Venture capital investments in New England companies
jumped to $823 million invested in 114 companies in the second quarter of 2013,
according to the Money Tree Report by PriceWaterhouseCoopers and the National
Venture Capital Association based on data from Thomson Reuters.
Six of those companies are in Rhode Island, netting a
total of $33,308,000. This represents a
62% increase over investments in Rhode Island companies in the first quarter,
when $20,500,000 was invested in 3 deals.
A total of $53,508,000 has been invested in 9 Rhode Island companies in
the first half of 2013.
At the same time, investment levels across the U.S. also
climbed. Nationally, venture capitalists
invested $6.7 billion in 913 deals in the second quarter. This represents an increase of 12% in dollars
and a 2% increase in deals compared to the first quarter of 2013, when $6.0
billion was invested in 896 deals. The
Software, Biotechnology and IT Services sectors received the most investment
dollars for the quarter. Investment in
Internet companies also increased, with $1.9 billion being invested in 270
deals.
Locally, the six companies to receive investments in the
second quarter of 2013 are:
·
Greenbytes, Inc.,
·
Mnemosyne Pharmaceuticals Inc., of
Providence, received a $5,166,000 early stage investment from existing
investors Atlas Venture Advisors Inc. and Clol Biotechnology Industries,
Ltd. Mnemosyne is developing small
molecule therapeutics to treat schizophrenia and other cognitive and
neuropsychiatric disorder.
·
Neurotech USA, of Cumberland, received a
later stage investment of $7,000,000 from Versant Venture Management LLC. Neurotech is developing sight saving therapies
for chronic retinal disease.
·
Swipely Inc., of Providence, closed a
Series B expansion investment in May of $12,000,000. The round was led by Shasta Ventures, with
participation from existing investors Greylock Partners, Index Ventures and
First Round Capital. Swipely provides a
payment processing platform and online tools to help businesses understand
their customers through analyzing their credit card and debit card usage.
·
Teespring Inc., of Providence, allows
non-profits and others to create and sell custom t-shirts with zero upfront
costs. Teespring received an undisclosed
amount from FoundersClub Inc., as part of an overall investment of $1.1 million
across 11 companies in Silicon Valley’s Y Combinator startup accelerator
program.
·
VoltServer, Inc.., of Charlestown, closed
on Series A investment of $2,142,000 in June.
Investors included Rhode Island’s Slater Technology Fund, Marker Hill
Capital, Natural Resources Capital Management, Angel Street Capital and the
Clean Energy Venture Group. VoltServer
has developed a digital power solution that enables telecom providers to
remotely power remote equipment over existing communications wiring.
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