?	
?	VentureWire
	Tuesday, May 29, 2001		?
?	CONTENTS | COMPANIES | INVESTORS | ADVERTISE | TELL A FRIEND	VentureWire Index
		'VentureWire
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		top stories 
		
		  LC39 Venture Group to Return Capital to Investors
		  Redback Networks Acquires Merlin Systems in $57M Stock Deal
		  Investment Firm HBM BioVentures Raising $420 Million 
		 Accumedia Gets Strategic Investment From Primedia
		
		
		TODAY'S FEATURES
		FUNDRAISING WATCH 
		Evergreen Fund Veritas Seeks Outside Investors 
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		new money
		
		  CombineNet Seeking Up To $4 Million In Series A
		  HandyLab To Raise Between $5 and $8 Million
		  Dental Group JHA Gets $29.8 Million in Second Round 
		 MINEit Set to Raise over $4.3M in Second Round
		  RealTime Media Closes $2.2 M in Series B, Names New Head
		  CPlane Gets $3 Million From Sun, Bringing Series C to $28 M
		  ASP Surebridge Gets $15M Equity, $5M Debt in Round Three
		
		
		bad news
		
		  Broadband Products Provider RiverDelta Cuts 20% of Staff
		  Escrow.com CEO and CFO Resign, Company Restructures 
		 OpenTable.com Cuts 17% Staff
		  Terabeam Confirms Staff Cuts
		  Quantum Bridge Communications Pulls IPO
		
		
		new products
		
		  IP Communications Infrastructure Firm SnowShore Launches 
		 MobileIM Introduces First Product, Talking to VCs
		  CentraComm Communications Launches
		  Communications Tech Firm Pelago Launches First Product
		
		
		m&a
		
		  Hicks Muse and Apax Buy BT's Yell For $3 Billion
		  Allwall.com Acquires Art.com. from Getty Images
		
		
		new directors
		
		  Stonebridge Appoints Paul Stern as New Chairman 
		 Advanced Life Sciences Names Univ. of Illinois Prof to Board
		
		
		vc fund news
		
		  Costella Kirsch Closes $50 Million Leasing Fund   
		
		
		vw corrections
		
		  Coremetrics
		  In-Depth Systems
		
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DIRECTORS... VC FUND NEWS... VW CORRECTIONS
		
		
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		 top stories 
		?
		LC39 Venture Group to Return Capital to Investors
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- LaunchCenter39 (LC39) Venture Group, a former 
incubator turned early stage venture capital firm, said it will return 
significant capital to its leading investors. In a statement, Albert Wenger, 
CEO and co-founder of the company, said LC39's financial structure and 
difficult market conditions, created "serious challenges to producing 
appropriate returns" for its investors. He said the company will continue to 
manage its portfolio and make follow-on investments. When it first launched 
in January of 2000, LC39,  which had plans to act as a full-service 
incubator, received $25 million in its Series A round of financing. That 
round was financed by approximately ninety individuals, including David 
Smilow, founder and chairman of Telebanc; Jay Chiat, chairman of Screaming 
Media; and Kevin Ryan, the president and COO of DoubleClick. EVentures Group 
and Europe@web also invested in LC39. The company provided incubation 
services to a number of startups including FlexTrader.com, a provider of 
technical analysis tools for traders, and Investorama.com, a financial 
information site. Other companies in its portfolio include CoverageCorp, 
Inviva, Obongo, and Risk Transfer Exchange. 
		http://www.lc39.com
		
		
		Redback Networks Acquires Merlin Systems in $57M Stock Deal
		 mail? top
		
		 SAN JOSE, Calif. (VENTUREWIRE) -- Redback Networks, a publicly-traded 
company that provides subscriber management and platforms for metro broadband 
and optical networks, said it will acquire Fremont, Calif.-based Merlin 
Systems, a developer of metro optical products for carriers and providers, in 
a stock deal worth $57 million. Based on the closing stock price of $16.22 on 
May 24, Redback will issue 3.5 million shares to the shareholders of Merlin 
Systems. The deal was valued based on revenue potential. In November, 2000 
Merlin entered an agreement with Redback under which Redback would acquire 
the company once Merlin developed its first product: SmartEdge 100, a smaller 
version of Redback's SmartEdge platform. After the product was finalized and 
sent to its beta customers, Redback and Merlin began acquisition talks in 
March. The acquisition is expected to close in the third fiscal quarter of 
2001. The approximately 50-person staff of Merlin will remain in its offices 
in Fremont, Calif.. Merlin management will remain with Redback, though 
specific positions have not been assigned yet. Gunderson Dettmer Stough 
Villeneuve Franklin & Hachigag advised Redback, while Wilson Sonsini Goodrich 
& Rosati advised Merlin Systems. Founded in March 2000, Merlin received 
Series A funding from U.S. Venture Partners and Artiman Ventures.
		http://www.merlinsystems.com
		http://www.redback.com
		
		
		Investment Firm HBM BioVentures Raising $420 Million 
		mail? top
		
		 ZURICH (VENTUREWIRE) -- HBM BioVentures, a new biotech investment firm, 
announced its launch. The firm plans to raise CHF 750 million ($420 million) 
to invest in both private and public biotech and pharmaceutical companies. 
The firm will split its investments between companies in the U.S. and Europe. 
HBM founder Henri B. Meier, former finance director of Roche Holding, serves 
as chairman of the board. Telephone 41-1-266-1070
		
		
		Accumedia Gets Strategic Investment From Primedia
		 mail? top
		
		 BOULDER, Colo. (VENTUREWIRE) -- Accumedia, a provider of managed Web 
publishing services, said it received a strategic investment from magazine 
publisher Primedia. The deal is worth several million dollars, including 
financing and a commitment to use Accumedia's products and services. As part 
of the deal, Primedia's Wedding Network and ModernBride.com group of Web 
sites will become Accumedia clients. According to Ed Williams, CEO of 
Accumedia, the company plans to have 15 clients and $4 million in revenues by 
the end of the year, with profitablility expected in November. He said the 
company will most likely raise another round of funding after that. Accumedia 
previously raised about $8 million from ARCH Venture Partners, Ohio Partners, 
and Catalyst Partners. Accumedia has developed a platform with a suite of 
hosted software applications marketed to the publishing and media industries 
that focus on decreasing the costs and time that goes into setting up and 
running a Web site and enabling non-technical employees use the system. 
"Writers and editors are now presented with an easy to use system," said Mr. 
Williams. Accumedia, with a gross monthly burn rate of $420,000, charges some 
upfront deployment fees at first and then uses a  page view -based pricing 
model which, according to Mr. Williams, can cut a large media firm's cost of 
running a Web site with 3 million page views a month from $1.75 million to 
$625,000 annually, with smaller sites paying significantly less. According to 
Mr. Williams, Accumedia could be positioned for an IPO at the end of 2002. 
"We're certainly waiting for the markets to move," said Mr. Williams. 
Acquisition is also an option. "We can easily sustain ourselves, and wind up 
looking attractive [to potential acquirers]," he said. The company may also 
seek to make a few acquisitions. "There are a couple of functional areas 
we're now pursuing to enhance our platform, said Mr. Williams. "We could end 
up with one or two." Accumedia is currently in discussions to acquire 
database and customer information technology to use for back-end operations.
		http://www.accumedia.com
		
		
		 new money 
		?
		CombineNet Seeking Up To $4 Million In Series A
		 mail? top
		
		 PITTSBURGH (VENTUREWIRE) -- After the launch of its first product, 
CombineNet, which develops commerce and resource allocation applications, is 
seeking to raise $2 million to $4 million in its Series A by mid-summer, 
according to vice president of sales and strategic development Sean Devine. 
CombineNet's first customer is defense electronics provider Raytheon, based 
in Lexington, Mass. Its product, called ClearBox,  will be used to allocate 
satellite time for government agency use in satellites being produced by 
Raytheon. The proceeds of the Series A will be used for new product 
development, sales and marketing professionals, and to round out its 
executive management team. The company has 12 employees and may grow to 20 by 
the end of the year. Mr. Devine told VentureWire that the company is valued 
somewhere below $10 million and that an exit through acquisition was more 
likely than a future IPO. The company expects to reach profitability by the 
second quarter of 2002. Before it completes its Series A financing, 
CombineNet will close a $500,000 bridge loan before the end of June. The 
funding will come from individual investors and should be paid back within 
six months. CombineNet is in talks with three different market segments for 
its product. The company is holding discussions with New York-based Tigris 
Consulting, which could offer CombineNet's software to clients as a way to 
reduce costs. It will also target sourcing software companies, such as 
Pittsburgh-based FreeMarkets and Pleasanton, Calif.-based Commerce One, which 
could potentially include CombineNet's applications in their software 
packages. Combinet will also seek end user customers, such are steel 
manufactures, which can use the software internally for supplies procurement. 
Revolution Ventures led the company's $1 million seed round in the fall of 
2000, with private investors participating. Chairman and chief technology 
officer Tuomas Sandholm founded CombineNet in April 2000. 
		http://www.combinenet.com
		
		
		HandyLab To Raise Between $5 and $8 Million
		 mail? top
		
		 ANN ARBOR, Mich.  (VENTUREWIRE) -- HandyLab, a maker of micro-sized 
laboratories, is preparing to launch a new round of funding of between $5 
million and $8 million in its Series B round, HandyLab CFO James R. Adox told 
VentureWire. The funding is earmarked for hiring and R&D.  According to 
HandyLab president Kalyan Handique, the company expects the funding to last 
until the end of 2002, when clinical trials and FDA approval are expected to 
be finalized. HandyLab, founded in June 2000, is developing portable 
laboratories the size of a desktop computer that will enable doctors to do 
on-the-spot diagnostics, such as blood testing. The firm is trying to make 
smaller versions of its labs, some of which will be hand-held, Mr. Adox 
said.  The company expects to launch its first product around the first 
quarter of 2003, he added. According to Mr. Handique, the firm has a 
valuation of "less than $10 million." He said HandyLab is burning through 
less than $1 million per year. It raised $2.4 million in Series A funds last 
year from EDF Ventures, Avalon Investments, XR Ventures, and The Wolverine 
Fund, a venture funding organization sponsored by the University of Michigan. 
He said the firm still has a substantial amount of that round left.  HandyLab 
now has nine employees, and should have about 20 by the end of the year. The 
company has no direct competitors other than large laboratories, Mr. Adox 
said. The company believes it can revolutionize diagnostics, as doctors are 
typically forced to wait between 36 and 48 hours for test results. By 
contrast, Mr. Adox said, HandyLab's technology can provide test results 
immediately, thereby saving critical time in addressing illness and avoiding 
unnecessary treatment. 
		http://www.handylab.com
		
		
		Dental Group JHA Gets $29.8 Million in Second Round 
		mail? top
		
		 DUBLIN (VENTUREWIRE) -- James Hull Associates, which operates dental 
practices and an online dental information Web site, said it secured  GBP 21 
million ($29.8 million) in second round of funding. The Bank of Scotland 
provided $22.7 million in debt and equity financing and previous investor 3i 
invested $7.1 million. JHA said the financing would be used to increase the 
number of its private dental practices in the U.K. 3i now owns 37.5% of JHA. 
PricewaterhouseCoopers advised 3i in the transaction. 
		http://www.jameshull.co.uk
		
		
		MINEit Set to Raise over $4.3M in Second Round
		 mail? top
		
		 BELFAST, U.K. (VENTUREWIRE) -- MINEit, which develops digital analytical 
software, said it  will begin raising a second round of financing at the end 
of May. MINEit said it is targeting over GBP3 million ($4.3 million) from 
both U.S. and European venture capital firms and is currently talking to a 
dozen firms. MINEit also said it plans to open a Boston office before the end 
of the third quarter. The company said its current valuation is over $20 
million and also that it plans to reach profitability sometime in 2002. In 
October 2000 MINEit raised $1.4 million from ACT Venture Capital and the 
University Challenge Fund. MINEit also has offices in Chicago, London, and 
Stuttgart, Germany. 
		http://www.mineit.com
		
		
		RealTime Media Closes $2.2 M in Series B, Names New Head
		 mail? top
		
		 WYNNEWOOD, Pa. (VENTUREWIRE) -- RealTime Media, an online promotional 
agency, said that it has raised $2.2 million in Series B financing led by 
previous investor NewSpring Ventures, with participation from new investors 
Covenent Partners, and Lancaster Investment Partners. Unamed individuals have 
also re-invested in this round. Additionally, RealTime announced the 
appointment of John Hopper as president, CEO, and board member. The company 
plans to dedicate the new funds to product development as well as for market 
expansion. As a result of this financing, there were two appointments to the 
company's five-member board of directors: Janet Paroo of NewSpring ventures 
has been appointed as the company's chairman, and Neil Contess, who was 
formerly a principal with marketing agency Dugan Valva Contess. Also sitting 
on the board is Rob Adams, a principal of Safeguard Scientific, and Marc 
Lederman, of NewSpring Ventures. Mr. Hopper succeeds Janet Paroo, who had 
served as interim CEO upon Scott Shapiro's departure from the company in late 
2000. Prior to joining RealTime, Mr. Hopper served as managing partner with 
Einson Freeman, where he headed EinsonHealth, the firm's healthcare 
promotions unit, as well as Einson Latin America. The company has raised 
approximately $11 million in two rounds of funding. Backers include by Ben 
Franklin/Progress Capital Fund, NewSpring Ventures, Pennsylvania Early Stage 
Partners, and Safeguard Scientifics. 
		http://www.realtimemedia.com
		
		
		CPlane Gets $3 Million From Sun, Bringing Series C to $28 M
		 mail? top
		
		 LOS ALTOS, Calif. (VENTUREWIRE) -- CPlane, which develops software for the 
telecommunications industry, announced that it has received a strategic 
investment of $3 million from Sun Microsystems. This investment brings the 
company's Series C round, which had its initial close in January, to $28 
million. The round was led by new investor Pequot Capital Management, with 
participation from new investors Amerindo Investments and Woodside Fund. 
Previous investors CMEA Ventures and Onset Ventures also participated in this 
round. The company said it plans to dedicate the new funds to product 
development, as well as for expansion of its engineering, marketing and sales 
teams. Although a specific amount was not stated, CPlane's resident and CEO 
Nelu Mihai said that the post-money valuation for this round was "in the $100 
million range," an up round. As a result of this financing, Sun Micosystems 
has been granted a non-voting observer seat on the five-member CPlane board 
that includes Susan Mason, general manager of ONSET Ventures; Gordon Hull, 
general partner, CMEA Ventures; and Michael Karfopoulous, senior vice 
president, Pequot Capital Management/Private Equity. The company has raised 
approximately $38 million to date from investors including CMEA Ventures, 
Onset Ventures, Pequot Capital Management, and Woodside Fund. 
		http://cplane.com
		
		
		ASP Surebridge Gets $15M Equity, $5M Debt in Round Three
		 mail? top
		
		 LEXINGTON, Mass. (VENTUREWIRE) -- Surebridge, an application service 
provider for mid-sized businesses, announced it has closed $15 million in 
equity and $5 million in debt in a third round of financing. Spectrum Equity 
Investors, which led the previous round, returned to lead this round, which 
also included new investors Axxon Capital and Compaq and all existing 
investors The Berkshire Group, The Goldman Sachs Group, Providence Growth 
Investors, and a group of executives at Thomas H.Lee Partners. Credit Suisse 
First Boston acted as placement agent for the equity financing. Fleet 
National Bank provided the $5 million line of credit. No appointments to the 
board resulted from this round. With this new financing, Surebridge has $27 
million in cash. Funds will be used for sales, marketing, and operations 
infrastructure, and to bring the company to profitability by the end of this 
year. Surebridge raised $36 million in a second round in February 2000.
		http://www.surebridge.com
		
		
		 bad news 
		?
		Broadband Products Provider RiverDelta Cuts 20% of Staff
		 mail? top
		
		 TEWKSBURY, Mass. (VENTUREWIRE) -- RiverDelta Networks, a developer of 
carrier-class switching and service provisioning products for broadband 
carriers, said it has laid-off about 20% if its workforce, leaving the 
company with a little over 200 employees. A company spokesperson said the 
layoffs are a response to market conditions and are meant to put the company 
in line with the current economic climate. While the layoffs were across the 
board, the sales unit was hit the hardest, she said. RiverDelta, which has 
raised about $46 million in funding to date, is in the process of raising its 
third round of funding, the spokesperson confirmed. RiverDelta is backed by 
Pequot Capital Management, Battery Ventures, Charles River Ventures, and 
individual investors.
		http://www.riverdelta.com
		
		
		Escrow.com CEO and CFO Resign, Company Restructures 
		mail? top
		
		 SANTA ANA, Calif. (VENTUREWIRE) -- Escrow.com, which provides online 
transaction processing and escrow services, said its CEO Russell Stern and 
CFO David Sklar resigned from the company. Escrow.com's chairman John 
Snedegar, who is also the president and CEO at Micro General, will be the new 
president and CEO at Escrow.com. Escrow.com said the resignations follow a 
change in operating structure at Escrow.com whereby the company will begin to 
outsource its support services, such as human resources, administrative, and 
financial, to Micro General in an effort to conserve cash. Micro General, 
also based in Santa Ana, Calif., spun out Escrow.com in October 1999 and has 
unexercised warrants amounting to 51% equity in Escrow.com. Escrow.com said 
it expects to be profitable in the second quarter of 2002. Escrow.com has 
raised $44 million in three rounds and is backed by Chase Capital Partners, 
Chase MGEN Tech Fund, Fidelity National Financial, Micro General, Network 
Commerce, Pacific Century CyberWorks, Softbank, and VerticalNet. 
		http://www.escrow.com
		
		
		OpenTable.com Cuts 17% Staff
		 mail? top
		
		 SAN FRANCISCO (VENTUREWIRE) -- OpenTable.com, which provides customer 
relationship applications and online reservation services to restaurants, 
said it cut 18 employees, or 17% of its staff, in its implementation and 
services department as a result of operating efficiencies. Eighty five 
employees remain at OpenTable.com. All the laid-off workers received 
severance packages. OpenTable.com said this was its third restructuring this 
year and also said that it plans to be profitable by mid-2002. At its peak, 
OpenTable.com employed 140 people. To date, OpenTable.com has raised $50 
million in four rounds, including a $42 million round in December, from 
American Express, Benchmark Capital, Draper Richards, ICON, Impact Venture 
Partners, Lettuce Entertain You Enterprises, Prescient Capital, and Zagat 
Survey. 
		http://www.opentable.com
		
		
		Terabeam Confirms Staff Cuts
		 mail? top
		
		 KIRKLAND, Wash.  (VENTUREWIRE) -- Terabeam, a provider of fiberless optical 
networking services, confirmed reports that it laid off 54 people, or 10% of 
its staff, on Wednesday. Terabeam said the cuts were a cost-cutting measure 
to conserve the company's financing and occurred in all departments in 
Terabeam's offices in the greater-Seattle area. The company had no comment 
about expected profitability. All the employees who were cut received 
severance. Terabeam now employs 473 people. The company, which commercially 
launched its services in February, also said it plans to launch its services 
in Denver this summer. Terabeam has raised over $555 million, including a 
$450 million investment from Lucent Technologies, Bessemer Venture Partners, 
Fidelity Management & Research, Madrona Venture Group, Merrill Lynch IBK 
Positions, Morgan Stanley Dean Witter Private Equity, Oak Hill Venture 
Partners, Softbank Capital Partners, Softbank Venture Capital, and T. Rowe 
Price Associates. 
		http://www.terabeam.com
		
		
		Quantum Bridge Communications Pulls IPO
		 mail? top
		
		 ANDOVER, Mass. (VENTUREWIRE) -- Quantum Bridge Communications, which makes 
optical networking equipment, said it withdrew its initial public offering 
due to current market conditions. Quantum Bridge, which raised $102 million 
in April 2000 is backed by investors including the Texas Pacific Group, BCI 
Partners, Morgan Stanley Dean Witter Private Equity, Comcast Interactive 
Capital, KMC Investment Partners, Pequot Capital Management, J. P. Morgan 
Capital, First Union Capital Partners, Dain Rauscher Wessels, an affiliate of 
FleetBoston Financial, New Enterprise Associates, Lazard Technology Partners, 
and Atlas Venture. The company has raised about $124 million over three 
rounds of funding. 
		http://www.quantumbridge.com
		
		
		 new products 
		?
		IP Communications Infrastructure Firm SnowShore Launches 
		mail? top
		
		 CHELMSFORD, Mass (VENTUREWIRE) -- SnowShore Networks, which provides 
IP-enhanced communications infrastructure products to service providers, 
announced it has launched. SnowShore was founded in May 2000 by its president 
and CEO Joel Hughes, the co-founder of ViaDSP and DSP Software Engineering, 
and David Penny, co-founder of ViaDSP and former vice president and general 
manager of Natural MicroSystems, consulting services division. Mr. Penny 
serves as the company's vice president of marketing and business development. 
SnowShore's third co-founder Eric Burger, who served as chief scientist at 
ADC/Centigram Communications, is the company's chief technology officer. So 
far, SnowShore has secured $10.5 million in Series A financing from Charles 
River Ventures and Matrix Partners. A spokeswoman said the company plans to 
raise additional financing sometime in the next quarter. SnowShore, which has 
60 employees, expects to reach profitability in 2003. 
		http://www.snowshore.com
		
		
		MobileIM Introduces First Product, Talking to VCs
		 mail? top
		
		 SCOTTSDALE, Ariz. (VENTUREWIRE) -- MobileIM, which develops mobile 
communications technology, said it introduced its first product for universal 
instant messaging. The product, also called MobileIM,  enables instant 
messaging on any text-messaging capable device. The company was founded in 
May 2000 by president and CEO Eric D. Johnson and CTO Jason Grovert. The 
company has raised $250,000 to date and is seeking to raise $3 million by 
August. It is in talks right now with four venture capital firms, three based 
in Seattle. The company said it is valued at $6 million and approximately 1.8 
million shares will be offered at $1.58 a share. There are 4 million shares 
currently outstanding. With a burn rate at $15,000 a month and six employees, 
the senior management team is not receiving a salary.  
		http://www.mobileim.com
		
		
		CentraComm Communications Launches
		 mail? top
		
		 FINDLAY, Ohio (VENTUREWIRE) -- CentraComm Communications, which provides 
broadband Internet access, enterprise hosting, wireless networking, and 
consulting, has launched. CentraComm has raised $250,000 internally, and is 
in the process of raising an additional $500,000 to $1 million from local 
investors. The company said the money will be used for equipment and  
salaries. The company, which currently employs four people, is interviewing 
for a vice president of sales and marketing. Though the board is still being 
created, two seats will be made available to new investors. Co-founder Lynn 
Child is the chairman. The company said it expects the board to eventually 
have five members. The company has plans to seek venture capital but did not 
give a timeline.
		http://www.centracomm.net
		
		
		Communications Tech Firm Pelago Launches First Product
		 mail? top
		
		 NEEDHAM, Mass. (VENTUREWIRE) -- Pelago Networks, which develops technology 
for local service providers to deploy voice, data, and video services, said 
it officially launched its first product, Odysea, an integrated platform for 
the creation and deployment of subscriber services in local networks. The 
company raised $17 million in its first round of funding in December 2000. 
Investors include Brooktrout, Charles River Ventures, Columbia Capital, and 
Bessemer Venture Partners. 
		http://www.pelagonet.com
		
		
		 m&a 
		?
		Hicks Muse and Apax Buy BT's Yell For $3 Billion
		 mail? top
		
		 LONDON (VENTUREWIRE) -- Private equity firms Hicks Muse Tate & Furst and 
Apax Partners said they have purchased British Telecom's Yell, a yellow pages 
directory and classified advertising business, for GBP 2.14 billion ($3 
billion). The firms had been in talks for several months, though the final 
purchase price has dropped significantly from the $4.3 billion said to be 
offered earlier. British regulators recently capped Yell's advertising rates, 
which contributed to the decreased bid. The transaction will be financed 
partly with GBP 1.45 billion in debt underwritten by Merrill Lynch and CIBC. 
Merrill Lynch also advised both Hicks Muse and Apax in the deal.
		http://www.yellgroup.com
		
		
		Allwall.com Acquires Art.com. from Getty Images
		 mail? top
		
		 RALEIGH, N.C.  (VENTUREWIRE) -- Allwall.com, an online retailer of works on 
paper, said that it acquired Art.com, an online art retailer, from Getty 
Images, a publicly traded visual content provider in a cash deal for an 
undisclosed amount. According to CEO Joshua Chodniewicz, allwall.com has 
purchased Art.com's domain name, intellectual property, and customer list. 
Mr. Chodniewicz declined to disclose the price, but said it was "less than 
$119 million,"  which was the purchase price when Getty acquired Art.com in 
May 1999. This was a cash deal. According to Mr. Chodniewicz, none of 
Art.com's employees have been retained by allwall.com, nor has the company 
acquired any real estate. Prior to its acquisition by Getty, Art.com's 
backing of approximately $11 million came from venture capital firms 
Benchmark Capital, Minotaur Capital Management, Sandler Capital Management, 
and Softbank Technology Ventures. Allwall.com, which has a pre-money 
valuation of 12.5 million, is expecting to close an undisclosed amount of 
Series A financing from individuals in the first week of June. The company is 
also currently seeking $10 million in Series B financing, to close by the end 
of the summer. 
		http://allwall.com
		http://www.art.com
		
		
		 new directors 
		?
		Stonebridge Appoints Paul Stern as New Chairman 
		mail? top
		
		 DALLAS (VENTUREWIRE) -- Stonebridge Technologies, a technology consulting 
firm, said it appointed current board member Paul G. Stern as its new 
chairman of the board. Mr. Stern replaces Ray Smith, whose tenure expired and 
who will no longer sit on the board. They both co-founded Washington-based 
private equity firm Arlington Capital Partners, which is Stonebridge's 
largest shareholder. Mr. Stern also co-founded Washington-based Thayer 
Capital Partners. Stonebridge has raised $130 million to date from Arlington 
Capital Partners, Cahill Warnock & Co., Mellon Ventures, Ticonderoga Capital, 
and William E. Simon & Sons.
		http://www.sbti.com
		
		
		Advanced Life Sciences Names Univ. of Illinois Prof to Board
		 mail? top
		
		 WOODRIDGE, Ill. (VENTUREWIRE) -- Advanced Life Sciences, a developer of 
therapeutic compounds to fight infection, inflammation, and cancer, announced 
it has appointed Dr. Israel Rubenstein to its board of directors. Dr. 
Rubenstein is a research scientist in respiratory medicine at the Cancer 
Center, University of Illinois at Chicago and in oncology at the VA Chicago 
Health Care System, West Side Division. He will be the fourth member on the 
company's board, which currently has three seats available. Advanced Life 
Sciences has raised about $25 million in funding from individual investors 
and through research grants. A spokeswoman said the company is in discussions 
with financial institutions to raise an additional $25 million to $50 million 
in venture capital. 
		http://www.advancedlifesciences.com
		
		
		 vc fund news 
		?
		Costella Kirsch Closes $50 Million Leasing Fund   
		mail? top
		
		 MENLO PARK, Calif. (VENTUREWIRE) -- Costella Kirsch, a venture-leasing firm, 
said it closed Costella Kirsch Venture Partners, a $50 million warrant-based 
venture leasing fund, at the end of January. General partner Bill Kirsch said 
the fund would provide debt financing of $1 million to $3.5 million in the 
early stages of information technology companies. The fund will primarily 
make investments in Silicon Valley-based firms. Mr. Kirsch, who is in charge 
of administering the fund, said the fund is expected to be fully committed by 
the first quarter in 2002 in 20 to 25 companies. Costella Kirsch Venture 
Partners has committed a total of $20 million to 10 companies. In addition to 
Mr. Kirsch, Glen McLaughlin, David Campbell, and Richard Ginn will be 
managing the fund. Costella Kirsch has over $150 million under management. 
		http://www.costellakirsch.com
		
		
		 vw corrections 
		?
		Coremetrics
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- A story in Friday's VentureWire on Coremetrics 
naming Scott Kauffman as CEO incorrectly stated the company had a round of 
layoffs in April due to a decreased demand for high-end consulting services. 
In fact, the layoffs were made to cut the company's burn rate and focus on 
high-end consulting, a growing sector for the company.
		
		
		In-Depth Systems
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- An article in Friday's VentureWire about In-Depth 
Systems' recent financing from Marathon Oil incorrectly stated that  In-Depth 
Systems received one seat on Marathon's board. Rather, as a result of the 
financing, Marathon was granted a seat on the In-Depth board.
		
		
		company index
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		AccuMedia.com, Annuncio Software, Aurigin Systems, CombineNet, CombineNet, 
Costella Kirsch, Escrow.com, Escrow.com, Geyser Networks, HandyLab, HandyLab, 
Ikadega, Laser Diagnostic Technologies, Merlin Systems, Merlin Systems, 
MobileIM, PlanetJam Media Group, RealTime Media, RealTime Media, RealTime 
Media, Redback Networks, Redback Networks, RiverDelta Networks, RiverDelta 
Networks, Saltmine, Surebridge, Surebridge, The Capital Markets Co., Topica 
		
		
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		investor index
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		Axxon Capital, Axxon Capital, Berkshires Capital Investors, Berkshires 
Capital Investors, Compaq Computer, Compaq Computer, Primedia, Providence 
Equity Partners, Providence Equity Partners, Spectrum Equity Investors, 
Spectrum Equity Investors, The Goldman Sachs Group, The Goldman Sachs Group
		
		
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