Probiodrug, the Germany-based developer of small molecule inhibitors against inflammatory and neurodegenerative diseases, has raised €20.6m in series A funding from Bayern Kapital (Seedfonds Bayern), HBM Biopartners, IBG Beteiligungsgesellschaft Sachsen-Anhalt mbH, Sachsen LB Corporate Finance Holding GmbH (Dresden Fonds GmbH), TVM Capital GmbH, tbg Technologie-Beteiligungs-Gesellschaft and Georg Frank. Probiodrug is developing a new approach to treating Alzheimer’s disease and other neurodegenerative and inflammatory diseases, focusing on the enzyme glutaminyl cyclase. The funding will allow Probiodrug to advance preclinical and clinical development of its small molecule drugs. The company simultaneously announced the acquisition of Germany-based Ingenium Pharmaceuticals, a discovery and development company focused on inflammatory diseases.

PregLem, the Switzerland-based specialty biopharmaceutical company, has raised €20m in series A funding from Sofinnova Partners, MVM and Neomed Management. PregLem also announced the signing of a licensing agreement with Euronext-listed Ipsen, under which Ipsen will grant PregLem worldwide development and commercialisation rights to certain Ipsen compounds, for use in reproductive medicine only. The funding will allow PregLem to undertake the development of these and other key compounds in the PregLem portfolio.

Kiadis, the Netherlands-based oncology product development company, has raised €15m from Alta Partners, Esprit Capital, Life Sciences Partners, MedSciences Capital, N.V. NOM and Quest for Growth. The Kiadis product pipeline is focused on providing novel treatments in the field of bone marrow transplants and the treatment of aggressive cancers. The four most advanced products are currently in clinical trials, ranging from phase I to entering phase III.

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picoChip Designs, the UK-based fabless semiconductor company, has raised $27m (€20.2m) in series D funding from Highland Capital Partners and undisclosed strategic investors. picoChip is developing high-performance chips for wireless infrastructure applications. The funding brings the total raised since the company was set up in 2000 $75.5m (€63m).

MyStrands, the Spain and US-based developer of a social recommendation technology, has raised $25m (€18.7m) in series B funding from Debaeque Venture Capital, Sequel R&D and Antonio Asensio. MyStrands has developed a social recommender engine that is able to provide real-time personalised recommendations of products and services through computers, mobile phones and other internet-connected devices.

Marine Current Turbines, the UK-based developer of technology for large-scale power generation from tidal currents, has raised £7.5m (€11.2m) from City Capital Asset Management, Triodos Investment Management and other undisclosed institutional investors. The company says that its SeaGen tidal energy project, being installed in Northern Ireland, is the world’s first commercial-scale subsea turbine. The funding will be used to support the SeaGen tidal energy project as well as future developments in the UK and abroad.

ReVolt Technology, the Switzerland-based developer of rechargeable battery technology, has raised €10m from Northzone Ventures, SINTEF Group, Sofinnova Partners, TVM Capital, Verdane Capital and Viking Venture. ReVolt says that its Zinc-air batteries have more than twice as much energy as conventional Li-ion batteries, cost less to manufacture, are safer to use, and are environmentally friendly. The funding will be used for technology development and to install pilot lines to produce prototypes batteries for the consumer electronics markets.

Elsewhere, InFone Tech, the Israel-based developer of technology for cellular communications, raised $20m (€14.9m) from Gemini Israel Funds, Genesis Partners and other undisclosed institutional investors; Nimbuzz, the Netherlands-based developer of applications to connect global users of mobile devices, raised $10m (€7.5m) from Holtzbrinck Ventures, Mangrove Capital Partners and Naspers; and Canalce, the France-based online consumers entertainment search engine, raised €7m from Banexi Ventures Partners and CIC Capital.

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Those in the venture-backed sector are well aware of the current buoyancy of returns. For outsiders, the health of the industry was confirmed this month by publication of an EVCA report showing that venture returned 35.3 per cent last year, outstripping buyouts which returned 29.6 per cent. Despite these excellent figures, there are still doubts over the asset class, not least among the large institutions that have largely ignored it since 2001. They cannot be entirely faulted for their wariness. After all, five-year returns are still in negative territory and three-year returns are nothing to get too excited about.

But the point is, surely you cannot hope to profit from any asset class by running scared from it in the lean times or by trying to time its peaks and troughs. So withdrawing from it in 2000-2001 when returns were at their nadir hardly seems like a good strategy - particularly as venture typically represents only a small part of the portfolio. Likewise, piling in when valuations are already fair seems unwise. But that is exactly what the larger investors appear to have done. Smelling high returns, investors ploughed E17.5bn into venture in 2006, compared to E10.9bn in 2005 and E8.8bn in 2004. Pension fund trustees are bound by law to act under "prudent man" rules. But is their behaviour really prudent?

Let It Wave, the France-based developer of video processors for the professional and consumer electronics markets, has appointed Vincent Mouret as chief executive. Professor Stéphane Mallat, company co-founder and former chief executive, will continue to serve as chairman and chief scientist. Let It Wave’s technology is designed to provide high definition videos from lower resolution television signals.

Vollee, the Israel-based 3G mobile games company, has appointed of Martin Dunsby as president and chief executive. Mr Dunsby will lead the company as it launches its streaming video game services to carriers worldwide. The former senior vice president of Nasdaq-listed Openwave Systems has 15 years experience in the mobile industry.

Eazyfone, the UK-based recycler of mobile phones and their components, has appointed Richard Melrose as managing director. Mr Melrose takes over from company founder, Pete Petrondas, who plans to set up a new venture. Set up in 2001, Eazyfone collects end-of-life phones which it repairs and repackages for resale in developing economies, or if too damaged sends them away for dismantling and an environmentally friendly disposal.

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MTEM, the UK-based developer of oil exploration technology, has been acquired by Norway-based Petroleum Geo-Services for $275m (€205m). MTEM spun out of the University of Edinburgh in 2004 with £7.4m (€10.6m) in funding from Geneva Energy Ventures, HitecVision Private Equity and Scottish Equity Partners. The company had reached the early stages of commercialising its electromagnetic technology to detect the presence of hydrocarbons both offshore and onshore.

NESS, the Israel-based developer of systems for the rehabilitation of impairments resulting from central nervous system disorders, has been acquired by US-based Bioness for $75m (€56m) in cash and shares. NESS was using surface neuromuscular electrical stimulation to develop products for activating paralysed muscles. Its products included systems for treating paralysed hands, gait and drop foot.

Amsterdam Molecular Therapeutics (AMT), the Netherlands-based human gene therapy company, has raised €50m through an IPO on Euronext. The listing values the company at about €139m. AMT is developing treatments for patients with serious inherited, metabolic or central nervous system disorders.

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