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XL Hybrids Gets $300K, BP Acquires Verenium’s Cellulosic Biofuels Business, NE Q2 Venture Investing Slims Down, & More Boston-Area Deals News

Xconomy Boston — 

We saw news of both acquisitions and fundraising rounds for New England companies in the clean tech, IT, and biotech sectors.

XL Hybrids, a Somerville, MA-based startup developing technology for retrofitting vehicles with hybrid elements, raised $300,000 from an undisclosed fund. The newest cash puts the cleantech company’s seed funding total at $1.8 million.

—Westford, MA-based EnterpriseDB, a provider of database management software that can run on cloud computing systems, pulled in $7.5 million in an equity, options, and warrants offering that could hit $12 million.

—Cambridge, MA-based Verenium agreed to sell its cellulosic biofuels unit for $98.3 million to energy giant BP, still under scrutiny for the Gulf of Mexico oil spill. BP will get Verenium’s cellulosic enzymes and biofuels technology, and will take control of Verenium sites in San Diego and Jennings, LA, as well as a few joint ventures BP shared with Verenium. The deal helps Verenium, which has struggled financially as a result of its research on ethanol produced from high-cellulose materials, return to its original focus of developing commercial enzymes.

Surface Logix, a developer of drugs targeting obesity and diabetes, sold all but $600,000 of a planned $4.6 million offering of equity, options, and warrants. The Brighton, MA-based company was founded with technology from Harvard chemist George Whitesides and raised a $20 million Series E financing last year.

—Greg took a look at second-quarter venture investing trends in New England. Two of the three VC data reports we track showed that dollars invested in area startups fell in Q2 from the first quarter of 2010. All but one of the top 10 deals last quarter fell in the biotech or healthcare sectors, Greg wrote.

—Andover, MA-based NaviSite (NASDAQ: NAVI), a provider of IT services like data hosting, said Atlantic Investors, one of its majority shareholders, had made an offer to purchase the rest of the company’s common stock at $3.05 per share, for a total of $72.9 million. NaviSite’s board formed a committee to consider the offer from Atlantic, which already owns 36.6 percent of the company’s common stock.

—Nashua, NH-based DiagnosisONE, a developer of software for clinical decisions support, got $5 million from Edison Venture Fund. The company will put the cash toward sales, marketing, and development efforts.

ActiFio, a Waltham, MA maker of data management virtualization technology, reported that it had completed its $8 million Series A round earlier this year, led by Greylock Partners and North Bridge Venture Partners. We wrote about the first $4 million tranche last July.

—Mitralign, a Tewksbury, MA-based developer of a catheter-based system for mitral valve repair, said it attracted a $5 million credit facility from GE Capital, which will be used for working capital for developing its technology.