Metabolex takes $8.6M to treat diabetes
Metabolex, maker of treatments for Type 2 diabetes, has raised $8.6 million in a fifth round of funding to fund trials on its newest product. Based in Hayward, Calif., the company is backed by Alta Partners, Bay City Capital, Birchmere Ventures, Charter Ventures, Merlin Biomed, Novo Ventures, Next Chapter Holdings, VantagePoint Venture Partners, Venrock and Versant Ventures.
AlertMe teams with Google, British Gas to give consumers more control over energy use
AlertMe is the newest energy monitoring device maker to partner with Google PowerMeter, giving homeowners more information and control over how much electricity they are using, and how much they pay for it. By providing hardware that plugs into your home’s traditional electric meter and your broadband connection, British-based AlertMe now makes power consumption data available on your internet browser via the Google PowerMeter interface — if you happen to live in the United Kingdom.
The… Continue Reading
Direct Flow Medical takes $40M for heart valve treatments
Direct Flow Medical, maker of a minimally-invasive device to treat heart valve disease, has raised $40 million of a targeted $42.5 million third round of venture funding, according to a filing with the SEC. Based in Santa Rosa, Calif., the company is backed by Johnson & Johnson Development Corp., Foundation Medical Partners, VantagePoint Venture Partners, ePlanet Ventures, EDF Ventures, New Leaf Venture Partners and Spray Venture Partners. It has raised $75 million to date.
Navy taps Solazyme to make jet fuel out of algae
The Pentagon announced today that it has chosen San Francisco-based biofuel company Solazyme to supply the Navy with jet fuel made entirely of algae derivatives. This isn’t the first time it has worked with the military, having already had its research and development funded by the Navy in exchange for 20,000 gallons of fuel for its ships.
The oils produced by Solazyme’s algae act as a full replacement for petroleum-based fuel, not simply an additive. Some… Continue Reading
Mascoma teams with Chevron to turn ethanol byproduct into diesel and jet fuel
Soon after announcing funding for Soane Energy — a company working to clean up its oil extraction projects — Chevron released news that it will partner (PDF) with biofuel maker Mascoma to turn lignin, a byproduct of ethanol production, into diesel and jet fuel.
If the technology takes hold, it could nearly double the productivity and efficiency of ethanol plants. This is important, considering the national emphasis on ethanol derived from agricultural sources like corn and… Continue Reading
3VR finds $12M for searchable surveillance
3VR Security, maker of video surveillance equipment with a built-in search engine and more detailed motion and facial recognition, has brought in $12 million in a fourth round of funding led by Menlo Ventures, according to PE Hub. Based in San Francisco, the company will continue to expand its client base, now numbering 600 across a wide array of sectors, and diversify its portfolio of surveillance products for different needs. One of the selling points… Continue Reading
VantagePoint takes a hit as Aviza goes under, sells assets
Aviza Technologies, maker of the equipment used to manufacture semiconductors, has filed for bankruptcy and is now selling off its assets to Sumitomo Precision Products, a company that dabbles in everything from aerospace machinery to water purification. This is another loss in the struggling semiconductor space for VantagePoint Venture Partners, which held a 34 percent stake in the company.
Aviza is expected to receive $10 million in cash upfront after it shutters, to be followed by… Continue Reading
Sun sets on satellite operator ProtoStar
ProtoStar, a company that leases satellite usage to broadband providers in Asia, has filed for bankruptcy and is moving quickly to sell off its remaining satellites, reports VentureWire. The San Francisco-based company fell upon hard times when it lost two customers to the economic downturn, putting one of its satellites out of commission.
ProtoStar still has a sizable amount of debt, but its creditors have begrudgingly agreed to keep it afloat until it sells off its… Continue Reading
AlertMe takes in $13M for online energy management
AlertMe, maker of a system that allows homeowners to measure and control the energy used by their appliances, has raised $13 million in a second round of funding. By hooking into a household’s broadband connection, the Alertme.com Energy Kit transmits power consumption data recorded from individual appliances to a centralized web interface where customers can view the information and actually control use. For example, they can flip switches, alter settings during peak energy periods, and… Continue Reading
Tendril grows consumer-facing smart grid with new $30M
Tendril, one of few companies that serves household energy consumption data to both utilities and consumers, has landed a fresh $30 million third round of capital led by VantagePoint Venture Partners. It plans to further expand its hardware and software systems and forge more partnerships with appliance makers and utilities. It will round out its staff with 25 new employees.
Most smart meter and smart grid companies only beam data back to the utilities they work… Continue Reading
Solazyme wins big with $57M for renewable oil
Solazyme, producer of renewable oil derived from algae, just raised $57 million in third-round funding to bring its total capital to more than $76 million. In addition to producing so-called green fuels, the San Bruno, Calif., company is expanding its eco-friendly chemicals business — an increasingly common move for companies in the biofuel space. It is also exploring nutritional and cosmetics opportunities.
The bulk of the funding came from VantagePoint Venture Partners, which has made a… Continue Reading
Cisco buys Tidal Software for $105M — to virtualize the data center
Networking giant Cisco has acquired Tidal Software, a Palo Alto, Calif. company that will enable Cisco’s customers to manage their key applications more seamlessly over Cisco’s network. It paid $105 million in cash and retention-based incentives.
Tidal, a company that raised at least $16.5 million beginning 11 years ago from investors like J.P. Morgan Partners, Novus Ventures and VantagePoint Venture Partners, focuses on letting companies efficiently manage and automate their applications. Cisco says it wants to… Continue Reading
VantagePoint strengthens cleantech efforts
VantagePoint Venture Partners has brought two new specialized partners aboard to strengthen its position in the cleantech sector. Mark Plashton hails from Trident Capital, where he also focused on green investments, and Brad Mattson is an engineer with 12 patents for semiconductor products. He has also served as chief executive of Novellus Systems and Mattson Technology.
Based in San Bruno, Calif., VantagePoint was one of the first major Silicon Valley firms to invest heavily in the… Continue Reading
Neuraltus scores $17M to treat degenerative brain disease
Neuraltus Pharmaceuticals, developer of drugs used to treat degenerative neurological diseases, brought in $17 million in a first round of funding from Latterell Venture Partners, VantagePoint Venture Partners and Adams Street Partners. The Menlo Park, Calif.-based company says it’s currently working on therapies for conditions ranging from Lou Gehrig’s Disease to Parkinson’s Disease.
The money should be enough to push drugs for both these diseases through the first two phases of clinical trials, Neuraltus says.
Roundup: FriendFinder sued for risky business, Digg toolbar sighted, Nokia looks to laptops and more
Here’s the latest action:
Pirate Bay takes fascist funds — The large bittorrent tracker’s major financier, Carl Lundstrom, has been connected with neo-nazi groups and political parties.
Nortel lays off 3,200 more — The telecom company will cut its global workforce by 10 percent over the next several months as it tries to bounce back from bankruptcy.
FriendFinder called out for risky business — The adult web site’s former human resources director is suing over scandalous behavior and violation of labor… Continue Reading
Tesla forecasts 2009 profit, despite recent hard knocks
Electric vehicle maker Tesla Motors announced it will hit profitability by the second half of 2009. The statement was made in a recent company newsletter. Boosted by the $40 million in capital it raised from existing investors in December, the San Carlos, Calif.-based company said this prediction is based on pre-sales of its new Roadster vehicle model, which is already sold out through November of this year. On top of that, the Department of Energy… Continue Reading
Syngas startup Ze-gen takes $20M to torch trash
Ze-gen, a company that plans to round up waste from construction sites and turn it into gases that can be used to generate electricity, has won $20 million in funding to help build its first full-size facility.
Based in Boston, Mass., Ze-gen has been moving quickly to prove its process at a small test facility, completed in the second half of last year, and start building a larger, commercial plant.
The gasification process is a bit different… Continue Reading
Cree settles patent suit with LED co. Bridgelux
Efficient lighting company Cree has settled its patent infringement lawsuit with Sunnyvale, Calif. LED maker Bridgelux after two years of litigation. Not only must Bridgelux pay to license the technology from Cree — technology that increases the efficiency of LED lighting systems — but it also signed an agreement to make Cree one of its major suppliers.
The suit encompassed six different patents concerning LEDs (long-lasting lighting systems that cut energy use up to 85 percent… Continue Reading
VantagePoint charges up on $435M for cleantech
The clouds may have rolled in for many other sectors in today’s economy, but the sun still shines on cleantech — and VantagePoint Venture Partners in particular. The San Bruno, Calif.-based firm just landed $435 million for its second fund, reports VentureWire.
The close comes as a solid rebuttal to industry insiders’ concerns that capital might dry up for cleantech in light of plummeting oil prices. VantagePoint’s portfolio includes many names that have remained largely above… Continue Reading
Chemrec scores $20M for “black liquor” biofuels
Chemrec, a company that converts paper mill byproducts into clean-burning biofuels, snagged $20 million in third-round funding from Environmental Technologies Fund, VantagePoint Venture Partners and Volvo Technology Transfer, the car maker’s venture branch.
The Swedish firm processes one particular mill byproduct known as “black liquor” first into a gas, and then into biofuels and biochemicals for automobiles and general electrical purposes. So far, it has implemented this technology at mills in Sweden and North Carolina, both… Continue Reading