As vacation season winds down, here's a look back at some of what Borealis and our portfolio companies accomplished in the first half of 2007:

New Investments

80108 Media has built a content publishing platform to deliver highly relevant and personalized information to consumers on their mobile handsets. Borealis co-invested in the Series B round with IDG Ventures, Khosla Ventures and founding investor General Catalyst. Borealis partner Matt Rightmire joined the board. 80108 is based in Boston.

Envista Software offers software applications that integrate GIS, costing, and asset enterprise management data to enable critical decision making for investing in and maintaining infrastructure assets like roadways, bridges, pipelines, and waterworks. Borealis mentored the technical founders and recruited the founding CEO to join the team. Borealis co-led the Series A round and Borealis partner Jesse Devitte joined the board. Envista is based in Beverly, MA.

Vico Software delivers "virtual construction" software and related services that cut costs and reduce risk for construction companies around the world. Borealis Entrepreneur-in-Residence Mark Sawyer, who previously led our portfolio company @Last Software to a successful acquisition by Google, sourced the opportunity and joined Vico as co-founder and CEO. Borealis led the Series A round that launched Vico by spinning out the Construction Solutions Division of Graphisoft, SE (Budapest: GRAPHI) and Jesse Devitte chairs the board. Vico is a global company that has hit the ground running, with 40 employees, more than 100 customers, and offices in Denver, Boston, Budapest, Helsinki and London.

Portfolio Momentum

Handmark extended its lead as the dominant smartphone mobile media developer, and has now registered over two million activations of Pocket Express. To capitalize on its expanding opportunities, Handmark has been adding to its team, most recently a former Sprint executive to the board and a leading mobile technologist as CTO.

Less than a year after Newforma's commercial launch, industry-leading architecture and engineering customers are adopting Newforma Project Center enterprise-wide ahead of projections. To sustain this market traction, Newforma raised a Series C round from founding investor Borealis and existing co-investors North Bridge and Kodiak.

SpaceClaim's team of proven CAD industry leaders sparked excitement throughout the sector when they launched the company's disruptive 3D mechanical CAD product earlier this year. SpaceClaim went on to raise a Series B round from existing investors (Borealis, Kodiak, and North Bridge) and new investor Needham & Co.

Prior seed investments Bar Harbor Biotechnology ("BHB") and Flurry significantly advanced their businesses and successfully closed follow-on funding. BHB closed its Series A round, secured additional non-dilutive funding, recruited a senior sales and marketing executive from Applied Biosystems, and released its first products to customers for validation trials. Flurry closed its Series A round (led by Draper Fisher Jurvetson, which previously backed Skype and Hotmail), doubled its team, expanded its mobile product offering, and grew its user base to over 100,000 consumers.

Innovative life science technologies offer tremendous potential to improve human health. Borealis has taken an active role in helping to commercialize such technologies through our investments in Avedro, Bar Harbor Bio, GlycoFi, and M2S. But wanting to do more in the fight against cancer, Borealis is also proud to support the annual Prouty Century Bike Ride and Challenge. Now in its 26th year, the Prouty raises funding for vital research work at Dartmouth Hitchcock Medical Center's renown Norris Cotton Cancer. Borealis was pleased to provide financial support as a Silver Wheel sponsor, but we also put some (aching) muscle to the effort by fielding Team Borealis, which biked through the beautiful NH and VT landscape to raise additional donations. All told, the 2007 Prouty involved over 3,500 participants and raised over $1.7 million.

We look forward to participating again next year and hope that you will join us in this important endeavor. Please reserve July 12, 2008 on your calendar and look for more Prouty info in the months to come. You can also email meagan@ borealisventures.com to sign up now for the '08 team.