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Despite setbacks from a relationship with Enron Corp., energy risk management firm Kiodex Inc. has closed on a $10 million second round from Warburg Pincus after meeting performance hurdles.
Warburg senior managing director Stewart Gross led New York-based Kiodex's initial $15 million round in April, with an eye toward dropping another $10 million if Kiodex completed a product release and gained paying customers, which it has.
"When we made the initial investment, we expected it would need $25 million to get to break-even," he said. "We've been extremely pleased with their progress."
The company relied on in-house counsel Raj Vaswani for this transaction, whose terms weren't disclosed. Warburg was represented by O' Sullivan llp's Audrey Rohan.
Kiodex, whose software provides pricing tools, market data and financial reports for managing exposure to market volatility, has six paying customers and remaining cash. Kiodex founder and...