Deal round-up 05/03/03

CDC Ixis leads E10m photonics round; VC Strathdon raises further £2m; Cazenove backs Empower Interactive; European VCs complete Kaidara E8m round

CDC Ixis leads E10m photonics round


French venture capital firm CDC Ixis Innovation has led a E10m third round of financing for Teem Photonics, a develop of photonic solutions for optical networks.


CDC Ixis was joined in the round by Credit Suisse First Boston and existing institutional investors Baker Capital, Hillman Co, INPG Enterprises, Lightspeed Venture Partners and Schneider Electric Ventures.


The company plans to use the funds to push the development of its integrated active and passive product lines for application in new areas, and pursue opportunities arising from the ongoing consolidation in the optical sector. This round brings Teem Photonics’ total captal raised to E47.4m.


VC Strathdon raises further £2m


Strathdon Investments, the UK technology venture capital firm, has closed a further £2m funding round from institutional and private investors and management. This brings the total funds committed from investors to date to over £22m.


Strathdon currently has a portfolio of 25 companies, in which it has invested over £14m, principally focused on IT applications in four key markets: energy, finance, healthcare and manufacturing/process. The firm reports that during 2002 revenues rose by 50 per cent while losses fell by more than 60 per cent across the whole of the portfolio.


Strathdon currently has four institutional backers including Dresdner Kleinwort Wasserstein, Singer & Friedlander and two of the top ten UK private pension funds, plus over 30 private individuals.


Cazenove backs Empower Interactive


Messaging infrastructure provider Empower Interactive has received funding worth E5.75m from a group of investors led by Cazenove Private Equity, a division of investment bank and boker Cazenove.


Other investors in the round included existing backers, Telesystem Argo Global Capital LLC and IDG Ventures Europe. The financing extends Empower's third round funding announced in August 2002. The London-based business says the funding will be used to accelerate its expansion plans and to pursue additional product R&D and fund future growth and potential acquisitions.


European VCs complete Kaidara E8m round


Digital Networks, together with existing investors Galileo, CDC Ixis Innovation, ACE and Rothschild, have invested E4m to finalise an E8m series B round of funding in Kaidara, a provider of advanced customer service solutions based in California and Paris.


The investment will support the company’s expansion in Europe and North America. The company already counts Cisco, Rhodia and DaimlerChrysler as customers. Nenad Marovac, managing partner at Digital Networks, will join the Kaidara board.