From Deseret News archives:
Utah venture capital rising
$103 million in 2nd quarter nearly double 2nd quarter of 2004
The 2005 second quarter's funding represented the highest amount raised by Utah companies since the third quarter of 2000.
According to the quarterly MoneyTree Survey, by PricewaterhouseCoopers, eight Utah companies captured venture money, led by a $40 million deal to Orem-based Omniture Inc., which was funded in large part by Bank of America Venture Partners.
The Omniture deal ranked as the 10th largest deal nationwide in the second quarter, according to Steven Stauffer, senior audit manager of PricewaterhouseCoopers in Salt Lake City.
The largest deal was a $312 million funding for Integro Limited of New York City.
Other investors in the Omniture deal included Hummer Winblad Venture Partners and Attractor Investment Management.
Omniture, which tracks Web site traffic, said its latest deal represents its third round of financing, through which the company has raised a total of $65 million since its founding in 1996.
Salt Lake-based Tandem Labs, which helps clients reduce the overall time in bringing new medicines to market, secured $18.8 million during the quarter.
Utah venture funding in the second quarter of 2005 made up 1.8 percent of the $5.8 billion in total U.S. venture investments.
"In comparison to the rest of the country, we are doing very well," Stauffer said. "Our average deal is way up, and the percentage of deals and the percentage of money that we're getting is also way up in comparison to where we've been in prior years. On a whole, Utah is doing very well."
John Knab, a board member of Salt Lake-based MountainWest Capital Network, said venture capital flowing to Utah companies is strong.
"Last year was a great year," Knab said. "And for this year to be up so dramatic in Utah is a really impressive fact. I don't think there has been a better time to raise money in Utah than right now."
Knab added that the state's venture capital infrastructure is in place.
"We have a nice array of venture capital firms from early stage angel money all the way through to later stage buyout funds like Sorenson Capital," Knab said. "I think it is a great day to be an entrepreneur in Utah. That wasn't the case a few years ago."
The MoneyTree Survey is made in cooperation with PricewaterhouseCoopers, Venture Economics and the National Venture Capital Association.
The survey captures equity investments but excludes debt, bridge loans, recapitalizations and initial public offerings.
E-mail: danderton@desnews.com
Comments
- Tiger opens with a 66 in Australia 1:18 a.m.
- Crash kills Utah County man 1:12 a.m.
- UCAT cheaper education option 1:12 a.m.
- Post office to be named for Rex Lee 1:11 a.m.
- Police probe synagogue vandalism 1:09 a.m.
- New charges added in fraud case 1:09 a.m.
- Mom takes plea deal in girl's beating 1:08 a.m.
- Drug trafficking operation busted 1:07 a.m.
- News yule writing contest starting up 12:59 a.m.
- Alpine District school honored 12:59 a.m.
- SLC council OKs gay rights policies
- 'Love story' of crash victim ends
- Utah Jazz have a problem at point
- BYU football recruit turning heads
- Alta's Ohai is Ms. Soccer 2009
- Prep football: Felt's Facts Week
- 12 Utes return to Texas
- Cougars' defensive hoops clinic
- Long days for BYU interns
- Wyoming writer amazed by BYU
- House passes health care bill
287 - SLC council OKs gay rights policies
246 - TCU showdown has big implications
193 - Senators want food tax restored
157 - Cougars crush hapless Cowboys
155 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - S.L. vote pending on gay protections
109 - Pratt pleads not guilty to sex charges
101 - Letters: Strange breed in Utah
92
Maybe someone out there can help me understand how raising the state...
Beck, Hannity, and Limbaugh get the audience they deserve and vice versa. ...
I find the rule,very discriminitory. I am not gay, I don't understand what...
I understand we were outmanned last night. However, this effort was awful....
My advice to Jonathan is shoot it when they pass it to you as soon as you...
Maybe they should try drafting a shooting guard who can shoot from outside ....
The sad thing about it is that there are actually people out there that are...
Thank you TCU and BYU. Your wanting to beat Utah so bad has to drive you...
Play fes and koufos. Look to the future. It looks like we will have two...
Oh come on. Obama's a horrible president, but I couldn't care less which...
"We had the best soccer of any place in the state. There's no disputing...



You can be the first to comment on this story.