It was a fairly busy week for deals heading into the Thanksgiving holiday. The Northwest saw some action across aviation, alternative fuels, wireless, software, and biotech.
—Kent, WA-based Naverus was acquired by GE Aviation, an operating unit of General Electric (NYSE: GE). Terms of the deal weren’t disclosed. Naverus, founded in 2003, makes aviation navigation technologies that help make airline flight paths faster, safer, and more fuel-efficient.
—Seattle-based Bio Architecture Lab, a startup using synthetic biology to make alternative fuels and chemicals, has raised $8 million in its first round of venture financing, as Luke reported. The investors include Energy Capital Management, the venture arm of Norway-based Statoil; Chile-based Austral Capital; and X/Seed Capital of Menlo Park, CA. Bio Architecture Lab has also scored a partnership with DuPont to make biofuels from ocean seaweed.
—Bellevue, WA-based Root Wireless closed a $3.25 million Series B funding round, co-led by investors Fred Warren and Oliver Grace, Jr. Existing investors in the company include Scott Anderson, Jack Roberts, and John Stanton, all of whom participated in the latest round. Root Wireless makes technologies that analyze and map the performance of cellular networks and devices in eight metro areas around the country, with 12 more in the works.
—Infinia, the Kennewick, WA-based developer of solar power technology, raised $2.6 million in new financing from equity and options, as Luke reported. This means Infinia has raised about $13 million this month in debt and equity (including $10 million in short term debt), largely from existing investors, according to CEO J.D. Sitton. Infinia is generating electricity by collecting and focusing heat from sunlight and using it to drive a Stirling engine.
—Seattle Genetics, the Bothell, WA-based cancer drug developer, will receive a $12 million upfront payment from Agensys, an affiliate of Japan-based Astellas Pharma, under a renegotiated partnership to make targeted and more potent antibody treatments, as Luke reported. Seattle Genetics (NASDAQ: SGEN) formed its first partnership with Agensys in January 2007. The new deal allows the companies to collaborate on new targets of cancer drugs.
—In our second monthly installment of “under the radar” deals, I detailed 12 Northwest company financings under $1 million from October. The data comes from ChubbyBrain, a New York-based company building data-driven tools for investors and entrepreneurs. Some of the companies highlighted were Portland, OR-based Zapproved, and Bellevue, WA-based Intellisist and 1000Museums.
—Seattle software company Cozi has formed a strategic partnership with MeadWestvaco (NYSE: MWV), a Sidney, NY-based maker of school and office supplies and planning tools. Financial details weren’t given, but the deal gives MWV consumers access to Cozi’s Web-based tools for helping families manage their schedules. The tools include a family calendar, customized to-do lists, and messaging systems.
—Voyager Capital, the Seattle-based venture firm, participated in a $5 million investment in 1020, the San Francisco developer of Placecast, a location-based advertising and marketing platform. Quatrex Capital and Onset Ventures also joined the Series B round. Voyager is a returning investor in the company.