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North Carolina Bioscience Fund Raises $16 Million


The North Carolina Bioscience Investment Fund, organized by the North Carolina Biotechnology Center and managed by Eno River Capital, closed on $16 million in capital. The fund will begin investing in early stage biotechnology and bioscience companies in North Carolina within the next month.

Four N.C. institutions committed to the fund, and the fund expects to attract additional investors prior to the final closing in early 1999. The Fund received investment from a special appropriation of $7.5 million from the North Carolina General Assembly to the North Carolina Biotechnology Center, and $8.5 million raised collectively from NationsBank of Charlotte, Wachovia Bank of Winston-Salem, and the Burroughs Wellcome Foundation of Durham.

Investments by the Fund will range from $500,000 to $2 million per company in most cases. The Fund is organized as a limited-liability company and will function much like other high-tech venture capital firms. It is expected to exist for 10 to 12 years.

Volumetrics Medical Imaging Closes $2 Million Financing


Durham-based Volumetrics Medical Imaging Inc., formerly 3-D Ultrasound, closed on $2 million in venture capital. Investors included Allen & Co., The Aurora Funds, and Tri-State Investment Group.

Volumetrics has developed a three-dimensional ultrasound machine that costs about the same as the two-dimensional machines it is designed to replace. The company began selling the 3-D machine late last year, and plans to use the funding to increase its five-person sales force and its research and development capabilities, probably adding six employees by the end of the year.

Eight-year-old Volumetrics is targeting the cardiac market first. Volumetrics' machine uses parallel processing of ultrasound signals to obtain multiple images simultaneously. As a result, doctors can view an organ from four or more perspectives at once.

Hottest Technology, Coolest Applications on Display at Software '98


Come see the most innovative technology companies in the Research Triangle area when they display their latest products and technologies at Software '98 on Friday, October 16, 1998, from 8 a.m. to 6 p.m. at the Kenan-Flagler Business School, McColl Building, on the campus of the University of North Carolina at Chapel Hill.

The region's eighth annual software conference is sponsored by CED. Twenty demonstrating companies were named in first round selections; more companies will be named in the coming weeks. In addition to up-and-coming companies and their new products, the conference will offer opportunities to network with potential investors and partners, and lively discussions about hot industry issues. Registration for the conference is required.

Lips Inc. to Present at STREAK Luncheon on September 22nd


Come see one the of the area's hottest new deals, Lips Inc., at CED's STREAK Luncheon on Tuesday, September 22, 1998, from noon to 1:30 p.m. at the Sheraton Imperial.

Lips, Inc. produces a software package that takes as its input spoken or recorded human speech and produces as its output a data set that can be used to reproduce the corresponding lip motions associated with spoken words. The company has identified the computer animation industry as its entry market with telecommunications, speaker recognition, and hearing impaired and linguistics training as expansion markets.

STREAK is CED's venture forum program, created to assist early-stage high-growth companies that are seeking equity investment in developing their business strategies.

Register Now!

Check Out Upcoming CED Programs and Events!


New Member Orientation

Date: September 24, 1998
Time: 7:30 - 9:00 a.m.
Location: MD/Win Corporation, Raleigh
Contact: Heather Quinn
Register: http://www.cednc.org/applications/new_member.html

New members are invited to join CED staff and members at bimonthly new member orientations. Take the opportunity to network with veteran members, meet the staff, and learn more about what CED has to offer, as well as tell us more about your business. New CED members are encouraged to attend a New Member Orientation within their first six months of membership but are welcome anytime. The orientations are hosted by CED members around the Triangle area.

STREAK Applications Deadlines
Date: September 25, 1998
Contact: Suzanne Cantando
Are you seeking early stage capital for your growing company? Apply now for STREAK, CED's venture forum that provides young potential high-growth companies with access to mentors, potential investors and increased visibility. Application deadline is September 25, 1998.

STREAK is designed for entrepreneurs with exciting ideas who will be seeking an early round of capital in the next six months and who can demonstrate equity investment potential. Prospective STREAK candidates must submit an application and executive summary to be considered for the program. Two companies will be selected each month to submit their business plan to a four person mentoring team consisting of investors, legal advisors, CPA's, experienced entrepreneurs and marketing experts. The team will study the business plan, and the entrepreneurs will give a "behind closed doors" presentation to the team. The team will then candidly critique the business plan and presentation, make recommendations, and will provide ongoing mentoring for the company. For more information, contact Suzanne Cantando at CED.