Venture
Update Vol IV, #3, March, 2000
Charlotte—LendingTree, Inc., (www.lendingtree.com), an Internet-based loan marketplace for consumers and lenders, had an initial public offering of 3.65 million shares of common stock on February 16, 2000. The stock was priced at $12 per share and closed at $17.06 per share on the first day of trading. Merrill Lynch & Co. was the lead manager for the offering. Contact: Doug Lebda (704.944.2110).
Research Triangle Park—Southeast Interactive Technology Funds (www.se-interactive.com) closed its third fund at $135 million in February 2000. Southeast Interactive manages the largest pool of venture capital in the Southeast strictly focused on the information technology industry. Contact: David Blivin (919.558.8324).
Research Triangle Park—Paradigm Genetics, Inc. (www.paradigmgenetics.com), a developer of a proprietary functional genomics system that integrates gene discovery, gene function determination and gene use identification, filed a registration statement with the Securities and Exchange Commission in February 2000 for a proposed initial public offering of its common stock. Contact: Ian Howes (919.544.5578).
Research Triangle Park—OpenSite Technologies (www.opensite.com), a developer of software for online auctions, will serve as the online auction initiative for iQVC, QVC's online retailing division. OpenSite also filed an amendment to its registration statement with the Securities Exchange Commission for a proposed offering of shares of its common stock. Contact: Kristi Lee (919.287.0270).
Research Triangle Park—Eduprise (www.eduprise.com), a provider of e-Learning services, secured $18 million in venture financing in February 2000. Investors included Arena Capital Partners, Chase Capital Partners, Frontenac Company and Learning Tree International. Contact: Roger St. Germain (919.376.3426).
Durham—MDeverywhere, Inc. (www.mdeverywhere.com), a developer of mobile Internet-based automation tools for physicians, closed on $11 million in venture financing in February 2000. Investors were Acacia Venture Partners and Advent International, who each invested $5 million, and Monarch Capital Partners, who invested $1 million. Contact: Alan Rubin (919.484.9002).
Raleigh—nTouch Research Corporation (www.ntouchresearch.com), a site management organization that provides Phase II-IV clinical trials services, received $8 million in venture financing in February 2000. Investors included Canaan Partners, BioVentures Investors and Intersouth Partners. Contact: Leslie Cate (919.872.7223).
Research Triangle Park—Porivo Technologies, Inc. (www.porivo.com), a developer of an Internet- and intranet-enabled distributed computing platform, closed on a seed round from The Aurora Funds in February 2000. Contact: Sam Kirby.
Morrisville—ArgoMed Inc. (www.argomed.com), a developer of a system to treat enlarged prostates, raised $4 million to complete a $10 million third round venture financing in February 2000. The round was led by A.M. Pappas & Associates and included Global Life Sciences Oxford Bioscience Partners and Venrock Associates. Contact: Richard Klein (919.469.2340).
Charlotte—Osprey (www.ospreyus.com), a provider of online business consulting and technology services, received $5 million in second round venture funding in February 2000. Investors included Morgan Stanley Dean Witter Venture Partners and Bank of America Ventures. Contact: Rachelle Meredith (704.943.1300).
Raleigh—Nitronex (www.nitronex.com), a developer of semiconductors using high purity crystals, received $500,000 in seed financing in February 2000 from Centennial Venture Partners. Contact: Mark Johnson (919.807.9100).
New Developments
Research Triangle Park—PlanetPortal (www.planetportal.com),
a developer of software for e-commerce Web sites,
entered an exclusive licensing agreement with Chicony
Electronics Co. Ltd, in February 2000. Under the
agreement, Chicony will manufacture keyboards
featuring PlanetPortal's patent-pending print-to-web
technology. Also in February, PlanetPortal added Jack
Kemp, co-director of Empower America and former
Republican Vice Presidential candidate, to its board
of directors. Contact: Lorien Golaski
(919.425.0140).
Research Triangle Park—BuildNet, Inc. (www.buildnet.com), an e-business, technology and project management systems provider for the home building industry, entered an agreement with Mortgage.com in February 2000. Under the agreement, BuildNet will have exclusive marketing rights to Mortgage.com's suite of Internet mortgage solutions for the U.S. residential home building industry. Contact: John Wagner (919.941.6269).
Raleigh—Ensolve Biosystems, Inc. (www.ensolve.com), a developer of maritime oily water separator systems, received U.S. Coast Guard and International Maritime Organization certification for PetroLiminatorTM, its martime oily water separator in February 2000. Contact: Tom Laundon (919.954.6196).
Research Triangle Park—The Council for
Entrepreneurial Development's (www.cednc.org)
Venture2000 Selection Committee has selected the
first round of 30-35 emerging companies that will
present at CED's Venture2000 conference on May 10-11.
The companies are:
Alerts.com, a creator of software that seeks
information on individual requests, such as a stock
quote or product price point, and sends them e-mail
alerts when the information is found.
AuctionRover.com, an Internet site that allows
buyers to search for items on multiple auction sites,
hosts images and bid counters for sellers, and
provides information and entertainment content.
Cogent Neuroscience Inc., a creator of genetic
analysis software to help discover new treatments for
brain disorders.
Extensibility Inc., a developer of XML
conversion and management products.
InterAdnet Inc., a developer of software that
plans, places and tracks online advertising.
NeoButler Inc., a provider of an Internet
navigation service that delivers content to users
based on their interests, anticipating their needs,
and automating their routine tasks.
ViOS Inc., a developer of software that drives
users to Internet sites via a three-dimensional
landscape where sites are buildings.
To register, or for details about registration, agenda and additional company selections, go to www.cednc.org/venture/2000 or call Evelyn Ramirez, 919.549.7500, ext. 102.
On The
Up
TASKPOINT.COM
With housing starts and commercial development
booming across the country, the market for heavy
equipment is booming too. The North American market
is estimated to be around $70 billion. That's music
to the ears of TaskPoint.com, an e-commerce solution
for the construction industry, providing heavy
equipment, tools and more to contractors
nationwide.
"We provide contractors unbiased business solutions and information for the task at hand," notes Bill Dears, the company's co-founder and CEO. "We enable contractors to select, buy and manage their construction equipment fleets faster and more cost-efficiently than ever before." For manufacturers and distributors, TaskPoint.com lowers the cost of marketing and customer acquisition and complements their existing e-commerce and distribution strategies.
Dears, a former executive at Caterpillar, knows first hand how arduous that process can be. So he and cofounder Larry Stringfellow, a former Compaq and IBM executive, created a technology solution that benefits buyers and sellers alike. And they've assembled a group of other industry experts in product development, applications, distribution and marketing to round out the management team.
TaskPoint.com raised a total of $1.6 million in its first round of financing, led by Atlanta's Gray Ventures, Inc. "We're using the funds to complete the development of the first Phase of our site," Dears says. The company is now seeking a second round to be used for rapidly expanding the functionality of its site, while establishing its brand and leadership position.
"Our goal is to be the market-maker for B2B in the construction equipment industry with the launch of our site this spring," Dears asserts. Contact: Bill Dears (919.573.0007).
Initial
Public Offerings 2000
March 7, 2000
Noon - 6:00 p.m.
Marriott, RTP
Venture Capital Investment
Competition
March 23 - 25, 2000
Kenan Flagler Business School
Venture
2000
May 10 - 11
UNC Friday Center, Chapel Hill
Biotech
2000
May 31, 2000
8:00 a.m. - 5:00 p.m.
The Friday Center at UNC-Chapel Hill
For more information about these events or to register, visit the CED Web site at www.cednc.org or call 919.549.7500.
CED is a private non-profit organization supported, in part, by corporate contributions, including funding from Atcom Business Telephone Systems, Carolina Power & Light and Capitol Broadcasting Company, Inc.
Research Triangle Venture Update is published by
the Council for Entrepreneurial Development (CED), a
non-profit organization located in Research Triangle
Park, N.C.
Editor Carolyn Foy, CED
P.O. Box 13353
RTP, NC 27709
Phone: 919.549.7500
Fax: 919.549.7405
Email: mcfoy@cednc.org