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VC watch: CorrectNet grabs $5.25 million

CorrectNet gets $5.25 million...Next Level Communications gets a $20 million loan from Motorola...MediaQ grabs an additional $10.7 million.

Which companies 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 frequently. 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 News.com.

Tuesday's deals

• CorrectNet raised $5.25 million in a first round of funding. Investors included Edison Venture Fund, NewSpring Ventures and Charles Schwab. Hauppauge, N.Y.-based CorrectNet develops Web-based business software applications.

• Next Level Communications, a telecommunications gear maker, said it has received a $20 million loan from wireless technology giant Motorola. The $20 million is in addition to a $60 million loan Next Level got from Motorola earlier this year. Motorola owns about 75 percent of Rohnert Park, Calif.-based Next Level. The loan terms and conditions are substantially the same as the earlier financing, Next Level said, except that Motorola will be given an option to convert up to $20 million of debt into Next Level's next round of equity financing. The company did not say how it would use the additional funding.

• Santa Clara, Calif.-based chip start-up MediaQ raised an additional $10.7 million in funds as an extension of its third round of financing. The graphics chipmaker's latest financing comes from a variety of investors, including National Semiconductor. MediaQ hopes the relationship with National Semiconductor will open new doors. To start, the company hopes to pair its graphics chips with National Semi's display drivers or audio codecs, chips used to help display graphics or play music. Ultimately, MediaQ would like to collaborate on wireless technologies, such as GPRS (General Packet Radio System), said Elie Antoun, MediaQ's president. MediaQ's flagship MQ-1100 series of graphics chips work to offload duties such as graphics, memory management and screen refresh from a PDA's processor, speeding performance and reducing power consumption.

Previous deals

• VoIP Group, which provides communications services and Internet telephony software to calling-card companies, banks and others, has closed its second round of funding by raising $4.4 million. Venture capital firm ATG Ventures made the investment and will take a controlling stake in Miami-based VoIP.

• InTime Software has raised a $14 million fourth round of funding, co-led by Earlybird and WaldenVC. Other investors include Novus Ventures and Cadence Design Systems. Cupertino, Calif.-based InTime has raised a total of $25.5 million. The company's software is designed to allow semiconductor manufacturers to reduce the steps needed to get the chips to meet performance goals.

• Wavelink has raised a $10 million second round of funding. Investors included Washington Mutual and Digital Partners, and previous investors Whitney & Co. and Cascadia Capital. Both Washington Mutual and Digital will receive seats on Wavelink's board. Kirkland, Wash.-based Wavelink has raised a total of $19 million. The company develops wireless communications software to manage wireless networks.

• KaVaDo raised $6.8 million in a second round of funding, led by 3i. Other investors included Banc of America Equity Partners. New York-based KaVaDo has raised a total of $7.8 million. The company develops security software to protect Web applications.

• BetweenMarkets has raised a $3 million first round of funding, led by Trellis Partners. Other investors include Gideon Hixon Ventures and several individual investors. Austin, Texas-based BetweenMarkets develops software to help a company's buyers and suppliers exchange information in real time and control those relationships.

• Lane15 Software has raised $12 million in a second round of funding. Investors included Index Ventures, Quanta Computer, Convergent Investors, and previous investors AV Labs, Austin Ventures, Dell Ventures, Intel Capital and Lightspeed Ventures. Representatives from Index and Austin Ventures will both be joining Lane15's board. Austin, Texas-based Lane15 has raised a total of $22 million. The company develops software designed to increase the flexibility and reliability of data centers by connecting and managing companies' storage and communications networks and server clusters.

• Sabeus Photonics, an optical components company, said it has raised $16 million in a third round of funding. The company, which is a supplier to manufacturers such as Marconi and Alcatel Submarine, has raised a total of $24 million. The funding was led by TL Ventures. Digital Coast Ventures, CSFB Ventures and Redpoint contributed to the round. Sabeus says it will use the funds to market "high-concept" optical devices and to expand its manufacturing facilities.