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silicontap.com - Silicon Valley High Tech and Startup News

News and events about the Silicon Valley high tech industry

Gene Security Network Decodes $6MToday

Redwood City-based Gene Security Network, which develops molecular diagnostics technology to enhance genetic testing, said Wednesday that it has closed on a $6M Series B funding round. The new funding came from current investors Claremont Creek Ventures and Sequoia Capital, along with new investor Alafi Capital. Gene Security Network is developing diagnostics used for genetic testing during in-vitro fertilization. The firm raised a $4M, Series A round in December of 2007.

Scientific Learning Slashes 14 Percent Of EmployeesToday

Oakland-based Scientific Learning Corporation, which develops educational software, announced Wednesday that it will cut 14 percent of the firm's work force in Q1. The firm said the move is part of a move to "better align its costs and organization structure" with the current economic environment. Scientific Learning said it will take a charge of approximately $400,000 due to the cutbacks.

Engine Yard Cuts 15 PercentToday

San Francisco-based Engine Yard has cut 15 percent of its employees, which the firm described as part of some overall changes to new and modified services for the firm's existing and new segments of customers. Engine Yard provides deployment and management services for companies using the Ruby On Rail development environment, and is backed by New Enterprise Associates, Amazon.com, and Benchmark Capital.

Nexant Acquires ExcelergyToday

San Francisco-based Nexant, which provides energy grid management software and consulting, announced Wednesday that it has acquired Excelergy North America LLC and Excelergy BV, a developer of enterprise software applications for managing utility billing. Financial terms of the acquisition were ot disclosed. Excelergy is based in Lexington, Mass. Nexant said it would gain 45 new employees as part of the deal, which will make Excelergy a part of Nexant's Software and Information Systems unit.

Intel Sees Bigger LossToday

Santa Clara-based Intel Corporation said Wednesday that the firm is expecting a bigger loss for its fourth quarter--a steeper loss than the firm had expected even in November. According to Intel, the firm will have revenues of approximately $8.2 billion, down 20 percent sequentially and 23 percent year-over-year, which it attributed to further weakness in end demand, and inventory reduction in its supply chain. The firm had already cut estimates on November 12th. In addition to the revised outlook, the firm said it is writing off $950M of its investment in Clearwire Corporation, a provider of WiMax-based wireless services, due to a steep drop in Clearwire's stock price.