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.
DEFINITE READS
Yardley-based secutiry company Lifeshield has raised $11 million from a handful of local sources, including Novitas Capital, First Round Capital, NewSpring Ventures and Nutrisystem’s (based in Horsham) former CEO Michael Hagan. The funds will be used to relaunch the brand after it changed its name from InGrid Home Security.
Gil Beyda has a fantastic interview with adxchanger.com about the sale of Invite Media (our coverage here). Beyda’s company, Gencast Ventures, was one of Invite’s investors and the company’s sale to Google gave Gencast its first exit. Beyada also says that he is looking to invest in four to five new startups this year, so get that pitch ready.
MIGHT BE WORTH YOUR TIME
White Hall-based Dynalene Inc. has received $41,146 from Ben Franklin Technology Partners for its heat transfer technology. Our friends at Keystone Edge do a better job at explaining the tech than we do, evoking the summer days you spent as a ten-year-old murdering ants. Or something.
West Conchohoken-based Immune Control Inc. and Baltimore-based Arginetix Inc. are merging to form Corridor Pharmaceuticals Inc. The new company has raised a $15 million Series A round from BFTP and Quaker BioVentures and will maintain offices in both locations. Corridor plans on testing a new hypertension drug on humans this year. Phillies fans should be first in line, amiright?
GIVE A GLANCE
First Round Capital has invested in identity-theft company SafetyWeb. Lets hope they have better luck than their competition. Perhaps not coincidentally, at the last Mobile Monday, First Round’s Josh Kopelman mused that a good use of mobile technology would be as a source of verifying identity for ATM transaction.
Mitos and DreamIt Ventures founder Steve Welch keeps in in the city with an interview with the Philadelphia Bulletin about his new book We Are All Born Entrepreneurs. Welch, a Penn State grad, mostly discusses raising money at the right time.
Novitas has invested an undisclosed amount in the Series A round of Pittsburgh-based Cernostics. The company is working to make electronic medical records cheaper and more efficient.
The VC Roundup will deliver Philadelphia private equity news hot and fresh every Tuesday morning.
Before you go...
Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.
Join our growing Slack community
Join 5,000 tech professionals and entrepreneurs in our community Slack today!