LAWRENCEVILLE, N.J. – Edison Venture Fund invests in expansion-stage software and communications companies, as well as environmental science and other technology businesses in the mid-Atlantic United States.
Edison IV, the firm’s latest vehicle, held a third and final close in October 1999 on $116 million, beating its $100 million target.
The vehicle is one-third committed to 11 companies, said Managing Partner John Martinson. The firm expects to have the vehicle fully invested with about 35 investments over the next two to three years. Edison usually invests $2 million per deal, expecting to commit as much as $3.5 million to a portfolio company over time. The firm often invests alone.
The group’s third fund, Edison III, closed on $60 million in April 1995 and is fully invested in 24 companies. The previous fund, Edison II, wrapped on $62 million in January 1991 and is fully invested in 28 companies. Edison I, the firm’s freshman effort, wrapped on $40 million in April 1987 and is fully invested in 26 companies. All funds tend to commit 70% percent of resources to the information technology sector, with the remainder allocated to environmental and other technology companies.
New limited partners for Edison IV include CIBC Capital Corp., Regent University, Riggs Bank N.A., Summit Bank, Siemens Venture Capital and Silicon Valley Bank. Returning limited partners include the New Jersey Economic Development Authority, PSE&G Resources and PNC Equity Management.
The firm’s general partners include Gary Golding, Bruce Luehrs and Ross Martinson. James Gunton and John Shin, the firm’s most recent hire, are vice-presidents.
Following is a list of Edison’s portfolio companies:
Digital Paper Corp. (Alexandria, Va.) streamlines the way organizations distribute documents with cost-effective and rapidly deployable electronic software.
Columbia Capital was a co-investor.
Fiberlink Communications Corp. (Blue Bell, Pa.) is an enterprise service provider, designing, deploying and managing a full range of high-end Internet-based communication services.
The Janis Group Inc. (Rochelle Park, N.J.) is a systems integration company providing software, systems and services to middle market companies.
HarbourVest Partners was a co-investor.
Innaphase Corp. (Champs sur Marne, France) is a clinical information engineering company designing Windows-based software applications for pharmaceutical companies.
Janus Technologies Inc. (Pittsburgh, Pa.) produces software that monitors and manages data for information technology hardware and software.
Liberty Tax Service Inc. (Virginia Beach, Va.) is a retail income tax preparation firm serving the U.S. and Canada.
Ripple Technologies Inc. (Washington Crossing, Pa.) produces network server software for system and application failures and security issues.
Scribe Software Corp. (Bedford, N.H.) is a developer of Enterprise Application Integration software for application vendors and their customers.
V-Span Inc. (King of Prussia, Pa.) manages virtual conferences such as videoconferences, Web conferences, data conferences and teleconferences.
Edison Venture Fund is located at 1009 Lenox Dr. #4, Lawrenceville, NJ 08648, tel: (609) 896-1900, fax: (609) 896-0066. The firm’s Web site is at http://www.edisonventure.com.