What you need to know – 07/22/11

IP address management company BlueCat Networks secured $16.8 million in funding from Trident Capital.

Detroit Venture Partners announced that former NBA superstar Earvin “Magic” Johnson will be joining the firm as a general partner, where he’ll invest in seed and early-stage technology companies.

Social gaming startup Diversion raised an undisclosed Series B round of funding led by TomorrowVentures, Hearst Corporation and others.

In Q2 of this year, 776 deals collected $8 billion, a five percent drop in investment and two percent drop in deals compared with last year.

Dubset, a new website for curated music mixes, raised $500,000 in funding from Governing Dynamics Venture Capital and a team of angel investors.

Fridge, a service for sharing certain media with certain people, has been acquired by Google.

Nearbuy Systems, developer of solutions for the indoor “micro-location” market, secured $1 million led by Motorola Solutions Venture Capital.

PixelFish, provider of online video and marketing solutions for local businesses, closed a $4 million round of funding.

Real-time social advertising network RadiumOne launched a new innovation and development arm, RadiumOne Labs.

Twitter might be just a couple weeks away from closing a two-part financing deal totaling $800 million, according to sources close to the transaction.