$martEconomy

IP Unity Receives Crossborder Funding

IP Unity, a company that provides IP service solutions, including voicemail and messaging for TDM, IP and blended networks, received a growth investment from TELUS Ventures, an investment arm of  TELUS (TSX: T, T.NV; NYSE: TU) the second largest telecommunications company in Canada.

Financial details of the transaction were undisclosed.

IP Unity is located in Milpitas, California.

Lead Source: Business Wire

Vitel Software Acquired BY Concord Communications

Vitel Software, a voice network and security software company, has entered into an acquisition agreement with Concord Communications (NASADAQ: CCRD), a business services management software company. The purchase price is estimated at $4 million plus debt assumption. The transaction is expected to close in January, 2005.

Vitel Software is located in Worcester, Massachusetts. Concord Communications is located in Marlboro, Massachusetts.

Lead Source: Business Wire

Orthogon Systems Receives $8 Million

Orthogon Systems, a broadband wireless system developer, received $8 million from Motorola Ventures (lead), Lighthouse Capital Partners (new), Atlas Venture and The Carlyle Group (returning).

Funds will be used for market expansion. Orthogon Systems also announced a technology licensing agreement involving Motorola's Canopy product line.

Orthogon Systems has offices in Ashburton, Devon, United Kingdom and Waltham, Massachusetts.

Lead Source: Business Wire

Sprint, Nextel, Merge

Sprint (NYSE: FON) and Nextel Communications (NASDAQ: NXTL) announced they will partake in a merger of equals. The merged company, which has a combined equity of $70 billion, will be called Sprint Nextel. Sprint's local telecommunications business will be spun off to shareholders following the transaction.

Sprint headquarters is located in Kansas City, Kansas. Nextel Communications' headquarters is located in Reston, Virginia.

Lead Source: Business Wire

 

Nsite Receives Funding

Nsite, a business process automation company, received an investment from venture capital firm, Copan. Financial details of the investment were undisclosed.

Funds will be used for market expansion into Europe.

Nsite has headquarters in Pleasanton, California.

Lead Source: Business Wire

GCT Semiconductor Receives $20 Million

GCT Semiconductor, a semiconductor developer for the wireless communications industry, received $20 million in a Series-D round of funding from Samsung Venture Investment Corporation (lead), UTStarcom, East Gate Capital, Bokwang Investment Partnership, AT Ventures, KGI Partners, Nexus Investment (new), Parakletos Ventures and Pequot Capital (returning).

Funds will be used for production.

GCT Semiconductor has offices in San Jose, California and Korea.

Lead Source: Business Wire

AudioFeast Receives $10 Million

AudioFeast, a company that provides portable Internet radio services, received $10 million in a Series-A round of funding from Mayfield (lead), Worldview Technology Partners (new) and other unnamed investors (returning).

Funds will be used for sales, product and business development. Mayfield managing director, Yogen Dalal and Worldview Technology Partners general partner, Irwin Gross will join AudioFeast's board.

AudioFeast is located in Mountain View, California.

Lead Source: Business Wire

FoldRx Pharmaceuticals Receives $16 Million

FoldRx Pharmaceuticals, a discovery and development company that focuses on disease-modifying small molecule therapeutics, received $16 million in Series-A funding from HealthCare Ventures (lead) and Fidelity Biosciences.

Funds will be used for clinical expansion and product development.

FoldRx Pharmaceuticals is located in Cambridge, Massachusetts.

Lead Source: Business Wire

Neotropix Receives $10 Million

Neotropix, an early-stage drug discovery company that develops and commercializes virus-based therapies for the treatment of cancer, received $10 million in a Series-A round of funding from  The Aurora Funds, Quaker BioVentures, and VIMAC Milestone Medica Fund (co-leads) and BioAdvance Ventures (managed by Quaker BioVentures).

Funds will be used for product development.

Neotropix is located in Malvern, Pennsylvania.

Lead Source: Business Wire

Mazu Networks Receives $12 Million

Mazu Networks, a network security company, received $12 million in Series-C funding from Symantec Corporation (new), Greylock, Matrix Partners, Pilot House Ventures and StarVest Partners (returning).

Funds will be used for sales, marketing, product development and business development.

Mazu Networks has offices in New York City, San Francisco. California and Washington, D.C.

Lead Source: Business Wire