Deal round-up 31/01/03

UK VCs back UDEX; Super Dimension lands $13m third round; Renovo adds to second round financing; Novartis, Nextech back Genetics acquisition; Novartis, Nextech back Genetics acquisition; Private Equity Investor exits Okena; AXA PE takes Planisware minority stake

UK VCs back UDEX


UDEX, a supply chain management technology based in Newport, Wales, has raised £3m in financing from a group of backers including 3i, HSBC Private Equity and Northbridge Ventures. The company specialises in servicing large supermarket chains and will use the funds to expand into the US and France. UDEX currently has in excess of 1000 customers in the UK, USA and France, including E&J Gallo, Sainsbury and Tesco.


Super Dimension lands $13m third round


Israel-based developer of medical navigational systems, Super Dimension, has raised $13m in third round financing from a group of international investors including new investors Medica Venture Partners, Mi3 Venture Capital, Oxford Bioscience Partners and Pitango Venture Capital.  Existing shareholders, Gemini Israel Funds and Advent also invested in this round.


The financing is expected to last three to four years and adds to the $7m already raised. The capital will be used to develop the company’s existing products as well as for the development of new technologies.


Renovo adds to second round financing


Manchester-based drug develop Renovo has added £2m to its second round fundraising effort, closing the round on £23m. The company has attracted additional investment from Singapore-based Temasek Holdings and BioVeda Capital, adding to earlier funds raised from HealthCap, Care Capital and existing shareholders Atlas Venture and JPMorgan Partners.


The new funds will be devoted to clinical trials of Renovo's two lead drugs – one of which is being developed to prevent scarring and the other to accelerate wound healing – through the completion of Phase II clinical trials.


Novartis, Nextech back Genetics acquisition


Existing investors Novartis and Nextech have joined Basel-based BPP Business Promotion Partner in providing acquisition finance for The Genetics Company, a Swiss-based drug discovery and development company.


The three firms have provided a total of $5m for the business, which has announced the acquisition of assets and portfolio from CallistoGen, a Berlin-based bioinformatics company developing novel lead compounds.


Rudolf Gygax, managing director of the Novartis Venture Fund will join The Genetics Company board of directors.


Private Equity Investor exits Okena


UK investment trust Private Equity Investor has achieved a strong exit on its investment in Okena, a US developer of behaviour-based technology. PEI has a 1.06 per cent holding in Okena, a privately owned network security software company, through its 4.6 per cent holding in APV Technology Partners III.


Prior to the sale to Cisco Systems in an all-share deal worth $154m, Okena had a book value of $29m. The gross proceeds to PEI will be approximately $1.63m in Cisco stock, equivalent to a 381 per cent gross return on its original investment. 


PolyTechnos leads E10m for Giga Stream


Munich-based venture capital firm PolyTechnos has led a second round of private financing for GIGA STREAM UMTS Technologies, a provider of infrastructure equipment for next generation mobile networks. The PolyTechnos Funds have led this round of financing, which includes first-round investors 3i and SWG.


GIGA STREAM will use the funds to strengthen its sales and marketing activities, ramp up the production line, and carry out additional development tests with leading network suppliers.


AXA PE takes Planisware minority stake


AXA Private Equity has announced that it is to buy a stake in Planisware, a software engineering business specialising in project management applications. Under the terms of the agreement, AXA Private Equity will hold 20 per cent of Planisware’s total capital, although the price has not been disclosed.


Created in 1996 following a spin-off from Syseca, Planisware is a European publisher of enterprise-wide project management solutions. In 2002, Planisware reported sales of E9m.