Funding Doldrums Continue in Georgia, With Just $64M for 2003

Investors minds continue to be on anything but Georgia, as the state endured another quiet week on the venture capital front.

One deal closed last week: High-speed circuit maker Quellan snagged $3 million from a group of existing investors and National Semiconductor. The Atlanta firm also hired a new chief executive.

That brings the state’s total for 2003 to about $64 million, a mere fraction of the more than $150 million in investments area tech companies had piled up as of this time a year ago.

Here’s LTW’s exclusive list of Georgia venture deals, ranked according to the size of the investment:

Company; Sector; Amount (Round):

Investors Austin Ventures, Frontenac and River Cities Capital.

2. STI Knowledge, Atlanta; Software; $14 million (1st)

Investors: BV-Cornerstone Ventures, Mellon Ventures and individual

3. nuBridges, Atlanta; Software; $11 million (NA)

Investors: C&B Capital, GMT Capital, hf Flagship Investments, Noro-Moseley, Tycho and Marie Hawle Foundation and individuals

4. Brickstream, Atlanta; Software; $6.2 million (1st)

Investors: Columbia Capital and Mohr Davidow Ventures

5. Lancope, Atlanta; IT Services; $5 million (2nd)

Investors: HIG Ventures and GMG Capital Partners

6. Q1 Labs, Atlanta; Software; $3.3 million (1st)

Investors: Business Development Bank of Canada and New Brunswick Investment Management

7. Flexlight, Atlanta; Networking; $3 million (2nd)

Investors: Coral Ventures and Concord Ventures

7. Quellan, Atlanta; Hardware; $3 million (NA)

Investors: Cordova Intellimedia Ventures, Greenspring Ventures, ITU Ventures, National Semiconductor, University Financing Foundation and Yamacraw Seed Capital Fund III

9. Qcept, Atlanta; Hardware; $2.1 million (NA)

Investors: Atlanta Technology Ventures, Bergman & Associates and Pittco Capital Partners

10. SAK Logistics, Atlanta; Software; $500,000 (1st)

Investors: Individuals