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Wednesday, Jul 17, 2024
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Successful IPO Adds to Avalon’s Win Column

There’s a plethora of interesting news flowing out of San Diego’s very active entrepreneurial community in recent weeks … First up, La Jolla venture capital firm Avalon Ventures was one of the big winners when portfolio company Otonomy Inc., a late-stage life science company developing sustained-exposure treatments for ear diseases, raised $100 million in an IPO offering on Wall Street Aug. 12. Avalon managing partner Jay Lichter, who leads many of Avalon’s health care investments, helped launched Otonomy after receiving an epiphany at the doctor’s office about a better way to treat his vertigo and tinnitus. The newly minted public company estimates that 60 million people suffer from various hearing disorders. The share price was holding its own as of early last week above $17.40 a share … Meanwhile, Avalon announced Aug. 21 that partner Rich Levandov led a $6.25 million Series A round for San Francisco-based wearable technology company OnBeep. The startup said in an official announcement that it is developing wearable devices that tie together group communication for better collaboration in real time… Last week, I noted in this column that San Diego chapter of the Tech Coast Angels had made 15 investments during the first half of the year. President Jeff Draa checks in with a short list of area startups that did deals with the group and its members. Local companies doing deals with the San Diego chapter include restaurant loyalty program provider MOGL, online resume platform for students Portfolium and social media startup Rock My World, all located in downtown San Diego, plus celebrity social media app provider Yapert in Sorrento Valley, Virtual Metrix, a Rancho Bernardo-based company providing enhanced performance for mobile devices, high-tech surveyor Groundmetrics in Kearny Mesa, and Medicare specialist insurance agency Senior Quote. Tech Coast Angels has scheduled its Quick Pitch event for Sept. 25 at Qualcomm Auditorium, which will feature a number of companies seeking prize money for offering up the best business pitches … Qualcomm Inc. generates nearly 50 percent of its revenues from its activities China. Given that the Middle Kingdom is so important, the Sorrento Valley wireless communications giant has set aside $150 million to invest in new startups there … Finally. the downtown Rotary Club, one of the world’s largest, will honor long-time civic leader Tom Hom with its 2014 Mr. San Diego Award later this month. Hom was the first to head the Gaslamp Quarter Association, and chaired the taskforce that built Qualcomm Stadium. Hom served in elective offices, too. Till next week.

Contributing Editor Tom York pens the SDBJ Insider. You can reach him via email at tyork@sdbj.com or tom.york@gmail.com.

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