A Bumper Crop of Financings For Bay Area Startups
It has been a busy day for Bay Area fundraising news. IT companies are dominating, with an online payments company, a data integration company, two wireless services companies, and a massively multiplayer online game company raising over $66 million in funding combined. Two medical device companies raised money too, though.
Here are the IT companies…
—Vindicia of Belmont, CA, raised $20 million in Series E financing led by FTV Capital, with participation from Bertlesmann Digital Media, DCM and ONSET Ventures. Vindicia manages subscriptions and payments for digital merchants—including Symantec, Activision/Blizzard and Intuit—and plans to use the money to expand sales, service and marketing. Eric Byunn, a partner at FTV, will join Vindicia’s board.
—SpiderCloud Wireless, of Santa Clara, CA, raised $14.1 million, according to an SEC filing. The company had previously raised $40 million in two rounds from Charles River Ventures, Matrix Partners, Opus Capital, and Shasta Ventures. SpiderCloud offers an enterprise radio access network (E-RAN) that expands the bandwidth capacity of mobile phone networks.
—Curse of San Francisco, CA, raised $12.4 million, according to an SEC filing. Curse makes add-ons for massively multiplayer online games and had previously raised $11 million in two rounds from Ventech, SoftTech VC, AGF Private Equity, and angel investors.
—RingCentral of San Mateo, CA, raised a $10 million Series C round led by Cisco, according to the company and an SEC filing. RingCentral, formerly known as Winportal Technologies, makes a cloud-based business phone system that integrates mobile phones and fax and allows employees to be located anywhere. It will use the money to develop new products and services. David Weiden of Khosla Ventures and Douglas Leone of Sequoia Capital sit on RingCentral’s board.
—SnapLogic of San Mateo, CA, raised $10 million, according to an SEC filing. The company previously raised a $2.3 million Series A round from Andreessen Horowitz, Floodgate, and undisclosed investors. Ben Horowitz sits on SnapLogic’s board. SnapLogic makes an open source framework that uses universal Web standards to solve problems in data integration. Hand coding is not required.
And the medical device companies…
—Intersect ENT of Palo Alto, CA, closed a $30 million Series C round led by Medtronic. Current investors PTV Sciences, Kleiner Perkins Caufield & Byers, and U.S. Venture Partners also participated. Intersect will use the money to commercialize its bio-absorbable drug-eluting stent, which is used to treat patients with chronic sinusitis, and to develop other products that could be used by ear, nose and throat surgeons to treat patients. The company also showed in its first clinical trial that the stent improves healing after surgery by reducing adhesions, inflammation, and polyposis.
—Gynesonics of Redwood City, CA, raised $455,000 through an offering of rights and securities, according to an SEC filing. The company had previously raised $15.6 million of a $20.6 million round, according to a filing in October, 2009, and raised a $16.5 million Series B round led by Advanced Technology Ventures, with participation from InterWest Partners and Abingworth, in 2007. Gynesonics makes a device that treats uterine fibroid tumors.