Georgia Venture Capital Deals remain Few, Far Between — and Smaller

A slow month of August with only a couple of deals closing leaves Georgia far off the venture capital pace of 2002.

Some 24 deals worth $135 million have been closed for the year. The average of less than $6 million per deal is 40 percent less than deals closed a year ago.

Through August of 2002, 41 firms had raised more than $402 million.

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

Company; Sector; Amount (Round):

1. FlexLight, Atlanta; networking; $17 million

Investors: St. Paul Venture Capital, Accel Partners, Applied Materials Ventures, Concord Ventures, Coral Ventures.

2. Prenova, Marietta; IT services; $15.5 million (3rd)

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

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

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

4. iVivity, Atlanta, Software; $13 million

Investors: LSI Logic, HIG Capital, Commonwealth Capital Ventures, Kinetic Ventures, Cordova Ventures, Bergman & Associates.

5. 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

6. Procuri, Atlanta; Software; $10 million (3rd)

Investors: Insight Venture Partners

7.AppForge, Atlanta; wireless applications; $8.3 million
Investors: Grosevenor Fund, Council Centers, The Warren Group, Tim Draper of Draper Fisher Jurvetson, Sinclair Ventures, Draper Atlantic and C&B Capital.

8. EGT, Atlanta; Digital Video; $7.4 million (2nd)

Investors: Sevin Rosen Funds, Noro-Moseley Partners, HIG Ventures, Gray Ventures, the Yamacraw Seed Capital Funds, angels.

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

Investors: Columbia Capital and Mohr Davidow Ventures

10. Trusted Network Technologies, Alpharetta; IT services; $6 million (1st)

Investors: Charles River Ventures and Flagship Ventures

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

Investors: HIG Ventures and GMG Capital Partners

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

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

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

Investors: Coral Ventures and Concord Ventures

13. 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

15. CoreCard Software, Norcross; Software; $2.5 million (NA)

Investors: Intelligent Systems

15. Invistiks, Atlanta, Software, $2.5 million.
Investors: HIG Ventures, Intersouth, Imlay Investments, Atlanta technology Partners.

17. KnowledgeStorm, Atlanta; Internet services; $2.4 million.

Investors: Apex Venture Partners, Imlay Investments, Live Oak Equity Partners, Sterling Venture Partners, Total Technology Partners.

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

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

19. Auctionworks, Atlanta; Software; $2 million (2nd)

Investors: Undisclosed

20. AfterBOT, Norcross; Software; $835,000 (2nd)

Investors: River Cities Capital Funds

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