Pittsburgh VENTURES



	July 2004 Other Issues

Designing Electronics for the Real World
There’s no question that digital electronics have dramatically altered our lives, enabling countless modern-day necessities and conveniences—everything from personal computers and handheld PDAs to onboard navigation systems, telecommuting and online shopping. But it’s the combination of analog and digital electronics that will really reshape how we live and work, according to some analysts and futurists. Full Story

Regional Deal Flow

Early-Stage Investment
Since Last Issue: $22,450,000
Year to Date: $92,225,000

See the full list

Cardiac Telecom, Inc.
$3,000,000

Bridge Semiconductor
$3,000,000

Caracal, Inc.
$100,000

Click Cadence, Inc.
$100,000

SEEGRID, Inc.
$100,000

	Q and A with Sean Sebastian, Birchmere Ventures With more than $115 million under management, Birchmere Ventures has a successful track record of investing in and building early-stage technology and life sciences companies in the Pittsburgh and mid-Atlantic regions. Birchmere focuses its investments on early stage, pre-revenue start-ups in industries where they have direct operational or investing experience. They often lead syndicated deals with other institutional investors. Full Story

Investor’s Calendar

Friday, July 16
Fifth Annual Celebration
Pittsburgh Venture Capital Association

Sunday - Wednesday, October 3-6
30th Annual Venture Capital Institute
Venture Capital Institute

Monday - Wednesday, October 25-27
Mid-Atlantic Venture Conference
Greater Philadelphia Venture Group

Vivísimo, Inc: Taking Search to the Next Level

It’s conceivably the greatest source of frustration on the Web and yet it still happens every day. You type in what you believe are qualified search terms such as, ‘ski resort vacations in Colorado,’ or ‘cardiologists and Cleveland Clinic,’ and end up with thousands of results, many of them unqualified, and often arranged in such an inane sequence that you cannot tell which are most relevant to your original search.

Individuals and companies are taking increasing notice of the fact that millions of hours are wasted every day with inefficient search and retrieval, on the Web as well as on corporate intranets and extranets. Full Story

Rules of Engagement for Early-Stage Boards
What are the real risks and responsibilities of corporate directors?

In this issue, we hear from Deborah Midanek, a principal at Glass & Associates in New York. Deborah has served as a CEO and a board member of several early stage and well-established companies. She began her work with boards of directors in perhaps an unconventional way.

While working in the mortgage-backed securities division of Drexel Burnham Lambert in the 1980s including the period when it filed for bankruptcy, she led a grassroots effort to organize the company’s shareholders into an equity committee to replace the management-controlled board and to develop a post-crisis strategy aimed at reorganizing rather than liquidating the firm. Full Story

Investing News

Venture-Backed IPO Market Activity More Than Doubled in Q2 2004
The National Venture Capital Association and Thomson Venture Economics said 29 venture-backed companies raised $2.1 billion through Initial Public Offerings (IPOs) in the second quarter of 2004.

Ansys makes Fortune’s Top 100 Fastest Growing Small Businesses
With a three-year annual return rate of 52.9% and revenue growth rate of 13.9% (2003 revenues were $113.5 million), engineering software maker Ansys also made Fortune’s list. (Subscription may be required to read full article)

Mixed reactions among financial community on continued strength in semiconductors:
Global Chip Sales Show Continued Strength
The Semiconductor Industry Association reported global sales for May of $17.32 billion, their highest since 12/00, and factory orders and capacity remain at full tilt.

Intel adds to anxiety by cutting forecasts
News of Intel’s earnings report has left some analysts questioning how long this bubble will last.

Market Pulse

To ensure that each issue of Pittsburgh Ventures is full of insights, fresh perspective and news about private investing in this region, we would like to have your input. Please take a minute to answer this very brief survey. Responses will be kept confidential and used only to help shape editorial content of future issues of Pittsburgh Ventures.

Toolset

Glossary

Innovation Works is a state-sponsored organization fueling high-potential, early-stage technology companies in Southwestern Pennsylvania with the risk capital, business expertise and resources they need to grow.