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.
Update: corrected ETC’s name, corrected Precision item.
DEFINITE READS
Remember when Eastern Technology Council and Mid-Atlantic Capital fund merged? We’ll the new entity has finally decided on its new name and branding. Last Wednesday the new group announced at its awards dinner that it will be called PACT, short for Greater Philadelphia Alliance for Capital and Technologies. Dean Miller of Novitas Capital will serve as the group’s CEO.
Outplay Technologies took first place at Drexel’s Baiada Center for Entrepreneurship Incubator Competition. According to the Inquirer’s Mike Armstrong, the company develops alternative video game controls such as button-filled gloves. No comment, however, from the NES powerglove guy.
MIGHT BE WORTH YOUR TIME
Radnor-based QR Pharma has raised $2.4 Million in seed money, including $500,000 from Ben Franklin Technology Partners.
NextStage Capital portfolio company Moda technolgies sold to Swiss-based Lonza Group for $10 Million according to our good friend Joe Destefano. The group planned a party at a local steakhouse to celebrate. For the record, fellas, Technically Philly is offended we weren’t invited. You should see Chris Wink sing karaoke.
GIVE A GLANCE
Quaker BioVentures was one of the firms involved in Pittsburgh-based Precision Therapeutics latest funding round. The Cancer diagnostics company raised $35 million in the round.
Deam Miller had a busy week as the Novitas Capital partner was also named in a $2.62 million round for Pittsburgh-based Cernostics Pathology Inc.
First Round Capital was once of a handful of firms to invest $9 million in Transpera, a video advertising company. The Series C round will be used to further expand the company’s mobile operations, according to a press release.
Online learning company Knewton has raised $6 million in a Series B round that included First Round Capital.
The VC Roundup will deliver Philadelphia private equity news hot and fresh every Tuesday morning.
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