ExtraHop, Profibrix, Avalara Lead Way Toward $70M in Equity Deals for WA Companies in May

6/21/11Follow @curtwoodward

Companies working on IT management, drug development, and software of all kinds led the way to about $70 million worth of equity deals in Washington state during May, according to data compiled by CB Insights.

The top investment went to ExtraHop Networks, which reeled in $14 million in an over-subscribed round led by Meritech Capital Partners, along with Madrona Venture Group and other investors. The company was founded in 2007 by Jesse Rothstein and Raja Mukerji, formerly of Seattle’s F5 Networks. Executives and investors said the money would help take ExtraHop to “the next level.”

Next was Profibrix, a drug company based in Seattle and the Netherlands. Profibrix’s follow-on Series B investment last month was worth $10.6 million, according to CB Insights. The company, which focuses on drugs that help stop bleeding after surgery, said the money would be used primarily to move its lead product, Fibrocaps, into late-stage clinical development.

Coming in third was Avalara, a Bainbridge Island-based maker of software that helps merchants collect and distribute taxes. The company raised $10 million of a round that could be worth as much as $21 million, according to the SEC filing.

Fourth place went to Billing Revolution, a mobile payments startup that raised $6.6 million in a Series B financing round led by DCM and SK Telecom Ventures. The company was founded by CEO Andy Kleitsch, an AT&T Wireless alum who founded WeddingChannel.com and sold it to The Knot for about $80 million.

Rounding out the top five for May was Adapx, which makes software that lets field workers digitally record their physical penstrokes, cutting down on bulky and time-consuming paperwork. Adapx’s $5 million round included its previous venture capital investors: Kirkland, WA-based OVP Venture Partners, Washington, D.C.-based Paladin Capital Group, and Salt Lake City-based Pelion Venture Partners. Adapx started out life working with the military, as a supplier to DARPA.

Check out the full list for a detailed breakdown of the rest of May’s equity deals of $500,000 or more from CB Insights, which amounted to just over $67 million. There were several more small-dollar deals, which upped the overall equity total to around $70 million for the month. We’ve also got a separate breakout on debt financings, dominated by $40 million for Microvision (NASDAQ: MVIS), a Redmond, WA-based developer of light display technologies.

Curt Woodward is a senior editor for Xconomy based in Boston. Email: cwoodward@xconomy.com Follow @curtwoodward

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