Post-IPO Active Network Shows Profit, SmartDrive Raises $10M, Human Engines Goes Commercial, & More San Diego BizTech News
Software-as-a-service is driving strong growth at two San Diego Web companies, and several other tech companies raised cash last week. We’ve got the highlight reel, and our play-by-play analysis begins now.
—After its May 25 IPO, San Diego’s Active Network (NYSE: ACTV) reported its first quarterly financial results, showing a $5.5 million profit on $99 million in revenue for the second quarter ended June 30. Active Network CEO Dave Alberga says the Web-based registration services and media company is now targeting an estimated $10 billion market that was impossible to address before the rise of software-as-a-service.
—Another San Diego software-as-a-service company, ServiceNow, opened a new office in San Jose, saying it was a “long overdue debut” for the fast-growing company in Silicon Valley. ServiceNow plans to hire 50 people in San Jose by the end of the year, and its global workforce will hit more than 500 by the end of September.
—San Diego’s SmartDrive Systems raised $10.1 million from investors. Targeting fleet operators, SmartDrive provides a SmartRecorder device mounted above the dashboard to record driving behavior and determine what happened in accidents.
—San Diego’s KidZui announced the debut of Zui.com, a search engine for kids. KidZui also extended its $4 million Series C round with an additional $2 million led by San Diego-based Mission Ventures. CEO Cliff Boro told me the company plans to use the cash for general corporate purposes.
—Qualcomm reached the halfway point in its Qualcomm Wireless Fitness Challenge. After four weeks, the 32 participants have burned a total of 1.9 million calories and lost a total of 48.5 pounds. Qualcomm hopes to eventually roll out a wireless health program to other companies.
—Google Ventures provided the lead funding in a $500,000 seed round for Nettle, a 10-month-old San Diego startup that is still in stealth mode with technology described … Next Page »