SPS Receives $18M
Web Design & Technology News, May 23, 2003

May 23, 2003

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.
By Dawn Kawamoto

RECENT DEALS

SPS Commerce announced Monday that it raised $18M in a second round of funding. River Cities Capital Funds and existing investors St. Paul Venture Capital, CID Equity Partners, Adams Street Partners, Granite Private Equity, Svoboda Collins & Co., Pacific Capital Ventures and Axiom Venture Partners all contributed to the round. The St. Paul, Minn.-based company has raised a total of $61M. SPS Commerce is a provider of supply-chain-integration services to small and medium-sized businesses.

Netilla Networks announced Monday that it raised $6M in a third round of funding. Contributing to the round were previous investors Ascend Venture Group, Mid-Atlantic Venture Funds, Early Stage Enterprises, NJTC Venture Fund and the Telecommunications Development Fund. The Somerset, N.J.-based company has now raised more than $17M. Netilla develops virtual private network (VPN) appliances to enable remote users to connect to their employers' networks.

Jasper Design Automation announced Monday that it raised $5.5M in a second round of funding from Foundation Capital. The electronic design automation company also named Kathryn Kranen, former chief executive of Verisity Design, as its new CEO. Kranen replaces Vigyan Singhal, a company co-founder and board member, who will become vice president of engineering. The Mountain View, California-based company has raised a total of $7.1M. Jasper, formerly Tempus Fugit, develops verification technology to test chip designs and to ensure that they meet functional requirements before going to market.

Black Pearl announced Monday that it raised $5M in a fourth round of funding from Advanced Technology Ventures. The Mountain View, California-based company has raised a total of $60M. Black Pearl develops decision-management software that assists companies in managing and tracking real-time decisions for business operations.

Software maker Nexaweb Technologies has raised $4.3M in its first round of funding, the company announced Monday. Egan-Managed Capital, Masthead Venture Partners and Velocity Partners contributed to the round of funding. Cambridge, Mass.-based Nexaweb develops software platforms that deliver applications across various networks, desktops and devices.