Portfolio

Current Investments

Seek Thermal                                          www.thermal.com

LifeScale                           www.lifescaleinstruments.com 

Travera                                                       www.travera.com

Akston Biosciences                            www.akstonbio.com

BioIQ                                                               www.bioIQ.com

Blue Triangle                          www.bluetriangletech.com

Comprendo                                        www.comprendo.com

Preciate                                                    www.preciate.com

Trefis                                                               www.trefis.com

Previous Investments

Shopatron

Founded as Firepoppy in 2004 as an early eCommerce system providing a bridge between manufacturers and retailers, renamed Shopatron in 2007 as it evolved into a significant provider of retail transaction services. Ultimately acquired in 2015 at a 25X multiple on investment.

SmartCells

Developer of an engineered biopolymer matrix which dissolves at a controlled rate in proportion to the amount of glucose in the blood. Insulin is added into the matrix with the objective of achieving precision non-linear control of blood glucose levels using depot injections at weekly or longer intervals. Three angel rounds raised ~$4 million by 2008 at premoney valuations up to $15 million. Another $4 million angel round was raised in 2009 at a somewhat higher valuation. SmartCells was acquired in late 2010 by Merck for $100 million cash and up to $400 million additional cash for a series of future milestone achievements, plus royalties. Merck is continuing development leading toward clinical trials.

Indigo Systems Corporation

Developer and manufacturer of infra-red detectors, focal plane arrays, imaging engines and cameras for commercial, military and surveillance applications. Founded in 1996. Premoney valuation in first round in 2002 – $65 million. 2002 revenue – $38 million. Acquired by FLIR Systems for $190 million in January 2004.

Genetic MicroSystems

Microarrayers (“biochip” production instrumentation) and wide-field scanning microscopes for genomic analysis and pharmaceutical development. Founded in 1997. Premoney valuation in first angel round – $3 million. 1999 revenue – $13 + million. Acquired by Affymetrix for $278 million in pooling transaction in November 1999.

WebLine Communications

Advanced web push software and call center web technology. Founded in 1996. Premoney valuation in first angel round – $1 million. Acquired by Cisco Systems for $325 million in a pooling transaction in November 1999.

Corex Technologies

CardScan business card scanners and software. Founded in 1993. Premoney valuation in first angel round – $2 million. In 2002, Corex spun off a subsidiary (now Zoominfo) to its shareholders. Zoominfo is a specialized search engine for executive recruiting. In 2004, major venture firms invested $7 million at a $33 million premoney valuation. The venture firms also offered to purchase Zoominfo shares held by the angel investors. In 2006, Corex was acquired by Newell-Rubbermaid at a value in the neighborhood of $25 million. CardScan joined the Rolodex & DYMO office products family.

Agris Corporation

The leading independent provider of applications software and service for several segments of the agricultural marketplace: co-ops, grain dealers, farm supply dealers, and specialty crop producers. Founded in 1985. Leveraged buyout at ~$15 million in 1995. 1999 revenue – $35+ million. John Deere & Co. purchased 50% in 1997 and acquired the remaining 50% for $40+ million in June 1999.

HealthBanks

Provides physicians and clinics a direct-to-patient 2-way Internet channel to deliver customized personal healthcare information to the patient via the web, and via customized email messages to patients from their physicians. Founded in 1994. Premoney valuation in the first angel round – $1 million. HealthBanks was sold to its employees in 2008 and continues to operate as a private company today.

Decision Biomarkers

Developer of a rapid benchtop automated biomarker assay using new proprietary fluidics automation. After angel financing, the Company received funding from two venture firms. The assay performance was outstanding, but the user interface design was vulnerable to operator error. After a costly redesign, the instrument began extensive field trials in three pharmaceutical companies. However, the financing environment of late 2008 made it impossible to raise sufficient capital to continue. The Company was sold at a significant loss to investors.

NABsys

 

Iconix Video

Developer of very small, mobile, broadcast-quality high-definition video cameras for cable and broadcast television. Used in many sporting events and active venues. The Company was harmed by the Hollywood writers’ strike and its impact on new television production. It was unable to maintain its technology lead and eventually ceased operations.

E-Z Apps

Developer of a SAAS application for the security services market. Initial customers included mass transit and parking lot operators. Two modest rounds of angel financing occurred before it was determined that the Company’s proprietary position was not sustainable, and the Company ceased operations.

CrystalVoice

A VOIP technology developer providing value-added telecommunications services to business users. Bridge financing in 2003. Acquired at a lower valuation by Global IP Sound in 2007.

Cerida Corporation

A high-end “web enabled” call center business providing “Live Help” and other sophisticated sales support capabilities to e-commerce and software businesses. Founded in 1994. Premoney valuation in first angel round – $100,000. Revenue rate peaked at ~$8 million in 2000. Company failed at the end of 2001 as the technology business slowdown deepened after 9/11.

Shopatron

Founded as Firepoppy in 2004, n early eCommerce system providing a bridge between manufacturers and retailers, renamed Shopatron in 2007 as it evolved into a significant provider of retail transaction services. Ultimately acquired in 2015 at a 25X multiple on investment.

 

SmartCells

Developer of an engineered biopolymer matrix which dissolves at a controlled rate in proportion to the amount of glucose in the blood. Insulin is added into the matrix with the objective of achieving precision non-linear control of blood glucose levels using depot injections at weekly or longer intervals. Three angel rounds raised ~$4 million by 2008 at premoney valuations up to $15 million. Another $4 million angel round was raised in 2009 at a somewhat higher valuation. SmartCells was acquired in late 2010 by Merck for $100 million cash and up to $400 million additional cash for a series of future milestone achievements, plus royalties. Merck is continuing development leading toward clinical trials.

Indigo Systems Corporation

Developer and manufacturer of infra-red detectors, focal plane arrays, imaging engines and cameras for commercial, military and surveillance applications. Founded in 1996. Premoney valuation in first round in 2002 – $65 million. 2002 revenue – $38 million. Acquired by FLIR Systems for $190 million in January 2004.

Genetic MicroSystems

Microarrayers (“biochip” production instrumentation) and wide-field scanning microscopes for genomic analysis and pharmaceutical development. Founded in 1997. Premoney valuation in first angel round – $3 million. 1999 revenue – $13 + million. Acquired by Affymetrix for $278 million in pooling transaction in November 1999.

WebLine Communications

Advanced web push software and call center web technology. Founded in 1996. Premoney valuation in first angel round – $1 million. Acquired by Cisco Systems for $325 million in a pooling transaction in November 1999.

Corex Technologies

CardScan business card scanners and software. Founded in 1993. Premoney valuation in first angel round – $2 million. In 2002, Corex spun off a subsidiary (now Zoominfo) to its shareholders. Zoominfo is a specialized search engine for executive recruiting. In 2004, major venture firms invested $7 million at a $33 million premoney valuation. The venture firms also offered to purchase Zoominfo shares held by the angel investors. In 2006, Corex was acquired by Newell-Rubbermaid at a value in the neighborhood of $25 million. CardScan joined the Rolodex & DYMO office products family.

Agris Corporation

The leading independent provider of applications software and service for several segments of the agricultural marketplace: co-ops, grain dealers, farm supply dealers, and specialty crop producers. Founded in 1985. Leveraged buyout at ~$15 million in 1995. 1999 revenue – $35+ million. John Deere & Co. purchased 50% in 1997 and acquired the remaining 50% for $40+ million in June 1999.

HealthBanks

Provides physicians and clinics a direct-to-patient 2-way Internet channel to deliver customized personal healthcare information to the patient via the web, and via customized email messages to patients from their physicians. Founded in 1994. Premoney valuation in the first angel round – $1 million. HealthBanks was sold to its employees in 2008 and continues to operate as a private company today.

Decision Biomarkers

Developer of a rapid benchtop automated biomarker assay using new proprietary fluidics automation. After angel financing, the Company received funding from two venture firms. The assay performance was outstanding, but the user interface design was vulnerable to operator error. After a costly redesign, the instrument began extensive field trials in three pharmaceutical companies. However, the financing environment of late 2008 made it impossible to raise sufficient capital to continue. The Company was sold at a significant loss to investors.

NABsys

 

Iconix Video

Developer of very small, mobile, broadcast-quality high-definition video cameras for cable and broadcast television. Used in many sporting events and active venues. The Company was harmed by the Hollywood writers’ strike and its impact on new television production. It was unable to maintain its technology lead and eventually ceased operations.

E-Z Apps

Developer of a SAAS application for the security services market. Initial customers included mass transit and parking lot operators. Two modest rounds of angel financing occurred before it was determined that the Company’s proprietary position was not sustainable, and the Company ceased operations.

CrystalVoice

A VOIP technology developer providing value-added telecommunications services to business users. Bridge financing in 2003. Acquired at a lower valuation by Global IP Sound in 2007.

Cerida Corporation

A high-end “web enabled” call center business providing “Live Help” and other sophisticated sales support capabilities to e-commerce and software businesses. Founded in 1994. Premoney valuation in first angel round – $100,000. Revenue rate peaked at ~$8 million in 2000. Company failed at the end of 2001 as the technology business slowdown deepened after 9/11.

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