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Clinverse, has completed a series A financing of USD2.2m to assist its development of ClinPay, the pharmaceutical industry’s first eClinical trial payment network.
The investment syndicate comprised current investors and Vital Financial.
Umair Akeel has joined Clinverse as its chief technology officer. Akeel was an inventor and the chief architect during the development of IBM’s InfoSphere Traceability Server.
Clinverse president Steve Ayala says: “We are pleased to have rounded out our investment with significant funding from Vital Financial. Not only is Vital adding to our capital base, but they also are contributing their team’s experience in growing successful software companies.
Yorkville Advisors, the US based investment manager to a family of funds, has entered into a KRW12bn equity line facility with Yujin Robot.
Under the terms of the facility, Yujin Robot may issue ordinary shares to Yorkville in tranches at prices based on certain criteria at any time over a 24 month period for up to a total of KRW12bn.
The investment was sourced out of Hong Kong and made by YA Global Master SPV, a Yorkville affiliated fund.
Yujin Robot is a Seoul, Korea-based technology company focused on development, manufacture and distribution of robots for residential, industrial and military
Venture Capital firms invested USD77m over 17 deals in India during the three months ending September 2009, according to a study by Venture Intelligence in partnership with the Global India Venture Capital Association.
The amount invested during the period was significantly lower compared to the same quarter in 2008 (which had witnessed USD298m being invested across 55 deals), but higher compared to the immediate previous quarter (USD64m across 17 deals).
“There return of confidence in emerging markets in general and India in particular is now getting reflected in the quarter-on-quarter numbers,” says Sudhir Sethi, director of GIVCA and founder, chairman
The Rainbow Seed Fund, a fund investing in early stage technology companies, says five of its investments raised over GBP22m over the summer.
The Rainbow Seed Fund is a GBP10m independently managed seed capital fund dedicated to investing in technologies from its publicly funded research base of ten partners who collectively spend over GBP1bn on research annually.
Set up in 2002, to date Rainbow Seed Fund has invested over GBP5m in helping to create 22 spin out companies which between them have raised well over GBP60m of additional capital.
Dr Andrew Muir, investment director at the Rainbow Seed Fund, says:
Guernsey is reviewing its corporate tax regime in line with its agreed fiscal and economic strategy.
The island’s current “zero-10” corporate tax regime was introduced on 1 January 2008. In subsequent discussions, officials from the UK Treasury confirmed that it was compliant with international standards and the EU Code of Conduct.
Jersey and the Isle of Man followed a broadly similar approach.
However, all three Crown Dependencies recognise that the recent and unprecedented changes in the world economy have led to shifts in perceptions and attitudes across the globe.
At meetings held on Tuesday between the Crown Dependencies and
Société Générale Asset Management has acquired a 34 per cent shareholding in Opalia Pharma, a generic pharmaceutical company based in Tunisia, by SGAM AI Kantara.
The fund will also provide EUR2m of new funding to support the growth of the business.
The Kantara Fund will be represented by three directors on the board of Opalia Pharma and has appointed Dr Negad M Shaarawi, former chairman and managing director of GlaxoSmithKline in Egypt, and Alain Chevallier, formerly a senior finance executive with Sanofi Aventis France and presently a partner of the life sciences consulting firm AEC Partners.
The EUR115m private equity
Apax Partners, one of the world’s largest private equity firms, has appointed Sandeep Naik and Shashank Singh as co-heads of the India office.
Naik (pictured) and Singh both joined the firm in 2004 in the New York and London offices, respectively, and relocated to co-found the India office in 2006.
They will be replacing Neeraj Bharadwaj, who is leaving the firm to join a US growth capital firm.
Apax Partners opened its Mumbai office in 2006 and made its first direct investment in the region in 2007 with the acquisition of a significant minority stake in Apollo Hospitals, India’s largest
Sometrics, which helps developers and brands monetize the social web, has closed a series B round of financing led by Steamboat Ventures.
Concurrent with the investment, Beau Laskey, a managing director at Steamboat Ventures, has joined Sometrics’ board of directors.
Original investors, including the Mail Room Fund and Greycroft Partners, also participated in the round.
“Sometrics’ market-leading monetization platform is transforming the way consumers use virtual currency and opening new doors for online publishers and developers to increase their revenue through the virtual economy,” says Laskey. “Sometrics has experienced significant growth over the past year and is well positioned to
Guernsey, Jersey and the Isle of Man have announced that they plan to work together to review their fiscal arrangements after it was made clear to the three crown dependencies by the UK government that their ‘zero-10’ corporate tax strategies are considered to breach the spirit, if not the letter, of the European Union’s Code of Conduct on Business Taxation.
The three territories aim to develop new corporate tax regimes “broadly similar to each other that remain competitive, yet also within international standards.” The unspoken message is that the days of zero corporate tax rates are over.
The EU Code
American Capital has completed the sale of its portfolio company Imperial Supplies to W.W. Grainger.
American Capital received USD66m in proceeds and realised a loss of USD5m during the fourth quarter from the transaction, subject to post-closing adjustments.
Its compounded annual rate of return, including interest, dividends and fees earned over the life of its investment was nine per cent.
The proceeds received by American Capital were greater than the second quarter 2009 valuation of the investment by USD16m, or 34 per cent.
"We are very pleased with the results of our equity and subordinated debt investments in Imperial Supplies,"
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