Criterion Holdings: Security roll-ups

Criterion Holdings got some TNInvestco-bred money via XMi High Growth Development Fund, and will pursue buying security firms, the CEO told VNC. Read more here.

Snowflake emerges from Luminetx fall

Snowflake, formerly the division of Memphis-based Luminetx that was adapting VeinViewer technology for security purposes, is formalizing its corporate independence. Erstwhile Luminetx CEO Jim Phillips is back onboard, and will apparently be raising capital for the newly independent venture. The Memphis Daily News reports. Among Snowflake's board members is Brad Silver, CEO of Computable Genomix, which is also raising capital. Silver was, himself, formerly with Luminetx, having been recruited there by Phillips. Related Luminetx posts here.

Private-company exchanges get scrutiny

VCs looking for greater liquidity for portfolio companies might want to take a closer look at the new private-company exchanges. Nashville comments from Jan Bouten, Rob Ivy, John Chadwick, Jim Phillips. The story's here.

Capital forum set, Dec. 3

Nashville Technology Council will host a "Capital Formation" roundtable, Thursday, Dec. 3, 2009, beginning 5 p.m., in the offices of Bradley, Arant, Boult, Cummings, LLC, 1600 Division Street, Suite 700. Panelists will be: Vic Gatto, Solidus; Jim Phillips, XMi Capital; Gary Peat, Council Ventures; John Chadwick, Claritas Capital; Chris Sloan, Bradley Arant Boult Cummings. Details here.

Pharos acquires RFID provider

Pharos Capital Group LLC of Dallas and Nashville announced Monday its acquisition of Rush Tracking, an RFID, business process and systems integration consultant based near Kansas City, Mo. Read about Pharos' twin-city origins and Partner Jim Phillips, who made the Rush announcement. Nashville-based, Vanderbilt-linked Universal Robotics is also heavily focused on the logistics space. No word, yet, on the outcome of Universal's repored $2MM raise.

XMI joining VC gathering?

Later this week, the Tennessee Capital Formation Board will convene for the first time since the passage of Tennessee's pro-venture Tennessee Small Business Investment Company Credit Act, which will spawn up to six TN Investco's, as they're being called. Thus far, the TCFB meeting seems likely to attract dozens of VCs, all eager to know how the TN Investco program will be run by Tennessee Economic and Community Development, acting in collaboration with Tennessee Technology Development Corporation and the State Department of Revenue. In addition to widely recognized VC and private-equity firms, word is XMI Management (Xebec) is sending a representative from its XMI Capital division, which helps XMI companies do M&As, divestitures and capital financing. XMI Capital President Jim Phillips recently confirmed for VNC that XMI is interested in knowing more about the TN Investco program. XMI Management is a holding company controlled by entrepreneur Mike Shmerling (at left), who, among many other civic activities, co-chaired a local Chamber initiative to examine how to meet the need for an Entrepreneurship Center in metro Nashville. The need for such a resource was identified in 2005, and the Chamber has said it hopes to have an online presence for such a center, but not a bricks and mortar facility, up and running this fall.

Luminetx taps CEO

Richard Kindberg (left) has been tapped to lead Luminetx, the Memphis-based provider of VeinViewer. He may face some Street Cred issues. Our brief is here.