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VC watch: IBT seals $4.8 million in third round

IBT Technologies grabs a $4.8 million third round of funding...Solinet Systems wins a $93 million second round ...HubX gets $2 million...Xtime receives an additional $2.6 million.

Companies have lived through the boom, and some have survived the bust, but which players will be the trendsetters of the future? The following list is the latest news from start-ups here and abroad that have received venture funding. This page is updated daily. Keep checking back for the latest.

Has your company just completed a round of financing or received other venture capital support? E-mail the editors at

Friday's deals

•  IBT Technologies received a $4.8 million third round of funding. Austin, Texas-based IBT plans to use the money to further develop its software to move proprietary corporate content to the Internet. Previous investors Counsel Corporation and Techxas Ventures funded the round, which brings IBT's total financing to $13.2 million.

• Solinet Systems raised a $93 million second round of funding, led by U.S. Venture Partners. Other investors included New Enterprise Associates, Alta Partners, and previous investors Bessemer Venture Partners, Worldview Technology Partners and Altamira. The Ottawa, Ontario-based company has raised a total of $108 million with the latest round. Solinet, an optical networking equipment supplier, has developed products designed to simplify network installation and operation.

Thursday's deals

• HubX announced it closed a $2 million first round of funding. The Waltham, Mass.-based company attracted investments from Boston Capital Ventures, Claflin Capital Management and Black Diamond Fund. HubX provides software to tie together computer systems for a hotel or resort. The company also powers a reservations engine that a hotel can brand with its own name.

Wednesday's deals

• Xtime has received an additional $2.6 million from existing investors for its second round, which previously stood at $17 million. Innovacom, a venture capital subsidiary of France Telecom, led the round, which included investments from Venrock Associates, Draper Fisher Jurvetson, Rosewood Venture Group and Fenwick and West. San Mateo, Calif.-based Xtime has developed inventory management and automation software for the services industry. With this latest financing, the company has raised a total of $20 million.

• Core Networks said it received funding from Royal Bank Capital Partners and Intel Capital on top of its $10.5 million second round. The Canadian company, however, declined to specify the amount of the additional funding. Core Networks, which has raised in excess of $12.5 million to date, markets software to cable operators to monitor and manage high-speed Internet cable networks, as well as offer customer support and self-help services.

• Trendium closed a $25 million second round of funding led by Mellon Ventures. Other investors included Vertex Management, Crossbow Ventures, GKM Venture Partners, and previous investors M/C Venture Partners and Trinity Ventures. Trendium has raised a total of $38.5 million and plans to use the latest funding to further its expansion in the telecommunications software market. The Sunrise, Fla.-based company is targeting its ServicePath software to network and content service providers, which use the software to manage broadband services.

• Insight Capital Partners said it closed a $740 million fund. Insight Capital Partners will invest in early stage software companies. The New York-based firm, which has raised a total of four funds, has invested in such companies as SeeBeyond Technology, Click Commerce and Quest Software.

Tuesday's deals

• Surebridge received a $15 million second round of funding. The Lexington, Mass.-based company, which has raised a total of $51 million, is an ASP (application service provider) to mid-sized companies in the professional services, manufacturing and financial services industries. Surebridge received investments from Axxon Capital, The Berkshire Group, Compaq Computer, Providence Growth Investors, Spectrum Equity Investors, Goldman Sachs and executives at Thomas H. Lee Partners. Computer giant Compaq also struck an alliance with Surebridge, in which the companies will launch a joint marketing effort and standardize Surebridge on its ProLiant servers, storage systems and computer terminals.

• StarCite said it closed a $10 million third round of funding. StarCite attracted investments from American Express, Breakaway Solutions, Maritz Travel, Starwood Hotels & Resorts Worldwide, Strattech Partners and VerticalNet. Previous investors Internet Capital Group, McGettigan Partners, Mellon Bank and Networld also contributed. The Philadelphia-based company has raised a total of $30 million, with the latest round receiving a decline in valuation, company spokesman Jim DeLorenzo said. StarCite's online business-to-business software and services allow corporations to purchase and manage products and services related to their company meetings and events.

• vSimplify raised a $2.75 million second round. The Stamford, Conn.-based company has raised a total of $7.2 million. Its latest investors include Skandia Innovation, Connecticut Innovations and Lexam Capital. vSimplify builds and hosts intranets for small to medium-sized companies with 50 to 2,000 employees. It also provides software to corporations that allow their employees to access their company benefits program over the Internet.

• Security company Cyber-Ark Software is seeking a $15 million second round of funding and has raised $1 million from merchant bank Orama. Dedham, Mass.-based Cyber-Ark raised $6 million in its previous round from Softbank affiliate SCP, Nomura International and Chase Capital Partners/Seed Investments. The company's technology is designed to allow businesses to store and share documents, files, databases and e-mail over corporate networks and the Internet.

Thursday's deals

• SubmitOrder said it will receive $40 million in a funding round led by Silver Lake Partners. The company, which works with clients to handle their customers' online and catalog buying experiences, has raised a total of $300 million since launching in 1999. SubmitOrder, based in Dublin, Ohio, will use the funding to expand its brand management, marketing and customer service organization.

• Supply-chain management software maker Viewlocity said it got a commitment of at least $30 million in funding from new and existing investors. The round of funding for Viewlocity could exceed $30 million and is expected to close within the next two weeks. The Atlanta-based company did not indicate how much it has raised overall, but said it will use the funding to expand its sales, marketing and product development initiatives.