October 16, 2000
Fund Funds Third Round Financing for Automated Power Exchange (APX)
APX is theTechnology Leader in B2B E-Commerce for Electricity
Santa Clara, CA -- Woodside, CA Woodside Fund is an investor
in a $36.1 million Series C round for Automated Power Exchange (APX).
APX s technology platform and services enable Internet-based exchanges
for the efficient and cost-saving buying and selling of electricity,
including green power and related products. APX also provides comprehensive
support services for power system transactions.
The round was led by Woodside Fund and five other investors from
previous rounds who have increased their investment in APX. They
are: Bechtel Enterprises Inc., Kinetic Ventures, Onset Ventures,
FirstEnergy Corp., and Technology Partners. Seven new investors
in the round are: Tokyo Electric Power Company International B.V.,
Hydro-Quebec Capitech Inc., ITOCHU International Inc., Nissho Iwai
American Corp., Nissho Iwai Corp., Sumitomo Corp., and Sumitomo
Corp. of America.
This round of financing will enable APX to continue the rapid expansion
of the company's exchange and transmission grid market services
around the world. Spurred by new competitive threats arising from
ongoing utility deregulation, utility companies are increasingly
seeking e-commerce solutions in an effort to cut costs, improve
service and attract new customers. APX has established power exchanges
in several strategic regions across the US, and the company is entering
international markets in Asia and Europe. Through a number of strategic
alliances with industry leaders, APX is creating additional exchanges
and enhancing the functionality of its product line.
Woodside Fund has been an active investor in APX since co-leading
the Series B round, with follow-on investments in C, and has made
a significant contribution to the on-going success of APX. APX founder
and Chairman Edward Cazalet states, "The business and power industry
experience of Bob Larson, Managing Director of Woodside Fund and
a member of the APX Board of Directors, is of immense value to us.
Woodside Fund has also provided great leadership in bringing in
APX is a tremendously exciting business to be working with, said
Mr. Larson. Their state-of-the-art solutions benefit everyone in
the supply chain, from a cost and supply point of view. The flexibility
and ease of use of their next generation Market 2000 platform clearly
lead the market.
Founded in 1983, Woodside Fund has one of the longest and strongest
track records of success in early stage venture capital investing.
All Woodside Funds have performed in the upper quartile of the industry
for venture capital partnerships formed in their respective years.
Woodside Fund s latest partnership, Woodside Fund IV, which had
its final close in April, invests between $5 and $10 million in
early stage ventures in Internet and electronic commerce, computer
software, telecommunications, and networking, located in Northern
and Central California. The Fund serves as the lead or co-lead investor
in most of its portfolio companies.
APX is a registered trademark of, and Automated Power Exchange
is a trademark of Automated Power Exchange Inc. EcoPower
is a service mark of the Environmental Resources Trust (ERT).