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News & Press: Colorado Technology Industry

2009 Apex Winner LogRhythm led Colorado VC in Q1

Friday, April 15, 2011   (0 Comments)
Posted by: Su Hawk
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LogRhythm led Colorado VC in Q1
By Beth Potter, Boulder County Business Report
April 15, 2011 --

BOULDER - Venture capital investments in Colorado were down in the first quarter, but companies in the Boulder Valley garnered about 85 percent of the total, according to Bob Puls, a partner in PricewaterhouseCoopers' office in Denver.

LogRhythm Inc. in Boulder received $10 million - the largest deal of the quarter, Puls said. In all, $63.1 million was invested in 15 companies in Colorado during the first quarter, according to The MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters.

That first quarter total was lower than the $67.9 million in funds invested in the first quarter of 2010 and just 25 percent or so of the $253.7 million in venture capital doled out in the fourth quarter of 2010.
"Last quarter was a big, big quarter. This is a good quarter, but down a little bit," Puls said. "From my perspective, it's not overly negative."

Quarterly investment totals in Colorado have remained in the $60 million to $90 million range for the last four quarters or so. The broad range of investments to companies in the first quarter seems to indicate that investors are carefully examining startups and their chances of success before giving them funds, Puls said.

"It's nice to see them spread it around a little bit. It's reflective of things picking up a little bit," Puls said.

Companies in Boulder Valley receiving venture capital in first quarter 2011 were:
LogRhythm Inc., compliance software, Boulder, $10 million.  (CSIA note: 2009 Apex Technology Product of the Year)
Cogo Optronics Inc., computer peripherals, Boulder, $8 million.
Boulder Wind Power Inc., wind-turbine devices, Boulder, $8 million.
TerraSpark Geosciences LLC, seismic-imaging software, Boulder, $7.4 million.
Tri-US LLC, beverage manufacturer, Boulder, $5.75 million.
Coalfire Systems Inc., software, Louisville, $5 million.
BiOptix Diagnostics Inc., testing devices, Boulder, $3.92 million.
Pharmaca Integrative Pharmacy Inc., holistic and traditional pharmacy, Boulder, $3.283 million.
NexGen Storage Inc., data storage, Louisville, 2.01 million. Inc., online comics, Boulder, $372,000. (CSIA note: 2010 DEMOgala DEMO)
Envysion Inc., video surveillance, Louisville, $100,000. (CSIA note: 2008 Apex Technology Product of the Year)
DCS Surgical, surgical devices, Boulder, $65,000.

Companies in the software, biotechnology and energy sectors received the most venture capital funding in Colorado and across the country, according to the report.

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