Representative Venture Capital Transactions

Morrison & Foerster has represented venture capital funds and start-up companies in a number of seed, early-round and mezzanine financings which include:

Investors’ Counsel

• Acer Technology Ventures as lead investor in a $4.5 million Series A Preferred Stock financing of Nuchannel Holding Co., a Beijing- and Taiwan-based developer of interactive audio-visual digital media content and digital media publishing technologies.
• Acer Technology Ventures in a Series A Preferred Stock financing of Ether Precision, Inc., a Shanghai-based designer and manufacturer of miniature optical lenses for digital camera and cell phone OEMs.
• Acer Technology Ventures in a Series B Preferred Stock financing of Chipnuts Technology, Inc., a Shanghai-based mobile multimedia System-on-Chip (SoC) design firm.
• American River Ventures in a $12 million Series C Preferred Stock financing by ReShape, Inc.
• American River Ventures in a $5 million Series B Preferred Stock financing by ClairVoyante, Inc.
• American River Ventures in a $6 million Series A Preferred Stock financing by SpectraSensors.
• American River Ventures in a $8 million Series B Preferred Stock financing of Clovis Solutions.
• American River Ventures in a $8 million Series C Preferred Stock financing of PocketThis.
• American River Ventures in its investments in KeyEye Communications and IntelliDot.
• American River Ventures, as lead investor in the  Series C-1 financing of Triformix, Inc., a maker of optical components for the communications, digital-imaging, and instrumentation markets.
• Apax Partners in its $11 million investment in global financial software company Iris Financial Engineering.
• AsiaTech Management as the lead investor in the Series C round of financing of Opitmal Corporation, a provider of electronic design automation tools.
• Avlar BioVentures, Bio*One Capital, Merlin Biosciences, and Lloyds TSB Development Capital on a Series D private equity funding for Paradigm Therapeutics Limited totaling approximately £7 million.
• Biotech Insight Management as the lead investor in its $5 million Series B investment in Amplimed Corp.
• Boulder Ventures Limited in its $4 million participation in the follow-on Series A preferred stock financing of Millennium Pharmacy Systems, Inc., a Wexford, Pennsylvania-based developer of medication management systems.  The aggregate amount raised in the offering was over $9.5 million. 
• Carlyle Asia Venture Partners in its investments in Worldzen and Quality Engineering & Software Technologies LLC (QuEST)
• Carlyle in a $3 million Series A Preferred Stock financing of Awaken Limited.
• Carlyle in its investment in a Series B Preferred Stock Financing in Nulife Technology Corporation, a Delaware corporation, a semiconductor design company headquartered in Silicon Valley.
• CDH Investments, as advisor to a consortium of investors which included Draper Fisher Jurvetson and WI Harper Group, in their $12.5 million Series B investment in Shanghai-based Focus Media.
• China Assets Investment Management Limited and Draper Fisher Jurvetson ePlanet Ventures, a consortium of investors led by China Assets Investment Management Limited and Draper Fisher Jurvetson ePlanet Ventures in connection with their investment in a mobile content and services provider based in China.
• Coastview Capital Fund in a $17.3 million Series B Preferred Stock financing by Cylene Pharmaceuticals, Inc.
• Compass Venture in connection with its US$15 million investment in Maipu Communication Technology Co. Ltd., a China-based networking equipment company.
• Darwin Venture Capital in its $42.12 million first-round funding. 
• Defta Venture Partners in a $2.3 million Series A Preferred Stock financing by XVD Corporation.
• DragonTech Ventures, Intel Capital Corporation, and Tsinghua Venture Capital in their venture investment in Ocamar Technologies, a provider of wireless software and hardware with operations in Shanghai and Hangzhou.
• East Gate Capital Management as lead investor in a $3.5 million Series B Preferred Stock financing of Emdigo, Inc., a software and technology company that helps wireless service providers, publishers and content aggregators deploy 3D graphics-based entertainment content onto mobile handsets.
• Fidelity Greater China in a $8 million Series A Preferred Stock financing and $5 million Series B Preferred Stock financing of Dianji Holdings Limited.  
• Fidelity Greater China in its Series A Preferred Stock investment in UIM Holdings Limited, which provides internet television services in China through its affiliates based in Beijing.
• Forward Ventures and Domain Partners in the $3 million Series A financing for Imagine Pharmaceuticals, Inc.
• Forward Ventures in a $41 million Series C Preferred Stock offering for CancerVax Corporation, a biotechnology company focused on the research, development, and commercialization of biological products for the treatment and control of cancer.
• Forward Ventures in a $55,400,000 Series J Preferred Stock financing of Acorda Therapeutics, Inc., a company focused on developing drugs to treat spinal cord injuries.
• Forward Ventures in the $47.5 million Series B financing for Hypnion, Inc., a developer of treatments for sleep disorders and circadian rhythm abnormalities.
• Frazier Healthcare Ventures in a $15 million Series A financing of Arête Therapeutics, Inc., a drug development firm focused on creating hypertension and inflammation drugs directed at arachidonic acid metabolism.
• HBM Bioventures AG in its $8 million Series D financing for Micrus, a medical device company
• Intel Capital in its $125 million investment in Elpida Memory, a joint venture between Hitachi and NEC which is the world’s fifth largest DRAM chip manufacturer.
• International Finance Corporation in a $3 million Series A Preferred Stock financing (second closing) of HiSoft Technology International Limited.
• International Finance Corporation, DEG and OCBC, Wearnes & Walden in their venture investment in Global Infotech, a systems integrator based in Beijing.
• Invensense in its $8 million Series A Preferred financing.  This round was led by Artiman Ventures with Partech International Ventures III.
• INVESCO Private Capital in its investment in Comergent Technologies, Inc., a provider of enterprise e-commerce applications, in a $19 million Series A-1 Preferred Stock financing.
• Investor Growth Capital Asia Limited as lead investor in a $4.2 million Series A Preferred Stock financing round by Shoei Co., Ltd., a developer and manufacturer of glass panel touch screens.
• ITX International Equity Corp. in its investment in Entrepia Ventures.
• ITX International Equity Corp. in the $1 million Series A financing of GeneExcel.
• ITX International Equity Corp. in the $1 million Series B financing of Acologix.
• ITX International Equity Corp. in the $3 million Series C financing of GCT Semiconductor.
• ITX International Equity Corp. in the $3 million Series D financing of Nimblegen.
• ITX International Equity Corp. in the $3 million Series E financing of Fox Hollow.
• ITX International Equity Corp. in the $5 million Series A financing of AltaSens.
• ITX International Equity Corp. in the $800,000 convertible notes financing of DoOnGo.
• ITX International Equity Corp. in the $850,000 Series A financing of Resect.
• KLM Capital Group in its investment in Dyxnet Holdings, the parent of Diyixian, a China-related web-hosting/ASP company.
• KLM Capital Management in connection with its venture capital financing investments in the Internet infrastructure sector in China.
• Legend Capital and DCM-Doll Capital Management in their Series A Preferred Stock investment in Worksoft Creative Software Ltd., a software developer based in Beijing.
• Legend Capital and Versant in a $4 million Series A Preferred Stock financing of Power Genius Holdings Limited (aka Skyinfo or Xuntian).
• Mid-Atlantic Venture Fund, BCE, and Core Capital, in their $5 participation in the Series D preferred stock financing of NexTone Communications, Inc., a Gaithersburg, Maryland-based developer of voice over IP (VoIP) technology.  The aggregate amount raised by NexTone in the offering was $35 million.
• Nikko antfactory K.K. as lead investor in a consortium acquiring a majority stake in Monolith Co., Ltd., a Japanese developer of computer image processing products based on its patented Critical Point Filter technology.
• Nikko antfactory K.K. in its Series B-1 investment in Cylex Inc., a manufacturer and developer of patented in vitro diagnostic products for the assessment of immunity.
• Nikko antfactory K.K., a venture capital affiliate of Nikko Securities, as lead investor in a Series B Preferred Stock financing by Cima NanoTech, an advanced materials company specializing in the production of nanoscale conductive dispersions materials.
• Nikko Cordial in its $3 million Series C round of financing for InterCure Ltd., a developer of a patented technology platform for respiratory-based treatment of cardiovascular and pulmonary diseases.
• Norwest Venture Partners, as lead investor, in a $10.1 million Series C Preferred Stock financing of M-Factor, Inc., a provider of marketing investment management systems that helps consumer marketing organizations maximize their return on investment.
• Norwest Venture Partners, as lead investor, in a $26 million Series C Preferred Stock financing for Double Fusion, Inc., an independent provider of in-game advertising and marketing solutions worldwide.
• Pequot Capital in a Series C Preferred Stock financing for AcuFocus, Inc.
• Pequot Ventures in a Sereis B Preferred Stock financing of Istor Networks.
• Pequot Ventures as lead investor in a $37 million Series B financing for Prestwick Pharmaceuticals, an emerging specialty pharma biotech with multiple late-stage products.
• Pequot Ventures in a $10.5 million Series A Preferred Stock financing for Sadra Medical, Inc., a developer of innovative new therapies for aortic valve disease. 
• Pequot Ventures in a $3.5 million Series A Preferred Stock financing for Ablation Frontiers, Inc., a developer of cardiac therapy technology to tailor the treatment of atrial fibrillation to each individual patient. 
• Pequot Ventures in a Series A Preferred Stock financing for Integrated Micromachines Inc., a semiconductor test probe card company developing the next generation of test tooling to reduce costs and facilitate process transitions.
• Pequot Ventures in its investment in Sanarus Medical Incorporated, in a $24 million Series D Preferred Stock financing.
• Pequot Ventures in the $25 million Series B financing for Copan Systems, a provider of data storage solutions
• Progress Investment Management in a $4.5 million Series B Preferred Stock financing.
• Saudi Economic Development Co. (SEDCO) in its investment in the APIDC Biotechnology Fund, a $35 million Indian biotech fund, in which SEDCO, the International Finance Corporation and NORFUND (the Norwegian Investment Fund for Developing Countries) were the lead institutional investors.  The Government of Andra Pradesh is also an investor in the fund.
• SB Asia Investment Fund II, LP. We represented SB Asia Investment Fund II, LP, an affiliate of SOFTBANK Corp., in which Cisco Systems is the anchor investor, in its purchase of US$15 million of Series A preferred shares of ATA Testing Authority (Holdings) Limited. ATA is based in Beijing, China, and is a provider of educational software, education-related software training and test administration solutions.
• SDL Ventures in its investment in the Series C round of financing of Konarka Technologies, Inc., a provider of polymer photovoltaic products.
• Sigmatel, Inc., Investors in Series H and I financings.
• Skyline Ventures and Essex Woodlands Health Ventures in due diligence for Receptor BioLogix's $33.6 million Series A Preferred Stock financing.
• Sprout Group, as lead investor in the $8 million Series A financing for Symyx Technologies, enabling them to launch life sciences arm Symyx Therapeutics.  Symyx Technologies is a developer of high-speed combinatorial technologies for the discovery of materials for life science, chemical and electronics applications.
• Storm Ventures, as lead investor, in a $12.2 million Series B preferred stock financing of MetaRAM, Inc., a fabless semiconductor company focusing on bringing added value to the memory subsystems of servers, storage systems and network equipment.
• Storm Ventures II in the $11 million Series C financing for Inovys, a leader in DFT-based production test, failure analysis, and silicon debug productivity systems and tools.
• Sutter Hill Ventures in Right Hemisphere's $10 million Series B Preferred Stock financing.
• Sutter Hill Ventures in the restructuring of and Series 1 investment in Object Reservoir.
• Sutter Hill Ventures in the Series A financing of Streetline.
• Technology Venture Partners, one of the largest specialist technology venture capital firms in Australia, as lead investor in the financings for two technology startups, investing approximately $6 million in Emotiv Systems, Inc., and Gecko Audio, Inc.
• The investor group, including Forward Ventures, Boston Millennia Partners, and CMEA Ventures as lead investors, in a $43 million Series C financing for Predix Pharmaceuticals, a clinical stage drug discovery and development company.
• Thomas Weisel Healthcare Ventures in a $31 million third-round financing by QuatRx Pharmaceuticals, Inc.
• Tideline Capital in its $2.1 million Series A Preferred Stock financing (second round) led by Voyager Capital.
• Tsinghua Venture Capital Management, the venture arm of Tsinghua University, China’s premier science and engineering university, in the formation and organization of its $30 million China Environmental Fund. 
• UOB Venture Management as the lead investor in the Class A financing of Flash Electronics, a U.S.- and China-based provider of electronics manufacturing services.
• Walden International Group and IDG Technology Venture Investments as co-lead investors in a $6.6 million equity financing of iMAX Technology Computer Limited, a Shanghai-based portal providing online person-to-person trading services for online gaming services.

Company Counsel

• AgraQuest, a developer of pest management products for the agricultural, institutional, and home markets, in its $9.4 million Series G Preferred Stock financing. 
• AgraQuest, in a $14.35 million Series H Preferred Stock financing.  The financing was co-lead by Otter Capital, Texas Pacific Group, and Halcyon Capital. 
• Anagran, Inc., an early stage company in the process of developing a next generation Customer Premises Equipment IP Router, in its first-round of venture financing.
• AnalgesiX in its spin-out from UCSD’s Transmed program and its initial seed capital financing of $1 million.
• Arrow Therapeutics, a London-based anti-infectives drug discovery company, in its £25,000,000 ($41,500,000) Series B funding round.
• Astute Medical, Inc., a San Diego-based biotechnology company focused on the identification and validation of protein biomarkers of severe acute disease in its $6 million Series A financing.
• Avant Medical Corporation in its $2 million Series A Preferred Stock financing.
• BabyCare Ltd., a retail chain focused on pre- and post-natal care and education, in its venture financings and in general corporate matters.
• Baidu.com, a Chinese-language search engine technology company, in its Series C financing.  Google co-led Baidu’s latest fundraising round with venture fund Draper Fisher Jurvetson ePlanet Ventures.
• Bay Microsystems, Inc., a designer of programmable internetworking devices, in an $8.3 million Series E preferred stock financing and in an over-subscribed Series C financing round with a total investment in the company of more than $30 million.
• Blue Casa Communications, Inc., a provider of customized bundles of local and home telephone services to families, in its $20 million Series C Preferred Stock financing.
• Brabeion Software Corporation, a developer and provider of compliance management software (including software designed to implement Sarbanes Oxley accounting controls and HIPAA compliance), in its $5 million venture capital financing by Longworth Venture Partners and TD Capital.
• Cadence Pharmaceuticals, Inc., a specialty pharmaceutical company located in San Diego, in a $20.5 million Series A Preferred Stock financing. 
• Carbonetworks, a provider of enterprise greenhouse gas emissions management software and services, in the first closing of a US$5 million Series A financing round. The funding was provided by NGEN II, L.P., part of the NGEN Partners group of leading cleantech venture funds.
• cap-XX in a $100,000 Note and Warrant financing. 
• Cassatt Corporation in its Class C and D financings of over $30 million and $15 million respectively, both led by New Enterprise Associates and Warburg Pincus.
• Cavium Networks, a provider of customized processors, software and evaluation boards for network and e-commerce security processing, in its $15.8 million Series B, $18 million Series C, and $20.8 million Series D rounds of financing. 
• Cell BioSciences in a $14 million Series A financing with Domain Partners, Latterell Venture Partners, POSCO BioVentures, Novo Nordisk, RBC Capital Partners and Mitsui.
• Concuity in a $8.2 million Series D Preferred Stock financing led by Mobius, Three Arch Partners, and Versant Ventures.  Closings in February, March, July, and September 2004.
• Converge Medical, a developer of enabling technology for less invasive cardiac surgery, in its $25 million Series D round of financing.
• DNA Direct in a $1.5 million Series A Preferred Stock financing led by Firefly Investments.
• Dynavax in its $15.2 million Series E-1 Preferred Stock financing through a newly-established Singapore subsidiary, Dynavax Asia, to Singapore and U.S.-based institutional investors.
• EchoStar Satellite Corporation, Inc. on its strategic investment in Reality TV USA, a special purpose vehicle set up by Zone Vision Enterprises for the launch of a TV channel on the EchoStar platform in the U.S.
• Encorp in a $7.1 million joint venture/financing led by Rustic Canyon Partners.
• Encorp in a Series A financing that raised approximately $10 million and included a strategic investment by Siemens Venture Capital GmbH (SVC), the corporate-venture arm for global electronics and engineering corporation Siemens AG.
• Endocare in its $6 million Series C investment in Sanarus.
• EnterpriseDB Corporation, in a $7 million Series A-1 financing.
• Epitomics, Inc. in its Series B Preferred Stock financing.
• Epitomics, Inc., a privately held biotech company that develops, manufactures and markets rabbit monoclonal antibody technology and products, in its $11 million Series C equity financing. This round of financing was led by Sycamore Ventures.
• FOI Corporation in its $4.3 million Series B Preferred Stock financing.
• FOI Corporation in its $7.8 million Series A Preferred Stock financing.
• Genospectra in its $15.5 million Series C financing.
• GoGo Technology in its Series C Preferred Stock financing led by JAFCO Asia Technology Fund.
• HMS Healthcare in a $45 million Series A Preferred Stock financing/LBO.
• HydroPoint Data Systems in its Series A Preferred Stock financing.
• Infommersion, a leading developer of next-generation data presentation tools for a variety of industries, in its $4 million Common Stock financing.
• InPhase in a $8.7 million Series B Preferred Stock financing led by New Venture Partners LLC.  Hitachi Maxell, ALPS Information Technology Fund LP and Japan Asia Investment Co., Ltd. also participated.
• InPhase in a $32.1 million Series C Preferred Stock financing led by New Venture Partners LLC.  Bayer MaterialScience AG and Nanotech Partners Ltd. also participated.
• Intercytex, a cell therapy company developing products for the advanced woundcare and aesthetic medicine markets, on a £12 million private equity financing from its existing shareholders: Avlar BioVentures, Merlin Biosciences, 3i, Cambridge Gateway Partnership, NIF Ventures, and Scottish Equity Partners. 
• Jeboo.com in a $3 million Series A Preferred Stock financing led by Draper Fisher Jurvetson, ePlanet Ventures.
• Kanisa Pharmaceuticals in its $25 million Series A Preferred Stock financing led by New Enterprise Associates, Interwest, Windamere, Eli Lilly, and Montreux Equity.
• Kemia Inc. in its $19 million Series A Preferred Stock offering.
• Kemia Inc. in its $33 million Series B financing with JP Morgan, Forward Ventures, Alta Partners, Texas Pacific Group, and Novartis.
• Kerberos Proximal Solutions, Inc. in its $11 million Series C financing.
• Kiodex, a provider of web-based energy risk management and trading systems for the commodity markets, in its $10 million second round of financing led by Warburg Pincus.  Warburg Pincus originally invested $15 million in Kiodex in April 2001.
• Lipomics Technologies, Inc. in its $2.2 million round of funding.  Lipomics is a developer of tools for drug discovery and personalized medicine using technologies for lipid metabolite analysis and data interpretation.
• The ManiaTV! Network in a $4.6 million Series A Preferred Stock financing led by Angeleno Venture Benchmark Capital.
• Mediabolic, Inc., a provider of embedded middleware and software applications for digital entertainment devices, in its $5.75 million Series C-1 Preferred Stock financing.
• NanoPrecision Products in a $1.5 million Series A Preferred Stock financing led by Magnecomp International.
• NDTV Networks Plc, a U.K. public limited company operating television stations in England and India, in its $20 million A Preferred Share financing.
• Netuitive, Inc. in a $5 million Series C venture capital financing.  Netuitive develops and licenses software that monitors computer systems, analyzes performance, and alerts system administrators to potential service problems. 
• Networks in Motion in a $5.8 million Series B Preferred Stock financing led by Redpoint Ventures, Mission Ventures, Verizon Investments, and Garmin International.
• New Oriental Education & Technology in its $22.5 million Series A Preferred Stock financing led by Tiger Technology Partners.
• NexRay in its $10 million Series CC Preferred Stock financing.
• N-Gene in its Series B Convertible Preferred Stock financing.
• oDesk, a provider of software and services to help companies hire, manage, and pay remote technology professionals, in closings of its Series A financing with Sigma Partners and Globespan Capital Partners.
• Oren in its $16.5 million Series E-1 and E-2 Preferred Stock financing.
• OrthoClear in its Series B and Series C financings.
• PanCel Corporation, an early stage cellular therapy company that has developed technology to genetically engineer pancreatic cell lines for the eventual cure of diabetes, in its $4 million Series A round of financing.
• PetriTech, Inc., a provider of innovative, high-strength composite solutions, in its $5 million Series A round of financing.
• PharmaKodex Ltd. on the completion of a Series A. equity financing raising £7.1 million ($13.5 million).
• Rainfinity, a provider of non-stop access for storage, security, and Internet resources, in its $10 million offering of Series E Preferred Stock.
• Retention Education, Inc., provider of unique educational products and services to Hispanic adults with limited English language proficiency, in the sale of its Series A Preferred Stock for aggregate proceeds of $4 million.
• Santarus, Inc., a specialty pharmaceutical company focused on acquiring, developing, and commercializing products for the prevention and treatment of gastrointestinal diseases and disorders, in its $55 million Series D financing.
• Smartpay, a Shanhai-based electronic payment service provider, in a series of equity financings.
• SolarFlare Communications, Inc., a fabless semiconductor company, in connection with its $26 million Series B-1 Preferred Stock financing.
• SolarFlare Communications, Inc., in connection with its $48 million Series A-1 Preferred Stock financing.
• SolarFlare Communications, Inc., in connection with its $5.5 million Series A-1 and A-2 Preferred Stock financing led by Anthem Venture Partners, Foundation Capital, Windward Ventures, and Intel Capital Corp.
• Sourcefire, Inc., a developer of network security and information management systems, in a $20 million Series D round of financing led by Meritech Capital Partners.
• Speciality European Pharma in a €15 million Series A round in which Advent Venture Partners was the sole investor.
• Strata Pharmaceuticals in a $20.5 million Series A Preferred Stock financing led by Domain Associates, ProQuest Investments, and Windamere Venture Partners.
• Telarix in its $6.5 million Series B Preferred Stock financing led by SpaceVest III, L.P. with Edison Venture Fund increasing its overall ownership.  Northern Virginia based Telarix is a provider of interconnect business optimization solutions to global wireline, wireless, broadband and VoIP communications service providers.
• TelASIC Communications, in its $35 million Series C funding round.
• Tideline in a $350,000 Series A Preferred Stock financing led by Voyager Capital.
• Titan Health Corp. in its $4 million Series B Preferred Stock financing led by Cutlass Capital.
• Trellis BioSciences in its $1.7million Series A-1 financing with Morganthaler.
• Trellis BioSciences in its $3.75 million Series A-2 financing with Morganthaler and Easton-Hunt Capital.  Additional closing January 2004.
• Ultramercial, Inc. in its $2.5 million venture capital investment by Loeb Partners.
• Vazu, Inc. in connection with its Series A Preferred Stock financing, led by Globespan Capital Partners.  First closing November 2004.
• Veristeel, a manufacturer of composite structural panels for mobile/modular construction, in a $2,000,000 seed round Common Stock offering.
• Vindigo in its $4 million Series E Preferred Stock financing led by Tejas Securities.
• VRT Insurance Services in its alliance with private equity investment firm Belvedere Capital.
• Wavestream Corp., a provider of solid-state power amplifier products in a $27.9 million round of financing led by Oak Investment Partners XI, Limited Partnership. 
• WhenU in its $35 million Series A Preferred Stock financing led by ABS Capital Partners and Trident Capital.
• Wine.com in its $20 million Series F Preferred Stock mezzanine round financing.
• Wine.com in its $8 million round of financing, including $5 million in equity and $3 million in debt.
• YaoLan Ltd., a retail chain focused on pre- and post-natal care and education, in its $10.25 million Series D financing.  Investors were Sutter Hill Ventures, Chengwei Ventures, and Power Pacific Equities Limited.
• Zhaopin.com, a leading Chinese online provider of recruiting and human resources services, in several rounds of venture financing and general corporate matters.