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OVP taps into B.C. with $5 million deal

February 3, 2005 /

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Venture capitalists see big opportunities in technology up north for Seattle-area firms

Sensing opportunities north of the border, OVP Venture Partners’ http://www.ovp.com/ Chad Waite made a pledge last year to take a close look at B.C. startup companies.

Now, the 49-year-old venture capitalist is making good on the resolution, joining with two Canadian venture capital firms to invest $5 million in Victoria-based GenoLogics Life Sciences Software Inc.

It is the first time the 22-year-old Kirkland firm has invested in a Canadian company. And it is one of only a handful of investments by Seattle-area firms in Canadian companies in the past decade.

"I wouldn’t have done this deal unless it was as good as anything I see in the States," said Waite, who is joining GenoLogics board.

By JOHN COOK
SEATTLE POST-INTELLIGENCER REPORTER

Full Story: http://seattlepi.nwsource.com/business/210473_canada03.html