Neuromod Devices raises $6.2 mln

Neuromod Devices Ltd. said Tuesday that it raised 5.5 million euros (US$6.2 million) in Series A funding from Fountain Healthcare Partners. Dublin-based Neuromod specializes in treatment of chronic tinnitus. PRESS RELEASE DUBLIN–(BUSINESS WIRE)–Neuromod Devices Limited (Neuromod), an Irish medical device company specialising in the treatment of chronic tinnitus, announces that it has raised €5.5 million ($6.2million) in Series A Funding from international life sciences venture capital fund Fountain Healthcare Partners. The investment will be used to further enhance scientific and clinical understanding of its bi-modal neuromodulation device, mutebutton®, and commence US clinical trials. The international launch of mutebutton® is targeted for 2018. This investment marks a significant milestone for Neuromod and brings the total raised by the company to-date to over €8 million ($9 million). As part of the Series A financing, Dr Manus Rogan of Fountain Healthcare Partners will join the Board of Directors of Neuromod. Neuromod’s non-invasive mutebutton® device uses bi-modal neuromodulation via simultaneous auditory stimulation in the ear and sensory stimulation on the tongue to promote positive changes in neuroplasticity in parts of the brain implicated in tinnitus. Recent developments in international tinnitus research indicate that neuromodulation is emerging as one of the most promising therapies for certain forms tinnitus. Neuromod will use the proceeds from the investment to advance dose optimisation and patient sub-typing research and commence US clinical trials. The mutebutton® device received a medical device CE mark in Europe in October 2014 and a US Patent for its technology in September 2015. About 250 million people worldwide experience chronic tinnitus on a daily basis. It manifests as an illusory sound with no external source or origin. Chronic tinnitus can have a severe impact on a patient’s quality of life, with documented secondary symptoms including anxiety, insomnia, headaches and depression, resulting in repeat visits to GP’s, ENT surgeons and Clinical Audiologists. Dr Ross O’Neill, Founding CEO of Neuromod commented, “Neuromod is delighted to announce this investment, which will help us to advance our unique chronic tinnitus treatment technology. As an emerging company we welcome the support and knowledge offered to us from partnering with an experienced international life sciences venture capital fund such as Fountain Healthcare Partners. We are also particularly grateful for the ongoing support we have received from our manufacturing partners, M&M Qualtech and Molex, and from Enterprise Ireland, which enable innovative Irish companies, like Neuromod, to grow and succeed on the international stage.” Dr Manus Rogan, Co-Founder and Managing Partner at Fountain Healthcare Partners added. “Neuromod is an exciting company, with the potential to offer a superior treatment to and improve the quality of life of the millions of patients suffering with chronic tinnitus. The company has a proprietary neuromodulation technology, promising clinical results and a highly committed team. Neuromodulation is a key area of interest for Fountain Healthcare and chronic tinnitus is a poorly served global market opportunity with relatively little competition. We are investing in Neuromod to help build a credible and sustainable business in tinnitus with prospects for strong future growth.”

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Neuromod Devices raises $6.2 mln

Ev Williams’ Medium inks $57 mln

Blogging platform Medium, which was launched by Twitter co-founder Ev Williams, has secured $57 million in funding, the company announced on its site. Andreessen Horowitz led the round with participation from other investors that included Google Ventures, Greylock Partners, Obvious Ventures and The Chernin Group.

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Ev Williams’ Medium inks $57 mln

Accel-KKR Fund V raises $1.3 bln

Accel-KKR said Monday that it closed its fifth buyout fund with $1.3 billion in committed capital. Accel-KKR Capital Partners V LP will invest in lower-middle market and middle-market software and IT-enabled services companies. Fund V also includes a $100 million commitment from the firm’s general partners. PRESS RELEASE MENLO PARK, Calif., Sept. 28, 2015 /PRNewswire/ — Accel-KKR, a technology-focused private equity investment firm, today announced the official close of its fifth buyout fund with $1.3 billion in committed capital. The fund, Accel-KKR Capital Partners V LP (“Fund V”), will continue Accel-KKR’s long-term focused strategy of investing in lower-middle market and middle-market software and IT-enabled services companies. Accel-KKR said the fund received strong support from its investors in prior funds, as well as attracted a number of new investors. Commenting on the fund closing, Tom Barnds, Managing Director of Accel-KKR, said, “We are heartened by the support we received from our existing investors, and are quite pleased to welcome a number of new investors to the fund. The missions of our investors, who include leading academic institutions, medical research foundations, health care institutions, and corporate and government pensions, resonate deeply with the Accel-KKR team.” The firm formally went to market with Fund V in Spring 2015 and closed on its hard cap earlier this month. This brings Accel-KKR’s total committed capital to $4.0 billion across its current and previous funds. The new fund includes a $100 million commitment from the firm’s general partners. “We believe in strong alignment of interest with our limited partners,” commented Rob Palumbo, Managing Director of Accel-KKR. “One of the many ways we seek to achieve this alignment is by making very significant financial commitments to invest alongside of our limited partners.” The $100 millioncommitment represents the largest such general partner commitment in the firm’s history and also makes the general partner the largest investor in the fund. Accel-KKR invests through two different types of funds – its Buyout funds for majority ownership positions and its Growth Capital funds for minority ownership positions. Accel-KKR raised its second Growth Capital Fund in 2014 with $350 million of committed capital. Fund V also follows the firm’s fourth buyout fund, which it started investing out of in 2013 with $800 million of commitments. The firm has continued to expand its investment efforts outside of North America. In 2013, it opened a London office, and since 2013 the firm and its portfolio companies have acquired or invested in over eight technology companies in Europe. Accel-KKR has also expanded its investor base outside the United States, such that in Fund V over one third of the committed capital is from international investors. International investments continue to be an integral part of the firm’s strategy going forward. The close of Fund V also comes amidst a period of significant activity for Accel-KKR, in terms of new investments, add-on acquisitions by portfolio companies and realizations of investments. Recent new platform investments include: Motor Vehicle Software Corporation (MVSC)– Based in Agoura Hills, CA, MVSC provides innovative process management software for state government agencies and businesses including an electronic vehicle registration solution. Banker’s Toolbox– Based in Austin, TX, Banker’s Toolbox is a leading provider of Bank Secrecy Act anti-money laundering compliance and fraud prevention solutions for the financial industry. Five Accel-KKR portfolio companies made add-on acquisitions over the last several months, including: Oildex, a leader provided of revenue and expense management software to the oil and gas market, acquired the Procure-to-Pay (P2P) business of Automatic Data Processing. HighJump, a global provider of supply chain management solutions, acquired Wesupply, aUnited Kingdom-based provider of supplier enablement and B2B integration solutions. MEA|NEA, the leader in secure health information exchange for medical and dental providers, acquired The White Stone Group, Inc., a provider of healthcare communication management solutions. Kerridge Commercial Systems,a global provider of enterprise resource planning software to the distributive trades, acquired Dancik International, a provider of software to the flooring and tiling industries. Datapipe, a global leader in managed hybrid IT solutions for the enterprise, acquired DualSpark, an Amazon Web Services assessment, automation, and migration company. Accel-KKR has achieved a series of successful exits recently including: RiseSmart, the leading provider of contemporary career transition services, which was acquired by Randstad Holding nv. On Center Software, a leading construction automation technology company, which was acquired by Roper Technologies. Applied Predictive Technologies, a leading cloud-based analytics provider, which was acquired by MasterCard for$600 million. About Accel-KKR Accel-KKR is a technology-focused investment firm with $4.0 billion in capital commitments to its current funds. The firm invests primarily in software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions from minority-growth investments to buyouts, recapitalizations, divisional carve-outs and going-private transactions. The firm has offices in Menlo Park, Atlanta and London. For more information, please visitaccel-kkr.com.

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Accel-KKR Fund V raises $1.3 bln

IK aims for 2015 listing of its Swedish care provider Attendo, say sources: Reuters

Private equity firm IK Investment Partners aims for a stock market listing this year of Swedish elderly care provider Attendo, which had sales of 9 billion crowns ($1.1 billion) in 2014, two people familiar with the matter said. A listing of Attendo would follow that of healthcare provider and hospital operator Capio which has strongly outperformed the wider market since listing in June, topping a bumper six months for Swedish listings. The sources said IK had hired banks SEB and Carnegie to lead the listing. IK, Attendo and the banks declined to comment. The sources declined to be identified because the plans are not public. Uncertainty over Swedish policy toward corporate profits in taxpayer-funded public services such as schooling, healthcare and elderly care have made companies like Attendo a hard sell for years, but the successful listing of Capio showed there were investors willing to stomach such risks. After some scandals, including the 2013 bankruptcy of education provider JB Education, politicians vowed to tighten rules on companies operating in care and schools, and while capping profits looks unlikely for now, uncertainty lingers. Attendo, which employs around 18,000 and has more than 20,000 people in its care, made earnings before interest, tax, depreciation and amortisation of 960 million crowns in 2014. Most of its revenues are generated in Sweden and Finland while it has smaller businesses in Norway and Denmark. Private equity firm EQT said this month it was considering listing education firm AcadeMedia, having noted the success of Capio. Another source said Carnegie had been picked to lead that listing.

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IK aims for 2015 listing of its Swedish care provider Attendo, say sources: Reuters

Cyber security firm Zscaler closes $110 million round: Reuters

The latest recipient in a spate of cyber security investments is Zscaler, a cloud security company that raised $25 million from Google Capital, the search giant’s equity investment arm for late-stage financing. The investment is an add-on to an oversubscribed $85 million round Zscaler raised in August. Founder and CEO Jay Chaudhry told Reuters in an exclusive interview he chose to wait for a strategic partner like Google to close out the round. San Jose, California-based Zscaler provides security for cloud applications for more than 5,000 businesses and organizations, and many of those use Google Inc’s cloud applications and services. “There is a natural intersection between Google customers and our customers,” he said. The latest round brings Zscaler’s total funding to $148 million, quadrupling the company’s financing in just the last two months. It is also the last private financing event before the company makes an initial-public offering, Chaudhry said. He declined to say when he was planning an IPO, but said he hired a new chief financial officer in March “to make sure everything is ready from a finance point of view and regulatory point of view.” Chaudhry said the company’s valuation is north of $1 billion, but he declined to provide a more precise figure. Global cyber security investments so far this year exceed $2.3 billion, according to data from CB Insights and Bain Capital Ventures and analyzed by Reuters. That’s up from $2.5 billion last year and $1.7 billion in 2013.

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Cyber security firm Zscaler closes $110 million round: Reuters