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Tuesday, January 6th, 2009
articles.php?which=MoreMoneyNotEveryWellIsDry
More Money: Not Every Well Is Dry.

Despite all hell breaking loose on the markets, there's apparently still investment capital for the taking if you've got a good business plan. Here's who secured funding this week:

-Punchbowl Software, which runs an event-planning website, raised $2.1 Million in first round venture capital investment this week. The site helps users select a party date and send out invitations. Party-goers can also share photos from the event on the site. While the news is great for Punchbowl (get it?), we're wondering whether the VCs who funded them realize that Evite already invented this.

-CriticalBlue, a company that provides embedded systems design tools, secured $4 million in private equity funding from Toshiba, as well as a VC investment. This is the start-up's third round of funding. They've raised a total of $11 million to date. They say they'll use the new influx of cash to continue technology development and expand commercial operations.

-Nusym Technology negotiated $8 million in second round venture capital funding. The company creates verification tools, which they describe on their website like this: "Verification today is a central component of modern electronic design methodologies, and arguably the single most risky and intensive part of the entire process. Yet, drawing the conclusion that enough verification has been performed on a design still requires an unscientific, gut instinct call on behalf of project managers, leaving the potential for bugs to exist deep within the code structure, only to be discovered after chip fabrication." Um, what?

-Digital media company Legend Films secured $5 million in fifth round preferred stock offering. The proceeds will be used to fund its home entertainment business, its 3D conversion technology, and its website RiffTrax.com. Ambitious, considering we're talking about $5 mill.

-PowerGenix, a start-up that makes rechargeable nickel-zinc batteries, scored $30 million in VC funding this week. Their batteries are lighter weight, smaller, and less toxic than what's currently on the market. They plan to use the investment to start making batteries for power tools, garden tools, golf carts, and, inexplicably, military vehicles.

militaryvehicle

It's green if it has a nickel battery, right?

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