Early Stage Venture Roundup

Compiled by Alastair Goldfisher

SAN FRANCISCO (Private Equity Week) - Seven U.S.-based startups last week announced they raised funding from venture capitalists.

Among the companies to raise cash was Palyon Medical Corp., a New York-based medical device startup developing treatments for chronic pain and other neurological diseases.

The company said that chronic pain, defined as pain that lasts six months or longer, affects 76 million Americans, more than heart disease, diabetes and cancer combined.

The company raised $3 million last week from Nextech Venture, which brings their total amount of funding to $24 million.

Other startups that raised early-stage financing last week include:

BIOTECH

Palyon Medical Corp.

New York, NY

Website NA

Amount/Round: $3M/Series A

Investors: Nextech Venture.

Details: Develops implantable drug delivery systems. The funding brings the Series A round total to $24M. In April, the company raised $21M from Baird Venture Partners (led), Hambrecht & Quist Capital Management, Fountain Healthcare Partners, BB Biotech Ventures, Cross Atlantic Partners and Arcus Ventures.

XORI Corp.

Seattle, WA

www.acceleratorcorp.com <www.acceleratorcorp.com/>

Amount/Round: $2.1M/seed stage

Investors: OVP Venture Partners, ARCH Venture Partners, Alexandria Real Estate Equities, Amgen Ventures, WRF Capital

Details: Operates as an antibody discovery and development platform. This is the 10th company backed by Seattle-based Accelerator Corp. and the second Accelerator-backed startup founded from intellectual property developed at the University of Washington.

CONSUMER PRODUCTS

Aha Mobile Inc.

Palo Alto, CA

www.ahamobile.com <www.ahamobile.com/>

Amount/Round: $3M/Series A

Investors: Venrock

Details: Develops a mobile application that provides information to automobile drivers. The company is still developing its beta version and is preparing to launch its program for the iPhone this summer.

MED TECH

Control Medical Technology

Park City, UT

www.aspirationmedical.com <www.aspirationmedical.com/>

Amount/Round: NA/Series A

Investors: Spring Bay Ventures

Details: Develops medical devices for general biopsy.

PHARMACEUTICALS

Anaphore Inc.

La Jolla, CA

www.anaphoreinc.com <www.anaphoreinc.com/>

Amount/Round: $13M/Series A

Investors: S.R. One Ltd., Versant Ventures, Aravis SA, 5AM Ventures, Apposite Capital, Merck Serono Ventures.

Details: Develops protein therapeutics to treat cancer and immune-mediated diseases. The funding brings the Series A round total to $38M. Simeon George, partner of S.R. One, has joined the board.

SEMICONDUCTORS

R2 Semiconductor

Sunnyvale, CA

Website NA

Amount/Round: $11M/Series A

Investors: Sigma Partners (led), Morganthaler Ventures, Sequoia Capital <here

Details: A stealth startup that works in the field of mixed-signal radio frequency.

SOFTWARE

Axcient Inc.

Mountain View, CA

www.axcient.com <www.axcient.com/>

Amount/Round: $2M/Series A

Investors: Thomvest Ventures.

Details: Provides data protection software-as-a-service focused on small and medium-sized businesses. The funding brings the Series A round to $8M after having raised $6M last fall from Allegis Capital and Peninsula Ventures.