Wednesday, September 25, 2013

Bay Area Tech Wire -- Sept. 25

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BAY AREA TECH WIRE -- Sept. 25, 2013
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San Francisco-Based Prosper Marketplace Raises $25 Million in Funding
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San Jose's Ranovus Raises $11 Million in New Funding Round
o San Francisco-Based Gyft Lands $5 Million in First Round
o San Jose-Based Bestronics Names Nat Mani as New CEO
o Perkins Coie Hires Former DC Mayor for Palo Alto Practice
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Briefly Noted: Fortumo
, Moxie Software
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o San Francisco-Based Prosper Marketplace Raises $25 Million in Funding

San Francisco -- Prosper Marketplace, the San Francisco-based operator of an online peer-to-peer lending platform, said it has raised $25 million in a new round of funding, led by previous backer Sequoia Capital. New investor BlackRock and several other previous investors also participated. The company said it has seen loan originations triple from $9 million to $32 million a month since bringing in a new management team in January. "This round of financing will be instrumental as we continue to invest in our infrastructure, products and customer acquisition in order to further fuel our growth," said CEO Stephan Vermut. Prosper now has announced $45 million in funding this year alone.
http://www.prosper.com 
http://www.businesswire.com/news/home/20130924006926/en/Prosper-Marketplace-Announces-25-Million-Capital-Raise 
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o San Jose's Ranovus Raises $11 Million in New Funding Round

San Jose, Calif. -- Ranovus, a maker of interconnect products for data centers and communications networks, with dual headquarters in San Jose and Canada, said it has raised $11 million in a new round of funding. Investors in the round included Azure Capital Partners, T-Venture, BDC Venture Capital and OMERS Ventures. Hamid Arabzadeh, Ranovus' chairman, president and CEO, said the latest funding will carry the company through the "market validation phase" of its product portfolio. The company launched in early 2012.
http://www.ranovus.com 
http://www.ranovus.com/ranovus-round-financing/ 
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o
San Francisco-Based Gyft Lands $5 Million in First Round

San Francisco -- Gyft, the San Francisco-based developer of a platform that allows users to buy, send and redeem gift cards through mobile devices, said on Wednesday that it has raised $5 million in its first round of funding. A-Grade Investments, Social+Capital Partnership, Karlin Ventures, Haas Portman and entrepreneur David Sacks participated in the round, which the company will use to continue development and scale its business. Gyft, which raised its initial seed round last year from Google Ventures, Founder Collective and 500 Startups, currently works with more than 300 retailers. "By having the gift card handy, customers are more likely to use that gift card and even spend two to three times the value of the card," said co-founder and COO CJ MacDonald.
http://gyft.com 
http://www.prnewswire.com/news-releases/gyft-announces-5-million-series-a-225189682.html 
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o San Jose-Based Bestronics Names Nat Mani as New CEO

San Jose, Calif. -- Bestronics, a San Jose-based provider of manufacturing, engineering and test services to original equipment manufacturers, on Wednesday named Nat Mani as its new CEO. Mani had served as the company's president since last year, after previously serving as the senior vice president of sales and marketing at Sanmina-SCI. He succeeds co-founder James Choe, who had served as CEO from 1986 until his recent retirement. Bestronics is majority-owned by the private equity firm First Capital Partners.
http://www.bestronicsinc.com
http://www.businesswire.com/news/home/20130925005377/en/Nat-Mani-Appointed-CEO-President-Bestronics 
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o Perkins Coie Hires Former DC Mayor for Palo Alto Practice

Palo Alto, Calif. -- Former Washington, DC Mayor Adrian Fenty has joined the business development team of corporate law firm Perkins Coie, where he will focus on expanding the firm's Emerging Company & Venture Capital practice in Palo Alto. Fenty, most recently special counsel at Klores Perry Mitchell, served as Washington's mayor from 2007-2011. "His experience in the public and private sectors will be invaluable to many of our emerging company clients as they navigate the complexities of growing their businesses," said Buddy Arnheim, chair of the practice. Since leaving office, Fenty has provided advice and business development consulting to companies including Rosetta Stone, Everfi and CapGemini. He also serves as a special advisor with Menlo Park-based venture capital firm Andreessen Horowitz.
http://www.perkinscoie.com/news/news_detail.aspx?news=1498 
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o Briefly Noted:


(San Francisco) San Francisco-based mobile payments company Fortumo on Wednesday named Jacob Hauskens as its vice president of sales and business development. Hauskens previously led Sony VAIO’s PC messaging and monetization platform while at Sony Electronics.
http://fortumo.com 
http://www.businesswire.com/news/home/20130925005529/en/Fortumo-Adds-VP-Companies-Monetize-Mobile-Users

(Sunnyvale, Calif.) Sunnyvale-based Moxie Software, a developer of social software designed to help companies connect employees, customers and partners, said on Wednesday it has expanded its operations in Europe by opening a second office in the U.K. The company also has named Andrew Mennie, who previously led international operations at eGain, as its new general manager for EMEA.
http://www.moxiesoft.com 
http://www.businesswire.com/news/home/20130925005149/en/Moxie-Software-Expands-Operations-Europe 

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> TelcoVision Conference - Las Vegas


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> The Debate on Public and Private Data Now Available Online

Now available online! Listen in to the insightful and entertaining panel of legal and IT experts who debated issues of privacy and big data recently in Menlo Park. Hosted by Concord Law School. Moderated by NYU Professor Arthur Miller, the panelists included: Joseph Alhadeff, Chief Privacy Strategist/VP Global Public Policy, Oracle; Ian Ballon, Greenberg Traurig, Executive Director Stanford Law's Center for E-Commerce; Johannes Ernst, Cloudstore; Thomas Feledy, Lieutenant, SF Police Department; Françoise Gilbert, Founder/Managing Director of the IT Law Group; Ann Geyer, Managing Director of Tunitas Group; Matthew Miller, Managing Director, Walden Venture Capital; and Mark Weinstein of Sgrouples.com. The video is available at www.ConcordDebate.com
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