Tech CEO Pay Rises From 10-Year Low, Q3′s Biggest VC Deal Goes to SkinIt, Avalon Ventures Gets a New Headquarters in La Jolla & More San Diego BizTech News
Most of last week’s technology news was about deals—funding deals and partnership deals. Get your latest update here.
—San Diego’s Avalon Ventures, which has been raising its ninth venture fund, has a new headquarters in the upscale community of La Jolla. Avalon founder Kevin Kinsella bought the ivy-covered Copley Library for a reported $3.75 million and has been remodeling the building, now known as the Kinsella Library, for his art collection and personal memorabilia.
—After hitting a 10-year low in 2009, the base salaries of non-founding technology executives increased 3.3 percent over the past year, according to a study of 560 tech firms and 190 life science companies throughout the United States. Non-founding tech CEOs pulled in an average base salary of $235,000 in 2010, according to the study done by the executive search firm J. Robert Scott, Ernst & Young, and academics at Harvard University.
—The quarterly venture capital survey by Dow Jones VentureSource, which was released today, shows a similar trend as other results we’ve recently reported. In its nationwide survey of venture capital investments, Dow Jones says VCs put $5.5 billion into 662 deals for U.S.-based companies during the third quarter of 2010—a 5 percent drop in funding from the $5.8 billion invested during the same quarter last year, but a 2 percent increase in the 646 deals in the year-ago quarter. In San Diego, however, the Dow Jones survey shows a 60 percent drop in VC capital investments compared to the third quarter of 2009. Dow Jones reports that $117.9 million was invested in 20 deals during the quarter, a substantial drop from the $296.8 million that went into 30 companies during the third quarter of 2009
—San Diego’s information technology companies got 44 percent of the $231 million that was invested by venture capital firms in this area during the third quarter that ended September 30, according to data from the MoneyTree Report. Believe it or not, that’s an increase compared to the same quarter of 2009, when local tech companies got just 35 percent of the $251.6 million that VCs invested. The biggest deal of the quarter ($60 million) went to SkinIt, a San Diego company making adhesive “skins” to personalize laptops, mobile phones, and other consumer electronics. Other tech companies that got funding: Zeebo ($15 million); Verve Wireless ($7 million); Fallbrook Technologies ($6 million).
—Ricardo dos Santos, Qualcomm’s (NASDAQ: QCOM) senior director of new business creation and innovation, told me he hopes to stimulate more creative invention and entrepreneurship among Qualcomm’s rank and file by establishing closer ties with the annual “quick pitch” event that Southern California’s Tech Coast Angels organizes each year for startup founders and entrepreneurs.
—Endeca Technologies, a Cambridge, MA, startup that develops enterprise search and mobile business intelligence applications, formed a strategic partnership with Mellmo, the Del Mar, CA, startup that specializes in mobile graphic display technology for business intelligence data.
—San Diego-based Extrabux, an online retailing startup that extends cash-back and rebate offers to users of its comparison shopping service, started working with Inuvo (NYSE Amex:INUV) of Clearwater, FL, to create an integrated cash back and discount coupon application for Web publishers and mobile application software developers.