ResolutionTube grabs $1.5 mln


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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ResolutionTube said Thursday that it has raised $1.5 million in Series Seed funding. Madrona Venture Group led the round with participation from Acceleprise Ventures, TechStars CEO David Cohen, Rudy Gadre, Owen Van Natta and Vijay Vashee. Based in Seattle, ResolutionTube is a provider of customer service solutions.

PRESS RELEASE

SEATTLE, Dec. 19, 2013 /PRNewswire/ — ResolutionTube (www.resolutiontube.com) today announced a $1.5 million Series Seed funding led by Madrona Venture Group with participation from David Cohen (CEO of TechStars), Rudy Gadre (former Amazon & Facebook exec), Owen Van Natta (former COO of Facebook), Acceleprise Ventures, Vijay Vashee (former Microsoft Exec), and others. ResolutionTube is aiming to eliminate the 1-800 number customer service experience by providing instant access to experts and allowing quick visual collaboration through its mobile video augmented reality platform.
“In my previous role at Boston Scientific, I had the responsibility of fixing machines. It was quite a frustrating experience waiting for the technician to arrive,” says Arnav Anand, ResolutionTube’s founder and CEO. “With the ubiquitous adoption of smartphones containing high resolution cameras and increased computing ability, we are in the middle of a paradigm shift in the way we service products. Getting instant help will not only change the way product service is delivered, but will increase customer satisfaction and brand loyalty.”
A Fortune 500 HVAC company using the ResolutionTube platform in a pilot, connected field service technicians via an app on their smartphone with engineers and experts in other locations to consult on various on site issues and fixes. The expert could see what the technician was working on via the ResolutionTube app and interact with the technician through video chat. The expert then could use augmented reality to explain the highly visual solution to the technician quickly and intuitively. All of the information from interactions such as these is captured for use in future troubleshooting, training and other applications. This process saves time and prevents having to make a second trip out to the customer site, two very important industry metrics for success.
“ResolutionTube brings an elegant solution to a prominent real-world problem,” said Paul Goodrich, Managing Director at Madrona Venture Group. “Arnav and his team, are applying advanced technologies to an industry that hasn’t seen significant innovation in years and they are relentless in the pursuit to satisfy their customers. We are excited to be working with the company as they reshape the service industry.”
ResolutionTube was founded by Arnav Anand and Spencer Poff and is a graduate of the Seattle TechStars Class of 2013.
About ResolutionTube
ResolutionTube (www.resolutiontube.com) is harnessing technologies, including mobile video and augmented reality to reinvent customer service for products. ResolutionTube is based in Seattle.
About Madrona Venture Group
Madrona (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests predominately in seed and Series A rounds across the information technology spectrum, including consumer Internet, commercial software and services, digital media and advertising, networking and cloud computing, and mobile. Madrona manages approximately $1 billion and was an early investor in companies such as Amazon.com, Apptio, Isilon Systems, and Redfin.

 

 

RRE Ventures leads Series A round for Floored


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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Floored said Thursday that it has raised $5.26 million in Series A funding. RRE Ventures led the financing with participation from new investor Greycroft Partners and return backers Two Sigma Ventures, Lerer Ventures and Felicis Ventures. Based in New York City, Floored is a provider of next-generation 3D data capture and visualization software.

PRESS RELEASE

New York, NY (PRWEB) December 19, 2013
Floored, New York’s leading technology company for 3D data capture & visualization solutions for the real estate, architecture, interior design and furniture industries, announced today its $5.26 million Series A round. RRE Ventures led the financing, with participation by new investor Greycroft Partners and existing investors Two Sigma Ventures, Lerer Ventures, and Felicis Ventures.
“Our business is less than 18 months old and in that time, we’ve been able to contribute meaningful research in the fields of computer vision and computer graphics. We’ve conveyed to our customers that emerging technology in the 3D scanning and real-time visualization fields can provide substantial ROI to their marketing, leasing, and development efforts,” said Floored Co-Founder & CEO David Eisenberg. “We have built a team in Manhattan that has the potential to be an engineering mecca for academics in these industries. We’re excited to have growth capital to help us execute more quickly on our goals.
Floored’s mission is to massively improve the way that developers, brokers, and the public consume visual information about real estate and with this financing Floored will be able accelerate building one of the strongest software engineering teams in Manhattan. This team will continue to serve and improve service for existing customers, which consist of large development firms and brokerage houses. Floored’s clients are some of the most prestigious in the industry such as Hines, Taconic Investment Partners, Related Companies, CBRE, Cushman Wakefield and others, use the software for the purposes of developing, marketing, & analyzing commercial, residential, and retail real estate.
Stuart Ellman, a co-founder & Managing Partner at RRE, will join Floored’s board of directors as part of this financing round. “Floored is the rare New York startup with strong differentiated technology, a nascent but growing market segment and proven customer success with some of the top commercial real estate firms,” said Ellman. “I am excited to partner with David and the team at Floored to deliver next-generation 3D solutions to commercial real estate and beyond.”
In the coming year, Floored will use this investment to scale the engineering, sales and account management teams for the commercial, residential, retail and hospitality industries. Through its trusted relationships with developers, owners, brokers and technology partners, Floored will continue to push the envelope on high-quality real estate communication software.
“As the leading 3D visualization company in New York, Floored is enabling its real estate developer clients to market their available space in completely new ways,” said Greycroft Partners Founder and Managing Director, Alan Patricof. “As a board member of Boston Properties, I am excited to help Floored become a dominant technology company in real estate.”
Floored had previously raised a seed round of funding from prominent investors including Lerer Ventures, Felicis Ventures, Brooklyn Bridge Ventures, Two Sigma Ventures, Red Swan Ventures, Thomas Lehrman and David Vivero.
About Floored
Floored is a software company headquartered in Manhattan that builds next-generation 3D data capture & visualization software. Floored’s primary customers use their software for the purposes of developing, marketing and analyzing commercial, residential and retail real estate. Floored’s solution is both hardware & software driven, as such, Floored is building a world-class team of software engineers in the fields of computer vision and computer graphics, more information on their career openings can be found on their website: http://www.Floored.com. Follow Floored on Twitter @Floored3D.
About RRE:
RRE Ventures is among the largest and most active venture capital firms based in New York. RRE focuses on early stage technology investments across a diversified range of sectors and industries. RRE has managed five funds since its inception in 1994, with $1.03 billion under management and investments in over 200 portfolio companies.
For more information, visit http://www.rre.com.
About Greycroft Partners LLC:
Greycroft Partners LLC is a venture capital partnership, formed to invest in promising Internet and digital media companies. With offices in New York and Los Angeles, Greycroft has deepened its bench to provide significant resources to early stage companies in its area of focus and, as a result, now has even greater coverage in these two markets. For more information, visit http://greycroft.com.

 

Synapse Biomedical inks $2.4m


This post is by Angela Sormani from PE Hub Blog: Venture Capital Deals


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Synapse Biomedical has secured $2.4 million in funding from Ohio Third Frontier Commission. Founded in 2002, Synapse Biomedical has developed a neurostimulation platform used to treat people with respiratory insufficiency.

PRESS RELEASE

Synapse Biomedical Inc. announced today it has been awarded approximately $2.4 million in funding from Ohio Third Frontier Commission to support the next generation design and development of the NeuRx® technology to expand its indications for use in managing critical care patients with respiratory insufficiency.
“This is an important award for Synapse Biomedical which will significantly accelerate timing of our next clinical trial. We anticipate the NeuRx® and Transloc® technology will lead to a reduction in length of stay (LOS) and improved outcomes for critical care patients. This support from the Ohio Third Frontier Commission is an important third component in our public, academic and private partnership to make these devices available,” said Anthony Ignagni, President and Chief Executive Officer. The technology originated at Case Western Reserve University for spinal cord injured patients and was then developed further by Synapse for ALS and now critical patients.
According to US Department of Health and Human Services 2011 report, over 1.6 million people each year are intubated with mechanical ventilation which results in more than 110,000 people requiring invasive tracheostomy and extended ventilator support.
“Up to 20% of patients who receive mechanical ventilation in the Surgical Intensive Care Unit (SICU) can have difficulty weaning from a ventilator, so the impact of the results of this clinical trial will be significant. The cumulative effect of mechanical ventilation and the link to ventilator acquired pneumonia are well documented,” said Dr. Raymond Onders, co-founder of Synapse Biomedical and Margaret and Walter Remen Chair in Surgical Innovation at University Hospitals Case Medical Center.
A positive end result of the trial will impact intensive care unit management of mechanical ventilation at Acute Care Hospitals. The NeuRx® technology should lead to a reduction in the cost of care of these ventilated patients as they are the leading costs in the U.S. Healthcare system at $81 billion, according to the Department of Health and Human Services 2011 report.
“In our clinical trial we will collaborate with thought-leading surgeons and critical care physicians in major academic research institutions (www.synapsebiomedical.com/als/usneurx-centers.shtml). It’s very exciting news for our existing customers who have been requesting access to this application for years,” said Steven Annunziato SVP Marketing and Sales.
About NeuRx® Technology
NeuRx Diaphragm Pacing System® (DPS) is a four-channel, battery-powered neurostimulator with implanted electrodes. The device provides electrical stimulation to the muscle and nerves of the diaphragm.
The NeuRx DPS® received CE Marking (CE Registration #518356) on November 20, 2007 and is approved for treating patients with diaphragm dysfunction in the European Union.
The NeuRx DPS® received FDA approval for ventilator dependency from spinal cord injury on June 17, 2008. In Spinal Cord Injury (SCI), the NeuRx DPS® provides ventilatory support in patients with diaphragm dysfunction of neuromuscular origin. Diaphragm dysfunction can result in abnormal or absent respiration in patient populations of high-level spinal cord injury and other injuries or diseases affecting the neuromuscular respiratory pathways.
The NeuRx DPS® received FDA approval for treating chronic hypoventilation from ALS on September 28, 2011. The NeuRx DPS® has demonstrated that it can help people with ALS live longer and sleep better than the current standard of care, alone.
For more information on current indications for use, please visit
www.synapsebiomedical.com/products/patientInfo.shtml
About Synapse Biomedical
Founded in 2002, Synapse Biomedical’s mission is to commercialize our life transforming neurostimulation platform used to treat people with respiratory insufficiency. Synapse is based in Oberlin, Ohio, approximately 30 miles west of Cleveland. For more information, including fact sheets, frequently asked questions, high resolution images and broadcast quality video, please visit www.synapsebiomedical.com/news/media.
About OHIO Commercial Acceleration Loan Fund
The Commercial Acceleration Loan Fund (CALF) is an Ohio Third Frontier program providing early-stage funding to investment-validated Ohio companies to develop next generation products and services. The program seeks to support companies and technology platforms that represent a potential path to growth, market entry and/or entering the regulatory approval process within three to five years.

CONTACT: Steven Annunziato, SVP Marketing & Sales, Synapse Biomedical Inc., sa1@synapsebiomedical.com, 440-787-0187

Persistent invests in DxNow


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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Persistent Venture Fund has made an undisclosed investment in DxNow. Based in Boston, DxNow is developing advanced micro-fluidic and imaging technologies for point-of-care diagnostic solutions.

PRESS RELEASE

Pune, India, Santa Clara, CA and Boston, MA – December 18, 2013 – Persistent Systems (BSE & NSE: PERSISTENT), the global leader in software product and technology services, today announced that it has invested in DxNow, a privately held Boston company that is developing advanced micro-fluidic and imaging technologies for point-of-care diagnostic solutions. DxNow is the second recipient to receive seed money from the Persistent Venture Fund, an early-stage investment fund announced last month, focused on supporting innovation in areas of Persistent’s expertise and involving social, mobile, analytics and cloud computing (SMAC) technologies.
DxNow products and technologies will be initially applied to infection detection in renal dialysis patients and will subsequently address applications in forensics, male fertility, global health and rapid detection of microbial species in the environment to ensure public health and safety. The product related to dialysis, the DxNow Infection Detection System™, will be a simple-to-use micro-fluidic device that enables early detection of infection in peritoneal dialysis (PD) patients, before the infection has serious health impacts. The system will alert patients and caregivers simultaneously when an infection is detected via easy to use enabling technology that allows for timely clinical intervention – reducing the need for costly emergency room visits and hospitalization. DxNow will use mobility and cloud computing to help ensure timely, accurate and effective monitoring for the onset of infection — critical to reducing costs and improving patient outcomes.
“Today there are approximately 300,000 PD patients worldwide and that number is expected to grow to more than 400,000 in the next four years,” said William T. Sharp, CEO, DxNow. “Our goal is to provide a device that delivers better patient outcomes, and reduced costs and complications, as well as peace of mind for PD patients and their caregivers by enabling early clinical intervention when infection is detected. Persistent Systems expertise in life sciences as well as mobile and cloud computing make them an ideal partner.”
“DxNow is providing an innovative solution to a critical problem, reducing the current time of infection detection from days to minutes with greater accuracy,” said Dr. Sridhar Jagannathan, Chief Innovation Officer, Persistent Systems, Inc. “Our investment in DxNow draws on Persistent’s significant expertise in medical technologies and life sciences. We look forward to advantaging DxNow in their journey to creating breakthrough products and saving lives.”
About DxNow:
DxNow is a privately held company located in the Boston area leveraging advanced microfluidic and imaging technologies for point-of-care diagnostic solutions. DxNow products and technologies will be applied to applications in dialysis, male fertility, global health, and rapid detection of microbial species in the environment, contributing to public safety and health in the applied life sciences. For more information, please visit: http://www.dxnowinc.com.
About Persistent Systems:
Persistent Systems (BSE & NSE: PERSISTENT) is a global company specializing in software product and technology services. For over two decades, Persistent has consistently been selected as the trusted innovation partner for the world’s largest technology brands, leading enterprises and pioneering start-ups. Persistent has a global team of more than 7,000 employees worldwide including offices and delivery centers in North America, Europe and Asia-Pacific. Persistent develops best-in-class solutions in key next-generation technology areas including Analytics, Big Data, Cloud Computing, Mobility and Social, for the telecommunications, life sciences, healthcare and banking & financial services verticals. For more information, please visit: http://www.persistent.com.

Khosla Ventures leads seed round for Pymetrics


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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Pymetrics has closed $2.5 million in seed funding. Khosla Ventures led the round with participation from angel investors Bob Pittman, Jeff Hammerbacher and Andy Palmer, as well as Terry McGuire of Polaris Ventures. In conjunction with the funding, Benjamin Ling, an investment partner at Khosla Ventures, has been named to Pymetrics’ board of directors. Based in New York City, Pymetrics is a career assessment and recruiting platform provider.

PRESS RELEASE

New York, NY – December 18, 2013 – Pymetrics, a pioneer in the use of neuroscience and machine learning for career assessment and recruiting, is launching a first-of-its-kind career assessment and recruiting platform, available today at MBA and undergraduate programs across the United States. Pymetrics powers students’ career and company discovery by determining their career fit using neuroscience games-based assessment, and then offering them the option to be matched with companies on the platform. Participating schools include Carnegie Mellon, University of Chicago, Columbia, Cornell, Dartmouth, Duke, Emory, Harvard, New York University, Northwestern, University of Pennsylvania, and Yale.
“While earning my MBA at Harvard Business School, I learned first-hand how frustrating the career assessment process can be from a student’s perspective,” said Frida Polli, PhD, co-founder and CEO of pymetrics. “At pymetrics, our goal is to solve these problems by revolutionizing career assessment and recruiting. We’re bringing neuroscience and machine learning techniques from academia over to the business world to help students find their ideal career fit, and match them with organizations that are using our platform – think of us as OKCupid meets LinkedIn.”
Currently, students and recruiters alike determine a candidate’s aptitude for a career based on questionnaires, majors, coursework, grades and test scores. However, this information is limited to experience and their self-reported interests. In contrast, pymetrics’ games accurately measure critical cognitive and emotional abilities that are highly relevant for determining a person’s career fit, but not captured in academic history, resumes or standard assessments. These include characteristics like organization, planning, work ethic, or risk-taking judgment, which pymetrics uncovers by objectively evaluating people via manipulation-proof games. For example, in a series of fast-paced games, a student might be asked to find the missing piece in a pattern, identify the emotional expression on someone’s face, or respond to different colored arrows.
Pymetrics then uses machine learning to match each student with specific careers, as well as with top financial, consulting or technology firms. To date, it has developed more than thirty different career and company profiles by assessing currently successful employees using games, and finding their distinguishing characteristics. Through this process, students can discover careers and companies they might never have considered otherwise, and get noticed by companies that may not have selected them based on their resume alone. Pymetrics is a completely opt-in system for students, who when identified as a top fit for certain companies can choose whether to have their information sent to the relevant recruiters.
In pymetrics’ pilots with companies, students who scored highly for an industry or company increased their chances for an interview by five to seven-fold, just by playing twenty minutes of games. And top candidates identified by pymetrics were over three times more likely to receive an offer than the average student.
The platform launch was made possible by a raise of $2.5 million in seed funding led by Khosla Ventures. Also joining the round are angel investors Bob Pittman, Jeff Hammerbacher and Andy Palmer, as well as Terry McGuire of Polaris Ventures. Benjamin Ling, an investment partner at Khosla Ventures, who will now serve on pymetrics’ board of directors, said, “Pymetrics uses amazing data science to help students and companies make matches that will last longer. It’s also uncovering job skills that were previously near-impossible to pinpoint.”
Pymetrics’ co-founders, CEO Frida Polli and CTO Julie Yoo, bring significant expertise in neuroscience game-based assessment and machine learning. For a decade, Polli led projects at Harvard and MIT that used assessment and analytics to predict health outcomes. Yoo developed cutting-edge expertise in machine learning at MIT and the Department of Defense.
About pymetrics:
Pymetrics was founded in 2012 to leverage neuroscience and machine learning for matching quality job candidates with the right companies and careers. The company’s revolutionary career assessment and recruiting platform is used by MBA and undergraduate programs across the United States, as well as top financial and consulting companies. Funded by Khosla Ventures, pymetrics cuts cost- and time-to-hire, reduces turnover rates, and addresses perceived talent shortages by understanding the most important cognitive and emotional traits for employees to have in specific companies and industries. To learn more about pymetrics and opportunities to join its fast-growing team, visit http://www.pymetrics.com or contact pymetrics at info@pymetrics.com.
About Khosla Ventures:
Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs. The firm helps entrepreneurs extend the potential of their ideas in breakthrough technologies in clean energy, mobile, IT, cloud, big data, storage, health, food, agriculture and semiconductors. Vinod Khosla founded the firm in 2004 and was formerly a General Partner at Kleiner Perkins and founder of Sun Microsystems. Khosla Ventures is based in Menlo Park, California. More information is available at http://www.khoslaventures.com.

Mobile stock brokerage Robinhood attracts $3 mln in seed funds


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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Robinhood has raised $3 million in seed funding. Index Ventures led the round, with participation from Andreessen Horowitz and Rothenberg Ventures. Based in Redwood City, Calif., Robinhood is a mobile stock brokerage. It is also backed by Google Ventures.

PRESS RELEASE

REDWOOD CITY, Calif. –December 17, 2013– Robinhood, a mobile financial services company, announced today it has closed $3 million in seed funding to accelerate its zero-commission mobile-first stock brokerage. Index Ventures led the round, with a16z seed, Rothenberg Ventures and angel investors including Tim Draper and Howard Lindzon/Social Leverage adding to the initial funding from Google Ventures.
The new funds will allow Robinhood to scale its platform and enable customers to make commission-free US listed stocks and ETF trades via mobile devices and online, and to expand its engineering and design team. The new app will be available on iPhone in early 2014 and is expected to be available on iPad and Android shortly thereafter.
“The brokerage industry has operated essentially the same way since it began, and it took until now for someone to develop a mobile-first, zero commission trading model,” said Jan Hammer, Partner of Index Ventures. “Robinhood is the right idea, at the right time, to enable and empower a new generation of investors to build their financial future at a younger age, and we’re excited to be on the ground floor of this sea change.”
Concurrent with closing the seed round of the funding, Robinhood Financial LLC (a wholly owned subsidiary) announced it has received approval from the Financial Industry Regulatory Authority (FINRA) to operate as a securities broker-dealer. This approval allows Robinhood to offer stock, corporate bond and option trading.
Robinhood combines a sophisticated, proprietary automated trading platform with a simple user interface, giving customers access to real-time stock quotes, notifications and alerts, and the ability to place zero-commission trades on all US listed stocks and ETFs.
“In an age when people are attached to their phones, it is a natural fit to take trading and investing to a mobile-first format,” said Howard Lindzon, General Partner of Social Leverage. “Robinhood is shaping the future of trading for the GenY mobile-savvy investors who will naturally want to make seamless zero commission trades with the touch of their phone, and we’re excited to support their endeavor.”
The company plans to roll out access to the Robinhood trading app over time on a first-come first-served basis, beginning January 2014. “An investment platform that you’d trust with your savings requires the highest level of reliability,” said Vladimir Tenev, Co-founder of Robinhood. “From the outset it’s what we sought to build. We’ve accomplished the mission, and we are anxious to get the product in users’ hands.”
Interested individuals can register for updates on their new website at http://www.robinhood.io
About Robinhood
Robinhood is a first-of-its-kind mobile stock brokerage. Built with sophisticated, proprietary algorithms and other unique technology, Robinhood is the only mobile-first premiere stock brokerage offering commission-free trading in all US listed stocks and ETFs. By eliminating trading commissions, Robinhood’s mission is to enable a new generation of people to learn about investing and better manage their wealth. Founded by three-time financial services entrepreneurs Vladimir Tenev and Baiju Bhatt, Robinhood is headquartered in Redwood City, CA and backed by top-tier venture firms including Google Ventures, Andreessen Horowitz and Index Ventures, and angel investors including Tim Draper and Howard Lindzon. To learn more, visit www.robinhood.io or follow the company on Twitter @robinhoodapp.

 

Gemini Investors and Stage 1 Ventures back PureCars


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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PureCars has closed $5 million in funding from Gemini Investors and Stage 1 Ventures. The capital will be used for growth and expansion. Headquartered in Charleston, SC, PureCars is a provider of digital dealer solutions for the auto industry.

PRESS RELEASE

Charleston, SC (PRWEB) December 18, 2013
PureCars®, the automotive industry’s leading provider of digital dealer solutions announced today that it has received a second round of equity funding from Gemini Investors and Stage 1 Ventures. This financing will continue to support PureCars on their path of unparalleled growth, and allow them to further expand upon their mission of providing more relevant information to improve the car buying experience.
PureCars is capitalizing on the majority of car buyers who rely on digital media, as purchase decisions are now being made online prior to visiting a dealer showroom. Responding accordingly, progressive stores are reallocating their media budgets to digital as a result of relating studies showing in-market car buyers spending nearly seven times as much time online as they do on traditional media. PureCars’ innovative digital marketing solutions deliver relevancy and value for both consumers and dealers.
Dealerships are furiously competing to “Win the Click” online and make their vehicles stand out. PureCars’ suite of products allows dealers to showcase the value in their vehicles in the most effective way possible. The PureCars Value Report® starts with inventory data and seamlessly analyzes proprietary value data points for each VIN, resulting in highly relevant information for a better consumer experience, more eye-catching VDP’s, and far more opportunities to match a consumer’s search.
SmartAdvertising™, the newest addition to the PureCars product line, combines the intelligence of the Value Report® with the sophistication of new digital marketing capabilities. The platform is seamlessly designed to deliver dynamic online advertisements based on a dealer’s in-stock inventory and a specific consumer’s online behavior. The fully automated solution has been piloted by hundreds of dealers, including all 79 stores of the Asbury Automotive Group. Dealers are reporting significant ROI, more relevant ads and landing pages, and increased web traffic as a direct result of SmartAdvertising. PureCars has infiltrated the digital market by creating a more relevant solution for paid search and display advertising in the automotive arena.
As a company, PureCars resonates innovation, with an established track record of dealer solutions designed to inform the new-age consumer. As a product, SmartAdvertising has defined industry standards after being awarded 2013’s Most Innovative Product at the DrivingSales Executive Summit this past October.
“PureCars has more than surpassed our expectations for growth over the last year. With the continued progression of their current products and the addition of SmartAdvertising, the company has demonstrated an advanced grasp of the digital shift as well as great intuition for future development,” says David Millet, Partner at Gemini Investors. “What impresses me most about PureCars is the company’s enduring, internal drive towards simplification and improvement of the car buying experience. I’m honored to work with individuals who genuinely want to help both dealers and consumers alike,” added David Baum, Managing Partner at Stage 1 Ventures.
In the 2013 study, Digital Drives Auto Shopping, Google reveals that dealer websites are responsible for 83% of purchase influence. PureCars solutions are meticulously designed to enhance the relevancy of information found on dealer sites. Jeremy Anspach, PureCars President and CEO, is an individual driven by an unyielding vision that the car buying experience can be improved. To date, PureCars has become the industry authority and demonstrated a consistent, repeatable formula for success. “What our team has accomplished is more than just positive results, we’ve created an element of comfort between consumers and dealerships that has been missing from the information age,” says Anspach. The wake of the digital world is here to stay. “Winning The Click” is the first step in creating potential sales and standing out from informational clutter.

Sequoia leads $28 mln round for Moovit


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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Moovit said Wednesday that it has received $28 million in funding. Sequoia Capital led the round with participation from return backers BRM Group and Gemini Israel Ventures. Also, as a result of the transaction, Sequoia’s Gili Raanan will join the Moovit board. Moovit is a global transit mobile service.

PRESS RELEASE

TEL AVIV, Israel and MENLO PARK, California, December 18, 2013 /PRNewswire/ –
Moovit, the world’s leading crowdsourced transit mobile service, today announced that it closed a $28 million round led by Sequoia Capital, with participation from its existing investors BRM Group and Gemini Israel Ventures. Moovit will use the investment to enhance service in the 100 cities in which it operates, while expanding to new markets. Gili Raanan will represent Sequoia on the Moovit board.
Moovit helps transit riders plan trips and get to their destination as quickly as possible. The app goes far beyond timetables to offer real time departure and arrival information, trip planning and point-to-point navigation across public transit options (bus, train, light rail, subway, ferry). In just one year since launching its free service globally, Moovit has expanded to more than 100 cities worldwide, and handled more than one billion requests for real time information. With more than 10 million user-generated reports each day, Moovit is redefining the transit experience for three million mobile users and growing.
“In a world with seven billion people and only 900 million cars, we all understand the challenge and the opportunity ahead of us”, said Nir Erez, Co-founder and CEO of Moovit. “Reducing uncertainty is paramount for public transit users. We are very excited to partner with Sequoia, which has a proven track record and experience in supporting great companies who revolutionize their space.”
“Moovit has built an incredibly useful product for the huge, fragmented and underserved market of public transit riders,” said Gili Raanan, partner, Sequoia Capital. “Rapid urbanization will lead to more than 6 billion people living in cities by 2050, and Moovit is working with transit authorities to make daily travel more enjoyable around the world.”
The latest funding brings Moovit’s total venture funding to $31.5M. The company previously received $3.5 million from BRM Group and Gemini Israel Ventures. Uri Levine, former President and Founder of Waze, is a member of the company’s Board of Directors.
About Moovit
Moovit is everything commuters need to ride public transit smarter. By combining transit data with live inputs from the crowd, Moovit gives a complete real-time snapshot of what the trip will be like so users can save time and ride in peace. Moovit is available across more than 100 cities around the world including New York, London, Los Angeles, Paris, Madrid, Barcelona, Rome, Sao Paulo, Rio de Janeiro, Bogota, Santiago de Chile, Mexico D.F., Sydney, Toronto, and Tel Aviv. The app is free for iPhone and Android.
About Sequoia Capital
Sequoia Capital helps founders turn imaginative ideas into enduring companies. As the “Entrepreneurs Behind the Entrepreneurs,” the Sequoia team has worked closely with legendary founders such as Steve Jobs of Apple, Larry Ellison of Oracle, Len Bosack and Sandy Lerner of Cisco, David Filo and Jerry Yang of Yahoo!, Max Levchin, Elon Musk and Peter Thiel of PayPal, Sergey Brin and Larry Page of Google, Steve Chen and Chad Hurley of YouTube, and Reid Hoffman and Jeff Weiner of LinkedIn. Sequoia is now helping the next generation of innovators build the lasting companies of tomorrow.

Lineagen grabs $3.5 mln in Series C financing


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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Lineagen has raised $3.5 million in Series C financing. Signal Peak Ventures and Sanderling Ventures led the round with participation from PrairieGold Venture Partners, Mesa Verde Venture Partners, Archipel Capital, University Venture Fund, Hatteras Funds and KickStart Seed Fund. Based in Salt Lake City, Lineagen is a molecular diagnostics company focused on genetic disorders.

PRESS RELEASE

SALT LAKE CITY, Dec. 18, 2013 /PRNewswire/ — Lineagen, Inc., an innovative molecular diagnostics company focused on complex, genetically linked disorders, announced today the Company has completed a $3.5 million series C round of financing, including $2.6 million in equity capital and $0.9 million in convertible senior subordinated notes. The financing was led by existing investors Signal Peak Ventures and Sanderling Ventures, with the participation of current investors PrairieGold Venture Partners and Mesa Verde Venture Partners and new investors Archipel Capital, University Venture Fund, Hatteras Funds, and KickStart Seed Fund. Lineagen also announced the Company has received multiple term sheets for multi-million dollar senior secured debt facilities, one of which the Company intends to close as part of this Series C financing. Additionally, Lineagen announced the conversion of $12.6 million in outstanding promissory notes into shares of Series B preferred stock.
Lineagen is a leader in providing physicians and patients with a fully integrated genetic testing, counseling, and developmental screening service to aid in the early diagnostic evaluation of individuals with ASD and other disorders of childhood development. Based on current reimbursement rates, sales, and favorable gross margins of Lineagen’s customized proprietary commercial offering, FirstStepDx PLUS, and pursuant to the use of net proceeds of the Series C funding and anticipated loan facility, the Company expects it will accelerate the time to profitability to the first half of 2014.
Lineagen’s Chief Executive Officer Michael S. Paul, Ph.D., said, “As a science-driven company, our paramount dedication is to the clinical community and to the families we serve. We now provide our FirstStepDx PLUS services to over 400 pediatricians across the country, and we have agreements with payors and provider networks to provide access to FirstStepDx PLUS to approximately 70 million covered lives. Lineagen has consistently attained high levels of reimbursement, with increased reimbursement levels being seen under the new reimbursement codes, attesting to the significant clinical benefit of our commercial offerings.”
Dr. Paul continued, “We are grateful to the communities we serve and to our investors who have continued to support our programs and build our commercial presence and brand in the market. In 2014, we will seek to close an additional tranche in our Series C financing – up to $7 to $7.5 million – which we anticipate would allow us to launch new commercial offerings, including NextStepDx PLUS, a customized, proprietary next generation sequencing-based reflex test that is expected to significantly add to the current diagnostic yield of FirstStepDx PLUS; expand our sales team’s ability to reach specialist physicians, and seek to ensure additional payer coverage. It’s an exciting time for the Company, we are pleased with Lineagen’s position in the market and achievements, and we look forward to further progress of our programs.”
About FirstStepDx PLUS
Lineagen’s FirstStepDx PLUS and related autism-risk screening services (www.mchat.org) have been developed with the specific intention of helping physicians, patients, and families navigate the diagnostic evaluation “odyssey” of individuals with autism spectrum disorders (ASDs) and other disorders of childhood development early and more efficiently. FirstStepDx PLUS includes genetic counseling, the most advanced, customized chromosomal microarray analysis (CMA) clinically available, and a detailed, personalized report created specifically for each individual’s case. FirstStepDx PLUS is specifically designed to help parents, physicians, and other healthcare providers significantly shorten the time to clinical action, allowing access to proven clinical management and treatment approaches as early as possible. The customized and proprietary CMA platform incorporated into FirstStepDx PLUS was developed in collaboration with Affymetrix under the Powered by Affymetrix program. Further, Lineagen’s FirstStepDx PLUS incorporates novel validated genetic variants recently featured in the publication of results of a 9,000-person genetic study by researchers affiliated with The Children’s Hospital of Philadelphia (CHOP), the University of Utah, Golden Helix, Inc, and Lineagen (http://dx.plos.org/10.1371/journal.pone.0052239).
The FirstStepDx PLUS genetic test was the first such test to be available as a fast and painless cheek swab (FirstStepDx PLUS Buccal), eliminating the need for a blood draw. For more information about FirstStepDx PLUS, please call Lineagen at 888-888-OPEN (888-888-6736) or visit www.firststepdxplus.com.
About Lineagen
Based in Salt Lake City, Utah, Lineagen’s mission is to accelerate and enhance the diagnostic evaluation of medical conditions so that the best possible outcomes can be achieved for patients and their families. Our first commercial offering, FirstStepDx PLUS, provide physicians with a fully integrated genetic testing, counseling, and developmental screening service to aid in the diagnostic evaluation of individuals with ASD or other forms of developmental delay. In addition to our deep commitment to ASD and developmental delay, we have ongoing scientific programs in the areas of multiple sclerosis (MS) and chronic obstructive pulmonary disease (COPD).

European travel startup Minube nets VC funding


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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Minube has closed 1 million euros in funding. The investors were Kibo Ventures, Bonsai Venture Capital and Sputnik Ventures. According to Minube, the capital infusion will be used for international expansion and new business strategy. Based in Madrid, Minube is a social travel startup.

PRESS RELEASE

December 2013 – Founded in 2007, minube is one of Europe’s most prominent travel startups and has recently raised 1 million euros from new investors Kibo Ventures and Bonsai Venture Capital, as well as additional funds from Sputnik Ventures, an existing investor since 2011. The new funds will be used to aid the company’s current international expansion and new business strategy.
Since its inception, minube’s vision has been to use social travel to revolutionize the online travel industry. The company intends to use the funds to support its four fundamental goals for 2014:
● Increase value throughout the travel cycle: minube aims to be a single resource for travelers throughout the entire travel process, and intends to improve existing products which help inspire travelers to discover new destinations, plan their trips, compare prices in real-time, and book flights, hotels, and activities. Minube also has mobile applications to help travelers on the move and serves as a platform for travelers to share their experiences with fellow travelers.
● International expansion: Minube is an international platform with sites in English, Spanish, French, Italian, Portuguese, and German. 2014 will see the company expanding throughout Latin America as well as to Scandinavia, and Eastern Europe. Currently, minube’s mobile applications have been downloaded in over 100 countries.
● Content and community growth: With one million registered users, minube has one of the largest amounts of high-quality user-generated content in the online travel market. Minube features real recommendations on what to see, where to eat, and where to stay, and has over 580,000 points of interest around the world backed up by 1.3 million photos. The funds will be used to bolster growth of minube’s community and content base.
● Mobile focus: Since the launch of its iOS app in June 2011 (awarded App of the Year by Apple Rewind Spain), minube has made excellence in mobile a core goal. This year, Minube’s Android app was selected as one of the Best Apps of 2013 by Google Play Spain. Currently, minube has versions available for iOS, Android, and Windows Phone and aims to use the new funds to develop its products for tablets and new platforms. Minube currently has 2 million app downloads and 40% of its total traffic arrives via mobile.
According to minube founder and CEO, Raúl Jiménez, “modern travelers have an enormous amount of online resources to choose from when planning their trips. Differentiation is the key, and we’ve creating something unique and different and are striving to become a point of reference among travelers. The entrance of our new investors has reaffirmed the fact that our goal of revolutionizing the travel industry via social travel is possible and viable. We’ve creating a phenomenal site where travelers’ recommendations have real credibility and value for other users, whether they’re still in the planning phase or even comparing prices and booking their trips.”
Referential investors in the online world
These three investors are not only providing 1 million euros in capital, but also extensive expertise in technology and online projects.
Kibo Ventures is one of Spain’s most active venture capital funds and has a portfolio of 17 international companies such as peerTransfer, JobandTalent, and Ludei, and has seen successful exits such as Blink Booking’s acquisition by Groupon. Aquilino Peña will be Kibo Venture’s representative on the minube board.
Bonsai Venture Capital, directed by Javier Cebrián Sagarriga, has invested in many well-known Spanish companies like TopRural, Infojobs, Niumba and Softonic.
Sputnik Ventures has been an investor in minube since 2011 and has amplified its investment in this latest round. Founded in 2010, Sputnik has invested over 2.5 million euros in 14 upcoming Spanish startups like Miscota, Bicosome, Wuaki Tv, and Dinube, all of which focus on international markets and disruptive ideas.

Glue Networks snags $12.4 mln


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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Glue Networks has closed $12.4 million in funding from private investors. According to the company, the capital will be used to scale the business. Based in Sacramento, Calif., Glue Networks is a provider of a cloud networking service. Its backers include Keiretsu Forum, Sierra Angels, Sacramento Angels, Harvard Angel Group and Sand Hill Angels.

PRESS RELEASE

December 18, 2013–Sacramento, CA- Glue Networks has raised $12.4M from private investors following a $4.5M angel round announced in December of 2010, bringing the company’s total funding to date to $16.9M to address growing user interest in bringing agility, speed and price performance to the Branch Wide Area Network (WAN). Glue Networks was founded in September 2007, and has been shipping generally available product since 2011. Funds from this latest round will be used to scale the business. Glue Networks is currently hiring in engineering, sales, and service delivery.
“We bootstrapped Glue Networks and focused on customers and delivering agility and automation to the $120B WAN market. Our Gluware intelligent orchestration engine is rock solid and is deployed in production networks around the world,” said Jeff Gray, CEO and co-founder of Glue Networks. “Users at the recent ONUG Conference selected Software Defined WANs as one of the top 3 SDN use cases most likely to be included in RFIs or RFQs over the next year and with the growing demand we’ve seen from our partners and channels, now is the perfect time for Glue to accelerate our business.”
“Incumbent SDN solutions are focused in the data center and address network virtualization or flow management concerns, which now need to be delivered within the CSP’s WAN. CSPs are looking for an evolution away from manually configured networking devices and toward fluid and dynamic SDNs that support end-to-end control.
The problems with current technology are magnified in the WAN because CSPs require voice, video and real-time data services to be delivered to remote locations worldwide, and where manual provisioning is slow and prone to errors,” wrote Akshay Sharma, et al., Research Director at Gartner, in Gartner note ID: G00248539, Cool Vendors in Communications Service Provider Infrastructure, 2013, April 2013.
Glue Networks was named a Gartner Cool Vendor for Communications Service Provider
Infrastructure in April of this year and provides the foundation for an application-aware, intelligent, SDN-enabled WAN. Gluware allows rapid provisioning and on-going synchronization of changes in minutes and improves security, stability and lifecycle management of the WAN. The Gluware intelligent engine is highly scalable and automatically deploys, manages and monitors enterprise WAN infrastructure resulting in lower costs and a new level of agility for WAN feature management.
About Glue Networks
Glue Networks pioneered the industry’s first intelligent automation engine and suite of networking applications for Software-Defined Wide Area Networks. Gluware® automates the configuration and management of complex SDWAN deployments, accelerating time to value, reducing, and dramatically increasing the ability to respond to change. Additional information is available at https://www.gluenetworks.com or @gluenetworks
Glue Networks, Gluware and the Glue Networks logo are trademarks or registered trademarks of Glue Networks.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

 

 

Glue Networks raises $12.4m


This post is by Angela Sormani from PE Hub Blog: Venture Capital Deals


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Glue Networks has raised $12.4 million from private investors following a $4.5 million angel round announced in December of 2010, bringing the company’s total funding to date to $16.9 million. Glue Networks was founded in September 2007 and is currently hiring in engineering, sales, and service delivery.

PRESS RELEASE

Glue Networks has raised $12.4M from private investors following a $4.5M angel round announced in December of 2010, bringing the company’s total funding to date to $16.9M to address growing user interest in bringing agility, speed and price performance to the Branch Wide Area Network (WAN). Glue Networks was founded in September 2007, and has been shipping generally available product since 2011. Funds from this latest round will be used to scale the business. Glue Networks is currently hiring in engineering, sales, and service delivery.

“We bootstrapped Glue Networks and focused on customers and delivering agility and automation to the $120B WAN market. Our Gluware intelligent orchestration engine is rock solid and is deployed in production networks around the world,” said Jeff Gray, CEO and co-founder of Glue Networks. “Users at the recent ONUG Conference selected Software Defined WANs as one of the top 3 SDN use cases most likely to be included in RFIs or RFQs over the next year and with the growing demand we’ve seen from our partners and channels, now is the perfect time for Glue to accelerate our business.”

“Incumbent SDN solutions are focused in the data center and address network virtualization or flow management concerns, which now need to be delivered within the CSP’s WAN. CSPs are looking for an evolution away from manually configured networking devices and toward fluid and dynamic SDNs that support end-to-end control. The problems with current technology are magnified in the WAN because CSPs require voice, video and real-time data services to be delivered to remote locations worldwide, and where manual provisioning is slow and prone to errors,” wrote Akshay Sharma, et al., Research Director at Gartner, in Gartner note ID: G00248539, Cool Vendors in Communications Service Provider Infrastructure, 2013, April 2013.
Glue Networks was named a Gartner Cool Vendor for Communications Service Provider Infrastructure in April of this year and provides the foundation for an application-aware, intelligent, SDN-enabled WAN. Gluware allows rapid provisioning and on-going synchronization of changes in minutes and improves security, stability and lifecycle management of the WAN. The Gluware intelligent engine is highly scalable and automatically deploys, manages and monitors enterprise WAN infrastructure resulting in lower costs and a new level of agility for WAN feature management.

About Glue Networks
Glue Networks pioneered the industry’s first intelligent automation engine and suite of networking applications for Software-Defined Wide Area Networks. Gluware® automates the configuration and management of complex SDWAN deployments, accelerating time to value, reducing, and dramatically increasing the ability to respond to change. Additional information is available at https://www.gluenetworks.com or @gluenetworks

Glue Networks, Gluware and the Glue Networks logo are trademarks or registered trademarks of Glue Networks.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

For Glue Networks
Mari Mineta Clapp
mari@gluenetworks.com
(408) 398-6433
###

Big data company Datameer raises $19 mln round led by Next World Capital


This post is by Alastair Goldfisher from PE Hub Blog: Venture Capital Deals


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Next World Capital led a $19 million Series D investment in the big data analytics company Datameer. Investors in the round also include Workday, Citi Ventures, and Software AG, as well as existing investors Kleiner Perkins Caufield & Byers and Redpoint Ventures. The company previously raised about $18 million in funding. As part of the Series D round, Ben Fu, a partner at the San Francisco-based expansion-stage firm Next World Capital, has joined the board.

PRESS RELEASE

Datameer Secures $19 Million to Meet Global Demand for Self-Service Big Data Analytics for Hadoop

Expansion round funded by respected industry leaders will accelerate global growth and continued product innovation

SAN MATEO, Calif., Dec. 18, 2013 –Datameer, the leader in self-service Big Data analytics for Hadoop, today announced the completion of a $19 million Series D round. Investors include Workday, Citi Ventures, and Software AG, and the round was led by Next World Capital (NWC), an international, expansion-stage venture capital firm headquartered in San Francisco with a strong presence in Europe. Existing investors from venerable Silicon Valley funds Kleiner Perkins Caufield & Byers and Redpoint Ventures also participated. This investment allows Datameer to meet exploding enterprise demand for Datameer’s Big Data Analytics application plus fuel the company’s rapid expansion into international markets. Datameer also announced that NWC partner Ben Fu will join the company’s board.

“Datameer is unquestionably leading the massive shift to next-generation BI as enterprises re-platform their data warehouses to include Hadoop-based architectures,” said Fu. “Datameer has a highly differentiated analytics solution and the only one of its kind to run natively on Hadoop. We are eager to see Datameer penetrate new markets around the world with the help of our unique European Advisory Network.”

In the past year, Datameer has nearly tripled in size and now counts more than 130 leading brands from every major vertical as customers, including British Telecommunications, Cardinal Health, CDW, Sears, and Visa, among others. Drastically decreasing the time it takes to get insight from data over traditional Business Intelligence systems, Datameer’s self-service application for big data analytics on Hadoop empowers business users in any industry to integrate, analyze and visualize big data with a single tool.

“Datameer is the fastest growing Business Intelligence company in the big data market, and given the company’s deep and broad customer base, we expect the company to continue to grow several hundred percent per year,“ said John Walecka, partner at Redpoint Venture Capital.

“Companies need better insights from their data to make critical business decisions, and Datameer’s native Hadoop platform delivers an innovative approach to solve this challenge,” said Dan Beck, vice president, financial management and analytics products, Workday. “Datameer has quickly established itself as a market leader, and we are excited to support its expansion and continued growth.”

“This funding is entirely about allowing us to meet the nonstop global demand for our product. Across every industry, companies are moving past Hadoop science projects and realizing they need a proven big data analytics tool that finally frees them from schemas and ETL,” said Stefan Groschupf, CEO of Datameer.

About Datameer
Datameer is the only self-service and schema-free Big Data analytics application for Hadoop that ensures the fastest time to discovering insights in any data. A no-ETL solution, anyone can use Datameer’s wizard-based data integration, iterative point-and-click analytics, and drag-and-drop visualizations to find the insights that matter to drive their business forward. Founded by Hadoop veterans in 2009, Datameer scales from a laptop to thousands of nodes and is available for all major Hadoop distributions. Datameer is based in San Mateo, Calif. For more information on Datameer, please visit www.datameer.com

Planet Labs collects $52 mln in Series B funding


This post is by Chris Witkowsky from PE Hub Blog: Venture Capital Deals


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Planet Labs, a space and information company, has raised $52 million in Series B funding. New investors in the round include tech investor Yuri Milner, Industry Ventures, Felicis Ventures, Lux Capital and Ray Rothrock. Planet Labs’ existing investors include DFJ, Capricorn, O’Reilly Alpha Tech Ventures, Founders Fund, First Round Capital, Innovation Endeavors, Data Collective and AME Cloud Ventures.

Press Release

Planet Labs announced today that it has raised $52 million in Series B financing. New investors joining this round include prominent technology investor Yuri Milner, Industry Ventures, Felicis Ventures, Lux Capital, and Ray Rothrock. Planet Labs’ existing investors include DFJ, Capricorn, O’Reilly Alpha Tech Ventures (OATV), Founders Fund, First Round Capital, Innovation Endeavors, Data Collective, and AME Cloud Ventures.

“It’s remarkable that Planet Labs has secured more customer bookings for 2014 than they have raised from investors so far”

“Planet Labs is revolutionizing the spacecraft sector,” said Yuri Milner. “Its passionate and high performance team is utilizing elegant science and sophisticated technology in pushing the boundaries of what was thought to be possible in satellite manufacturing and deployment” he added.

“We are excited to welcome Yuri Milner and all our new partners,” said Planet Labs Co-Founder Robbie Schingler. “This funding comes off the back of a great year. With this financing, we are well positioned for 2014 to launch Flock 1 and enter commercial service.”

In 2013 alone the company has launched four satellites on three rockets; delivered their first fleet of 28 satellites to the launch site; and achieved significant commercial traction. This round of funding appears on the eve of Planet Labs’ commercial constellation launch of Flock 1 at NASA Wallops Flight Facility – which will be the largest constellation of Earth imaging satellites ever launched.

“It’s remarkable that Planet Labs has secured more customer bookings for 2014 than they have raised from investors so far,” said Steve Jurvetson, DFJ Managing Director and Planet Labs board member. “I have rarely seen a team perform so well.”

About Planet Labs Inc.

Planet Labs Inc. is a purpose-driven space and information company based in San Francisco, California, Earth. The company operates Earth imaging satellites to image the entire planet at an unprecedented frequency –collecting data and insight to encourage global action. Planet Labs aims to provide universal access to information about the changing planet to enable both commercial and humanitarian applications.

Contact press@planet-labs.com for more information.

Maxwell Health raises $6 mln in funding round led by Vaizra Investments


This post is by Chris Witkowsky from PE Hub Blog: Venture Capital Deals


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Maxwell Health, a web and mobile-based platform that seeks to simplify employee benefits management, has secured $6 million in Series A1 financing. The funding round was led by Vaizra Investments, with participation from new investor Catalyst Health Ventures, previous investors Tribeca Venture Partners, Series Change, Lerer Ventures, BoxGroup and angel investors. In August, the company announced $2 million in funding, bringing its total Series A round to $8 million.

Press Release

Maxwell Health (“Maxwell”), a web- and mobile-based platform that vastly simplifies employee benefits management, today announced that it has secured a $6 million series A1 financing. The company will use the funding to meet the growing demand for its service from companies and benefits advisors across the country.

The funding round was led by Vaizra Investments, with participation from new investor Catalyst Health Ventures, previous investors Tribeca Venture Partners, Serious Change, Lerer Ventures, BoxGroup, and angel investors with deep industry expertise. In August, the company announced $2 million in funding, bringing its total series A round to $8 million.

Available nationwide, Maxwell is a user-friendly SaaS platform for creating and managing employee health plans, benefits and payroll. It enables the simple management of a wide array of HR functions, from onboarding to retirement planning. Maxwell also lowers health care costs by giving organizations and employees greater control over their health spending, and by using incentives to promote health.

“Maxwell is the first-ever operating system for managing employee benefits,” said Veer Gidwaney, CEO and co-founder of Maxwell Health. “We see the platform as fundamental to the infrastructure of any company, just like turning on email, and other core apps and services.”

Businesses and their benefits advisors use Maxwell to set up, optimize and manage private health and benefits exchanges. The service enables companies with existing health and benefits plans to seamlessly sync them onto Maxwell’s platform. Maxwell’s easy-to-use portal lets companies and employees manage their full range of benefits, including medical, dental, vision, life, disability, COBRA administration, HRA/HSA, FSA and 401(k). A real-time dashboard offers benefits administrators and advisors the ability to track engagement and company spending.

Maxwell’s concierge service acts as an informed, unbiased advocate available to recommend physicians, fix billing errors, schedule appointments, compare prescription prices and more. A mobile app makes it convenient for employees to access the concierge service and manage all their benefits.

Employee wellness is central to the Maxwell platform, which offers creative health incentives, challenges and fitness devices. Employers can easily fund rewards for hitting health targets that employees can redeem through the portal or the mobile app.

Benefits advisors nationwide have been partnering with Maxwell to offer clients a comprehensive, customizable benefits platform and private exchange that saves time and money, and improves employee health and wellbeing. The Maxwell technology platform gives these advisors a significant competitive edge in an increasingly complex employee benefits landscape.

About Maxwell Health:
Based in New York, NY, and Cambridge, MA, Maxwell Health (maxwellhealth.com) is an innovative human resources platform that manages benefits and promotes employee health. The company uses a unique combination of SaaS platform and concierge service to radically simplify benefits, reduce insurance costs and incentive employee health.

Cell Therapeutics gets remaining $5 mln from Hercules Technology loan


This post is by Chris Witkowsky from PE Hub Blog: Venture Capital Deals


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Cell Therapeutics has received the remaining $5 million from Hercules Technology Growth Capital available under an existing loan agreement that was established in March 2013. Hercules has committed more than $3.9 billion to more than 250 companies.

Press Release

Cell Therapeutics, Inc. (CTI) (NASDAQ and MTA: CTIC) today announced that CTI has received the remaining $5 million from Hercules Technology Growth Capital, Inc. (NYSE: HTGC) available under the existing loan agreement that was established in March 2013. Further information with respect to this loan with Hercules will be available in a Current Report on Form 8-K that will be filed by CTI with the Securities and Exchange Commission.

About Cell Therapeutics, Inc.

Cell Therapeutics (NASDAQ and MTA: CTIC) is a biopharmaceutical company committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable. CTI is headquartered in Seattle, WA. For additional information and to sign up for email alerts and get RSS feeds, please visit www.CellTherapeutics.com.

About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc., (NYSE: HTGC) is the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science and energy and renewables technology industries, at all stages of development. Since inception (December 2003), Hercules has committed more than $3.9 billion to over 250 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. For more information please visit www.htgc.com, or call 650-289-3060.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of CTI’s securities. Such statements include, but are not limited to, statements regarding CTI’s expectations with respect to the development of CTI. Risks that contribute to the uncertain nature of the forward-looking statements include, among others, risks associated with the biopharmaceutical industry in general and with CTI and its product and product candidate portfolio in particular including, among others, risks associated with the following: that CTI cannot predict or guarantee the pace or geography of enrollment of its clinical trials, that CTI cannot predict or guarantee the outcome of preclinical and clinical studies, that CTI may not obtain favorable determinations by other regulatory, patent and administrative governmental authorities, that CTI may experience delays in the commencement of preclinical and clinical studies, risks related to the costs of developing pacritinib and CTI’s other product candidates, and other risks, including, without limitation, competitive factors, technological developments, that CTI’s operating expenses continue to exceed its net revenues, that CTI may not be able to sustain its current cost controls or further reduce its operating expenses, that CTI may not achieve previously announced goals and objectives as or when projected, that CTI’s average net operating burn rate may increase, that CTI will continue to need to raise capital to fund its operating expenses, but may not be able to raise sufficient amounts to fund its continued operation as well as other risks listed or described from time to time in CTI’s most recent filings with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K. Except as required by law, CTI does not intend to update any of the statements in this press release upon further developments.

FlyCleaners raises seed funding


This post is by Angela Sormani from PE Hub Blog: Venture Capital Deals


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FlyCleaners has raised $2-million in seed funding from a group of private investors and Zelkova Ventures. The company also announced the launch of a private beta for the mobile app for Android and iOS, exclusively servicing the North Brooklyn area.

PRESS RELEASE

FlyCleaners, the on-demand laundry and dry-cleaning app, announced today that it raised $2-million in seed funding from a group of private investors and Zelkova Ventures. The company also announced the launch of a private beta for the mobile app for Android and iOS, exclusively servicing the North Brooklyn area.

With the FlyCleaners app, users can schedule pickup and delivery of their dry-cleaning and laundry on-demand—usually with under an hours notice, anytime between 6 a.m. and midnight, 7 days a week. The app offers competitive pricing and also tracks cleaning preferences and the status of garments throughout the process, making the service both convenient and transparent.

“We have taken technology commonly used for high-tech enterprises and applied it to the laundry and dry cleaning industry,” said David Salama, CEO of FlyCleaners. “The industry currently is staid and old fashioned. We’ve created an app and back-end platform that creates operational efficiencies allowing us to pass on savings of time and money to our clients.”

Jay Levy, from Zelkova Ventures, agreed. “Our introduction to the FlyCleaners technology was extremely compelling and we are excited by the unique vision for the dry cleaning industry that is championed by the passionate management team at FlyCleaners. We whole-heartedly believe in what they are trying to achieve.”

Seth Berkowitz, who is the co-founder of FlyCleaners, is also the founder and CEO of Insomnia Cookies, a late night cookie delivery business, which currently operates in over 40 locations. “I learned from my experience at Insomnia that people want it all—quality, convenience, and affordable products delivered right to their door. In building FlyCleaners, we’ve centered everything around creating a stellar user experience at a competitive price.

FlyCleaners’ private beta of their mobile app is available for Android and iOS users in the North Brooklyn area.

For more information on FlyCleaners or to sign up for the beta, visit http://www.flycleaners.com.

About FlyCleaners

FlyCleaners is changing the way we do our laundry and dry-cleaning. By seamlessly providing premium on-demand pickup and delivery services for dry-cleaning and laundry through its mobile app, FlyCleaners provides customized convenience at your doorstep. Users simply open the app, make a request for pickup, have their clothes cleaned according to their specific preferences, and delivered, all from their mobile device. It’s clean clothes made simple. For more information on FlyCleaners, visit flycleaners.com.

Pact raises funds led by Khosla


This post is by Angela Sormani from PE Hub Blog: Venture Capital Deals


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Pact (formerly known as GymPact) has secured a $1.55 million round of funding led by Khosla Ventures and Max Levchin of PayPal. Pact was founded by Harvard students who realized that having your own money on the line helps limit excuses and get people achieving their goals. Individuals make a Pact of how many times a week they plan to achieve their healthy goals.

PRESS RELEASE

There is no argument that it can be difficult to find
the motivation start exercising and eating healthy. But, how would your motivation change if you
had real money on the line?
Pact (formerly known as GymPact) has secured a 1.55 M round of funding led by Khosla
Ventures and Max Levchin of PayPal.
Pact has exciting news coming up related to products and on January 1st will be expanding the
app to include incentives for healthy eating.
Pact was founded by Harvard students who realized that the extra monetary kick of having your
own money on the line helps limit excuses and get people achieving their goals. Individuals
make a Pact of how many times a week they plan to achieve their healthy goals. Users then set
the stakes and enter how much they would be willing to pay if they do not reach their goals.
At the end of the week, if a user reaches their goals they receive real cash rewards that come
from those who didn’t make it that week. The average user is rewarded 30 – 50 cents for each
activity completed.
GymPact officially launched on iPhone on January 1st 2012 and launched on Android January 1st
2013. During this time GymPact users have completed an impressive 5 million+ total workouts
and stuck to their goals 92% of the time.
Pact can also share data relating to exercise commitments by state and gender, and how much
money motivates the most success.

Spotzer raises funds under new Jobs Act


This post is by Angela Sormani from PE Hub Blog: Venture Capital Deals


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Digital marketing platforms and services provider Spotzer Media Group has launched a stock offering under the recently enacted Jobs Act. Spotzer was founded in 2006 by serial internet entrepreneur Andrew D. Klein and is backed by venture capital investors, including Sierra Ventures, Cyrte Investments and SV Angel (Ron Conway).

PRESS RELEASE

Spotzer Media Group, a technology powered business that provides digital marketing platforms and services to 65,000 small advertisers in 16 countries, today launched a novel stock offering under the recently enacted Jobs Act.

The offering was literally kicked-off live on stage during New York’s largest crowd funding conference, CrowdFinance 2013, which was held today at Thomson Reuters.

Now available online at www.spotzer.com/investors, the offering stands out in terms of both form and substance.

The stock is being promoted through this press release, the company’s website and social media, all activities previously unlawful in the context of a private placement – until September of this year when Rule 506 (c) under the Jobs Act went into effect.

The company, which this year has €6 million of revenue, is cash flow positive and has been backed by more than 20 million of institutional venture capital, is offering private investors a senior preferred return – designed for families and high net worth individuals intent to make a more limited but less risky return compared to traditional early stage investing.

“That I can today freely write this press release, post video on my website, and send messages through LinkedIn, Twitter, Facebook, and other social media is a truly remarkable advance for all companies seeking to secure capital,” said Spotzer founder and CEO Andrew D. Klein. “Though we are still required to limit sales to Accredited Investors (aka “wealthy” people), our capacity to reach investors through a PIPR (Private Issuer Publicly Raising) is simply unprecedented.”

“Having means to reach private investors, however, is only part of the battle,” continued Klein, who previously engineered the world’s first Internet IPO for his microbrewery Spring Street Brewing back in 1995 – before going on to found the first internet investment bank, Wit Capital, in 1996. “For this reason we wanted to craft an innovative offering that would appeal to Accredited Investors.”

Klein, who also co-founded the $8 billion alternative asset manager SkyBridge Capital, continued: “With public equity markets facing uncertain times, and bonds promising little interest, family offices and high net worth individuals have a large appetite for opportunities delivering strong returns with limited downside risk. As a result, we are offering a security that upon redemption or sale of the company will pay a preferred return – the greater of 2x and a 30 percent IRR – before any distribution is made to other shareholders.”

“This unique structure suits our current shareholders who see the new funds enabling us to accelerate revenue growth and further develop our platforms. Already on a path to a successful exit, it is our view we will greatly increase value upon exit over the next 12 to 24 months. By limiting the return to new investors, we get to keep more of that future value.”

“The investors, on the other hand, don’t need to buy into our enthusiasm or risk that they improperly value our shares today. Rather, the new investors simply need to get comfortable that we will sell the business for at least two times the amount of their investment. If that is the case then they will enjoy the full benefit promised by these securities.”

About Spotzer

Spotzer Media Group (www.spotzer.com) provides digital marketing platforms and services to small and local businesses. The company builds and maintains online presence across the web, mobile and social media, manages paid search and SEO campaigns, and produces and syndicates videos. Based in Amsterdam and with offices in Denver and Melbourne, the technology powered group serves more than 65,000 satisfied advertisers in 16 countries. Spotzer was founded in 2006 by serial internet entrepreneur Andrew D. Klein and is backed by venture capital investors, including Sierra Ventures, Cyrte Investments and SV Angel (Ron Conway).

For more information, please contact:

Rosemarie Mercurio
+917-825-5500
rmercruio@spotzer.com