Tuesday, December 9, 2008Rustic Canyon Sells Positions In PortfolioSan Francisco-based investment firm Saints Capital, and Los Angeles-based venture capital firm Rustic Canyon Partners said Tuesday that they have formed a new fund, Saints Rustic Canyon, L.P., which has purchased the interest of nineteen different portfolio firms of Rustic Canyon Ventures, and a portion of eight other firms (note: Rustic Canyon is a sponsor of this publication, socalTECH.com). According to the firms, the sales gives liquidity to Rustic Canyon's single limited partner, which the (More info...)
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Dot Hill Makes CutsCarlsbad-based Dot Hill, a manufacturer of data storage equipment, said today that it has cut its staff by 10 percent, and will shut down approximately 40 percent of its Carlsbad facility by the end of the year. The firm said it will pay severance costs and fees of between $1.125M and $1.75M as part of the move. Exact number of employees affected by the move was not disclosed. Dot Hill provides RAID storage systems to the enterprise market.
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MVM Funds Energy Management FirmLos Angeles-based Momentum Venture Management has funded a firm in the energy space, PhoenixESG, PhoenixESG said this morning. The company, which is based in New Jersey, develops energy management, monitoring, control systems and services. Amount of the funding was not disclosed. Matt Ridenour, who is a Managing Partner at Momentum Venture Management, has been named CEO of PhoenixESG as part of the funding. According to PhoenixESG, the funding will go towards expansion and to strengthen the firm (More info...)
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LRN Hires Two ExecsLos Angeles-based LRN, which provides corporate ethics learning tools to the business market, has added two new executives, the firm said today. The firm said that it has hired on Alister Christopher and David Greenberg to the firm's executive team, as part of a market expansion. Greenberg joins fromm Altria, where he was SVP and Chief Compliance Officer; Greenberg will serve as Executive Vice President of Knowledge. Christopher has been appointed Executive Vice President of Corporate Developmen (More info...)
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Interview with Adam Wicks Walker, HydraLos Angeles is rapidly gaining a reputation as being the center of the Internet advertising world, for good reason, with a large number of online advertising firms located within and around Los Angeles. One of those firms is Hydra (www.hydranetwork.com), which is a cost-per-action affiliate advertising network. The online advertising world is full of ad networks, so we had Adam Wicks Walker, Chief Strategy Officer at Hydra, tell us where they fit into the market.
To start out, can you describ (More info...)
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Medsphere In Education DealCarlsbad-based Medsphere is behind a new effort to help medical students learn about healthcare IT and clinical informatics, the firm disclosed this morning, and is supplying its products to the University of Oklahoma College of Nursing. Medsphere said that it has been contracted to participate in a new Academic Incubator Program, which helps to educate students in nursing and medical school learn about healthcare IT and clinical informatics. The firm said its OpenVista electronic health records (More info...)
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Novatel Rolls Mobile Hotspot HardwareSan Diego-based Novatel Wireless has jumped into the mobile hotspot hardware market, saying today that it will be releasing a line of devices which create personal Wi-Fi hotspots for users. The firm's new MiFi products integrate a broadband modem and Wi-Fi router, which allows users to turn a mobile phone connection into a Wi-Fi hotspot, shareable among multiple users and devices. The pocket-sized device will ship in the first half of next year. Pricing has not been released. Novatel said that t (More info...)
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Sendio Hires Sales VPIrvine-based Sendio, a provider of e-mail security appliances, announced this morning that it has hired on Jo Javier as the firm's new Vice President of Sales. Javier joins the firm from Corporate Express, where he was Director of Sales for the firm's Southern California division. Javier has also served at Bitfone. Sendio develops appliances used to throttle spam and unwanted email, which uses sender verification and other techniques to ensure a real person is sending email. Sendio said that Jav (More info...)
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