Jay Hoag, a founding general partner of Technology Crossover Ventures, has quietly resigned from the board of directors of TheStreet.com (Nasdaq: TSCM). TCV had invested $55 million into TSCM in November 2007 – buying preferred stock that would convert into common at $14.26 per share. TSCM stock was trading at around $13 at the time, but now sits well below $3 per share. TCV has not named a replacement board member, and Hoag did not return requests for comment.
1 min read · 27 January 2009
Mag Rack Entertainment has acquired Concert.tv, a video-on-demand television network dedicated to live music performances and documentaries. No financial terms were disclosed. Concert.tv had raised a small amount of VC funding from Clydesdale Ventures.
2 min read · 27 January 2009
BrightView Ltd., an Israel-based developer of production technology for photovoltaic solar-cells, has raised $6 million in Series A funding. Backers include Israel Cleantech Ventures and Hasso Plattner Ventures.
4 min read · 27 January 2009
SVOX, a Switzerland-based provider of embedded speech solutions, has acquired the Professional Speech Processing group of Siemens AG. No financial terms were disclosed. SVOX had raised VC funding in 2002 and 2003 from Siemens Mobile Acceleration.
2 min read · 27 January 2009
Short's Travel Management has acquired Groople Inc., an Englewood, Colo.-based provider of Web-based group travel services. No financial terms were disclosed. Groople had raised over $23 million in VC funding from firms like ArrowPath Venture Capital, FA Technology Ventures, Flywheel Ventures and Vista Ventures. www.groople.com
1 min read · 27 January 2009
nLight Corp., a Vancouver, Wash.-based maker of high-power semiconductor lasers, has raised $10.7 million in the first close of its fifth funding round. Return backers include Oak Investment Partners, Mohr Davidow Ventures and Menlo Ventures. The company previously raised over $105 million since 2000. www.nlight.net
1 min read · 27 January 2009
Jingle Networks Inc., a Menlo Park, Calif.-based operator of a national consumer telephone directory assistance service, has raised $7.5 million in Series D funding, according to a regulatory filing discovered by VentureWire. The company had previously raised over $74 million, from firms like Goldman Sachs & Co., Hearst Corp., IDG Ventures, Liberty Associated Partners and Comcast Interactive Capital. www.free411.com
1 min read · 27 January 2009
Rivermine, a Fairfax, Va.-based provider of automated telecom expense management solutions, has raised $5 million in fourth-round funding. Softbank Capital led the round, and was joined by return backers Valhalla Partners, Longworth Venture Partners and Columbia Capital.
3 min read · 27 January 2009
Carrier IQ Inc., a Mountain View, Calif.-based provider of mobile service intelligence solutions for wireless carriers and equipment vendors, has raised $20 million in Series C funding. Intel Capital, Presidio Ventures and Sumitomo Corp. were joined by return backers firms like Accel Partners, Charles River Ventures and MDV. The company had previously raised around $23 million.
4 min read · 27 January 2009
SchoolNet Inc., a New York-based developer of instructional management software for K12 school districts, has raised $13 million in Series D funding. The Carlyle Group led the round, and was joined by fellow return backers Ascend Ventures, Hamilton Lane and the New York State Common Retirement Fund. The company had previously raised $28 million.
3 min read · 27 January 2009
