VC Roundup: VCs that can kill and the carried interest tax moves along

Welcome to the VC Round-up, where we’ll parse through venture capital news related to Philadelphia-based private equity firms and the companies they fund. Subscribe to the roundup as an email newsletter. If you have any VC-related news to pass along to us, please drop us a line.
MUST READS
As we wrote about this morning, our pals at Phillymag wrote a detailed expose on Mike Burns of Guggenheim Venture Partners. The story details the military-like workflow of the under-the-radar firm that focuses on buying distressed assets. We’d link to it, but as of Monday Night it appears the story hadn’t made it online yet. When its up be sure to give a read for an inside look into the only local investment firm that could also kick your ass. The story also had a sidebar of prominent local VC funds including First Round, Gencast and DreamIt.
The National Venture Capital Association continues its fight against a Senate Bill that it says would discourage investment activity. The bill, which would increase taxes on “carried interest” barely passed the passed the House and observers expect the Senate to make significant changes to the bill.

MIGHT BE WORTH YOUR TIME
After receiving investment from MentorTech, Science Center-based materials company Innova Dynamics looks to raise another round. The University City-based firm was among several to be included in the company’s Series A $5.5 million round.
Citybizlist reports that NewSpring Ventures has led an undisclosed funding round for Archive Systems, a document management company based in Fairfield, New Jersey.
Keystone Edge writes about Viddler’s expansion in the wake of its latest funding round. The Bethlehem-based video sharing site plans on hiring new employees and adding servers. You know, what most companies do with the money.
Pittsburgh-based e-commerce site ModCloth has raised $19.8 million from First Round Capital.
GIVE A GLANCE
Novitas Capital is among the firms included in Logical Therapeutics’ $16.9 million Series C round. The Massachusetts based biotech company plans on using the cash to develop arthritis medication.
Want to hobnob with Ben Nernake, Joe Biden and other notable names as you change the face of local startups? Of course you do, so apply to be an associate at BFTP. We’re stunned that the group had to resort a Monster.com posting, but we’re biased.
Move Networks, which has previously raised money from Comcast Interactive Capital, has quietly raised $3 million. No word if Comcast was involved.
Oh, apparently there is a crazy turf war for the mayorship of DreamIt.
The VC Roundup will deliver Philadelphia private equity news hot and fresh every Tuesday morning.