Finally, after a few quiet weeks, Georgia has a venture deal to its credit.
Auctionworks, an Atlanta online auction software developer, obtained $2 million in second-round funding from undisclosed investors.
Still, that is only the 11th deal of the year for the Peach State for about $66 million … a far cry off last year’s blistering pace of 23 deals for $260 million by early May 2002. The state’s poor first quarter placed it 11th nationally in the latest MoneyTree Survey, which noted that the venture industry overall has declined to five-year lows.
Here’s LTW’s exclusive list of Georgia venture deals, ranked according to the size of the investment:
Company; Sector; Amount (Round):
1. Prenova, Atlanta; IT services; $15.5 million (3rd)
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. Auctionworks, Atlanta; Software; $2 million (2nd)
Investors: Undisclosed
11. SAK Logistics, Atlanta; Software; $500,000 (1st)
Investors: Individuals
