The Download: Grotech announces $7M round in cloud computing firm

Grotech Ventures has put cash into the cloud.

The Vienna-based investment firm led a $7 million round in 6fusion, a Raleigh, N.C., company that has developed an algorithm to charge companies for cloud services through metering, similar to how a utility might charge for electricity.

Loading...

Comments

• Weigh In
• Corrections?

Personal Post

Grotech principal Lawson DeVries led the deal and will join the company’s board. Durham, N.C.-based Intersouth Partners also contributed to the round, which backers plans to make public on Monday, Aug. 22.

“In any market growing and evolving as quickly as the cloud computing market, there is always significant opportunity for innovation,” DeVries said. “6fusion’s technology platform is one of a kind in the market, and in conjunction with their unique channel-friendly business model, we see the company as a very compelling opportunity.”

Grotech has been an early investor in several high-profile technology companies in the Washington region, including District-based LivingSocial, which is preparing to go public, and Gaithersburg’s BroadSoft, which carried out a successful IPO last year.

RESEARCH GRANTS

Fifteen research and development projects in Maryland got a financial lift this month as part of a state program that aims to encourage business partnerships between companies and university faculty.

The Maryland Industrial Partnerships program doled out $1 million from the state and $3.2 million from participating companies as part of its 48th round of funds. The state’s Department of Natural Resources and the Environmental Protection Agency also contributed money.

Eight of the research partnerships fall within the Washington region, excluding Baltimore. Among those, the top recipients were:

— Columbia-based Xcision Medical Systems and University of Maryland, Baltimore associate professor Steven Feigenberg got $1.65 million to develop a device that could replace surgery and postoperative radiation therapy for breast cancer patients.

— Opticul Diagnostics of Rockville and University of Maryland, Baltimore professor Richard Venezia were awarded $425,500 to develop a point-of-care diagnostic device to detect the bacteria that causes Staph infections.

— College Park-based Optimal Solutions Group and University of Maryland, College Park associate professor Lise Getoor were given $257,469 to develop a virtual system where researchers, practitioners and others can share information and best practices.

For the remainder of the grant recipients, visit www.mips.umd.edu.