Spark, Bezos Back Aviary, American Well Nabs $10M, Virdante Banks $30M, & More Boston-Area-Deals News

10/30/09

An unusually high percentage of this week’s New England tech and life sciences deals came from companies based in Boston proper. What’s up with that?

Spark Capital of Boston led a $7 million Series B investment in Long Island, NY-based Aviary. Backed also by Bezos Expeditions, Aviary makes cloud-based software for graphic design, audio editing, and the like.

—Boston’s American Well, whose Web-based medical consultation system in used by several large health insurance plans, raised $10 million in new equity funding, according to a regulatory filing. Investors in the round were not named.

—Waltham, MA-based Axeda raised $5 million in a Series B funding round led by JMI Equity and $4 million in venture debt from MMV Financial. Axeda provides a cloud-based system for wireless tracking of company assets.

Raytheon (NYSE:RTN), also of Waltham, completed its buyout of Cambridge, MA-based BBN Technologies. The purchase price, which wasn’t disclosed when the deal was announced, was about $350 million.

—E-commerce firm GSI Commerce (NASDAQ:GSIC) agreed to acquire Boston-based Retail Convergence Incorporated (RCI) for $180 million in cash and stock and as much as $170 million in performance-based payments. RCI owns Rue La La, an invitation-only website selling designer clothing and accessories at a discount, and Smart Bargains, a site selling more affordable clothing, jewelry, and home goods.

—SEC filings indicate that Burlington, MA-based coronary stent maker CorNova raised $2.5 million of a proposed $6 million in equity financing. Investors in the deal were not specified.

—Cambridge, MA-based Virdante Pharmaceuticals completed a second closing of its Series A financing round, bringing the total raised so far to $30 million. Investors have promised to boost that number to $47.75 million if the startup, which is developing new antibody-based drugs to combat autoimmune diseases, meets certain milestones. Ryan has a nice profile of Virdante and its technology.

—Boston’s ScanScout, an online video ad provider, completed its $8.5 million Series B round of venture capital. EDB Investments, which invests on behalf of the government of Singapore, provided the cash.

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