NEW ORLEANS - Hibernia Corp. has jumped into the venture capital market by arranging a $10.6 million investment deal for the technology firm Axonn LLC.
Hibernia Capital Corp., a unit of the $16 billion-asset New Orleans banking company, is putting up $3.5 million of the deal. Other investors include Industrial Technology Ventures and Cordova Intellimedia Ventures in Alphetta, Ga., Vencap Opportunities Ventures in Atlanta, Koerner Capital Corp. in New Orleans, and HSB Engineering Finance Corp. in Hartford, Conn.
Hibernia Capital has been working with Axonn to revamp its business and search for senior management talent.
Axonn specializes in wireless monitoring and communications technology, mostly targeted for use in security systems of industrial companies. In a statement, Hibernia Capital said Axonn's customers include Honeywell Inc., Johnson Controls Inc., and Schlumberger Ltd.