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PricewaterhouseCoopers/ National Venture PricewaterhouseCoopers/ National Venture Capital Association MoneyTree™ ReportCapital Association MoneyTree™ Reportbased on data from Thomson Financialbased on data from Thomson Financial

Shaking the MoneyTree™™

Q1 2007 UpdateMay 2007

PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ ReportBased on data from Thomson Financial

PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

The MoneyTree Report – Q1 ’07

Presented by Wes Getman, PwC

Discussion Panel- Allen Moseley, Noro-Moseley Partners- Stephen Fleming, Georgia Tech

VentureLab

Q&A


Wes Getman, PricewaterhouseCoopers

Wes Getman is a senior manager as part of the assurance practice in the Technology Industry for PricewaterhouseCoopers LLP. Wes has been with PwC since 1998 and has been part of the Atlanta practice throughout his career. His focus is on introducing emerging technology companies to PricewaterhouseCoopers and its vast resources in order to help the companies grow and succeed. As part of his responsibilities, Wes is actively involved as a client service audit professional. His current audit clients include some of Atlanta’s most promising young companies, including Servigistics, Comverge, Nexidia, Procuri, and CardioMEMS. Wes has also held positions at Xerox as a financial analyst and with Thomas’ Publishing in marketing. Wes is actively involved in several Atlanta-based technology groups.


Allen Moseley, General Partner, Noro-Moseley Partners

Allen is a General Partner at Noro-Moseley Partners where he focuses on healthcare investments, primarily in the healthcare services and healthcare information technology areas, as well as technology enabled business services. He serves on the board of a number of Noro-Moseley portfolio companies, including Apex Analytix, Bloodhound Software, Neospine, Senior Whole Health, and Valor Healthcare.

Allen is currently Chairman of the Technology Association of Georgia (TAG) and has previously served on the Board of Directors of the Council for Entrepreneurial Development (CED) in the Research Triangle Park, NC. He is also a member of the Nashville Healthcare Council.

Before joining NMP in 1998, Allen was employed as an Associate in the Corporate Finance group at The Robinson-Humphrey Company. While at Robinson-Humphrey, he worked on a number of initial public offerings, mergers and acquisitions, and private placements in the healthcare and technology industries. Allen also worked on private equity investments for R-H Capital Partners, a private equity fund affiliated with Robinson-Humphrey.


Stephen Fleming, Chief Commercialization Officer, Georgia Tech

Stephen Fleming is an Atlanta native, a graduate of Georgia Tech, and a successful Atlanta investor and entrepreneur. After technical and management positions at AT&T Bell Laboratories and Northern Telecom, Stephen has been a partner in two Atlanta-based venture capital firms; he has managed investments in more than 20 start-up companies. In his role as Chief Commercialization Officer, he is responsible for streamlining the handling of Georgia Tech's intellectual property, accelerating the licensing of technology, and making the Institute’s resources more readily accessible to business and industry.


About The Report

• PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™ based on data from Thomson Financial

• ‘Core’ measure of equity investments in venture-backed companies in the United States

• Companies have received at least one round of financing involving a professional VC firm or equivalent

• Captures: tranches, not term sheets, foreign VCs, qualified private placement

• Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc.• MoneyTree™ Report in its 13th year• Results online at www.pwcmoneytree.com, www.nvca.org,

www.venturexpert.com


MoneyTree Total Investments: Q1 1998 – Q1 2007

($ in billions)

$4.1

$6.6

$28.

4

$12.

8

$6.8

$4.3 $5

.2

$5.1 $6

.3 $7.1

$5.7

$11.

0

$28.

1

$11.

4

$6.0

$5.0 $6

.3

$6.3

$6.9

$5.3

$13.

2

$26.

4

$8.4

$4.5

$4.8

$4.8 $5

.7 $6.6

$6.0

$23.

4

$22.

2

$8.1

$4.5 $5

.6

$5.8

$5.7

$6.2

$0.0

$8.0

$16.0

$24.0

$32.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

#

of

Deals

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

843 901 910 990 916 1304 1422 1868 2131 2105 1933 1745 1289 1225 1002 977 831 846 687 722 690 735 705 774 702 844 678 817 720 812 774 801 853 910 875 884 778


MoneyTree Total Investments: 1980 – YTD Q1 2007

($ in billions)

$0.6

$1.2

$1.6

$3.0

$3.0

$2.8

$3.1

$3.3

$3.3

$3.3

$2.8

$2.2

$3.5

$3.7

$4.1 $8

.1 $11.

3

$14.

9

$21.

1

$54.

2

$105

.0

$40.

7

$21.

8

$19.

7

$22.

2

$22.

8

$26.

1

$7.1

$0

$20

$40

$60

$80

$100

$120

Annual Venture Capital Investments 1980 to YTD Q1 2007


Investments by Region: Q1 2007($ in millions)

$0.2

$3.0

$100.4

$121.8

$197.2

$204.8

$277.6

$280.5

$360.5

$456.7

$526.0

$579.3

$686.3

$975.5

$2,165.1

$79.8

$30.1

$11.1

$0 $700 $1,400 $2,100

AK/HI/PR

South Central

Upstate NY

Sacramento/N.Cal

North Central

Colorado

SouthWest

DC/Metroplex

Philadelphia Metro

Texas

Midwest

NY Metro

Northwest

LA/Orange County

Southeast

San Diego

New England

Silicon Valley

Region# of

Deals

% Change $

from Q4 ‘06

Silicon Valley 244 -7.28%

New England 95 29.14%

San Diego 44 73.91%

Southeast 54 54.05%

LA/Orange County 40 26.51%

Northwest 42 52.30%

NY Metro 48 -39.90%

Midwest 43 15.13%

Texas 34 61.06%

Philadelphia Metro 34 48.81%

DC/Metroplex 41 5.29%

South West 22 127.38%

Colorado 13 35.85%

North Central 10 -18.07%

Sacramento/N.Cal 6 329.78%

Upstate NY 4 -71.45%

South Central 3 -83.10%

AK/HI/PR 1 -98.36%

Total 778 13.47%

Q1 2007 Total: $7,056 in 778 Deals

NM = Not Meaningful


Investments by Region – Quarterly Percent of Total U.S. Investments

Top U.S. Regions Q1 ‘06– Q1’07(% of Total Dollars)

38

.4%

15

.0%

5.1

%

4.1

% 6.0

%

35

.2%

10

.7%

3.3

%

4.3

% 7.3

%

33

.9%

9.9

%

4.4

%

5.1

% 8.5

%

37

.6%

12

.2%

6.4

%

6.1

%

6.7

%

30

.7%

13

.8%

9.7

%

8.2

%

7.5

%

0%

10%

20%

30%

40%

Silicon Valley New England San Diego Southeast LA/Orange County

Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07


HA W AII

MA UI

KAHOOL A WE

LANAI

MOLOKAI

OAHU

KAU AI

NIIHA U

Investments by Region: Q1 2007

Texas$277.6

34 Deals

Silicon Valley$2,165.1

244 Deals

New England$975.5

95 Deals

Midwest$280.5

43 Deals

South Central$3.0

3 Deals

Northwest$456.7

42 DealsSacramento/N. CA

$30.1 6 Deals

San Diego$686.3

44 Deals

Southeast$579.3

54 Deals

Southwest$121.8

22 Deals

LA/Orange County$526.0

40 Deals

DC/Metroplex$197.2

41 Deals

NY Metro$360.5

48 Deals

Philadelphia Metro$204.8

34 Deals

North Central$79.8

10 Deals

Q1 2007 Total Investments - $7,056 in 778 Deals

Colorado$100.4

13 Deals

AK/HI/PR$0.2

1 Deal

Upstate NY$11.1

4 Deals


Investments by Industry – Quarterly Percent of Total U.S. Investments

Top 5 Industries – Q1 ‘06 to Q1 ‘07(% of Total Dollars)

13

.9%

21

.7%

11

.5%

9.2

%

4.5

%

19

.6%

19

.9%

8.2

%

9.2

%

8.1

%

17

.4%

17

.2%

10

.4%

13

.9%

9.5

%

20

.0%

19

.7%

10

.9%

7.4

%

6.7

%

21

.1%

15

.6%

15

.3%

8.3

%

7.1

%

0%

5%

10%

15%

20%

25%

30%

Biotechnology Software Medical Devices andEquipment

Telecommunications Industrial/Energy

Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07


Investments by Industry: Q1 2007($ in millions)

$0.4

$75.4

$161.5

$176.6

$212.3

$274.7

$288.1

$358.1

$489.4

$501.2

$588.1

$1,078.4

$1,097.9

$1,488.8

$77.3

$93.4

$93.9

$0 $900 $1,800

Undisclosed/Other

Consumer Products and Services

Financial Services

Computers and Peripherals

Retailing/Distribution

Healthcare Services

Electronics/Instrumentation

Business Products and Services

Networking and Equipment

IT Services

Semiconductors

Media and Entertainment

Industrial/Energy

Telecommunications

Medical Devices and Equipment

Software

Biotechnology

Industry# of

Deals

% Change $

from Q4 ‘06

Biotechnology 102 19.65%

Software 193 -10.29%

Medical Devices & Equipment 96 59.83%

Telecommunications 63 27.19%

Industrial/Energy 44 20.50%

Media & Entertainment 72 16.47%

Semiconductors 42 -26.07%

IT Services 38 7.60%

Networking & Equipment 29 31.45%

Business Products and Services 22 37.12%

Electronics/Instrumentation 16 77.64%

Healthcare Services 10 20.86%

Retailing/Distribution 12 56.71%

Computers and Peripherals 9 61.92%

Financial Services 17 20.43%

Consumer Products and Services 12 -67.91%

Undisclosed/Other 1 NM

TOTAL 778 13.47%

Q1 2007 Total: $7,056 in 778 DealsVisit www.pwcmoneytree.com for Industry definitions

NM = Not Meaningful


Life Science Investments – Percent of Total U.S. Investments*

(% of Total Dollars)

13

.9%

11

.5%

25

.4%

19

.6%

8.2

%

27

.8%

17

.4%

10

.4%

27

.8%

20

.0%

10

.9%

30

.9%

21

.1%

15

.3%

36

.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Biotechnology Medical Devices and Equipment Life Sciences

Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07

Life Science Sectors – Q1 ’06 to Q1 ‘07


Investments by Sequence of Financing: Q1 2007

($ in millions)

$950.5

$1,194.8

$1,297.4

$1,536.1

$2,076.7

$0 $500 $1,000 $1,500 $2,000 $2,500

Fourth

Third

Second

First

5th and Beyond

Financing# of

Deals

% Change in

$ Amount from

Q4 2006

Fifth & Beyond 192 23.39%

First 223 6.09%

Second 163 4.30%

Third 115 18.87%

Fourth 85 13.41%

Total 778 13.47%

Q1 2007 Totals: $7,056 in 778 Deals


First Sequence Financing – Number of Deals

95

6

38

5

22

5

17

0

19

0 22

9 25

9

22

3

94

5

32

9

24

1

18

6 24

5 30

1

80

0

26

5

18

5

17

9 21

9 24

8 29

9

66

7

23

6

18

6 21

3 25

0 27

9

26

6

23

9

0

200

400

600

800

1000

2000 2001 2002 2003 2004 2005 2006 2007

Q1 Q2 Q3 Q4

First Sequence Deals


First Sequence Financing – Investment Amount

($ in billions)

$8

.8

$2

.9

$1

.3

$0

.8

$1

.0 $1

.4

$1

.3

$1

.5$2

.0

$1

.2

$1

.0

$1

.3

$1

.5

$1

.6

$6

.3

$1

.3

$1

.0

$1

.1

$1

.2

$1

.3

$1

.5

$5

.4

$1

.3

$0

.8 $1

.1

$1

.2

$1

.4

$1

.4

$8

.5

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

2000 2001 2002 2003 2004 2005 2006 2007

Q1 Q2 Q3 Q4

First Sequence Investments


Investments by Stage of Development: Q1 2007

($ in millions)

$169.3

$962.7

$2,875.1

$3,048.5

$0 $1,000 $2,000 $3,000

Startup/Seed

Early Stage

Expansion

Later Stage

Stage of Development

# of

Deals

% Change in $ Amount

from Q4 2006

Later Stage 245 56.72%

Expansion Stage 274 8.57%

Early Stage 188 -28.48%

Startup/Seed 71 -39.29%

Total 778 13.47%

Q1 2007 Totals: $7,056 in 778 Deals


First Sequence Financing –Percent of Total U.S. Investments

30.1%

23.8%24.4%22.3%

17.6%15.2%16.0%

19.6%20.3%22.4%

17.8%17.3%

20.7%21.9%

20.3%20.0%19.9%

25.4%

21.1%

28.4%

23.3%22.4%

25.1%23.0%23.3%

21.8%

44.9%

41.4%

38.2%

29.9%

26.9%26.4%24.2%

27.1%28.5%

26.9%25.8%24.6%25.3%25.4%

27.5%27.1%29.0%

32.3%30.6%

31.8%29.4%

32.0%

34.8%33.1%

34.2%

30.1%28.7%

31.0%

20.8%22.6%

44.9%

30.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

Q1

2000

Q2

2000

Q3

2000

Q4

2000

Q1

2001

Q2

2001

Q3

2001

Q4

2001

Q1

2002

Q2

2002

Q3

2002

Q4

2002

Q1

2003

Q2

2003

Q3

2003

Q4

2003

Q1

2004

Q2

2004

Q3

2004

Q4

2004

Q1

2005

Q2

2005

Q3

2005

Q4

2005

Q1

2006

Q2

2006

Q3

2006

Q4

2006

Q1

2007

% of Total Dollars % of Total Deals


Stage of Development – Quarterly Percent of Total First Sequence Dollars

(% of first sequence dollars)

15

.1%

37

.8%

35

.0%

12

.1%17

.2%

30

.1%

40

.9%

11

.8%

38

.7%

27

.6%

13

.5%

17

.4%

49

.5%

24

.9%

8.2

%

8.1

%

39

.5%

34

.8%

17

.6%

20

.2%

0%

10%

20%

30%

40%

50%

60%

70%

Startup/Seed Early Stage Expansion Later Stage

Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07

Stage Development – Q1 2006 to Q1 2007


Stage of Development – Quarterly Percent of Total First Sequence Deals

(% of first sequence deals)

21

.2%

44

.4%

29

.3%

5.0

%

22

.9%

43

.9%

24

.9%

8.3

%

32

.1%

40

.1%

20

.4%

7.4

%

22.6

%

57.1

%

14.3

%

6.0%

26.0

%

45.7

%

21.5

%

6.7%

0%

10%

20%

30%

40%

50%

60%

70%

Startup/Seed Early Stage Expansion Later Stage

Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07

Stage Development – Q1 2006 to Q1 2007


First Sequence Deals in Startup & Early Stage Companies

728 81

1 943

1,75

6

905

606

579 68

3

160

799

2,49

9

689

538

28.3%

22.2% 22.7%

20.6%

25.9%

29.1%

25.7%

31.9% 31.6%

20.1%

19.6% 19.9%

22.5%

0

1000

2000

3000

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

YTD 200

7

0%

5%

10%

15%

20%

25%

30%

35%

40%

Seq 1 Deals in Startup/Early Stage% of Total US Deals


Median Deal Size vs. Mean Deal Size –Quarterly Total U.S. Investments

$7.0$6.5 $6.2 $6.0

$5.0 $5.0

$4.0$4.6 $4.5

$4.0 $4.0$3.2

$3.7 $4.0 $4.0$4.5

$5.0 $4.7 $4.5 $4.8 $4.5 $4.6$4.0

$4.8 $4.5 $4.2 4.1 4.04.5

$13.3 $13.3 $13.6

$12.7

$8.2

$7.1$6.7 $6.8 $6.9 $7.2 $7.1 $7.1 $7.1

$7.8$7.3 $7.1 $7.4 $7.6 7.6

7.0

9.1

$8.4

$10.0$9.3

$8.3

$6.3 $6.2

$7.5 $7.5

$0

$2

$4

$6

$8

$10

$12

$14

Q1

2000

Q2

2000

Q3

2000

Q4

2000

Q1

2001

Q2

2001

Q3

2001

Q4

2001

Q1

2002

Q2

2002

Q3

2002

Q4

2002

Q1

2003

Q2

2003

Q3

2003

Q4

2003

Q1

2004

Q2

2004

Q3

2004

Q4

2004

Q1

2005

Q2

2005

Q3

2005

Q4

2005

Q1

2006

Q2

2006

Q3

2006

Q4

2006

Q1

2007

Median Deal Size Mean Deal Size


Post-Money Valuations – Early Stage Companies 1997 to 2006

$12.

8

$17.

9

$17.

6

$26.

1

$19.

3

$10.

1

$8.7

$9.6

$8.6

$6.9

$5

.8

$5

.4

$8

.6

$1

0.2

$7

.8

$5

.4

$4

.2

$6

.9

$6

.4

$4

.8

$0

$5

$10

$15

$20

$25

$30

$35

$40

Q4 97 Q4 98 Q4 99 Q4 00 Q4 01 Q4 02 Q4 03 Q4 04 Q4 05 Q4 06

Pre-money Valuation Investment Amount

Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Total $17.55 $24.30 $25.41 $36.22 $27.92 $15.41 $14.13 $15.37 $15.52 $11.13

12 Month Average


Post-Money Valuations – Expansion Stage Companies 1997 to 2006

$30.

8

$34.

3

$62.

9

$87.

3

$48.

5

$33.

4

$32.

1

$48.

5

$46.

4

$54.

9

$1

2.4

$1

1.3

$1

3.8

$2

1.7

$1

6.5

$1

2.5

$1

4.0

$1

4.2

$8

.8

$8

.1

-$10

$10

$30

$50

$70

$90

$110

Q4 97 Q4 98 Q4 99 Q4 00 Q4 01 Q4 02 Q4 03 Q4 04 Q4 05 Q4 06


12 Month Average

Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Total $38.88 $43.02 $79.43 $108.99 $62.33 $45.89 $43.46 $60.87 $60.62 $68.90


Post-Money Valuations – Later Stage Companies 1997 to 2006

$60.

8

$55.

3

$105

.3

$130

.5

$78.

4

$48.

7

$54.

4

$56.

4

$80.

2

$81.

3

$1

6.7

$1

4.3

$2

0.5

$2

8.9

$2

0.6

$1

6.7

$1

4.1

$1

5.1

$1

0.6

$9

.8

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

Q4 97 Q4 98 Q4 99 Q4 00 Q4 01 Q4 02 Q4 03 Q4 04 Q4 05 Q4 06


Year1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Total $70.58 $65.97 $125.87 $159.40 $98.87 $65.44 $68.71 $73.17 $95.29 $95.33

12 Month Average


Q1 2007 – Most Active Venture Investors

Venture Capital Firm LocationTotal Deals

Alta Partners San Francisco, California 18

New Enterprise Associates Baltimore, Maryland 18

Draper Fisher Jurvetson Menlo Park, California 17

Canaan Partners Westport, Connecticut 16

Intel Capital Santa Clara, California 15

Menlo Ventures Menlo Park, California 15

Sequoia Capital Menlo Park, California 15

ARCH Venture Partners Chicago, Illinois 14

Venrock Associates New York, New York 14


Thomson FinancialU.S. Private Equity Performance Index (PEPI)

Fund Type 1 Year 3 Year 5 Year 10 Year 20 Year

Early/Seed VC 9.9 6.5 -3.0 36.4 20.5

Balanced VC 20.5 11.7 4.1 17.6 14.6

Later Stage VC 25.2 9.4 3.7 9.0 14.0

All Venture 16.4 9.1 1.0 20.3 16.6

All Buyouts 24.5 14.6 10.4 8.5 12.9

Mezzanine 12.6 5.0 4.1 6.1 8.5

All Private Equity 23.3 12.7 7.5 11.0 13.9

NASDAQ 4.7 6.2 4.3 6.4 10.1

S&P 500 10.8 8.2 4.2 6.6 9.2

(Investment Horizon Performance as of 12/31/2006)

Source: Thomson Financial/National Venture Capital Association *Data as of 4/13/2007--The Private Equity Performance Index (PEPI) is based on the latest quarterly statistics from the Thomson Financial Private Equity Performance Database analyzing the cashflows and returns for over 1860 US venture capital and private equity partnerships with a capitalization of $679 billion. Sources are financial documents and schedules from Limited Partners investors and General Partners. All returns are calculated by Thomson Financial from the underlying financial cashflows. Returns are net to investors after management fees and carried interest.


Analysis of Venture-Backed IPO and M&A Activity*

Date Number of IPOs**

Total Venture-Backed Offering Size ($M)

Average Venture-Backed Offering Size ($M)

Number of Venture-backed M&A deals

Average M&A deal size***

2003 29 2,022.7 69.8 291 62.8

2004 93 11,014.9 118.4 339 83.0

2005 56 4,461.0 79.7 347 95.8

2006 Q1 10 540.8 54.1 104 112.2

2006 Q2 19 2,011.0 105.8 92 101.3

2006 Q3 8 934.2 116.8 87 95.6

2006 Q4 20 1,631.1 81.6 57 165.3

2006 57 5,117.1 89.8 340 113.3

2007 Q1 17 2,091.9 123.1 62 161.2

2007 17 2,091.9 123.1 62 161.2

* Q1 2007 M&A data, current as of April 2, 2007, is preliminary and subject to change** Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile***Only accounts for deals with disclosed valuesSource: Thomson Financial/ National Venture Capital Association


Venture Capital Fundraising*

Year First Time Funds

Follow-On Funds

Total Number of Funds

VC Raised ($M)

2002 57 115 172 3,767.4

2003 50 97 147 10,622.3

2004 56 149 205 18,566.0

2005 55 163 218 27,957.3

2006 44 168 212 30,260.4

2007 YTD 13 43 56 4,939.8

Quarter

Q1 ‘06 17 55 72 6,640.1

Q2 ‘06 13 59 72 14,050.9

Q3 ‘06 13 52 65 5,426.0

Q4 ‘06 14 42 56 4,143.4

Q1 ‘07 13 43 56 4,939.8

Source: Thomson Financial/National Venture Capital Association

*These figures take into account the subtractive effect of downsized funds Date current as of 4/16/07


Georgia - Quarter by QuarterGeorgia - Quarter by Quarter2001 – 20072001 – 2007

$279

$405

$125$112 $113

$171

$89

$183

$80

$47

$80$99

$200

$87$71

$167

$34$57

$101

$56 $59

$126$113

$99

$70

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1

($ in millions)

2001

# of Deals

20042002 2003 2005 2006

40 40 25 31 16 25 19 18 16 16 10 15 25 16 16 18 11 20 16 17 18 19 17


2007 Q1 “Top 13” StatesReceiving Venture Capital

State Deals Amount

California 334 $3,407,455,800 Massachusetts 84 901,224,000 Washington 33 365,881,600 Texas 34 277,607,300 New York 34 261,279,800 North Carolina 16 249,816,300 Pennsylvania 34 199,643,300 Florida 13 150,833,600 Illinois 17 134,887,000 New Jersey 18 108,627,900 Maryland 20 104,660,100 Colorado 13 100,369,300 Georgia 17 98,642,900

PricewaterhouseCoopers/National Venture Capital Association MoneyTree ™ ReportBased on data from Thomson Financial

Georgia Deals – Q1 2007

Company AmountAllConnect, Inc. $15,000,000

Carticept Medical, Inc. $20,000,000

CoalTek, Inc. $33,000,000

Compliance 360, Inc. $2,200,000

ControlScan, Inc. $1,750,000

CytoDome, Inc. $28,000

EGT, Inc. $2,000,000

Global MailExpress, Inc. $5,000,000

Interactive Advisory Software LLC $500,000

MFG.com, Inc. $3,999,900

Omnilink Systems, Inc. $500,000

Prenova, Inc. $3,000,000

Prosero, Inc. $200,000

Racemi, Inc. $3,400,000

Ryla Teleservices, Inc. $5,000,000

Stheno Corporation $65,000

Undisclosed $3,000,000 Total $98,642,900


Georgia Deals – Q1 2007 by Industry

Industry Deals Amount

Biotechnology 1 $65,000

Business Products and Services 1 3,000,000

Industrial/Energy 3 38,200,000 IT Services 1 1,750,000

Media & Entertainment 2 17,000,000

Medical Devices & Equipment 2 20,028,000

Retailing/Distribution 1 3,999,900

Software 4 9,100,000

Telecommunications 2 5,500,000

Total 17 $ 98,642,900


Georgia Deals – Q1 2007 by Stage of Development

Stage Deals Amount

Early 4 $22,278,000

Expansion 7 19,764,900

Later 6 56,600,000

Total 17 $98,642,900


Georgia Deals – Q1 2007 by Sequence

Sequence Deals Amount

1 3 $6,249,900

2 3 22,700,000

3 3 8,028,000

4 3 3,665,000

5 2 38,000,000

7 1 2,000,000

8 1 3,000,000

10 1 15,000,000

Total 17 $98,642,900


Georgia-Based VC Funds Georgia-Based VC Funds Reporting ActivityReporting ActivityQ1 2007Q1 2007

Venture Capital Firm Deals Amount

Advanced Technology Development Center 2 $41,000

Cordova Ventures 1 52,000

Fulcrum Ventures 1 1,100,000

HealthCare Capital Partners 1 13,000

Imlay Investments 1 250,000

Noro-Moseley Partners 5 3,927,300

Total Technology Ventures LLC 3 3,985,000

UPS Strategic Enterprise Fund 1 107,000

Kinetic Ventures LLC 2 6,847,600

HIG Capital Management 1 594,000

Total 15 $16,916,900


Entrepreneurs’ and Venture Capitalists’ On-Line Resource GuideEntrepreneurs’ and Venture Capitalists’ On-Line Resource Guide

www.pwc.com - The PricewaterhouseCoopers’ Global website.

www.pwcmoneytree.com - The PricewaterhouseCoopers Money Tree Survey is a quarterly study of equity investments made by the venture capital community in private companies in the U.S. The survey identifies regional and national trends, entrepreneurial developments and promising industry segments.

www.pwcv2r.com (formerly www.pwcerc.com) - The Entrepreneur Resource Center (ERC) site offers proven business plan templates, financial models, technology-specific ratios, benchmarks and more.

www.pwcvc.com - The VC BestPractices site serves to provide an aggregate, comparative view of key issues and activities impacting the venture capital community, and to identify best practices.

www.pwcnextwave.com - NextWave provides news and ideas for private equity investors and entrepreneurs in the technology industry. Check out who’s who in venture capital by taking a glance at the Most Active VC Firms.

www.barometersurveys.com - The Trendsetter and Technology Barometer surveys report on the opinions and business innovations of America’s fastest-growing companies and track developments in the rapidly-changing technology industry.

www.telecomdirect.pwc.com - Telecom Direct offers telecommunications news and information specifically designed for industry professionals. The service broadcasts every business day over the Internet directly to users’ PCs.

www.tagonline.org (Technology Association of Georgia)

www.techlinks.net (News and Events for the Georgia Technology Community)

www.innovationspublishing.com - subscription-based electronic service providing detailed analysis of privately-funded technology ventures in the state of Georgia.

www.atdc.org/erc/ - Resources on starting up and building a company

http://www.innovationspublishing.com/

http://www.atdc.org/erc/

– – Atlanta Contacts:Atlanta Contacts:

Wesley GetmanWesley GetmanSenior ManagerSenior Manager

Technology Industry PracticeTechnology Industry PracticePhone: 678-419-2129Phone: 678-419-2129

[email protected]@us.pwc.com

Kien TaingKien TaingSenior AssociateSenior Associate

Technology Industry PracticeTechnology Industry PracticePhone: 678-419-1577Phone: 678-419-1577

[email protected]@us.pwc.com

© 2005 PricewaterhouseCoopers LLP. All rights reserved. "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership) or, as the context requires, other member firms of PricewaterhouseCoopers International Ltd., each of which is a separate and independent legal entity. *connectedthinking is a trademark of PricewaterhouseCoopers LLP.

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