Venture Capitalists Reenter B2B Marketplace

New funding for Adaytum, Alventive, digiMine, G-Log and SageMetrics

Tempe, AZ  May 17, 2002  Several e-business enablers recently have announced new injections of funding, suggesting that the pall that has hung over B2B software companies since the B2C bust of 2000 might finally be lifting.

Here's a roundup of the latest investments:

Adaytum, a provider of enterprise business planning (EBP) solutions, completed an $11.1 million round of mezzanine financing led by Cargill, with participation from existing investors, including, St. Paul Venture Capital, Accenture Technology Ventures, 3i Group, JPMorgan Chase H&Q, and Dorsey & Whitney Ventures. The Minneapolis-based company said it would use the proceeds to expand its worldwide sales and marketing and to help product development of the Adaytum e.Planning platform.

Alventive, a product lifecycle management company focused on discrete manufacturers and their supply chains, raised $11.3 million in its most recent round of financing from investors that included Focus Ventures, Benchmark Capital, Octane Capital and Aslan Strategic Partners. The money will go to fuel additional product development and company growth, according to Alventive, which is based in Santa Clara, Calif.

digiMine, the Bellevue, Wash.-based provider of e-business analytics and data mining solutions, closed $20.3 million in round C financing from venture and corporate investors led by Silicon Valley venture capital firm Mohr, Davidow Ventures. The company said the funding is going to support digiMine's growth as the provider progresses toward profitability. Previous digiMine investors, including round B leader Mayfield, also took part in this round. digiMine provides managed data mining and analytic services to enterprises.

G-Log, a provider of logistics and transportation software, pulled in nearly $20 million in funding, with this latest round led by Focus Ventures and GIC Special Investments, the investment arm of the Government of Singapore Investment Corp. Other top venture and strategic investors joining this round of financing included Eastman Chemical Ventures and Mayfield, among others. The Shelton, Conn.-based provider says the funds would go into cash reserves and into expanding the company's customer base in Latin America and the Pacific Rim.

SageMetrics  a business intelligence outsource provider for online and offline data mining, integration and analysis  raised $6 million in Series B funding, led by venture capital firm Ascend Venture Group, First round investor, JPMP, also participated in the Series B round. SageMetrics has secured a total of $11.7 million since April of 2000. Other investors in the company include Bay Star Capital, Innisbrook Partners, and GCWF Investment Partners. The company is headquartered in North Hollywood, Calif.