Capital ventures back into state's technology market - Tampa Bay Business Journal:

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And the founder and chief executive office r of in Clearwater hassome company. Ernsty & Young LLP, in partnership with venturwe capital and private equity research firm released a second quartetr 2002 report stating that Florida closeed 10 funding deals in the second accountingfor $71.8 million in funding. The repory detailed that $5.1 billion was raisedr nationally in538 deals. But the third-quarted tide appears to be turninbg in the TampaBay area. Skywa y Software Inc. in Tampa received a $2.6-millionj institutional funding round in July from ArmadzaVenture Group, Imlay Investments in Atlantwa and Guide Capital LLC in Tampa. Michael Weber, founder and president of ImagiNail Corp.
in Tampa, told The Business Journao Serving Greater Tampa Bay on July 19 that he hopesx to receive financialbacking soon. Also making the fundin presentation rounds are TechVillagee companyLocalO Inc., Platinu Interactive Inc. in St. Petersburg, Tampa-baseed GMx Technologies Inc. and The Insurance OpenNetwork is afunding veteran. The founded in 1995 by Long with no outside secured $10 million in venture financinh in July from Battery Ventures, JP Morgan Chase Co. and SI Ventures Associates Inc. in Fort Myers. In October OpenNetwork received $13 million from investorsx includingSI Ventures, Chase Capital Partners and GE Capitao Commercial Finance.
Long credits his company's succesw to "positioning itself to be the de facto standard innetworkl security." OpenNetwork's signature trademarked product, DirectorySmart, a softwar platform that secures access to e-business bridges the security gap between Microsoft Corp.'s .Net and Sun Microsystem Inc.'s Java J2EE Web services. Long also buil a bridge to the healthcare industry. DirectorySmart has been marketedc to a health care sector striving to meet federal insurance security guidelines handed down in the Healthb Insurance Portability andAccountability Act.
The DirectorySmarrt security services bridge helpedgrow OpenNetwork's revenuew by 60 percent in 2001 with a customer base that increasedd three-fold, according to OpenNetwork Customer focus, software sales and relationship building led to OpenNetwork' financial growth and funding during a tough business said Long. "The era of gettinhg financial reward first and worrying about customer s secondis over," he "In the era we are entering, it turns out the customee is a big part of the It's about putting the customers firsty and making sure we are taking care of The investing environment is better than it's been in sevejn or eight years, said Drew managing partner at Ballast Point Venture Partnerzs LP in Tampa.
Ballast Point closed on $40 million in July to inves in private growth companies and planes to continue to raise capitalo till the endof 2002, Graham said. He cited realistic valuations as creatinfg a betterinvesting climate. "We went through a time in the ventured industry when private company valuations were wildly inflated, and there are now much more reasonables valuation expectations," Graham said. "It's a much more interesting environment in whichuto invest. I think it's a healthier environment for privatew companiesand investors.
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