Monday, January 26, 2009

Lumigent gets $6M in local recap support

By Mass High Tech staff

Acton database auditing firm Lumigent Technologies Inc. has pulled in a recap financing round of $6 million, supported by return backer North Bridge Venture Partners of Waltham.

A Jan. 7 regulatory filing, cited by website PE Hub, notes that half of the recap round has been called down.

Waltham’s Greylock Partners and Boston’s Solstice Capital, both previous investors, did not back the $6 million recap round.

Founded in 1999, Lumigent secured a $2.8 million deal, including a licensing partnership, from NetIQ Corp. in February 2002. Following that, it raised $17 million in venture capital in two rounds. The first round, worth $7 million, took place in March 2003 with North Bridge Venture Partners, Greylock Partners, Solstice Capital and Allan Wallack (an individual investor) kicking in. The second $10 million round last December was led by North Bridge and Greylock.

North Bridge Equity Firm and North Bridge Venture Partners manage a combined $3.2 billion in capital.

Greylock Partners, which operates an office in Waltham, was founded in 1965 and invests from a $500 million fund it closed in 2005. It also operates a $150 million fund that closed in 2006 for Israel-based technology companies.

Solstice Capital, which maintains offices in both Boston and Tucson, Ariz., invests in seed- and early-stage companies in the life sciences, education, information technology and alternative energy sectors.