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?	VentureWire
	Friday, June 01, 2001		?
?	CONTENTS| COMPANIES| INVESTORS| ADVERTISE| TELL A FRIEND	VentureWire Index
		'VentureWire
		today: 684.3 ? -0.32%	?
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		top stories
		
		 Optical Firm Solinet Systems Lands $93 Million Round Two 
		 American Express Funds to Focus On Later Stage
		 BioTech Fund Forward Ventures Closes At $256 Million 
		 Reuters Greenhouse II To Launch in June With New LPs
		 
		
		TODAY'S FEATURES 
		Boston Millennia Returns to Market
		By Taran Provost
		Boston Millennia Partners (BMP) is looking to speed up its pace of investing, 
and has plans to expand its life sciences staff, a partner at the firm told 
VentureWire.more>>
		UPCOMING EVENTS
		June 26-27: San Francisco
		Enterprise Outlook 2001
		Already this year there have been almost 250 enterprise software deals (only 
50 less than the same period last year). A total of $2 billion has been 
invested in this industry over the past 5 months. Activity in this sector 
remains strong.Be sure to register for Enterprise Outlook so you too can stay 
on top of the latest opportunities! 
		
		
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		new money
		
		 Healthcare ASP DR2DR.com Raises $2.3 Million Series A
		 Lodging Service Provider HubX Gets $2 Million Series A
		 BigRecordPromoter Raises Round One
		 Biotech Firm ReVas Gets Seed Funds From Open Prairie
		 Redfern Photonics Raises $28 Million in Round Two
		 Element K Raises $18 Million in Series B Funding
		 Cardiac Monitoring Tech Firm CardioNet Raises $13.5 Million 
		 Cyber-Ark Signs Up Orama For $2M Commitment in Second Round
		 Business Analysis Firm MetaEdge Gets $5 Million Series B 
		 Optical Fiber Grating Firm Indigo Photonics Gets $5.7 M 
		 eCommerce Industries Seals $21M Third Round
		 HRPath Raises $1.6 Million Series C
		 Rocket Network Receives $9.3 Million in Round Three
		 Greenwich Technology Partners Gets $9.75 Million Late Round 
		 Hearing Device Firm InSonus Medical Has $7 Million Round Two
		
		
		bad news
		
		 Rich Media Distributor ElasticEdge Closes Down
		 Travel Tech Firm Unexplored.com Lays Off Employees
		 Free Storage Provider MySpace Ceases Operations
		 e-Privacy Firm Eprivex.com Seeks Seed Funds Or Else
		
		
		new products
		
		 BlueTarp Launches First Product
		 Design, Building Software Provider Tririga Launches 
		
		
		m&a
		
		 Office Depot Acquires Officesupplies.com
		 Property Firm Risanamento Napoli To Buy Global Switch
		 Adressdirekt Acquires Adwyze International
		 Researchsummary.com Buys NavigateOne in Stock Deal
		 Wire One Technologies Acquires GeoVideo Networks Assets
		 ObjectSoft to Merge with Golden Screens Interactive 
		 Applied Materials Buys Laser Cleaning Tech Co. Oramir
		
		
		new directors
		
		 Protection Applications Firm MindMatters Adds to Board
		
		
		vc fund news
		
		 BCI and Village Ventures to Form Fund for NY Capital Region
		 Innovatech Invests $3 Million in VIMAC, Firms to Co-Invest
		
		
		vc personnel
		
		 Royal Bank Capital Partners Adds Director to IT Fund
		
		
		vw corrections
		
		 SpeedGreetings
		 American Fiber Systems
		 Southern Capitol Ventures
		
		TOP STORIES... NEW MONEY... BAD NEWS... NEW PRODUCTS... M&A... NEW 
DIRECTORS... VC FUND NEWS... VC PERSONNEL... VW CORRECTIONS
		
		
		top
		
		
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		top stories 
		?
		Optical Firm Solinet Systems Lands $93 Million Round Two 
		mail? top
		
		OTTAWA (VENTUREWIRE) -- Solinet Systems, a developer of optical core 
networks, said it received CDN 144 million ($93 million) from Altamira, Alta 
Partners, Bessemer Venture Partners, New Enterprise Associates, U.S. Venture 
Partners (USVP), Worldview Technology Partners, and undisclosed optical and 
semiconductor component suppliers. New investors included round leader USVP, 
along with Alta Partners, NEA, and the corporate investors. The remaining 
investors participated in the first round. Solinet said it would use the 
funding to complete its product development, bring the product to market 
later this year, and expand its research and developement, operations, and 
marketing departments. Co-founder Madhu Krishnaswamy said the company expects 
to increase its 205 member staff to 270 by the end of the year. He said the 
company plans to become profitable by the second half of next year, and at 
that point decide whether to raise another round of funding or go public, 
depending on the IPO market. Steve Krausz, general partner at USVP, takes the 
fifth seat on Solinet Systems' board of directors. The company has raised 
$108 million to date. 
		http://www.solinetsystems.com
		
		
		American Express Funds to Focus On Later Stage
		mail? top
		
		MINNEAPOLIS (VENTUREWIRE) -- Two American Express mutual funds that also back 
startups and invest as a limited partner are focusing on later-stage 
companies while slowing their overall pace of private investment. Senior 
portfolio manager, Louis Giglio, told VentureWire that the funds, which he 
manages from Minneapolis, will also not invest in any additional VC funds 
this year, opting instead to hold capital in reserve for follow-on rounds in 
portfolio companies. Mr. Giglio, who has been managing approximately $6 
billion as the senior portfolio manager for American Express's Innovations 
Fund (since April 2000) and Strategy Aggressive Fund (since November 2000), 
said that later-stage companies were more attractive this year for 
investment. "I would rather invest in a concept that is closer to 
commercialization than not," said Mr. Giglio. "I don't want to fund someone 
for three years and see a lot of red on the income statement. I want to see 
earnings at a reasonable point in time." The two funds will allocate no more 
than their usual 5% to venture capital investment with the pace of investment 
in startups slowing as the portfolio has taken its share of setbacks. Among 
startups backed by American Express, OpenTable.com, a San Francisco provider 
of customer relationship applications and online reservation services to 
restaurants, recently cut 17% of its staff; and earlier this year 
Foodline.com, another online restaurant reservation system company, filed for 
bankruptcy. "The pace is dramatically slower," said Mr. Giglio.  "We've 
written one investment down to zero, some down to 10 cents on the dollar. The 
days of the easy returns are long gone." The funds have invested in only 
three startups this year, and most of the funds' 25 private portfolio 
companies were funded last year. At present, the funds are in the process of 
helping one portfolio company secure a bridge financing and helping another 
raise a second round. American Express invested $25 million in BlueStream 
Ventures, a Minneapolis-based venture firm that raised a $300 million initial 
fund last year. The firm has also co-invested with BlueStream in Bandwidth9, 
a Fremont, Calif.-based designer and manufacturer of tunable fiber-optic 
components; and Calient Networks, a San Jose, Calif. company that provides 
all-photonic software and switching systems. 
		http://www.americanexpress.com
		
		
		BioTech Fund Forward Ventures Closes At $256 Million 
		mail? top
		
		SAN DIEGO (VENTUREWIRE) -- Forward Ventures, a life sciences and health care 
venture fund, said it closed Forward Ventures IV at $256 million in April. 
Forward Ventures said it will invest between $8 million to $12 million over 
the life of an investment. The firm said two-thirds of the fund will be 
invested in seed and early-stage deals, and the remaining one-third will be 
later-stage investments. Forward also said the fund will focus on early-stage 
deals in San Diego and the west coast, but that it will consider national and 
international deals for the later-stage investments. Forward Ventures IV will 
be invested in between 20 to 25 companies over a period of three years. 
Forward Ventures said it began raising the fund in January 2000 with an 
initial target of $200 but held off closing the fund to reach $250 million 
due to increased interest in biotechnology investments. Forward Ventures IV 
had a first closing in June 2000 at $77 million. To date, Forward Ventures 
has committed $57 million from the new fund in 12 companies in California, 
Maryland, and New York. Among the recent portfolio companies are Acordia 
Therapeutics, Arizeke, Conforma Therapeutics, Cancervax, Nereus 
Pharmaceuticals, and Sagres Discovery. The managing partners for the fund are 
Stan Fleming, Ivor Royston, and Jeff Sollender. Forward Ventures' co-founder 
Mr. Royston is joining the firm full-time following his retirement as the 
founding president of the Sidney Kimmel Cancer Center. New investors to the 
fund are Blue Dot Capital, China Development Industrial Bank, Chiron, 
Fairview Capital Partners, Henkel KgaA, Hunt Ventures, GIMV, J.P. Morgan, 
Sofinov, Societe Financiere D'Innovation, and Tai Cheung Capital. They join 
previous limited partners Adveq, Jafco, Portage Group Investors, and the San 
Diego County Employees Retirement Association. Forward Ventures, founded in 
1993, currently has $340 million under management and 42 companies in its 
portfolio. Bendetto Gartland & Company acted as the placement agent for the 
fund. 
		http://www.forwardventures.com
		
		
		Reuters Greenhouse II To Launch in June With New LPs
		mail? top
		
		LONDON (VENTUREWIRE) -- Reuters Greenhouse, the venture capital arm of 
Reuters, said it would begin raising a new $250 million fund, Reuters 
Greenhouse II, in June. The new fund will, for the first time, include 
limited partners besides Reuters. Reuters Greenhouse said it has received an 
initial investment of undisclosed value for Greenhouse II from Reuters, which 
will be a minority investor in the new fund. Reuters Greenhouse said it will 
approach both European and U.S. institutions for investments in the new fund. 
Greenhouse II will invest in a broad range of industries and not limit itself 
to investments in companies complementary to Reuters' business interests. 
Greenhouse II is targeted to invest an average of $5 million in 15 to 20 
companies in Europe and the U.S. Greenhouse II will primarily invest in 
software companies, in addition to investments in the networking and IT 
industries. Reuters Greenhouse said it would not invest in hardware or 
telecommunications companies. A first closing is expected by the end of 2001. 
John Taysom, based in London, and David Lockwood, based in San Francisco, are 
the senior managing partners for the fund. There are also four other partners 
managing the fund. Reuters Greenhouse also said it would be adding new 
partners to manage the fund. Reuters Greenhouse I, an evergreen fund, is 
fully invested with $400 million in 83 European and U.S. companies. In 
November of last year, Reuters scrapped plans to list the fund on the public 
market as a way to raise additional capital. 
		http://www.rvcapital.com
		
		
		new money 
		?
		Healthcare ASP DR2DR.com Raises $2.3 Million Series A
		mail? top
		
		RICHMOND, Va. (VENTUREWIRE) -- DR2DR.com, a healthcare application service 
provider, announced it has raised $2.3 million in its Series A round of 
funding led by Monument Capital Partners, a previous investor.The round also 
included investments from Southside Rising and Southwest One. Custis Coleman, 
president and CEO of DR2DR.com, said the company will use the investment to 
fund its operations until it gets to the break-even stage at the beginning of 
the third quarter. DR2DR.com plans to increase sales and marketing and 
complete development of its product, according to Mr. Coleman, who is also 
the founder of the company.  Presently, DR2DR.com has 18 employees with a 
burn rate below $50,000 per month. The company made $2 million in revenues 
last quarter. Monument provided DR2DR.com with $1.5 million in seed funding 
last July. 
		http://www.dr2dr.com
		
		
		Lodging Service Provider HubX Gets $2 Million Series A
		mail? top
		
		WALTHAM, Mass. (VENTUREWIRE) -- HubX, a technology provider to the 
hospitality and travel industries, said that it has raised $2 million in its 
Series A round. Participating investors included Boston Capital Ventures, 
Claflin Capital Management's venture partnership, Black Diamond Fund, and 
Hothouse Ventures. The company plans to use the new funds for product 
development and general operations. Boston Capital Ventures and Claflin 
Capital Management co-led this round. Citing a burn rate of $125,000 per 
month, founder and CEO, Mike Murray, said he expects the new funds to carry 
the company through to profitability within approximately 12 to 18 months. 
Post money, HubX is valued at $5.8 million. As a result of the financing, 
Thomas Claflin of Claflin Capital and Alex Wilmerding of Boston Capital 
Ventures were granted seats on the five-member HubX board of directors. 
		http://www.hubx.net
		
		
		BigRecordPromoter Raises Round One
		mail? top
		
		SANTA MONICA, Calif. (VENTUREWIRE) -- BigRecordPromoter, which develops 
contact management software for independent musicians and promoters, said it 
spun off from Creative Engine, which provides design development and 
animation software, and has raised an undisclosed amount of first round 
financing from Pacific Security Group. The company expects one appointment to 
be made to the board of directors, which currently has two directors. Series 
A funding will be used for software development and is expected to last until 
August, when a beta version of BigRecordPromoter's software will launch. The 
company is also raising $500,000 in a second round of financing expected to 
come from individual investors and board directors. The second round will 
fund the company's marketing from August until the end of the year, when the 
finished software will launch. Former parent company Creative Engine is also 
backed by Pacific Security Group. The company has been profitable since 1999. 
Creative Engine had $400,000 in revenues in 2000, and expects that figure to 
double this year.
		http://www.bigrecordpromoter.com
		
		
		Biotech Firm ReVas Gets Seed Funds From Open Prairie
		mail? top
		
		CHAMPAIGN-URBANA, Ill. (VENTUREWIRE) -- ReVas, a developer of medical 
devices, said that it received $400,000 in initial seed funding from Open 
Prairie Ventures. ReVas will dedicate the new funds to product development, 
clinical trials, and staff expansion. In addition to its venture capital 
investment, Open Prairie Ventures will provide financial oversight for ReVas, 
which has developed and patented a process for a reversible vasectomy. 
Initial management of the company will be provided by executive advisory firm 
Barnard Associates, with Theodore Bailey of the Life Sciences Business 
Advisory Services at Barnard serving as the company's CEO. ReVas plans to 
raise an undisclosed amount of additional capital in the near future. 
Telephone: 317-684-9106
		
		
		Redfern Photonics Raises $28 Million in Round Two
		mail? top
		
		SYDNEY, Australia (VENTUREWIRE) -- Redfern Photonics, which develops and 
manufactures optical telecommunications products, said it has secured $28 
million in round two financing. The Australian Technology Fund, Citicorp 
Equity Capital, DB Capital Partners, Ericsson Deutsche Technology Fund, GE 
Equity, and Temasek Capital participated in the round. DB Capital Partners 
led the round, which has not closed. The company may raise additional funds 
for a second close. Redfern Photonics' new board will include two 
representatives from majority shareholder Australian Photonics, Roy McKelvie 
of DB Capital Partners, Roger Keane of GE Equity, CEO Chris Howells, and 
three new independent non-executive directors. Citigroup also gained observer 
rights through investment director, Jeremy Wardell. A chairperson will be 
selected from among the three independent directors.
		http://www.redfernphotonics.com
		
		
		Element K Raises $18 Million in Series B Funding
		mail? top
		
		ROCHESTER, N.Y. (VENTUREWIRE) -- Element K, a provider of corporate 
e-learning services for information technology and business skills training, 
announced the completion of $18 million Series B financing from investors 
including Rustic Canyon Ventures and Wasserstein & Co. Wasserstein & Co., an 
existing investor, led the round with participation from previous investor 
Rustic Canyon and several other existing shareholders. The company plans to 
use the new funds for product development and strategic partnerships. This 
latest funding brings the total amount of equity raised by Element K to 
approximately $200 million since February 2000, when an investor group led by 
Wasserstein & Co. purchased Element K from Ziff-Davis.
		http://www.elementk.com
		
		
		Cardiac Monitoring Tech Firm CardioNet Raises $13.5 Million 
		mail? top
		
		SAN DIEGO (VENTUREWIRE) -- CardioNet, which is developing a wireless cardiac 
monitoring technology for people with cardiovascular diseases, announced it 
has raised $13.5 million in its second round of funding led by new investor 
Hambrecht & Quist Capital Management. Previous investors Sanderling Venture 
Partners, Inglewood Ventures and BioFrontier Global Investment also 
participated in this round. The company said it would use the funds to 
complete product development, establish a telemetry service center, and 
launch national distribution in January 2002. To date, CardioNet has raised 
$21.5 million in funding.
		http://www.cardionet.com
		
		
		Cyber-Ark Signs Up Orama For $2M Commitment in Second Round
		mail? top
		
		DEDHAM, Mass. (VENTUREWIRE) -- Cyber-Ark Software, an information security 
firm, said it has received $1 million in second-round funding from Orama, a 
Tel Aviv-based merchant bank. Cyber-Ark also said Orama is acting as the 
placement agent for the company's targeted $15 million second round. Orama 
will invest an additional $1 million when the round closes. Cyber-Ark said it 
had a post-money valuation of $30 million in July 2000 after its first round. 
In total, Cyber-Ark has raised $9 million from Cabaret-ArbaOne, Chase 
Capital, Nomura International, and Softbank affiliate Seed Capital Partners. 
Its investors have a 60% equity stake in the firm. 
		http://www.cyber-ark.com
		
		
		Business Analysis Firm MetaEdge Gets $5 Million Series B 
		mail? top
		
		SUNNYVALE, Calif. (VENTUREWIRE) -- MetaEdge, a provider of decision-support 
customer intelligence software and services to e-commerce companies, said it 
received $5 million in Series B funding from Pacific Wealth Consultant, a 
subsidiary of Hon Hai Precision Industry. The company plans to use the new 
money for technology development, marketing and sales, and Asian expansion.  
Post-money, MetaEdge is valued at $32 million. Citing a monthly burn rate of 
$500,000, expected to increase to $700,000 by the year's end, MetaEdge CEO 
Liwen Chen said he expects the new funds will carry the company "close to 
breakeven," by the first quarter of 2003. As a result of this financing, Hon 
Hai Precision Industry was granted a seat on the company's five-member board 
of directors, which includes Stephen Li of WK Technology Fund. Prior to this 
round the company raised $11 million in Series A funding, led by WK 
Technology Fund with participation from Concord Venture Capital Group, 
SoftChina Venture Capital, and Itochu Financial.
		http://www.metaedge.com
		
		
		Optical Fiber Grating Firm Indigo Photonics Gets $5.7 M 
		mail? top
		
		BIRMINGHAM, England (VENTUREWIRE) -- Indigo Photonics, an optical fiber 
grating technology provider, announced it has secured GBP 4 million ($5.7 
million) in its first round of funding from 3i, a European venture capital 
firm. With the funding Indigo said it will develop its technology, continue 
to strengthen relationships with its existing commercial and industrial 
partners, and expand its manufacturing capabilities. Indigo was formed by the 
Aston Univeristy Photonics department, which is researching Fiber Bragg 
Grating technology, and the gratings division of Oxford Fibre Optic Tools. 
Gratings are used to in the development of optical components and modules.
		http://www.indigo-photonics.com
		
		
		eCommerce Industries Seals $21M Third Round
		mail? top
		
		VIENNA, Va. (VENTUREWIRE) -- eCommerce Industries (ECI2), which provides 
e-commerce software and services for office products, said it closed its 
third round at $21 million from Accel Partners, Friedman, Billings and 
Ramsey, Frazier Technology Ventures, and New Enterprise Associates, and 
individuals. Series A lead investor NEA and Series B lead inverstor Accel 
co-led this new round. Bruce Golden of Accel has taken Accel's first seat on 
ECI2's board, which now has seven directors. ECI2 said the financing would be 
used for acquisitions and for marketing and sales. ECI2 said venture 
capitalists own 42% of the company and that is has a post-money valuation of 
$96 million. The company also said it expects to reach profitability before 
the end of the year. To date, ECI2 has raised $84 million in three rounds. 
Last week ECI2 finalized the acquisition of MayTech, an accounting/inventory 
back-end software provider to the janitorial/sanitorial industry, based in 
San Antonio. Financial details of the stock-and-cash deal were undisclosed. 
MayTech's CEO David Mayer has joined ECI2 as a president of a business system 
group and no employee changes are expected at MayTech, which had received no 
venture capital funding. ECI2 also said it will announce the acquisition of a 
Cambridge, U.K.-based back-end software firm, which provides services to the 
office products industry, early next week. Financial details of the 
stock-and-cash deal are undisclosed. The CEO of the acquisition target will 
join ECI2. Both acquisitions will function as separate subsidiaries within 
ECI2's business services group. ECI2's other two groups create Web sites and 
provide supply-chain network services. ECI2 also has offices in London and 
Toronto. 
		http://www.eci2.com
		
		
		HRPath Raises $1.6 Million Series C
		mail? top
		
		ALAMEDA, Calif. (VENTUREWIRE) -- HRPath, which provides online human 
resources services such as handbooks, manuals, procedures, and policies, said 
it raised $1.6 million in its Series C. Participants in this round were 
private investors that included Peter Chernin, president and COO of News 
Corp., and HRPath board member G. Steven Burrill, CEO of Burrill & Co., a 
private merchant bank with a venture capital branch. The money will be used 
for infrastructure and sales and marketing. Nick Donatiello, president and 
CEO of Odyssey Partners, has become the fifth member of the board. He 
replaces David Siskin, founder and CEO of Addwater, who resigned to pursue 
other opportunites. Attorney Greg Beattie of the Oakland, Calif. office of 
Bay Venture Counsel is HRPath's adviser. Paul Finkle, Malcolm Whyte, and 
Philip Chernin founded the company in September 1999.
		http://www.hrpath.com
		
		
		Rocket Network Receives $9.3 Million in Round Three
		mail? top
		
		SAN FRANCISCO (VENTUREWIRE) -- Rocket Network, which provides Internet-based 
production networks for audio professionals, said that it received $9.3 
million in the first close of its third round from Cisco Systems, Vulcan 
Ventures, and Weston Presidio. Cisco Systems, a new investor, led this round. 
The company plans to dedicate the new funds to software development and 
marketing. With the round there were no appointments to the company's 
five-member board of directors, which includes Eric Robison of Vulcan 
Ventures and Phil Halperin of Weston Presidio. In March 2000, Rocket Network 
received $15 million in a second round of funding led by Weston Presidio 
Capital, with participation from Avid Technology and Chase Capital Partners, 
Vulcan Ventures, and an unnamed individual. The company is currently 
targeting strategic investors for the second tranche of this round, which is 
set to close in the next 90 days. 
		http://www.rocketnetwork.com
		
		
		Greenwich Technology Partners Gets $9.75 Million Late Round 
		mail? top
		
		WHITE PLAINS, N.Y. (VENTUREWIRE) -- Greenwich Technology Partners (GTP), a 
provider of network infrastructure consulting and engineering services, said 
it raised $9.75 million in later-stage financing from Cabletron Systems, 
Extreme Networks, Juniper Networks, and the Japanese trading firm Marubeni. 
New investors included the lead investor, Marubeni, in addition to Cabletron 
Systems and Extreme Networks. Juniper had invested in an earlier round. GTP 
also said it has begun a strategic business relationship with Marubeni in 
order to expand GTP's services in Asia and that it reached profitability in 
March and had $14.1 million in first-quarter revenue. GTP is also backed by 
Antares Investment Partners, Azure Capital Partners, the CIT Group, Credit 
Suisse First Boston I, J.P. Morgan Partners, FG II, STV Partners III, 
VantagePoint Venture Partners, Wheatley Partners II, and individuals.
		http://www.greenwichtech.com
		
		
		Hearing Device Firm InSonus Medical Has $7 Million Round Two
		mail? top
		
		NEWARK, Calif. (VENTUREWIRE) -- InSonus Medical, which is developing hearing 
devices by combining electronic implant technologies with high fidelity 
audio, said it has raised $7 million in its second round of funding provided 
by previous investor Essex Woodlands Health Ventures and new investor US 
Bancorp/Piper Jaffray Venture. A number of undisclosed individual investors 
also participated in the round. Adnan Shennib, president and CEO of InSonus, 
said the company will use the funding to complete the development of its 
hearing devices and marketing of the product. Mr. Shennib said the company's 
post-money valuation was doubled in this round. InSonus, which raised $5 
million in its first round of funding, is developing small hearing devices 
that operate continuously for up to six months inside the ear canal. Mr. 
Shennib said the company, which now has 18 employees, plans to add 12 to 15 
people to its workforce by the end of the year. 
		http://www.insonus.com
		
		
		bad news 
		?
		Rich Media Distributor ElasticEdge Closes Down
		mail? top
		
		PLANO, Texas  (VENTUREWIRE) -- ElasticEdge, a developer of a distribution 
system for rich media including data, video, audio, and animation, has shut 
down, according to an investor in the company. A spokesperson for BRM, an 
investor in ElasticEdge, said the board of directors chose to close the 
company after it realized the market would not develop the way it originally 
predicted. "They decided to cut their losses to still meet their obligations 
to employees, for example, " the spokesperson said. The undisclosed number of 
laid-off employees all received severance packages. The company received a $5 
million equity financing deal from BRM Group last July. 
		http://www.elasticedge.com
		
		
		Travel Tech Firm Unexplored.com Lays Off Employees
		mail? top
		
		SAN FRANCISCO (VENTUREWIRE) -- Unexplored.com, which supplies technology and 
business services to businesses in specialty leisure travel, said it laid off 
an undisclosed number of employees at the beginning of May. The company had 
no comment on the reason for the layoffs. Unexplored.com said a core team of 
fewer than 20 employees remains to continue business as the company evaluates 
a number of strategic alternatives. In April Unexplored said it was raising a 
$20 million to $25 million Series C round and had already raised $6 million 
from previous investors. On Thursday, the company had no comment about the 
status of that funding. The company also said the terminated workers did not 
receive severance. Unexplored.com's affiliate Web sites are: 
Adventureseek.com, GrandTrunk.com, Inntopia.com, Moguls.com, Safari.net, and 
Worldwaters.com. To date, Unexplored.com has raised approximately $17 million 
from Allen & Co., the Special Opportunity Group Fund, Wand Partners, and 
individuals, including Bill Hambrecht of WR Hambrect & Co.; Tom Hicks and 
Jack Furst of Hicks Muse Tate & Furst; and Allen Wheat of Credit Suisse First 
Boston. 
		http://www.unexplored.com
		
		
		Free Storage Provider MySpace Ceases Operations
		mail? top
		
		PALO ALTO, Calif. (VENTUREWIRE) -- MySpace, a provider of online file storage 
and sharing applications, is discontinuing its free consumer service, 
according to a posting on its Web site. MySpace said its site would remain up 
until the end of today to enable customers to retrieve their files. The 
company has begun referring customers to storage provider FreeDrive. MySpace 
received $14.6 million from Hewlett Packard last April. Neither MySpace nor 
Hewlett Packard could be reached for comment.
		http://www.myspace.com
		
		
		e-Privacy Firm Eprivex.com Seeks Seed Funds Or Else
		mail? top
		
		NEW YORK (VENTUREWIRE) -- Privacy Protection, which does business as 
Eprivex.com and is a developer of electronic privacy technology and personal 
privacy protection services, said it must cease operations unless it can 
complete its seed round of $1.5 million, wholly or incrementally, from 
individual or private investors. The company, which was founded in March 
2000, has received prior financing from individual investors including Roger 
Dietch, founder of Regency Capital, as well as from Jesse L. Martin, Jerry 
Orbach, and Sam Waterston, all of whom are actors on the NBC television show 
Law and Order. 
		http://www.eprivex.com
		
		
		new products 
		?
		BlueTarp Launches First Product
		mail? top
		
		PORTLAND, Maine (VENTUREWIRE) -- BlueTarp, which provides financial and 
technology applications for the building industry, said it introduced its 
first product. Also named BlueTarp, the product is a charge card designed 
specifically for the building industry. The card is used at participating 
store locations to purchase building materials. Invoices of card purchases 
are automatically submitted to BlueTarp's Web site, where they can be 
published into accounting or spreadsheet applications. The program has been 
rolled out in Raleigh-Durham, N.C., Greenville, S.C., Southern N.J., and 
Southern Maine. In May 2000, North Adams, Mass.-based Village Ventures led 
the company's $3.5 million first round. The company said it will begin 
raising its second round in the fall. 
		http://www.bluetarp.com
		
		
		Design, Building Software Provider Tririga Launches 
		mail? top
		
		MARLBORO, N.J. (VENTUREWIRE) -- Tririga, which provides Web-based design and 
construction management software, announced it has launched. The Tririga 
technology was developed by Marnell Corrao Associates, the Las Vegas 
developer that built the Bellagio Hotel. The software platform automates the 
design and entire phases of construction and management operations. Tririga 
is in the process of raising its Series A round, which opened in March. The 
company said it has secured in excess of $14 million in capital from its 
founders, the Marnell and Barret families, and other undisclosed individual 
investors. Tririga plans to officially launch its software June 19. The 
management of Tririga includes Anthony A. Marnell II, James A. Barret, Jr., 
and Anthony A. Marnell III.
		http://www.tririga.com
		
		
		m&a 
		?
		Office Depot Acquires Officesupplies.com
		mail? top
		
		DELRAY BEACH, Fla. (VENTUREWIRE) -- Publicly traded Office Depot, a retailer 
of office products, announced the acquisition of officesupplies.com, an 
online office supply retailer. Terms of this transaction were not disclosed. 
The acquisition includes officesupplies.com's customer base, the company's 
Web site, and its domain name. Officesupplies.com's Web site will remain 
operational during a 90-day transition period in which current customers will 
be given the opportunity to transfer their account information. An Office 
Depot spokesperson said there would be no officesupplies.com employees 
retained, and that key management would be held on a consultant basis during 
the the transition period. Officesupplies.com is backed by AT&T Ventures, 
Breakthrough Commerce, Hillside Capital, ING Barings, and Needham Capital 
Partners.
		http://www.officedepot.com
		http://www.officesupplies.com
		
		
		Property Firm Risanamento Napoli To Buy Global Switch
		mail? top
		
		LONDON (VENTUREWIRE) -- Italian real estate firm Risanamento Napoli, listed 
on the Milan Stock Exchange, has agreed to acquire the European 
carrier-neutral service provider Global Switch for EUR 495 million ($419.6 
million) in stock and secured loan notes. Following the completion of the 
acquisition, Risanamento Napoli will join existing investors TrizecHahn, 
Chelsfield, and Unicorn Assets and Fasset Limited on the board. Global 
Switch's previous investors hold 53% of the company, with Rianamento slated 
to take the remaining 47%. Risanamento will raise cash of at least EUR 180 
million through the sale of its property portfolio and another EUR 100 
million through a rights issue. Upon completion of the acquisition, investors 
in Global Switch intend to list the company on the London Stock Exchange. 
Both Elliot Bernard, chairman of Global Switch, and Andy Ruhan, the company's 
chief executive officer, will retain their positions following the 
acquisition. The new board of directors for the company will be composed of 
nine directors. Three directors will be appointed by Risanamento's majority 
shareholder Nuova Immobiliare, with the three previous investors taking one 
seat each, and three seats designated as independent. Global Switch has sites 
in London, Amsterdam, Paris, Dublin, Toronto, and is developing sites in 
Frankfurt, London, Singapore, Sydney, Milan, and Madrid. TrizecHahn 
Chelsfield SARL, a Swedish invetment unit formed from Canadian firm 
TrizecHahn and U.K. property firm Chelsfield, has invested $312 million in 
the company. Royal Bank of Scotland also provided previous capital for the 
technology firm.
		http://www.globalswitch.com
		
		
		Adressdirekt Acquires Adwyze International
		mail? top
		
		STOCKHOLM (VENTUREWIRE) -- Adressdirekt, which develops Internet marketing 
applications, said it acquired its competitor Adwyze International, which 
develops technical infrastructure and marketing applications. According to 
Adressdirekt, the two companies will consolidate business activities. As a 
result of this deal, ITbuilder gains a 27% stake in Adressdirekt. No other 
terms of the deal were revealed. Founded in late 1999, Adressdirekt is backed 
by European Media Venture, Alfred Berg Industrifinans Norway, and private 
investors. Adwyze is backed by venture capital firm ITbuilder.  
		http://www.adressdirekt.se
		http://www.adwyze.com
		
		
		Researchsummary.com Buys NavigateOne in Stock Deal
		mail? top
		
		LONDON (VENTUREWIRE) -- Researchsummary.com, a Web portal with investment 
analyst research for investors, announced it has acquired its partner 
NavigateOne, which develops search engine software. Terms of the all-stock 
deal were not disclosed. CEO John Thorne said the post-merger valuation of 
Researchsummary.com was just under GBP 40 million ($56.7 million); before the 
deal the company was valued at approximately $35 million. The deal was valued 
based on competitor and market evaluation. NavigateOne, which had been the 
only supplier of custom-built software for Researchsummary.com, will be fully 
integrated into Researchsummary.com. Of 22 former employees, 15 will join 
Researsummary.com, resulting in a combined staff of 24. Former NavigateOne 
CEO Huw Leyshan will become a non-executive chairman of Researchsummary.com, 
replacing Paul Thorne, who remains a director on the board. Richard Parrott, 
who had served as CTO at both companies, continues as CTO. Lisa Gibbs, CFO of 
NavigateOne, will serve as interim CFO. A NavigateOne spokesperson said that 
the acquired company still had more than half of its initial funding at the 
time of acquisition. NavigateOne had raised $4.4 million from 3i in a first 
round of funding in October 2000. Researchsummary, which is self-funded, and 
3i had each owned 20% of the company. K Legal advised NavigateOne, while 
Baker MacKenzie advised Researchsummary.com
		http://www.navigateone.com
		http://www.researchsummary.com
		
		
		Wire One Technologies Acquires GeoVideo Networks Assets
		mail? top
		
		HILLSIDE, N.J. (VENTUREWIRE) -- Wire One Technologies, a publicly traded 
provider of video communications technology, announced it has agreed to 
acquire the assets of GeoVideo Networks, a provider of real-time 
collaborative video communications, in an cash and stock deal. Chief among 
these assets, in addition to cash on hand of approximately $2.5 million, is 
GeoVideo's flagship browser, a software tool that enables up to six 
simultaneous, real-time, bi-directional IP video sessions to be conducted 
over a standard desktop PC. In exchange for the acquired assets, Wire One 
will issue approximately 815,000 shares of Wire One common stock, worth about 
$4.5 million at today's close, together with warrants to purchase 
approximately 500,000 additional shares of Wire One stock at $5.50 per share 
and 520,000 shares at $7.50 per share. In addition, Wire One has said that 
will issue extra shares should there be cash in excess of $2.5 million 
remaining after GeoVideo winds up its affairs. Wire One expects to integrate 
GeoVideo's products into its Glowpoint IP video communications network 
services by the beginning of 2002. A Wire One representative could not 
comment on whether the company would be retaining any GeoVideo employees. As 
a result of this transaction, GeoVideo shareholders Crest Communications 
Holdings, East River Ventures, Lucent Technologies New Ventures Group, and 
Thomas Weisel Partners will own Wire One shares and warrants and will be 
entitled to appoint a director to Wire One's board. The Ocepek Group, also an 
investor in GeoVideo, will not be participating in the deal. 
		http://www.geovideo.com
		http://www.wireone.com
		
		
		ObjectSoft to Merge with Golden Screens Interactive 
		mail? top
		
		HACKENSACK, N.J. (VENTUREWIRE) -- ObjectSoft, a publicly traded video 
entertainment kiosk provider, said it plans to merge with privately held 
Golden Screens Interactive Technologies, which provides software and 
electronic commerce applications for Internet-based self-service terminals 
and Web-enabled public telephones. If the merger is consummated, the newly 
formed entity will be a public corporation operating in various kiosk 
markets, advertising mediums and related businesses. A spokesman for Golden 
Screens Interactive declined to comment on the transaction. Golden Screens is 
backed by individual investors. 
		http://www.gsit.com
		http://www.objectsoftcorp.com
		
		
		Applied Materials Buys Laser Cleaning Tech Co. Oramir
		mail? top
		
		SANTA CLARA, Calif. (VENTUREWIRE) -- Applied Material, a publicly traded 
supplier of products and services for the semiconductor industry, said it has 
acquired Oramir Semiconductor Equipment, a Yoqneam, Israel-based company that 
provides laser cleaning technologies for semiconductor wafers. Financial 
terms of the cash deal were not disclosed. The acquisition is pending 
approval by the Israeli government. Oramir will be integrated with Applied 
Materials' Process Diagnotics and Control Business  Group, based in Rehovot, 
Israel. Applied Materials had an undisclosed stake in Oramir prior to the 
deal. Founded in 1992, Oramir is backed by Evergreen VC, Fairchild Corp., 
Gemini VC, H.B MIR Investment, Mofet VC, Myrag, RDC (Rafael Development 
Corporation), Technology Fund,  Teuza VC,  Vertex VC, and Yozma VC. It 
employed fewer than 30 people.
		http://www.appliedmaterials.com
		http://www.oramir.com
		
		
		new directors 
		?
		Protection Applications Firm MindMatters Adds to Board
		mail? top
		
		PITTSBURGH, Pa.  (VENTUREWIRE) -- MindMatters Technologies, which develops 
applications that manage and protect corporate innovations and intellectual 
capital assets, said it appointed Mark Miller to its board of directors. 
Introduced by a private investor in the company, Mr. Miller becomes the 
fourth member of the board, with one open seat remaining. He is the founder 
and CEO of Solutions Consulting. MindMatters is backed by Future Fund and 
Mid-Atlantic Venture Funds. In December 2000 the company raised $1 million in 
its Series A. Within the next three months, it will begin raising a $3 
million to $5 million Series B. The company is currently generating revenues 
and anticipates breaking even by mid-year 2003. 
		http://www.us-mindmatters.com
		
		
		vc fund news 
		?
		BCI and Village Ventures to Form Fund for NY Capital Region
		mail? top
		
		WILLIAMSTOWN, Mass. (VENTUREWIRE) -- The Berkshires Capital Investors and 
Village Ventures, an operating company that provides back office and 
fundraising services to venture capital funds, announced they will form a 
fund to focus on the capital region of New York state. The fund has not yet 
been named, but is expected to target between $15 million and $25 million. 
The new fund will invest primarily in early-stage technology companies in the 
software, Internet infrastructure and services, and wireless sectors. The 
fund will focus on companies based in the capital region, an area high in 
entrepreneurial activity but underserved by venture capital resources, said 
BCI fund manager, Russ Howard. Village Ventures and BCI will jointly raise 
the fund, with first close anticipated at the end of the year. BCI will 
manage the fund, and Village Ventures will co-invest. Initial investments 
will range from $500,000 to $1 million, with approximately $3 million in 
total funding for each company. The fund will invest in roughly a dozen 
companies over three years. Carried interest will approximate those of the 
industry, said Mr. Howard. Like BCI, the capital area fund will be a Village 
Ventures affiliate. Mr. Howard and BCI fund manager Brad Svrulga will manage 
the fund; they also expect to recruit a third fund manager who will be based 
in Albany. BCI currently has $21 million under management in two funds and 
Village Ventures has established 10 early-stage venture funds in eight 
states. The operating company is backed by Bain Capital, Highland Capital 
Partners, Sandler Capital Managemenr, Janus Capital Corporation, and 
Banknorth Group. 
		http://www.berkshirescap.com
		http://www.villageventures.com
		
		
		Innovatech Invests $3 Million in VIMAC, Firms to Co-Invest
		mail? top
		
		MONTREAL (VENTUREWIRE) -- Innovatech Grand Montreal, an early stage venture 
capital firm, announced it has invested in $3 million in VIMAC Early Stage 
Fund, a Boston-based venture capital firm that invests in start-up companies 
in the area of information technology and the Internet. In turn, VIMAC 
(Venture Investment Management Company) has agreed to invest in companies 
within the Quebec area, where Innovatech focuses most of its investments. The 
agreement will also allow co-investments and provides Innovatech's portfolio 
companies and specialists with access to VIMAC's network, which includes more 
than 75 co-investors, 50 of which are venture capital companies. Innovatech 
focuses on early stage companies, and has invested in over 120 companies to 
date.
		http://www.innovatech.qc.ca
		http://www.vimac.com
		
		
		vc personnel 
		?
		Royal Bank Capital Partners Adds Director to IT Fund
		mail? top
		
		TORONTO (VENTUREWIRE) -- Royal Bank Capital Partners, the private equity arm 
of Royal Bank of Canada, said Greg Connor has joined the information 
technology fund as director. He had served as partner at MM Venture Partners, 
where he focused on early-stage IT and biotechnology companies. Prior to MM 
Venture Partners, Mr. Connor held positions at Tandem Computers and Credit 
Suisse First Boston. Mr. Connor joins Richard Black, private equity fund 
manager, and Doug Lucky, director, in forming a new management team for the 
IT fund. The new management, which formed over the last several months, will 
focus predominantly on early-stage investments. Of  prior investments, 
roughly one-third focused on early-stage deals. As director Mr. Connor will 
focus on the enterprise software, IP infrastructure, and fabless 
semiconductor sectors. The evergreen IT fund currently manages $100 million, 
$65 million of which has been committed. The fund makes institutional-round 
investments that total between $2 million and $10 million.
		http://www.rbcap.com
		
		
		vw corrections 
		?
		SpeedGreetings
		mail? top
		
		NEW YORK (VENTUREWIRE) -- An article that ran in Thursday's VentureWire about 
SpeedGreetings incorrectly identified Mail2000 as an investor in 
SpeedGreetings. In fact, individual members of its senior management 
participated in SpeedGreetings's recent Series A round. In addition, due to 
an editing error, Mail2000 was incorrectly identified as a subsidiary of the 
US Postal Service. It is owned by United Parcel Service.
		
		
		American Fiber Systems
		mail? top
		
		NEW YORK (VENTUREWIRE) -- An item in Thursday's VentureWire about American 
Fiber Systems, which made an addition to its board of directors, incorrectly 
spelled the name of the new member. It is John Malone. 
		
		
		Southern Capitol Ventures
		mail? top
		
		NEW YORK (VENTUREWIRE) -- A story in Wednesday's VentureWire misspelled the 
URL for Southern Capitol Ventures, a venture capital firm that announced a 
partnership with state-funded North Carolina Biotechnology Center. The 
correct URL is http://www.southerncapitolventures.com. 
		
		
		company index
		top
		
		Adressdirekt, Adwyze International, American Express, Applied Materials, 
Berkshires Capital Investors, BigRecordPromoter, BlueTarp, Boston Millennia 
Partners, CardioNet, Cyber-Ark Software, DR2DR.com, eCommerce Industries, 
ElasticEdge, Element K, Eprivex.com, Forward Ventures, GeoVideo Networks, 
Global Switch, Golden Screens Interactive Technologies, Greenwich Technology 
Partners, HRPath, HubX, Indigo Photonics, Innovatech Grand Montr,al, InSonus 
Medical, MetaEdge, MindMatters, MySpace.com, NavigateOne, Objectsoft, Office 
Depot, officesupplies.com, Oramir Semiconductor Equipment, Redfern Photonics, 
Researchsummary.com, Reuters Greenhouse Fund, Rocket Network, Royal Bank of 
Canada Capital Partners, Solinet Systems, Tririga, Unexplored.com, Venture 
Investment Management, Village Ventures, Wire One Technologies
		
		
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		investor index
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		3i Group, Alta Partners, Altamira Management, Australian Technology Fund, 
Bessemer Venture Partners, BioFrontier Global Investment, Cabletron Systems, 
Citicorp Venture Capital, DB Capital Partners, Ericsson Deutsche Technology 
Fund, Essex Woodlands Health Ventures, Extreme Networks, GE Equity, Hambrecht 
& Quist Capital Management, IngleWood Ventures, Juniper Networks, Marubeni, 
Monument Capital Partners, New Enterprise Associates, Orama Group, Pacific 
Security Group, Sanderling Ventures, Southside Rising, Southwest One, Temasek 
Holdings, U.S. Bancorp Piper Jaffray Ventures, U.S. Venture Partners, 
Worldview Technology Partners
		
		
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