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Netpreneur News
Volume 7, Number 15, April 11, 2002

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This Week's Contents:

      1.1 Propositional Logic
      1.2 Meet SpaceVest
      1.3 Aww, Shucks, 'Tweren't Nuthin'
      2.1 Telverse's IP-Centrex Service
      2.2 Unwired Express' Sales Support Application
      2.3 Leading Edge's Facial Recognition Tool
      2.4 Round-up: Quick Hits
      ...... news from Plesk, Metastorm, RiskWatch, InstantDx,
      YellowBrix, LaunchFuel, Xigent, and Orbital Imaging
      3.1 Dough Raise Me
      ...... A more than somewhat excellent week with $49.8M for 6
       local entrepreneurs, including CBay, Agari, AnnuityNet, NETSEC,
      Apptix, and Realeum
      3.2 Life In The Food Chain
      ...... Vastera Acquires Bergen
      3.3 Five Companies Selected For Grubstake
      ...... news about people at Grotech, Strategis Group, and AOL

|||||||||||||||||||| 1. News About The Program ||||||||||||||||||

Whether you're selling your idea to investors, customers, partners,
or potential employees, the ability to express a compelling, concrete value proposition is critical to every entrepreneur's success. At this month's Coffee & DoughNets we take up the challenge of how to articulate it with a panel of experts who evaluate emerging companies for a living, each from a different perspective and moderated by John Backus, Managing Partner of Draper Atlantic. Coffee & DoughNets will take place on Wednesday April 24, 7:00 to 9:30 AM, at the General Cinema at Mazza Gallerie in Chevy Chase, Maryland. Sign up now.

A new Meet The Investor session has been scheduled for Thursday, May 23, your opportunity to get one-on-one time with SpaceVest, a
private equity investor focusing on the space industry and next
generation networks. SpaceVest looks for companies that have highly
competent management teams, unique proprietary technology, a
compelling value proposition, a high-growth market, and an initial
commercial customer base. To be considered, send an email to to receive a Netpreneur NET-INVEST
Business Summary form. Complete the form and return it to the same
address by Wednesday, May 15. Representatives of SpaceVest will
review the forms and select a handful of entrepreneurs to attend
private 45-minute meetings. BTW, you still have time (although not
much) to apply for April's Meet The Investor with Washington Capital
Ventures coming Friday, April 19. Applications for that one are due
by tomorrow, April 12, so act now. Please specify which session you'
re interested in (or both).

Washington Capital Ventures:

The much respected "Web Digest for Marketers/WDFM" announced its
seventh annual "Best Of" awards this week, and we're blushin'
because our recently published "Netpreneur Email Marketing Products
Guide" won in this year's Email Marketing category. Wish we could
take all the credit, but the Guide was a community effort, with
contributions from many members of the Netpreneur AdMarketing list.
Congrats to everyone who had a hand in it! If you haven't gotten the
Guide yet, it's a free publication you can download as a PDF that
collects and categorizes the dozens of email marketing solutions on
the market, providing a brief summary for each, contact info, and
background on the advantages and disadvantages of different types of
solutions. According to the editors of WDFM, it's "a must for email
marketers." Check it out, along with the other resources in our
email marketing area of the Netpreneur site.

Email marketing area:
Web Digest for Marketers:
AdMarketing list:

|||||||||||||||||||| 2. Regional Netpreneurs ||||||||||||||||||

(Dulles, VA) Telverse Communications announced the availability of
its nationwide Hosted IP-Centrex service for carriers, VARs, and
enterprise customers. The offering enables geographically dispersed
companies to connect offices and remote workers through a centrally
managed voice/data IP communications service. In addition to
traditional PBX features, the service provides TelePortals for
moves/adds/changes, initiation of find/follow-me services, an online
summary of call logs, click-to-dial services and complete access to
online billing information. Users can maintain existing equipment
environments or upgrade with new IP devices.


(Columbia, MD) Unwired Express introduced its Sales Force
Effectiveness software, an add-on extension to packaged or
proprietary Customer Relationship Management or Sales Force
Automation systems. The product enables companies to deliver
"actionable" information to mobile salespeople in the context of
activities they are currently performing. It continuously analyzes
information from sales, financial, communications, and operational
systems, which it prioritizes and distributes via mobile phones and
wireless networks to notify salespeople of high-priority
customer-related events such as delayed order, emails received from
a decision maker, a sales opportunity affecting the current
quarter's forecast, or overdue tasks.

(Hanover, MD) Leading Edge Design & Systems, an integrator of
multimedia content management and distribution systems, debuted its
Facial Recognition Plug-in, a tool that automatically recognizes
faces on video based on a stored database. Leading Edge says it has
a variety of applications, such as media asset management where it
can be used for rapid on-demand search and retrieval of video in a
digital archive; or delivering real-time alerts for immediate action
to mobile devices for intelligence and public safety applications.


(Chantilly, VA) Plesk released its Server Administrator Version 2.5
in the Spanish language and with customer support operations in
Spanish. The Web-based solution automates and simplifies the
administration of UNIX and Linux Web servers.

(Severna Park, MD) Metastorm released Version 5.3 of e-Work, its
Business Process Management software. Enhancements include support for Adobe Acrobat and other third party software.

(Annapolis, MD) RiskWatch released Version 9.0 of its security risk
management software. Enhancements include new capabilities for
conducting information systems and corporate/physical security risk

(Silver Spring, MD) Giant Food stores will use technology from
Gaithersburg, MD-based InstantDx to allow physicians to send
paperless prescriptions to Giant pharmacies. The two-way system,
called OnCallData, also allows a pharmacist to request a refill or
verify a prescription.

(Alexandria, VA) YellowBrix's content delivery technology will be
integrated with SAP Portals' Enterprise Portal to provide customers
with business headlines and content from more than 2,200 sources.

(Reston, VA) LaunchFuel announced an alliance with MITRE, a
not-for-profit organization that provides R&D and IT support to the
government, to identify and move MITRE technology and intellectual
property to commercial markets.

(Alexandria, VA) Xigent launched the website for DC-based Cassidy &
Associates, a public affairs communications company specializing in
government relations.

(Dulles, VA) Orbital Imaging, a provider of Earth imagery products
and services, acted on its previously announced plans and filed a
petition for reorganization under Chapter 11 of the Bankruptcy Code.
CFO Armand Mancini said that the company expects its cash on hand to carry it through the launch of its new satellite, and that the
company will have significantly reduced its debt level upon emerging
from Chapter 11.

|||||||||||||||||||| 3. Funding & Finance News ||||||||||||||||||


$4 million in a third round for Annapolis-based CBay Systems, an
outsourcer for healthcare business processes. The round was led by a
$2.5 million investment from Kingdon Capital, with additional
participation by TDA Capital Partners and Godrej Industries. The new
money brings total equity investments in CBay to over $11.5 million.
CBay also announced that it has signed a definitive agreement to
take a "sizable" stake in an Internet based dictation, transcription
and document management solution provider, making CBay the first
company to offer a HIPAA compliant, end-to-end technology and
services platform.

$5 million in additional funding for Herndon-based Agari Mediaware,
a developer of content integration middleware. The round was led by
existing investor Safeguard Scientifics, with participation by
Draper Atlantic. Agari's software makes it possible to integrate
heterogeneous applications that store and process digital content,
turning applications into services so employees can access them
across the enterprise. Added to the funds Agari closed in August
2001, the new money brings its most recent round to $10 million, and
its total funding to date to more than $18 million.

$7.5 million in a third-round for Leesburg-based AnnuityNet, a
provider of eCommerce solutions for the annuity industry.
Participating in the round were new investors The Phoenix Companies
and Ohio National Financial Services, and existing investors Conning
Capital Partners, GE Equity, FBR Financial Services Partners,
Lincoln Financial Group, and AnnuityNet founder and CEO Shane
Chalke. AnnuityNet's technology links annuity distributors,
underwriters, consumers, and end users of annuity products.

$7.5 million for Herndon-based NETSEC, a provider of managed
security services. The round was led by ArrowPath Venture Capital,
with participation by Mobius Venture Capital, and brings NETSEC's
total funding to $25 million since April 1998. NETSEC's suite of
security services covers vulnerability assessment, security
intelligence, and device monitoring and management.

$11.3 million for Sterling-based Apptix, a new company that split
off from TeleComputing ASA to offer application hosting solutions
for service providers. $5.8 million of the money comes from a
consortium of institutional and individual investors led by Convexa
Capital Partners, and the remaining $5.5 million comes from
TeleComputing. Apptix will market private-label solutions and
technologies to network service providers and outsourcers, enabling
them to offer hosted messaging, communications and collaboration
solutions to their customers.

$14.5 million in a second round for Alexandria-based Realeum, a
provider of software products and services for apartment management
companies. The round was led by new investor Massey Burch Capital,
with participation by Venrock Associates, Carlyle Venture Partners,
Internet Realty Partners, ABP-US Investments, AvalonBay Communities, Post Properties, and United Dominion Realty Trust. The company's flagship product, Realeum Foundation, is a Web-based property and portfolio management solution.


-- Vastera Acquires Bergen
(Dulles, VA) Vastera, a provider of solutions for global trade
management, has acquired Brazil-based Bergen Informatica, Ltda, a
provider of software solutions for trade management in South
America. Bergen has over 200 customers, including Ford, Volkswagen,
Renault, Philips, Nokia, Bayer, Pfizer and Whirlpool. Vastera says
that through the acquisition it gains critical software capabilities
specific to South America, including import/export compliance,
shipment document generation, trade finance and currency conversion,
and more.

(McLean, VA) Five technology companies have been selected to present their business plans to an audience of investors at the Century Club of George Mason University's quarterly Grubstake Breakfast,
including: Charlottesville-based CaseNex, a developer of education
courses for school districts and teacher training programs;
Fairfax-based Steele Technologies, a provider of multimedia products
and services; Baltimore-based Accelics, a provider software for the
chemical and pharmaceutical industries; Bethesda-based Koolspan, a
producer of applications for enhancing wireless LANs; and
Woodbridge-based The One-Card, a provider of smart-card
applications, biometric technologies and wireless banking and
financial assistants. The event will be held on Thursday, April 25,
at the Ritz Carlton Hotel in Tysons Corner.

|||||||||||||||||||| 4. Who'sware  ||||||||||||||||||

(Timonium, MD) Private equity firm Grotech Capital Group named
Joseph Zell as a General Partner. He was formerly President of the
data networking and Internet services division at U S WEST
Communications, where he also was responsible for corporate venture

(Washington, DC)  Telecom research and consulting firm The Strategis
Group promoted Peter Jarich to Director of Research, responsible for
defining the direction of its research in the broadband, wireless,
cable, satellite, competitive telephony and Internet industries.

(Dulles, VA and NY, NY) Changing faces at the top of AOL this week.
Barry Schuler, Chairman and CEO of America Online, will move over
to lead a new division that will develop digital services for AOL
Time Warner platforms. Bob Pittman, who ran AOL's operations before
the merger, will take over operating responsibilities at AOL in
addition to his responsibilities as COO-elect of AOL Time Warner.
AOL also announced that James de Castro, former CEO of AMFM Radio Group, has been named President of AOL Interactive Services, where he will run the flagship AOL service.

Thanks for your interest in and support of the Morino Institute's
Netpreneur News is copyright 2002, Morino Institute, all rights reserved. The information contained here has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. It is provided "as is" and your use is at your own risk.

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