VCJ Staff

Approva Raises $14 Million

Approva Corp., a Reston, Va.-based provider of continuous controls monitoring software, has raised $14 million in new VC funding. Return backers include Columbia Capital, New Enterprise Associates, Novak Biddle, Sierra Ventures and Gold Hill Capital. The company previously raised around $30 million.

VC-Backed Bust: Consentry Networks

Gloucester Pharma Raises $29 Million

Gloucester Pharmaceuticals, a Cambridge, Mass.-based developer of oncology drugs, has raised $29 million in Series D funding. Novo AS led the round, and was joined by return backers Apple Tree Partners, ProQuest Investments, Prospect Venture Partners and Rho Ventures. The company had previously raised over $100 million.

Michael Buhr Joins Shasta Ventures

Michael Buhr has joined Shasta Ventures as an entrepreneur-in-residence, with a focus on online discovery and mobile opportunities. He most recently served as general manager for StumbleUpon and, before that, was senior director of corporate strategy at eBay.

Surrey NanoSystems Raises £2.5 Million

Surrey NanoSystems, a UK-based developer of a carbon nanotube growth process, has raised £2.5 million in VC funding. Octopus Ventures led the round, and was joined by return backers IP Group and The University of Surrey.

Tallwood VC Sponsors Ikanos Acquisition of Conexant Unit

Ikanos Communications Inc. (Nasdaq: IKAN), a provider of broadband semicondcutor and software products for the digital home, has agreed to acquire the Broadband Access unit of Conexant Systems Inc. (Nasdaq: CNXT). The deal is valued at $54 million in cash, plus the assumption of certain liabilities. In conjunction with the transaction, Ikanos will sell 24 million shares of common stock to Tallwood Venture Capital for $42 million, or $1.75 per share. Tallwood also will receive warrants to purchase another 7.8 million shares at the same price. Were it to exercise those options, it would hold around a 45% equity stake in Ikanos.

Tuusso Energy Raises $2 Million

Tuusso Energy, a Seattle-based developer of utility-scale solar projects in the Western U.S., has raised $2 million in VC funding. Pivotal Investments led the round, and was joined by Akula Energy Ventures.

Zumbox Raises $8 Million

Zumbox, a Westlake Village, Calif.-based developer of a paperless postal system, has raised $8 million in Series A funding. Backers include Art Bilger (Shelter Capital Partners), Rick Braddock (Chairman and CEO of Fresh Direct and former chairman and CEO of Priceline.com), Michael Eisner (founder of The Tornante Co. and former CEO of The Walt Disney Company), Bill Guthy (founding principal of Guthy-Renker) and Donn Rappaport (CEO of Zumbox and founder and chairman of ALC).

Cadent Raises $15 Million

Cadent, a Carlstadt, N.J.-based provider of 3D digital solutions for the orthodontic and dental markets, has raised $15 million in new VC funding. Fortissimo Capital led the round, and was joined by return backers Apax Partners, Panorama Capital, STAR Ventures and SV Life Sciences.

Appfolio Raises $8 Million