Posts Tagged ‘Novak Biddle’
Wednesday, March 16th, 2011
 MORRISVILLE, NC – Centice Corp., a company selling technology to improve the verification of dispensed medicines and spot counterfeits, has raised $1.1 million of $1.5 million debt offering, according to a regulatory filing.
The company raised about $1.3 million in equity late in 2010.
That investment followed a $1.82 million equity raise in April. The company disclosed both financings in filings with the US Securities and Exchange Commission.
In 2009, Centice, a Duke University spinout founded in 2004, raised a $6.1 million C round with new investor Fulcrum Financial Group. Other backers include The Aurora Funds Inc., Russian-based S-Group Direct Investments, Innovation Ventures, Novak Biddle Venture Partners, and several individuals. The company raised about $18 million previously through equity and debt.
Centice says its PASS Rx technology is the first and only product that utilizes patented spectroscopy and machine vision sensor technologies to confirm the accuracy of a pharmacy’s dispensed solid dose medications in a matter of seconds. Pharmacy errors in dispensing drugs are all too common and cause as many as 7,000 deaths every year.
The problem is compounded by a national shortage of pharmacists, industry groups say.
Centice technologies have additional applicability beyond just the verification of solid medications in the pharmacy, and the company has plans to develop future products for solid drug identification, liquid medication verification and counterfeit drug detection.
Scott Albert, managing general partner of Centice investor The Aurora Funds, based in the Research Triangle Park, heads the firm as CEO and chair.
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Tags: Aurora Funds, Centice, medicine verification, Morrisville, NC, Novak Biddle, pharmacy tech, Scott Albert
Posted in Carolinas, Healthcare, Medical Device, Money, North Carolina | Comments Off
Thursday, December 9th, 2010
 ROCKVILLE, MD - Triumfant Inc., a company selling software that detects and fixes damage from malware attacks on a company’s servers and computers, has raised $1.5 million in a mixed-securities offering, according to a regulatory filing.
Founded in 2002, Triumfant is a privately held company headquartered in Rockville, MD with engineering facilities in Research Triangle Park, NC. Triumfant serves key markets, including government organizations and commercial enterprises, as well as managed service providers and system integrators. Triumfant (formerly Chorus Systems) is funded by Novak Biddle Venture Partners, Core Capital Partners, Inflection Point Ventures, Anthem Capital Management, MCNC Ventures, and Tri-State Investment Group IV.
The company disclosed the current offering in a filing with the US Securities and Exchange Commission.
The company says it leverages patented analytics to detect, analyze and remediate the malicious attacks that evade traditional endpoint protection solutions. It says it uses these same analytics to continually enforce security configurations and policies, ensuring that organizations start every day with their endpoints secure and audit ready.
It explains on its web site that its analytics correlate all of the changes associated with each incident, generating in-depth analysis of each attack and providing the knowledge required to build a situational, contextual remediation that surgically addresses the attack and all of the associated collateral damage.
To reach TJS Editor Allan Maurer: Allan@techjournalsouth.com
Tags: Anthem Capital Manageent, Core Capital, financing, Inflection Point Ventures, malware protection, MCNC Ventures, MD, NC, Novak Biddle, Research Triangle Park, Rockeville, TriState Investement Group, Triumfant
Posted in Carolinas, IT, Maryland, Money, North Carolina, Potomac, Security | Comments Off
Tuesday, November 23rd, 2010
 BETHESDA, MD – GroupFlier, a startup launching the beta release of its free group text messaging service, has received $500,000 in seed funding from Novak Biddle and Phil Bonner.
Founded in 2010 by Morris Panner and Geoffrey Crawshaw, the company’s technology is makes it possible to send email or texts to multiple people from mobile phones.
CEO Panner says that without GroupFlier, it is difficult to text or email a group form a mobile phone unless everyone on the same service.In a blog post, Panner wrote, “We call the experience “social texting.” It doesn’t matter what kind of phone or device you have or what service plan you have, you can use GroupFlier to message friends clearly and easily.”
It is marketing the service as useful to friends, family, roommates and other groups.
Users get a unique group number. The company says it plans to add a geolocation feature that will allow group members to track where the other group members are.
In an interview on a local news program, Panner talks about what he thinks would help small businesses, entrepreneurs and startups from a government policy standpoint, noting that regulations mean a startup such as his has to spend more on administrative, legal and accounting fees than on its technology infrastructure and hiring people.
Tags: funding, Geoffrey Crawshaw, group texting service, GroupFlier, Morris Panner, Novak Biddle, Phil Bonner
Posted in Internet/New Media, IT, Maryland, Money, Potomac | Comments Off
Thursday, July 29th, 2010
 ATLANTA – SolidFire, an Atlanta-based firm selling solid state storage for cloud providers, has raised $1 million from Valhalla Partners of Vienna, VA, and Novak Biddle Venture Partners of Bethesda, MD. The company says its technology is a next-generation storage platform for cloud computing providers and other enterprises that need scalable, reliable storage for thousands of servers.
The company says its platform is faster, more energy efficient, and more reliable solid state storage at a cost comparable to conventional disk storage.
Charles Curran, Valhalla general partner, and Phil Bronner, Novak Biddle general partner join the company’s board.
Greg Foster is joining the firm’s board of advisors.
“SolidFire virtually eliminates the cost tradeoff of using solid state storage in the cloud,” said Curran. “Valhalla is excited to be a part of a venture that will have an enormous impact on the cloud storage space.”
The company says its architecture has been designed to optimize the performance of solid state storage (SSD) to provide a significant increase in performance and capacity per storage dollar spent.
Dave Wright, founder and CEO of SolidFire, was previously founder and CEO of Jungle Disk, the first commercial cloud storage and backup service built on the Amazon S3 cloud storage platform. Jungle Disk was acquired by cloud computing provider Rackspace Hosting in 2008.
While the company did not disclose the amount of the raise in its press release, the Atlanta Business Chronicle reported that several sources pegged the amount at $1 million.
Tags: Atlanta, Charles Curran, financing, Greg Foster, Novak Biddle, Phil Bronner, solid state storage for cloud providers, SolidFire, Valhalla Partners
Posted in Georgia, Internet/New Media, IT, Money | Comments Off
Friday, July 16th, 2010
 BETHESDA, MD – Intelliworks Inc., which sells relationship management software for higher education, has raised $1.7 million in yet another funding of an education-tech company, according to a regulatory filing. The Series E investment brings total venture backing for Intelliworks to $22.3 million.
Directors and investors cited as principals in the filing with the U.S. Securities and Exchange Commission include Mark Frantz, Chevy Chase, MD-based Red Shift Ventures; Arun Gupta, Alexandria, VA-based Columbia Capital; and Roger Novak, Bethesda-based Novak Biddle Venture Partners.
We reported Intelliworks $2.25 million D round in April 2009. Columbia Capital and Novak Biddle supplied the equity while Toronto-based MMV Financial contributed a $1.5 million venture loan.
It raised a $4 million C round in April 2008.
We have noticed an increasing number of venture financing deals for companies in the education technology field. Are slashed federal, state and local budgets leading to the educational establishment recognizing a need for the efficiencies that technology brings? Most firms selling to the education market are using SaaS models, as Intelliworks does, so installing their software generally does not require large capital outlays.
Intelliworks enables enrollment, admissions and marketing professionals to make purposeful connections with students through its web-based CRM, program admissions and marketing automation solutions built specifically for higher education.
Hundreds of organizations, ranging from large colleges and universities to programs and departments within individual institutions, use Intelliworks’ software-as-a-Service platform to recruit students, market their programs, grow enrollment and drive tuition-based revenue.
Diane Raymond, Director of Admissions at New England College, which has seen an 8 percent increase in enrollment using Intelliworks, said in a statement at the time of the company’s C round said that “The Intelliworks solution allowed us to improve the efficiency of our admissions department by automating tasks such as outbound marketing, event registration and contact management.” –By Allan Maurer
Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.
Tags: Bethesda, Columbia Capital, finanancing, higher education software, Intelliworks, IT, Maryland, MMV Financial, Novak Biddle, Red Shift Ventures
Posted in Education, Internet/New Media, IT, Maryland, Money, Potomac | Comments Off
Friday, March 5th, 2010
 BETHESDA, MD – WealthEngine, a growing wealth research services firm for nonprofit organizations and financial services companies, has secured $5 million in Series A financing from Novak Biddle Venture Partners and QED Investors.
Founded 18 years ago, WealthEngine helps more than 2000 organizations identify and target prospective donors and clients with its proprietary analytics and rating systems.
WealthEngine provides hard asset, biographical and philanthropic data screening, verification and prioritization of their current and prospective donors and clients.
The company say the funding will help it accelerate product development, enhance its service offering, and expand marketing and geographic reach.
Novak Biddle partners Jack Biddle and Janet Yang will take seats on the company’s board of directors. QED partner Frank Rotman will also join the board.
We suspect the downturn in contributions to non profits caused by the recession and the various financial scandals of recent years have made services such as WealthEngine’s of growing importance.
Yang said, “WealthEngine is an ideal investment, especially for economic times as tenuous as these. Not only is the company outpacing industry growth rates, but demand for its solutions increased even as economic stability weakened.”
“To succeed in today’s challenging economic environment,” adds Nigel Morris, QED managing partner and WealthEngine advisor, “both nonprofit fundraisers and for-profit asset managers need a more sophisticated approach to locate, delineate and convert prospects.”
Tags: financing, Maryland, Novak Biddle, QED, WealthEngine
Posted in IT, Maryland, Money, Potomac | Comments Off
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