executive VP of Sales and Worldwide Field Operations for the five years preceding his appointment to the president's role. As EVP, he was responsible for setting up the major account licensing, channel and consulting programs, and overseeing the company's international expansion.
Marengi currently serves on the Board of Directors for Hovnanian Enterprises, a Fortune 500 Homebuilder, and Quantum Corporation, a technology company specializing in storage back-up, recovery, and archiving. Additionally, he has worked with companies such as US Web and Vignette. As part of his role at AV, Joe will work with LifeSize Communications, Sipera Systems, and Copan Systems in addition to helping evaluate new investment opportunities.
Marengi received his bachelor's degree from the University of Massachusetts Boston and a master's degree from the University of Southern California.
Marengi will be based in Austin, Texas and evaluate potential deals throughout the United States and internationally.
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Rick Lewis Promoted to Principal at U.S. Venture Partners
Representatives of U.S. Venture Partners, a leading Silicon Valley venture capital firm, announced the promotion of Rick Lewis to Principal.
Lewis joined USVP in 2004, after several years in high-technology operating roles. At USVP, Lewis focuses on investment opportunities in information technology and has been involved in USVP's activities in mobile applications, consumer internet and digital media, enterprise software and semiconductors. Lewis led the firm's investment in myYearbook.com. In addition, he works closely with USVP portfolio companies' Intermolecular and Instantis.
Prior to USVP, Lewis held product development leadership roles at respected companies such as Autodesk and Walt Disney Imagineering. Lewis began his career in technology with various positions at Sun Microsystems, Lawrence Livermore National Laboratory and McKinsey & Company.
In his new role, Lewis will expand his activities in the areas of identifying, investing in and working with high-potential startup companies.
Lewis received an M.B.A. from Harvard Business school (with Distinction), an M.S. in Computer Science from U.C. Berkeley and a B.S. in Computer Science and Engineering from U.C. Davis.
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@Ventures Invests in Propel Biofuels, Inc.
Representatives of @Ventures, the venture capital business of CMGI, Inc., announced Wednesday that it has made a $2.0 million investment in Propel Biofuels, Inc., a biofuels retailing and distribution company. @Ventures led the company's $4.75 million Series A financing round, joined by co-investor Nth Power and several Seattle-based sustainable business leaders.
Propel is working to build the "last mile" in the biofuels industry, connecting biofuels producers with consumers. In order to provide drivers with an alternative to petroleum-derived fuels, Propel builds, owns and operates public biofuels fueling sites. Propel also provides comprehensive consulting and support to large fleets seeking a transition to alternative fuels.
In conjunction with the financing, Peter Mills, Managing Director of @Ventures, has joined Propel's board of directors. Propel announced that Arthur Rubinfeld also will be joining the company's board of directors. Mr. Rubinfeld was previously Executive VP at Starbucks, where he was responsible for the planning and execution of Starbucks' retail brand design, positioning, real estate, and store growth strategies. During his 10 years with Starbucks, Mr. Rubinfeld was responsible for the company's growth from 100 stores to more than 3,800 stores worldwide.
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Citicorp Venture Capital Announces Investment in WNA
Representatives of Citicorp Venture Capital announced that it has made a controlling investment in leading foodservice disposables manufacturer Waddington North America, Inc. (WNA). Norwest Equity Partners (NEP), a leading middle market private equity firm, and WNA management also participated in the investment.
WNA designs and manufactures a variety of premium single-serve products for the foodservice industry including dinnerware, drink ware, serving ware, take-out containers and cutlery. Headquartered in Covington, KY, WNA operates six manufacturing facilities throughout the United States and Canada, providing foodservice disposables for use by restaurants, caterers and consumers.
Industry trends have also been favorable for WNA as it continues to be a market leader targeting the rapidly growing niche and high value-added segments of the $4 billion rigid plastic sector of the disposable tableware market. Mike Evans, WNA CEO, stated, "We are thrilled to join the CVC portfolio and are looking forward to realizing our growth plans with our new investment partners. CVC and NEP have significant plastic and packaging experience combined with capital to help us grow both internally and through acquisitions."
WNA's focus on technical innovation, a broad product line offering, and a high level of customer service, have all helped it to establish long-term customer relationships and achieve the number one market position in North America in multiple premium product categories.
Prior to this transaction, WNA was a portfolio company of Code Hennessy & Simmons LLC. Ropes & Gray LLP provided legal services and SG Americas Securities, LLC a subsidiary of Societe Generale Corporate and Investment Banking served as financial advisor in connection with this transaction.