San Francisco-based investment firm Saints Capital , and Los Angeles-based venture capital firm Rustic Canyon Partners said Tuesday that they have formed a new fund, Saints Rustic Canyon, L.P., which has purchased the interest of nineteen different portfolio firms of Rustic Canyon Ventures, and a portion of eight other firms (note: Rustic Canyon is a sponsor of this publication, socalTECH.com). According to the firms, the sales gives liquidity to Rustic Canyon's single limited partner, which the firm did not disclose or mention, but has previously been disclosed as the Chandler Family Trust , the trust of the Chandler Family -- former owners of the Times Mirror Co. ,

The funding was led by new investor Rustic Canyon Partners, with participation from Series A investors Atomico, General Catalyst Partners, and Mayfield Fund. The firm's CEO, Michael Wayne, confirmed the funding with socalTECH, but said that the company would not be making any official comments until a formal announcement next month. Santa Monica-based DECA has raised $10M in a new round of funding worth $10M, according to a regulatory filing. DECA is a digital media studio which produces online video content.

John Babcock, Rustic Canyon Partners Uri The VentureNet 2008 Selection/Screening Committee has been announced.  Wow, what a prestigous list of Southern California venture capitalists, angel investors, and conference sponsors!  We’re fortunate to have such a talented group that will ensure a very exciting software and IT capital conference this year.  Jim

Los Angeles-based Leads360, which develops leads management software, has launched a new product specifically targeting small companies. Leads360 said it has just launched its Leads360 Express product, which is targeted at managing sales leads for small companies in any industry. Leads360 is backed by Rustic Canyon Partners. The software is free for a single salesperson, and costs $35 a month for up to five salespeople. Leads360 develops leads management software used to handle and manage Internet and other leads; previously, the firm provided products for larger firms.

Instead of making as many new investments, VCs will use their cash for inside rounds to fund their top preforming portfolio companies that have the greatest likelihood of success. Last week I hosted a panel of Los Angeles Venture Capitalists with Jim Armstrong (Clearstone Ventures), Mark Suster (GRP), David Travers (Rustic Canyon), and Brian Garrett (Crosscut Ventures). For existing There has been a lot of conjecture about how the Venture community will respond to the economic downturn. My personal opinion is that its going to be bad, really bad.

The company said the funding came from existing investors in the firm, although specific investors in the funding round were not disclosed; the company has previously scored funding from Nth Power, DTE Energy, Energy Innovation Portfolio, Semptra Energy, Rustic Canyon Partners, Electricite de France, Loudwater Investment Partners, and Ben Rosen. Chatsworth-based Pentadyne Power said Monday that it has raised $22M in a financing round. The firm, which develops flywheel energy storage systems, said the funding will go to fuel expansion of the firm into new markets.

No details on the funding have been announced by the company. According to the filing, funding included new backer Mayfield Fund, along with prior investors Idealab, Rustic Canyon Partners, and Trinity Ventures and others. Pasadena-based Perfect Market , a provider of software which enables monetization of long tail content of publishers such as newspapers, has raised $6.0M in a funding round, according to a recent regulatory filing by the firm.

According to the firm, founding CEO Jeff Solomon becomes Senior Vice President and will focus on product and technology development at the company. Leads360's software is used to manage web-based sales leads; the firm is venture backed by Rustic Canyon Partners. Los Angeles-based Leads360, a developer of lead management software, has tapped Dan Morefield as the firm's new President and CEO, the firm announced this morning. Morefield is the former COO of Experian Consumer Direct, as well as CIO at Overture Services.

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The firm said the round was led by Tribune Company, and also included Trinity Ventures, Rustic Canyon Partners, and Idealab. Perfect Market said that the Tribune Company has been using its product on a number of its web properties. As part of the funding, Dan Kazan, Senior Vice Preisdent of Corporate Development at the Tribune Company, joins the company's board of directors. Altadena-based Perfect Market , which is developing technology to help publishers monetize their long tail content, confirmed today that it has raised $6M in a Series C funding round.