Another Quiet Funding Week in Georgia

Georgia’s funding funk is about to stretch on for another month, as nary a venture deal was closed last week.

After a blistering start to 2002, which saw the state pile up about $200 million in 21 deals through April, it seemed Georgia tech companies went into stealth mode when it came to raising money during the second half of the year. That dry spell has continued into the first few months of 2003, when only 10 deals for about $64 million have been announced.

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

Company; Sector; Amount (Round):

Investors Frontenac (lead) Austin Ventures and River Cities Capital Funds

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

Investors: Satish Sanan (individual lead) BV-Cornerstone Ventures and Mellon Ventures

3. nuBridges, Atlanta; Software; $11 million (2nd)

Investors: hf Flagship Investments (lead), C&B Capital, GMT Capital, 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 (2nd)

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: Pittco Capital Partners (lead), Atlanta Technology Ventures and Bergman & Associates

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

Investors: Individuals