?	
?	VentureWire
	Friday, May 25, 2001		?
?	CONTENTS | COMPANIES | INVESTORS | ADVERTISE | TELL A FRIEND	VentureWire Index
		'VentureWire
		today: 754.4 ? +2.50%	?
? 		Note to Readers: VentureWire will be taking a break for Memorial Day. 
		The next issue will be Tuesday, May 29.
		
		
		top stories 
		
		  CyberSafe Lays Off 50% Due to Decreased Sales
		  BlueLight CEO Mark H. Goldstein Steps Down
		  SubmitOrder Raises $40 Million, Replaces CEO
		  Optical Networking Firm Kestrel Reduces Staff by 16%
		
		
		TODAY'S FEATURES 
		Bowman Capital Says P.E. Activity Not Affected by Fund Close
		By Suzanne Travers
		The decision by Bowman Capital, which invests in public and private 
technology companies through hedge funds and a crossover fund, to shut down 
its $1.75 billion large-cap technology fund will not affect the firm's 
private equity activities, according to general partner Matthew Cowan. more>>
		UPCOMING EVENTS 
		June 5-6: San Francisco
		 Mobile Outlook 2001
		
		Scott Fox, chairman of the GSM Assoc. will discuss the impact of GSM phones 
on the market. There are now 1/2 a billion GSM phones (1 in 12 people on the 
planet) so find out about the planned surge of GSM services across the U.S. 
		
		With industry leaders such as Scott Fox planning to be at Mobile Outlook, you 
should be too. 
		Less than 2 weeks, register today!
		
		
		Entrepreneurs and VC-backed company CEOs:
		* Where can you obtain FREE detailed information on the
		latest quarter'sventure funding by region, industry,
		round and stage of development?
		* Where are there FREE tools and templates for writing a
		business plan and securing venture funding?
		* And if you're a young tech company CEO, where can you
		hear other CEOs discuss the issues of the day?
		VISIT PricewaterhouseCooper's Entrepreneur Resource Center
		for this and more -->http://www.pwcerc.com
		
		
		
		Slump Hurts New Vantage Group's Expansion Plans 
		By Amanda Briggs
		New Vantage Group, which oversees the management of four angel investment 
clubs in and around Washington, has slowed its plans its plans to set up 
investment groups acorss the country, according to founder and managing 
partner John May. more>>
		
		
		
		
		new money
		
		  Biotech Firm BioMimetic Raises $6.5 Million in Series A
		  Israeli Routers Maker HyWire Gets $5 Million First Round
		  Software Firm Actimize Closes Round One with $4 Million
		  Streaming Ad Firm EyeWonder Raising $6 Million Series B
		  Web Security Firm WanWall Secures Funding from Intel
		  Barcelona Design Raises $11M Round Two, Led by Sequoia
		  Memsic Closes Second Round at $8.25M, Celtic House Leads
		  Dentist Site Smile-on Closes Second Round with $1.5M 
		 In-Depth Systems Gets $600K from Marathon Oil in Round Two
		  eMarketWorld Gets Debt Financing From The Palladin Group
		  Answer Financial Takes Equity Stake in Vebnet
		  PlanCentral Looking For Alliances, $1 Million Second Round
		
		
		bad news
		
		  Report: Terabeam Cuts Staff By 10%
		  Blue Dolphin Lays Off 20%; Profitability Goal Pushed Back
		  Dismissals at ShopForSchool.com as Site Looks to Sell Out
		
		
		m&a
		
		  Vsource to Acquire NetCel360 for 19.9% of Common Stock
		  Broadband Firm WideOpenWest Acquires Assets of Ameritech 
		 GourmetMarket.com Buys E-Mail Marketing Firm TargitMail 
		
		
		new directors
		
		  Asset Tracking Firm Fulcrum Adds Three to Board
		
		
		new people
		
		  TeaLeaf Technology Appoints Ask Jeeves Exec to CEO
		  GlobalLearningSystems Promotes Exec VP to President 
		 Italian Software Maker hi-flier Names cirlab! co-founder CEO
		  TManage Appoints New President and CEO
		  Business Intelligence Software Firm Coremetrics Names CEO
		
		
		vc fund news
		
		  Bedrock's $130 Million Fund Topped Out
		
		
		vc personnel
		
		  Lloyds TSB Development Capital Adds Two to Staff
		  Insight Capital Partners Makes Two New Appointments
		  Willis Stein & Partners Appoints CSFB Director as Partner
		
		
		vw corrections
		
		  Asera
		  BlackHog 
		 Auxyn Bioscience Ventures
		
		 TOP STORIES... NEW MONEY... BAD NEWS... M&A... NEW DIRECTORS... NEW 
PEOPLE... VC FUND NEWS... VC PERSONNEL... VW CORRECTIONS
		
		
		top
		
		
		This year to date, over $750 million has been
		invested in private equity deals in the financial
		services sector (source: VentureWire). In this age
		of liquidation preference provisions and
		retroactive repricings, that's a strong
		performance. Financial Services Outlook allows
		you a unique insight into where the investment strength
		in this market lies, and which private companies are leading
		the strongest sectors of the financial technology
		and solutions market.
		
		Register before June 19 and SAVE 
$100:http://www.financialservicesoutlook.com/register.asp
		
		
		
		 top stories 
		?
		CyberSafe Lays Off 50% Due to Decreased Sales
		 mail? top
		
		 ISSAQUAH, Wash. (VENTUREWIRE) -- CyberSafe, a provider of electronic 
security technology and services, said it eliminated 84 positions, or over 
50% of its staff, as a result of declining sales and unfavorable economic 
conditions. CyberSafe said the cuts were spread throughout various 
departments in all of its international offices, including London, Ottawa, 
and Singapore. The laid-off employees did receive severance. CyberSafe also 
said it would be concentrating on its intrusion detection software and 
electronic security consultancy businesses and not expanding its 
authentication software divisions. The company had no comment on 
profitability or about raising a new round. Eighty people remain with 
CyberSafe, which has raised $100 million, including a $20.7 million Series E 
round in January, from Accel Partners, Deutsche Bank, Financial Technology 
Ventures, First Data, Oak Investment Partners, and Polaris Venture Partners, 
among others. 
		http://www.cybersafe.com
		
		
		BlueLight CEO Mark H. Goldstein Steps Down
		 mail? top
		
		 SAN FRANCISCO (VENTUREWIRE) -- BlueLight.com, an independent e-commerce site 
majority owned by Kmart, said Mark H. Goldstein has stepped down as chief 
executive officer. The company said he will now become the long-term Internet 
adviser for Kmart, in order to pursue other interests outside of BlueLight. 
Mr. Goldstein was one of the original founders of BlueLight.com, which formed 
in December of 1999. On Wednesday the company announced it would lay off an 
undisclosed number of employees and begin to use more of Kmart's marketing 
and merchandising staff in order to become more efficient and reduce 
operating costs. When asked yesterday whether the cost cutting moves combined 
with Mr. Goldstein's departure meant BlueLight would be rolled into Kmart 
completely, BlueLight spokesperson Dave Karraker said, "Right now we're a 
private company. Is it possible there will be a buyback by Kmart? It is 
possible, yes. Anything's possible in this economy." BlueLight has not yet 
announced who will replace Mr. Goldstein. The company is also backed by 
Softbank Venture Capital and Martha Stewart Living Omnimedia. 
		http://www.bluelight.com
		
		
		SubmitOrder Raises $40 Million, Replaces CEO
		 mail? top
		
		 COLUMBUS, Ohio (VENTUREWIRE) -- SubmitOrder, which provides multi-channel 
retailers and manufactures with branded customer service and e-fulfillment 
applications, said it replaced its CEO and received a commitment for $40 
million led by return investor Silver Lake Partners. It also received funds 
from Amadeus Capital; The Barksdale Group, a return investor; Flextronics; GE 
Capital; Imperial Bank; Integral Capital Partners; Merrill Lynch; Morgan 
Stanley; NCT Ventures; Oracle Venture Fund; Partners Group; Pino Ventures; 
and PNC Bank. The company said that it will use money to expand its customer 
base. Ron Elmquist was appointed as the new CEO and replaces Dennis Spina, 
who joined the company a year ago, replacing founder Rich Langdale. Mr. 
Elmquist previously held the position of chairman, president, and CEO of 
Keystone Automotive Operations. SubmitOrder has raised $300 million since it 
launched in 1999. 
		http://www.submitorder.com
		
		
		Optical Networking Firm Kestrel Reduces Staff by 16%
		 mail? top
		
		 MOUNTAIN VIEW, Calif. (VENTUREWIRE) -- Kestrel Solutions, an optical 
networking company, said it has reduced its workforce of more than 300 by 
16%. Kestrel did not provide the exact number of people affected. The company 
said the cuts, which also affected outside contractors, is a response to 
"announced reductions in service-provider spending." The layoffs were across 
the board, but affected employees within Kestrel's infrastructure and 
business operations unit most heavily, a company spokesperson said. The 
employees received a severance package that included career counseling 
services, she added. Founded in 1997, the company has raised more than $312 
million in funding to date from Advanced Technology Ventures, BankAmerica 
Ventures, Carlyle Venture Partners, Credit Suisse First Boston, Information 
Technology Ventures, Mellon Ventures, Photonic Fund, Polaris Venture 
Partners, Spectrum Equity Investors, and Worldview Technology Partners. 
		http://www.kestrelsolutions.com
		
		
		 new money 
		?
		Biotech Firm BioMimetic Raises $6.5 Million in Series A
		 mail? top
		
		 NASHVILLE, Tenn. (VENTUREWIRE) -- BioMimetic Pharmaceuticals, a developer of 
technology products for the healing and restoration of bone and other 
tissues, said that it raised $6.5 million in a Series A round led by Burrill 
& Co. with participation from Holden Capital. The company plans to dedicate 
the new funds to product development and clinical trials. As a result of this 
financing, John Kim and Ann Hanham of Burrill & Co., Michael Block from 
Holden Capital, and Arnold Caplan of the Skeletal Research Center at Case 
Western Reserve University have been granted seats on the company's 
seven-member board. Telephone 615-844-1280
		
		
		Israeli Routers Maker HyWire Gets $5 Million First Round
		 mail? top
		
		 NETANYA, Israel (VENTUREWIRE) -- Munich, Germany-based Infineon 
Technologies, formerly Siemens Semiconductor Group, announced it participated 
in a $5 million first round for HyWire, an Israeli-startup that develops 
chips and subsystems for Internet and communication infrastructure routers. 
Yozma Venture Capital led the round, an Infineon spokesman said. Infineon 
made its investment through its venture capital unit, Infineon Ventures.
		http://www.infineon.com
		
		
		Software Firm Actimize Closes Round One with $4 Million
		 mail? top
		
		 HERZELIYA, Israel (VENTUREWIRE) -- Carmel Ventures, a venture capital firm 
focused on software companies, said it invested $4 million in Actimize, a 
developer of business intelligence software, as the sole investor in the 
company's first round of funding. Actimize has developed Active Intelligence, 
a software platform that analyzes actions within a company's information 
system and delivers the relevant infromtion to the appropriate people within 
the company. Avi Zeevi, general partner with Carmel Ventures, will join 
Actimize's board of directors. 
		http://www.actimize.com
		
		
		Streaming Ad Firm EyeWonder Raising $6 Million Series B
		 mail? top
		
		 ATLANTA (VENTUREWIRE) -- Internet streaming firm EyeWonder is raising a $6 
million Series B round with plans to improve the soft online advertising 
market, according to EyeWonder's CEO John Vincent. Mr. Vincent said the 
Atlanta-based company expects to look at lead term sheets in the next 45 days 
and close the round within the next three months. The company already has 
commitments from four strategic investors, three of whom are EyeWonder 
clients. The strategic investors, who are waiting for a venture firm to lead 
the round, include an ad-serving network, two international media 
conglomerates, and first-round investor Eyevest. Mr. Vincent said EyeWonder 
first went after strategic investors and is only now beginning to approach 
venture firms with software, telecommunications, and communication interests 
that are located in the mid-Atlantic and Southeastern areas of the U.S. Mr. 
Vincent said EyeWonder's valuation was still undetermined because the lead 
Series B investor would be pricing the round. Outside investors currently own 
20% of the company and EyeWonder said it was prepared to relinquish a greater 
than 20% equity stake in the Series B round. EyeWonder is using two 
investment banks, Hudson Allen in New York, and Davis Capital Resources in 
Atlanta, as placement agents for the round. EyeWonder, which has both wired 
and wireless streaming video capabilities, is focusing on the e-mail and 
banner advertising marketplace. The company's streaming technology enables 
viewers to see an ad without leaving the original site. The new financing is 
to be used for increasing the staff from 27 to 60 by the end of the year, 
with 25 of the openings in business development. Mr. Vincent would not 
disclose current revenue projections but did say that EyeWonder expected to 
have 10 e-mail accounts and 20 banner accounts by July when it hopes to be 
cash-flow positive. The company is focusing on reseller channel clients, 
among them CNN, Winstar Interactive Media, and Engage. EyeWonder generally 
earns 15% to 20% of what the reseller charges a client to advertise on the 
reseller's Web site. EyeWonder also earns revenue through licensing its 
streaming video platform. 
		http://www.eyewonder.com
		
		
		Web Security Firm WanWall Secures Funding from Intel
		 mail? top
		
		 TEL AVIV, Israel (VENTUREWIRE) -- WanWall, which develops technology 
designed to improve the efficiency and protection of Wide Area Networks, 
announced that Intel Capital has made an undisclosed investment in the 
company. WanWall said it will use the funds to support its growth and further 
develop its technology. Earlier this month WanWall received $3.5 million in 
seed funding led by Gemini Israel Funds and Koor Corporate Venture Capital. 
WanWall was founded in December 2000 by a group of entrepreneurs led by 
Yehuda Afek, a professor of computer science at Tel Aviv University; Anat 
Bremler-Bar; Yuval Rachmilevitz, formerly with Gilat Satellites and Magnum 
Fund; and Dan Touitou. Mr. Rachmilevitz currently serves as CEO of the 
company.
		http://www.wanwall.com
		
		
		Barcelona Design Raises $11M Round Two, Led by Sequoia
		 mail? top
		
		 SUNNYVALE, Calif. (VENTUREWIRE) -- Barcelona Design, which supplies 
mixed-signal circuit designs for system-on-a-chip design, said it has closed 
an $11 million second round led by new investor Sequoia Capital. Previous 
investors Crosslink Capital and chairman Joe Costello also participated in 
the round. The company said approximately $500,000 of bridge financing raised 
in 2000 converts to equity in this round. Post-money valuation was 
undisclosed, but CEO Mar Hershenson said valuation was "several times up." 
Pierre R. Lamond, partner at Sequoia Capital, joins the board of directors, 
bringing the total of directors to five. The company said it will use the 
funds, which it expects to last for up to two years, for sales and marketing. 
The company, which employs 25 currently, expects to add about 20 more to the 
staff by year's end. After launching the company's first product at the end 
of 2000, Barcelona Design expects between $3 million and $4 million in 2001 
revenues. The company will probably raise another round early in 2003, said 
Ms. Hershenson. Barcelona Design has raised $13.6 million to date.
		http://www.barcelonadesign.com
		
		
		Memsic Closes Second Round at $8.25M, Celtic House Leads
		 mail? top
		
		 ANDOVER, Mass. (VENTUREWIRE) -- Memsic, which manufactures advanced micro 
electro-mechanical systems (MEMS) sensors and accelerometers, said it raised 
$8.25 million in its second round led by new investor Celtic House, with 
participation from new investor Ironside Ventures, and past investors, Still 
River Fund and Investar. The company said the money will be used for 
infrastructure development and product development. Founded in 1999 by Yang 
Zhao, the company develops CMOS-based MEMS accelerometers for smart 
appliances, gaming peripherals, and automotive sensing designs. Memsic has 
received investments from publicly traded Analog Devices. Mr. Zhao previously 
worked in Analog's micromachined products division. 
		http://www.memsic.com
		
		
		Dentist Site Smile-on Closes Second Round with $1.5M 
		mail? top
		
		 LONDON (VENTUREWIRE) -- Brainspark, a technology and Internet incubator, 
said Smile-on Holdings, which provides Internet education and online service 
for dentists, closed its second round with  GBP 1.05 million ($1.5 million) 
from The Boots Company, Brainspark, and individuals. Smile-on will use the 
financing for business expansion and new e-learning projects. Brainspark 
began incubating Smile-On in January 2000.  Smile-on has raised approximately 
$2 million in two rounds. 
		http://www.brainspark.com
		http://www.smile-on.com
		
		
		In-Depth Systems Gets $600K from Marathon Oil in Round Two
		 mail? top
		
		 HOUSTON (VENTUREWIRE) -- In-Depth Systems, a developer of depth-control 
technology for the oil and gas industry, said that it received $600,000 in 
second round equity financing from publicly traded Marathon Oil, an oil firm 
engaged in the worldwide exploration and production of crude oil and natural 
gas. The company plans to dedicate the new money to technology development. 
As a result of this financing, In-Depth Systems received one seat on 
Marathon's three-member board. In-Depth Systems, which has a post-money 
valuation of $12 million, anticipates the new funds to carry the company 
through to profitability by the second quarter of 2002. The company is 
currently seeking strategic technology development partners. In November 1999 
In-Depth Systems raised $600,000 in first round financing from individuals 
from the Blue Water Venture Group. 
		http://www.wellboredna.com
		
		
		eMarketWorld Gets Debt Financing From The Palladin Group
		 mail? top
		
		 RICHMOND, Va. (VENTUREWIRE) -- eMarketWorld, which owns and operates 
e-business trade conferences, said that it received an undisclosed amount of 
debt financing from the Palladin Group. The company, which filed for Chapter 
11 this month, plans to dedicate the new funds to implement and complete its 
reorganization strategy within the next two months. Financial details of the 
deal were not disclosed. Tanager Capital Group provided consulting services 
to the Palladin Group in this transaction. In the past year, eMarketWorld has 
reduced its staff from 194 to 25 employees, or by about 87%. According to CEO 
Skip Brickley, eMarketWorld is currently exploring options with a main 
objective of "maximizing the return to the creditors." In June 1999 
eMarketWorld raised Series A financing of $6 million from Internet Capital 
Group, with unnamed individuals participating. 
		http://www.emarketworld.com
		
		
		Answer Financial Takes Equity Stake in Vebnet
		 mail? top
		
		 LOS ANGELES (VENTUREWIRE) -- Answer Financial (AFI), an online financial 
services provider, announced it has formed an alliance with London-based 
Vebnet, which provides technology and services to support the sale of 
financial products such as employee and non-employer affinity-group benefits, 
under which it will take an undisclosed equity stake in Vebnet. The alliance, 
which involves licensing AFl's platform to Vebnet, will allow AFI to expand 
its business to Europe. Vebnet, which was founded in July 2000, is backed by 
Cross Atlantic Capital Partners. AFI has received funding from DB Capital 
Partners, Conning & Company Private Equity Group, and E*Trade Bank. 
		http://www.answerfinancial.com
		
		
		PlanCentral Looking For Alliances, $1 Million Second Round
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- PlanCentral, a developer of supply chain 
management technology, is on the prowl for alliances with consulting firms as 
well as $1 million in second-round funding. According to the company's chief 
executive officer, Deep Parekh, both the partnerships and the financing are 
part of the fledgling company's expansion plans. Founded in February 2000, 
PlanCentral secured $700,000 in angel funding last October and is now talking 
to both venture capital firms as well as individual investors. Mr. Parekh 
said he hopes to complete the current round by August and, once raised, he 
expects the capital to last nine months to a year. To date, the New York 
company, which employs five and has a burn rate of $40,000 a month, has 
received commitments for about $400,000 of the $1 million. Mr. Parekh said 
the company is looking for an investor to lead the round. Mr. Parekh also 
added that he believes that PlanCentral is better positioned for angel money 
at this point in the company's life cycle. Although the company hasn't 
officially launched its product, Mr. Parekh said he expects to complete the 
beta tests in time for a June launch. Three companies are testing the product 
and Mr. Parekh said at least two of them are likely to be customers. He said 
the company is gearing up to attract customers in the manufactured product 
space, which includes producers of personal care items, cleaning products, 
and appliances. Mr. Parekh said the company is also looking to forge 
alliances with a number of mid-level consulting firms capable of selling and 
implementing his company's product. To date, PlanCentral has established 
relationships with publicly traded Intelligroup, an Edison, N.J.-based 
company that provides businesses with system integration and custom software 
development services, and Deerfield Beach, Fla.-based EV Logix, a provider of 
order processing and fulfillment software. According to AMR Research, the 
market for supply-chain management software and services will be worth an 
estimated $15 billion by 2003 and $20.3 billion by 2004. 
		http://www.plancentral.com
		
		
		 bad news 
		?
		Report: Terabeam Cuts Staff By 10%
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- Terabeam, a provider of broadband services using  
free space laser optics technology, has laid off 54 workers according to a 
report in The Wall Street Journal. The company said the cost-cutting move 
will not affect its plans for expansion. The company raised $105 million in a 
third round of funding led by Softbank and received $450 million from Lucent 
Technologies as part of a strategic partnership agreement in April 2000.
		http://www.terabeam.com
		
		
		Blue Dolphin Lays Off 20%; Profitability Goal Pushed Back
		 mail? top
		
		 WAYLAND, Mass.  (VENTUREWIRE) -- The Blue Dolphin Group, an e-mail-based 
magazine subscription agent, said it cut 20% of its staff, or approximately 
16 people, last Thursday and Friday in response to the economic downturn and 
in an effort to conserve cash. The company said it now expects to reach 
profitability in the next 18 to 24 months, in contrast to an initial 
projection of 12 months. Blue Dolphin said the cuts were across the board and 
that 64 employees remain with the firm. All the laid-off employees will be 
receiving severance. Blue Dolphin had no comment on how the layoffs affected 
the burn rate. Blue Dolphin earns revenue based on how many readers of its 
free newsletters choose to subscribe to the promoted magazines. In total, 
Blue Dolphin has raised $24 million, including a $14 million second round in 
March, from Commonwealth Capital Ventures, Matrix Partners, and North Bridge 
Venture Partners.
		http://www.bluedolphin.com
		
		
		Dismissals at ShopForSchool.com as Site Looks to Sell Out
		 mail? top
		
		 ST. LOUIS PARK, Minn. (VENTUREWIRE) -- ShopforSchools.com, a shopping site 
that contributes part of each purchase to a school chosen by the buyer, has 
laid off a portion of its staff, a company spokesperson said. The board has 
also decided to sell the company. Cuts included sales and administration 
positions. The staff size had reached a peak of approximately 75 employees. 
ShopforSchools.com has raised $14 million from Affinity Ventures, Delphi 
Ventures, DRW Venture Partners, Leeds Equity Partners, partners from the 
investment unit of Dain Rauscher, and individual partners from US Bancporp 
Piper Jaffray. 
		http://www.shopforschool.com
		
		
		 m&a 
		?
		Vsource to Acquire NetCel360 for 19.9% of Common Stock
		 mail? top
		
		 VENTURA, Calif. (VENTUREWIRE) -- Vsource, a publicly traded company that 
provides outsourced private exchange and marketplace applications, said it 
signed an agreement to acquire the assets of NetCel360, which operates as a 
pan-Asian provider of Internet-based e-commerce outsourcing services, in  
exchange for 19.9% of  Vsource's common shares, valued at $0.37 per share. 
Vsource will also assume payment of a $3.45 million bridge financing. When 
the deal is complete, Steven Edelson, acting chairman of Vsource, and Phil 
Kelly, chairman of NetCel360, will serve as co-chairs of  Vsource. Mr. Kelly 
will also serve as CEO. Vsource will have headquars in the U.S. and will have 
offices in Hong Kong, Singapore, Kuala Lumpur, and Tokyo. Investors in 
NetCel360 were Total E-commerce, the Baring Asia Private Equity Fund, 
Softbank China Venture Investment, bainlab, United Parcel Service, and CMC 
Magnetics. Vsource is advised by Chicago-based law firm McDermott, Will & 
Emery. 
		http://www.netcel360.com
		http://www.vsource.net
		
		
		Broadband Firm WideOpenWest Acquires Assets of Ameritech 
		mail? top
		
		 CASTLE ROCK, Colo. (VENTUREWIRE) -- WideOpenWest (WOW), a residential 
broadband provider, announced an agreement to acquire the assets of the cable 
television network Ameritech New Media, which has been operating under the 
name americast. Financial details of the all-cash deal were not disclosed. 
Ameritech New Media is owned by Ameritech, which is a subsidiary of publicly 
traded telecommunications firm SBC Communications. WOW said the acquisition 
will be completed by the end of the year once municipal franchise rights have 
been approved. As a result of the acquisition WOW, which currently services 
Denver, will service americast's 310,000 households in Chicago, Detroit, 
Cleveland, and Columbus, Ohio. WOW said MKMB, which owns authorized Ameritech 
retail stores, acquired an undisclosed stake in the firm and gained a board 
seat.  Either Martin King or Marc Brooks, the two principals of MKMB, will 
join WOW's board of directors, which will now have nine directors. MKMB will 
also provide marketing and operational services to WOW. WOW said the acquired 
systems will be used as a platform for introducing digital video and 
broadband high-speed Internet services to approximately two million 
residences in the Midwest. WOW currently employs 120 people and will acquire 
americast's offices and an undetermined number of employees in Chicago, 
Detroit, Cleveland, and Columbus. WOW said investors own approximately 80% of 
the company. The company also said it plans on raising a new round in the 
fourth quarter. WOW has raised $50 million in first-round funding from Oak 
Hill Capital Partners and ABRY Broadcast Partners. Paul, Weiss, Rifkind, 
Wharton, & Garrison in New York provided legal counsel to WOW. KPMG provided 
financial advice to WOW. The law firm of Arnold & Porter in Washington 
advised Ameritech. 
		http://www.wideopenwest.com
		
		
		GourmetMarket.com Buys E-Mail Marketing Firm TargitMail 
		mail? top
		
		 BOCA RATON, Fla.  (VENTUREWIRE) -- GourmetMarket.com, a publicly traded 
firm, announced it has acquired Global Technology Marketing International, a 
Portsmouth, N.H.-based e-mail marketing firm that operates as TargitMail in 
exchange for $400,000 in convertible notes and the assumption of liabilities 
valued at several million dollars. TargitMail will be the new name of the 
acquired company and it will operate as a wholly owned subsidiary of 
GourmetMarket.com. In 2000 TargitMail generated $6 million in sales and is 
expected to surpass this amount in 2001. GourmetMarket.com, which sold its 
retail food and wine Web site in March to privately-held VirtualGourmet.com 
for a 20% equity in VirtualGourmet.com, said it is changing its business 
model to become an interactive marketing firm and also said it will soon 
change its name to reflect its new business model. GourmetMarket.com's CEO 
Noel J. Guillama is also acting as the CEO for TargitMail. TargitMail's COO 
Cindy Winthrop resigned two weeks ago to pursue other activities. 
GourmetMarket.com said no other changes were expected to occur at 
TargitMail's office or to its 20-person staff. GourmetMarket.com also said it 
expects to finalize another acquisition of an undisclosed interactive 
marketing firm located in Boca Raton, Fla., in June. The acquisition target 
has received more than $1 million from European venture capital firms. The 
company said it is also evaluating five other interactive marketing firms as 
potential acquisitions. In December 2000 the iiGroup announced plans to 
acquire TargitMail in a mixed cash and stock transaction but was unable to 
raise the amount required to complete the deal. TargitMail had received $17 
million from Tyco International's CEO and chairman, Dennis Kozlowski, and 
Tyco's CFO Mark Swartz. Mr. Kozlowski and Mr. Swartz will act as strategic 
advisers to GourmetMarket.com. TargitMail received legal counsel from Watson 
& Bosen in Portsmouth, N.H. GourmetMarket.com received financial advice from 
the investment banking firm MCG Partners in Boca Raton, Fla. 
		http://www.targitmail.com
		
		
		 new directors 
		?
		Asset Tracking Firm Fulcrum Adds Three to Board
		 mail? top
		
		 SEATTLE (VENTUREWIRE) -- Fulcrum Technologies, which provides asset tracking 
and materials management software applications, said it added three new 
directors to its board: John Chapple, president and CEO of wireless firm 
Nextel Partners; Richard P. Fox, president and COO of Internet security firm 
CyberSafe; and John Scully, managing director of Incepta Partners, an 
investor in the company. Messrs. Chapple and Fox were introduced to Fulcrum 
by Incepta, which invested $4.5 million in the company in March to help it 
expand internationally. The other members of the five-person board are CEO 
Brent Bauer and Ric Reifel, national sales manager. 
		http://www.fulcrum.net
		
		
		 new people 
		?
		TeaLeaf Technology Appoints Ask Jeeves Exec to CEO
		 mail? top
		
		 SAN FRANCISCO (VENTUREWIRE) -- TeaLeaf Technology, a developer of technology 
for evaluating online customer experience of companies' Web sites, announced 
the appointment of Frank Vaculin as chief executive officer. He replaces 
Robert Wenig, who will retain his position as chairman and assume chief 
technology officer responsibilities. Mr. Vaculin previously served as 
executive vice president for Ask Jeeves, where he launched the company's 
business-to-business unit. To date, TeaLeaf has raised $24.1 million from 
Foundation Capital, J.P. Morgan Chase & Co., Matrix Partners, and SAP.
		http://www.tealeaf.com
		
		
		GlobalLearningSystems Promotes Exec VP to President 
		mail? top
		
		 McLEAN, Va. (VENTUREWIRE) -- GlobalLearningSystems, a provider of online 
corporate education products and services, announced the promotion of 
executive vice president Nicholas R. Schacht to president. As president, Mr. 
Schacht will assume operational responsibilities for vice chairman Bernard J. 
Luskin, who will remain with the company in a non-executive position. Mr. 
Schacht joined the company in June 1999, after serving as group president of 
the Americas for IIR B.V. The company has raised more than $45 million in 
three rounds from Emigrant Capital, Hampshire Equity Partners, ParCom 
Ventures, and Residentie Investments. 
		http://www.globallearningsystems.com
		
		
		Italian Software Maker hi-flier Names cirlab! co-founder CEO
		 mail? top
		
		 FLORENCE (VENTUREWIRE) -- hi-flier, a developer of matchmaking software for 
wired and wireless Internet applications, said it has appointed Marco Cupidi 
as chief executive officer. Mr. Cupidi, who is co-founder and general partner 
of cirlab!, an investor in hi-flier, has served as the company's chairman 
since May 2000. He replaces co-founder Salvatore Manzi and Guido Braccini. 
Mr. Manzi becomes vice president of business strategy, while Mr. Braccini 
becomes vice president of Rand engineering. Hi-flier was founded in 
September 1999 and received initial financing from cirlab!. 
		http://www.cirlab.com
		http://www.hi-flier.com
		
		
		TManage Appoints New President and CEO
		 mail? top
		
		 AUSTIN, Texas (VENTUREWIRE) -- TManage, which provides telecommuting 
program-management systems and support infrastructure, said it appointed 
Carey Balzer as its new president and CEO. He replaces founder Glenn 
Lovelace, who will remain chairman of the board. Prior to joining TManage, 
Mr. Balzer was the president and CEO of Vectris, a company in Austin, Texas 
that he founded. TManage is backed by Austin Ventures, Current Ventures, Dell 
Computer, G-51 Capital, Hewlett-Packard, High Growth Management, Information 
Access Technology, Prime Ventures, and Techxas Ventures.
		http://www.tmanage.com
		
		
		Business Intelligence Software Firm Coremetrics Names CEO
		 mail? top
		
		 SAN FRANCISCO (VENTUREWIRE) -- Coremetrics, which provides business 
intelligence software and services, said Scott Kauffman has joined as CEO and 
president. He replaces Brett Hurt, co-founder and former CEO of Coremetrics, 
who will now serve as chairman and chief architect. Mr. Kauffman has served 
as president and CEO of several venture-backed technology firms, including 
eCoverage and AdKnowledge, and previously held executive positions in 
magazine publishing. Coremetrics, which has raised a total of $62 million in 
equity and debt financing, had a round of layoffs in April because of 
decreased demand for high-end consulting services. The company is backed by 
Accel Partners, Constantin Partners, Garage.com, General Catalyst, Highland 
Capital Partners, Selby Venture Partners, Tinshed, and Western Technology 
Investments.
		http://www.coremetrics.com
		
		
		 vc fund news 
		?
		Bedrock's $130 Million Fund Topped Out
		 mail? top
		
		 SAN FRANCISCO (VENTUREWIRE) -- Bedrock Capital Partners, an early-stage 
investment firm, has fully invested its fund and will not raise another, 
managing director Jason Rosenbluth told VentureWire.  With $130 million that 
it raised in 1998, Bedrock's first and only fund invested primarily in seed 
and first rounds of healthcare and technology companies. Mr. Rosenbluth said 
the firm has a percentage of the fund set aside for follow-up investment, but 
declined to say how much. Bedrock's portfolio includes San Francisco-based 
Alibris, Palo Alto, Calif.-based Cbyon, Portland, Me.-based Gofish.com, and 
Chelmsford, Mass.-based Brix Networks. The founding members of the firm were 
general partner Paul W. Brown, general partner David Duval, and Jim McLean, 
who left the firm to join ComVentures in August 2000.
		http://www.bedrockcapital.com
		
		
		 vc personnel 
		?
		Lloyds TSB Development Capital Adds Two to Staff
		 mail? top
		
		 LONDON (VENTUREWIRE) -- Lloyds TSB Development Capital, the venture capital 
branch of the Lloyds TSB group, said it added Candida Morley and Jonathan 
Caswell to its London office. Ms. Morley has become portfolio director. She 
previously was the director of development for the V?Museum. Mr. Caswell, who 
was previously with the Lloyds TSB group for 12 years, will serve as U.K. 
business development executive. They will both report to regional managing 
director, Patrick Sellers. LDC has eight offices in the U.K. and invests in 
small to mid-size businesses. In 2000, LDC invested $155 million in 25 
companies.
		http://www.ldc.co.uk
		
		
		Insight Capital Partners Makes Two New Appointments
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- Insight Capital Partners, a private equity 
investment firm, said it has made two appointments to its staff. Nancy 
Weinstein, who was previously entrepreneur-in-residence with Internet 
incubator idealab!, joins the company as an associate, and Rob Jacobs, who 
was previously employed by law firm Cozen & O'Connor, joins as an analyst. 
With these appointments the company now employs 42 people. Founded in 1995, 
Insight Capital Partners has approximately $1 billion under management.
		http://www.insightpartners.com
		
		
		Willis Stein & Partners Appoints CSFB Director as Partner
		 mail? top
		
		 CHICAGO (VENTUREWIRE) -- Willis Stein & Partners, a private equity 
investment firm that specializes in negotiated investments with early-stage 
companies, announced that Philip B. Pool Jr. has joined the firm as partner. 
Most recently Mr. Pool was a managing director of the private fund group at 
Credit Suisse First Boston. He will manage the Willis Stein & Partners' 
corporate development and investor relations activities. Willis Stein 
currently manages approximately $2.9 billion of equity capital, targeting 
investments in U.S.-based public and private companies with transaction 
values ranging from $100 million to $1 billion. 
		http://www.willisstein.com
		
		
		 vw corrections 
		?
		Asera
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- An item in Wednesday's VentureWire about the 
appointment of David Murphy as the new president and CEO of Asera incorrectly 
listed Crosslink Capital as an investor in the company. The firm does not 
hold a stake in Asera.
		
		
		BlackHog 
		mail? top
		
		 NEW YORK   (VENTUREWIRE) -- A story in Thursday's VentureWire incorrectly 
stated that Sunnyvale, Calif.-based BlackHog employs 37 people after recent 
layoffs. After cutting 20, BlackHog has 52 employees. 
		
		
		Auxyn Bioscience Ventures
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- An item in Thursday's VentureWire about Auxyn 
Bioscience Ventures misspelled the name of the company's chief Ganesh Kishore.
		
		
		company index
		top
		
		Actimize, Actimize, ActivX, Answer Financial, Answer Financial, Aventail, 
Barcelona Design, Barcelona Design, Bedrock Capital Partners, Blue Dolphin 
Group, Blue Dolphin Group, BlueLight.com, BlueLight.com, BondBook, Bowman 
Capital Management, Brainspark, Brainspark, Cataloga, cirlab!, cirlab!, Coast 
Software, Cognistar, Coremetrics, Coremetrics, CyberSafe, CyberSafe, 
DataChannel, eMarketWorld.com, eMarketWorld.com, EyeWonder, EyeWonder, 
Fulcrum, Fulcrum, Gearworks, GlobalLearningSystems, GlobalLearningSystems, 
Hi-flier, Hi-flier, iMediation, In-Depth Systems, In-Depth Systems, Infineon 
Technologies, Infineon Technologies, Insight Capital Partners, Insight 
Capital Partners, Kestrel Solutions, Kestrel Solutions, Laser Diagnostic 
Technologies, Luxxon, Macdonald & Associates, Memsic, Memsic, Neopoint, 
NetCel360, New Vantage Group, Newtrade Technologies, Novazyme 
Pharmaceuticals, PlanCentral, Ricerca, ShopforSchool, ShopforSchool, Silicon 
Alley Seed Investors, Smile-on Holdings, Smile-on Holdings, SubmitOrder.com, 
SubmitOrder.com, TargitMail, TargitMail, TeaLeaf Technology, TeaLeaf 
Technology, TeleCentric, TManage, Veripost, Vsource, WANWall, WANWall, 
WideOpenWest, WideOpenWest, Willis Stein & Partners, Willis Stein & Partners 
		
		
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		investor index
		top
		
		Amadeus Capital Partners, Amadeus Capital Partners, Barksdale Group, 
Barksdale Group, Boots Company, Boots Company, Brainspark, Brainspark, Carmel 
Ventures, Carmel Ventures, Celtic House, Celtic House, Flextronics 
International, Flextronics International, GE Capital, GE Capital, Imperial 
Bank, Imperial Bank, Integral Capital Partners, Integral Capital Partners, 
Intel Capital, Intel Capital, InveStar Capital, InveStar Capital, Ironside 
Venture Partners, Ironside Venture Partners, Merrill Lynch Kecalp, Merrill 
Lynch Kecalp, Morgan Stanley Dean Witter Venture Partners, Morgan Stanley 
Dean Witter Venture Partners, NCT Ventures, NCT Ventures, Oracle Venture 
Fund, Oracle Venture Fund, Partners Group, Partners Group, Pino Ventures, 
Pino Ventures, PNC Bank, PNC Bank, Silver Lake Partners, Silver Lake 
Partners, Still River Management, Still River Management
		
		
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