SignaCert Scores $8.8M, Naverus Nets $4M, Top 5 Q1 Venture Deals in Washington, & More Seattle-Area Deals News
After a flurry of Northwest deals the previous week, the past seven days have been fairly quiet, with some activity in security software, aviation, and biotech.
—Kent, WA-based Naverus, a company that makes advanced navigation systems for airlines and air traffic managers, raised $4 million from existing investors Foundation Capital and East Peak Partners. I got the story behind the company and its efforts to make flight paths greener and more efficient, from chief marketing officer Dottie Hall (a very early Microsoft employee from the late 1970s).
—Washington state’s venture capital numbers for the first quarter of 2009 came in, and not surprisingly, they’re pretty grim. But they’re certainly not without hope, as VCs from OVP Venture Partners, Madrona Venture Group, and Buerk Dale Victor told me in an interview. We also tallied the state’s top five venture deals of the first quarter, which span the areas of biotech, lasers, user interfaces, and cloud computing software.
—Seattle-based Haute Secure, a maker of anti-malware security software, has been acquired by TRUSTe, an online privacy firm in San Francisco. Financial terms were not disclosed. Haute Secure was funded by Baseline Ventures and Sherpalo Ventures.
—GridNetworks, an online video startup in Seattle, is merging with Global Media Services, a New York firm. No financial terms were given. The combined company will provide streaming video and other media services for personal computers, mobile devices, and TV. GridNetworks was founded in 2005, and was backed by Comcast, Cisco, and Panorama Capital.
—Portland, OR-based SignaCert, an IT security and management software startup, raised $8.8 million in Series B funding. The round was led by existing investors including DCM, Intel Capital, and SmartForest Ventures. In-Q-Tel and other strategic investors also participated.
—Luke reported that BiPar Sciences, a Brisbane, CA-based developer of cancer drugs, is being acquired by Paris, France-based Sanofi-Aventis in a deal that could be worth up to $500 million if the company’s lead drug candidate reaches certain milestones. Paul Allen’s Vulcan Capital led a $13 million Series A funding round in BiPar in 2004.
—Lastly, we ran a two-part feature story on how some of Seattle’s most prominent venture dealmakers are approaching the University of Washington’s tech transfer office, and its researchers, in search of the next great UW spinout. The consensus seems to be that the UW has long been a world leader in commercializing technologies, and now the intensity has been jacked up an extra notch.