Archive for the ‘South Carolina’ Category
Wednesday, August 18th, 2010
 COLUMBIA, SC - SCRA, the University of South Carolina (USC) and the City of Columbia are holding a grand opening ceremony Thursday for the SCRA USC Innovation Center, Columbia.
The fully-renovated facility houses knowledge-based companies emerging from research at the University of South Carolina and the general marketplace which are entering commercialization and advanced manufacturing stages. The facility is situated and designed to stimulate and sustain clean, next-generation manufacturing, along with related development and support services.
It is the second of three facilities SCRA is providing in conjunction with its university and civic partners in South Carolina to grow the knowledge economy in the state.
“This facility is a knowledge-based technology cornerstone to serve start-up companies with intellectual property coming out of USC as well as the private sector,” said Bill Mahoney, SCRA CEO.
Wachovia is providing financing for the SCRA USC Innovation Center.
At the grand opening Thursday, Mahoney will also present SCRA “Knowledge Economist” awards to: South Carolina Representative Joan B. Brady; Dr. James L. Hudgins; Thomas E. Persons, Sr. and Dr. Barry W. Russell.
Drs. Hudgins and Russell have both served as presidents of Midlands Technical College, and as head of the South Carolina Technical College System.
Brady has been a strong advocate of Knowledge Economy initiatives, both with SCRA and EngenuitySC.
Persons is CEO and President of the South Carolina Technology Alliance, which provides collaboration opportunities among the state’s business, academic, economic development and legislative leaders. His organization also assists in developing workforce skills for knowledge-based entrepreneurial companies.
The SCRA Knowledge Economist Award Program recognizes outstanding citizens who have
made significant contributions to South Carolina’s Knowledge Economy
Tags: Columbia, Dr. Barry W. Russell, Knowledge Economist awards, SC, SCRA, South Carolina Representative Joan B. Brady; Dr. James L. Hudgins; Thomas E. Persons, Sr., USC Innovation Center opens
Posted in Carolinas, Economic Development, People, South Carolina | Comments Off
Monday, August 2nd, 2010
 CHARLESTON, SC – Here’s a funding story you won’t find hard to swallow. SC Launch, an affiliate of SCRA, has invested $200,000 in Chareston firm Terressentia, a company that has developed a technology to make high quality distilled spirits for retailers and private brand owners.
A group led by Earl D. Hewlette, a Columbia, SC native with an MBA and law degree from the University of South Carolina, founded Terressentia in 2007. Hewlette is president and CEO of the company.
“These funds will expand our sales and marketing efforts, enabling us to achieve more market recognition of the way our patented technology can dramatically improve the purity and flavor of distilled spirits at a very low relative cost,” Hewlette says.
“Utilizing sophisticated engineering technology, Terressentia’s innovative process enables an acceleration of traditional fermentation and filtering, which produces a very high quality product in real time,” said Dave McNamara, SC Launch executive director. “This company is applying its award-winning chemical engineering processes to support the hospitality industry in South Carolina as well as its national and international clients.”
The company is also involved in a College of Charleston chemistry research project. Students are working with different methods of chemical analysis, including gas chromatography-mass spectrometry and solid phase microextraction to find and measure the traces of flavor-producing molecules found in the Terressentia vodka product.
We wonder if they need any taste testers for these projects?
Tags: Charleston, distilling process, financing, SC, SC Launch, SCRA, Terressentia
Posted in Carolinas, Money, South Carolina | Comments Off
Monday, August 2nd, 2010
 CHARLESTON, SC – Avista Solutions, which sells web‐based, all‐in‐one mortgage origination software for community banks, credit unions, and mortgage bankers, is relocating its corporate headquarters to Charleston from Columbia, SC.
For four consecutive years, the privately held firm has been named a Mortgage Technology Magazine’s Top 50 service provider.
Avista Solutions CEO, Mark Phlieger, cited Charleston’s support of the technology industry through targeted initiatives, the ability to attract high quality talent and Charleston’s lifestyle as primary reasons for the move.
Avista Solutions currently has forty employees and expects to grow to eighty to one hundred employees over the next few years. Avista’s location to Charleston was facilitated by the Charleston Digital Corridor.
Tags: Avista Solutions, Charleston Digital Corridor, SC
Posted in Carolinas, Economic Development, IT, Internet/New Media, South Carolina | Comments Off
Thursday, July 22nd, 2010
 ATLANTA – Southeast BIO (SEBIO) has selected ten semifinalists in its fourth annual BIO/Plan Competition.
Launched in 2007, the BIO/Plan Competition is a program developed to promote the creation of new life science companies based in the Southeast.
The ten semifinalists were selected from nearly forty total applications. The applicant pool included applications from Alabama, Florida, Georgia, Kentucky, North Carolina, South Carolina, and Virginia.
They represent a wide range of technologies including small molecule therapeutics, biologics, diagnostics, and medical devices. Five of the semifinalists selected are from Georgia, three are from Florida, one is from South Carolina, and one is from Virginia.
The technologies emerged from some of the region’s finest research institutions, including Emory University, Florida International University, Georgia Institute of Technology, Medical College of Georgia, Morehouse School of Medicine, Medical University of South Carolina, University of Florida, University of Georgia, and University of Virginia.
“Despite the funding crunch, the level of scientific innovation at universities and startup companies remains extremely impressive as seen from the BIO/Plan applications, and this bodes well for an outburst of valuable commercial opportunities that will attract investment dollars from firms like ours,” said Carlos Parajon, managing partner, Harbor Island Equity Partners .
“This quality of research and innovation leads to investment and growth, which in turn creates more innovation and positive economic outcomes for the region.”
Each semifinalist is now paired with a small mentoring team and beginning the mentorship phase of the Competition. Each mentoring team includes three or four experienced professionals from active venture funds or angel groups, biotech entrepreneurs and managers, and service providers with relevant start-up expertise.
The mentoring teams directly interact with the semifinalists over a period of 4 months focusing on the strategic development of the business concept and commercial opportunity.
The teams are also supported with additional resources including development plan templates and guidelines, regulatory consultants, and presentation guidelines and examples. The ultimate goal of the mentoring process is the creation of an executable development strategy and associated written plan. This rigorous mentorship process is the cornerstone of the Competition.
“Every year, our companies brag about SEBIO’s process and the terrific advice they get from the BIO/Plan mentors,” notes Susan Shows, Senior Vice President, Georgia Research Alliance. “This coaching and the visibility to investors is extremely valuable to the region’s early stage companies.”
Following the mentoring process, each of the semifinalists will submit their written development plan to a panel of judges. Four finalists will then be selected to present at the Twelfth Annual SEBIO Investor Forum, November 3-4, 2010, in Atlanta, Georgia. The finalists will present to the full conference audience, which includes more than 400 industry leaders from across the region, and over 100 investors from the Southeast and around the world.
The finalists will be awarded face-to-face, private meetings with top investors in the region at which time they can more fully promote their investment opportunity and development plan. One Southeast BIO/Plan Competition winner will be announced and recognized in a special ceremony at the Investor Forum.
More information about the BIO/Plan Competition, the SEBIO Investor Forum, and sponsorship opportunities can be found on the SEBIO website, www.sebio.org.
Tags: 2010 business plan competition, Alabama, Biotech, Florida, Georgia, Kentucky, North Carolina, SEBIO, South Carolina, Virginia
Posted in Alabama, Biotech, Carolinas, Florida, Georgia, Kentucky, North Carolina, Other SE, Pharma, Potomac, SEBIO, South Carolina, Virginia | Comments Off
Friday, July 16th, 2010
 WASHINGTON, DC – Venture capitalists invested $6.5 billion in 906 deals in the second quarter of 2010, according to the MoneyTree Report from PricewaterhouseCoopers (PwC) and the National Venture Capital Association (NVCA), based on data provided by Thomson Reuters.
Quarterly investment activity increased 34 percent in terms of dollars and 22 percent in number of deals compared to the first quarter of 2010 when $4.9 billion was invested in 740 deals. In the first half of 2010, venture capital (VC) investments totaled $11.4 billion going into 1,646 deals, a 49 percent increase in dollars and a 23 percent increase in deals from the first half of 2009 when $7.7 billion was invested in 1,340 deals.
Clean energy investments break record
Dollars invested in the Clean Technology sector doubled in the second quarter compared to Q1 of 2010, breaking the quarterly record for the sector.
The Life Sciences sector (biotechnology and medical device industries combined) saw a notable increase in VC investing during the second quarter, jumping 52 percent in dollars and 36 percent in deals from the prior quarter to $2.1 billion going into 234 deals.
Seed and early stage deals also increased notably in Q2 from prior quarters, accounting for a greater percentage of total deals. Mark Heesen, NVCA President said, “As the exit market begins to show signs of life, venture capitalists are now able to look increasingly at new investments outside their existing portfolio.
“This dynamic translates into momentum in the seed and early stage sectors where valuations remain reasonable and opportunities are great. Investment in the clean technology and life sciences sectors, which are generally longer term and more capital intensive in nature, are balanced by smaller deals within the information technology sectors creating a diversity of opportunities for success for entrepreneurs, VCs and limited partners alike.”
Total over $6B first time since 2008
“Venture capitalists are feeling more positive about the economic outlook for investment, based upon the jump we saw in VC funding this quarter,” noted Tracy T. Lefteroff, global managing partner of the venture capital practice at PricewaterhouseCoopers.
“The quarterly investment total surpassed the $6 billion mark for the first time since Q3 2008 and the number of deals was the highest we’ve seen since Q4 of 2008.
“The rise in companies lining up to go public in the Life Sciences space in Q2 was also a likely driver of the strong rebound we saw in investing in this sector during the quarter.
“And, a $350 million deal, the biggest deal in the second quarter, pushed the Clean Technology sector to its highest total on record. If the markets remain positive, we’ll likely continue to see robust investment levels for the remainder of the year, with VC funding in 2010 poised to surpass 2009 levels.”
North Carolina saw 14 deals worth more than $130 million. In South Carolina, two deals were worth $4.2 million.
Georgia saw 17 deals that totaled $34 million in investments.
Full reports and regional breakdowns are available at NVCA.
Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.
Tags: NVCA, PWC, quarterly venture capilal report, Thomson Reuters, Venture investing up in Q2 2010
Posted in Carolinas, Georgia, North Carolina, South Carolina, Studies, surveys, reports, venture capital report | Comments Off
Wednesday, July 7th, 2010
 CHARLESTON, SC – SC Launch, an SCRA collaboration, was recently recognized by Forbes magazine in May as one of five top programs in the nation that support entrepreneurism. The “States that Truly Bet on Small Business” also recognized the SC Launch program as one of eleven “Serious State Small Biz Programs.”
The SC Launch program has garnered a number of awards and recognition since its 2006 inception. The program offers qualifying companies commercialization support, guidance, and seed funding.
As a joint venture between SCRA and the research foundations of the Medical University of South Carolina, the University of South Carolina, and Clemson University, SC Launch’s mission is to support the commercialization of research, to finance start-up and spin-out companies, and to provide formation support and other business services to companies as prescribed by the mandates in the SC Innovation Centers Act and the SC Industry Partners Act.
The program’s ultimate objective is to help develop South Carolina’s growing Knowledge Economy.
The Forbes list was prepared with the assistance of CB Insights, a Manhattan firm that tracks private-company funding trends, including venture capital, private equity, and government-supported deals.
According to Anand Sanwal, a CB Insights founding partner, “These programs take different forms but generally represent a great way to spur local economic development and bring and retain high-tech jobs to the area. Over time, their efforts will likely attract angel and venture investment which serves to strengthen their area’s entrepreneurial ecosystem further.”
Since the start of the SC Launch Program four years ago, SC Launch has assisted, helped form and/or land more than 230 knowledge-based entities in South Carolina, providing both funding and services to more than 178. The Program has attracted more than $104 million in add-on, private equity investment in South Carolina companies. SC Launch is one of over 100 programs in SCRA’s overall operations, which have made a cumulative economic contribution of more than $13.7B to South Carolina since 1983.
“The SC Launch program was formed to help move promising technologies into the market place, and to advance technology-based companies in South Carolina,” said SCRA CEO Bill Mahoney.
“We have enjoyed partnering with some of South Carolina’s best talent to bring tangible growth to our Knowledge Economy. Our portfolio companies continue to both improve our lives and expand our knowledge-based economy through their innovations, their growth of high-quality jobs, and private investment. We are humbled to accept recognition on behalf of these efforts.”
Added SC Launch Executive Director Dave McNamara, “We are honored to be listed among such other successful programs throughout the nation. The SC Launch team works to be a catalyst and advocate for developing technology start-up companies in our state. In four short years, we have been able to achieve many successes, and we look forward to the continued growth of the SC Launch program and its legacy for South Carolina.”
Tags: Forbes, SC, SC Launch, SCRA
Posted in Carolinas, Economic Development, South Carolina | Comments Off
Friday, July 2nd, 2010
 CT&T Electric cars SPARTANBURG, SC – Seoul, Korea-based CT&T Ltd., and Spartanburg’s 2AM Group are teaming to assemble low-speed electric cars in Duncan, SC, creting 400 jobs.
The new operation will produce up to 10,000 cars slightly larger than golf carts that will sell for about $13,000.
Lead-acid battery models can trave 44 miles between charges.
The cars are legally limited to 25 mph and can only be operated on up to two miles on secondary roads in SC.
The company’s have expansion plans and hope states will change limits on where the cars can be used.
Tags: 2AM Group, CT&T, electric cars, Energy, jobs, Korea, SC, Spartanburg
Posted in Carolinas, Economic Development, Energy, Hardware, South Carolina | Comments Off
Monday, June 28th, 2010
 WASHINGTON, DC – The U.S. Supreme Court has rejected the challenge to the constitutionality of the 2002 Sarbanes-Oxley Act, the attempt by Congress to bring stricter accounting standards to the corporate world following the Enron and WorldCom scandals.
The court did find that the way members of the Public Company Accounting Oversight Board are removed is unconstitutional and made the members removable at will rather than only for “good cause.”
Many business lobbying groups had hoped the court would declare the entire law invalid due to problems with the way members of the board are appointed.
But Chief Justice John Roberts wrote that the Act “Remains fully operative as law.”
Many public companies and business lobbying organizations contended that the Act is unduly expensive and did not do anything to curb fraud while constricting the number of companies that could afford to go public and slashing the number of foreign corporations listing on U.S. stock exchanges.
We’ll bring you reactions from industry sources as they’re released. The decision is bound to disappoint many smaller public companies which find the act burdensome and expensive.
Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.
See:
Posted in Alabama, Arkansas, Business Briefs, Carolinas, Florida, Georgia, Kentucky, Legal, Maryland, North Carolina, Other SE, Potomac, South Carolina, Tennessee, Virginia, Washington, DC, West Virginia | Comments Off
Friday, June 25th, 2010
 COLUMBIA, SC – SC Launch has invested $100,000 in Columbia-based Quintesocial, a social networking company that uses online tools to help its members find fun, interesting, and fulfilling activities based on their interests in the city where they live.
Quintesocial rolled out its first social network in Portland, Oregon, in March, and launched in Denver on June 1st. Additional launches throughout the country are in the works.
“The SC Launch investment enables us to expand our technology platform into white label/privately branded opportunities as well as to expand our social network nationally,” said Quintesocial founder and CEO Barbara Iaquinto.
The company asks members who sign up a set of questions and then designs a personalized calendar of events for them and other like-minded members. The events may range from invitation only restaurant openings to an opportunity to test drive a new performance car.
Since the inception of the SC Launch Program four years ago, SC Launch has assisted, helped form and/or land more than 230 knowledge-based entities in South Carolina, providing both funding and services to over 178. The Program has attracted more than $120 million in add-on, private equity investment in South Carolina companies.
Quintesocial’s technology is licensed through the University of South Carolina.
SC Launch is an affiliate of SCRA.
Since the inception of the SC Launch Program four years ago, SC Launch has assisted, helped form and/or land more than 230 knowledge-based entities in South Carolina, providing both funding and services to over 178. The Program has attracted more than $120 million in add-on, private equity investment in South Carolina companies.
Tags: financing, Q, Quintesocial, SC Launch, SCRA, social networking, South Carolina
Posted in Carolinas, IT, Internet/New Media, Money, South Carolina | Comments Off
Friday, June 25th, 2010
 CHARLOTTE, NC -Private equity firm Alinda Capital Partners is buying 50 percent of DukeNet Communications for $137 million, creating a joint venture intended to grow the company. Duke Energy retains ownership of the other half of DukeNet.
Duke Energy (NYSE:DUK) founded DukeNet, which operates a fiber optic network of more than 5,300 miles in four states, in 1994. It provides bandwidth transport and data center connectivity among other services.
Current DukeNet President, Brad Davis, retains that position.
The deal is expected to close in the third quarter.
Tags: Acquisitions, Alinda Capital Partners, Duke Energy, DukeNet, fiber optic networks
Posted in Acquisitions, Business Briefs, Carolinas, IT, Internet/New Media, North Carolina, Other SE, South Carolina, Tennessee | Comments Off
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