December 18, 2014 @ 2:47 pm

Techstars Mobility managing director Ted Serbinski talks about the new program’s place in the Detroit startup ecosystem

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Last week, nationally-recognized and proven accelerator model Techstars announced it would begin a three-year program in the growing entrepreneurial district of Detroit.  Officially dubbed Techstars Mobility, driven by Detroit, the program will kick off June 9, 2015 with 10 next-genertation automotive, transportation, and mobility startups and conclude with a Demo Day on September 10, where each team will present to investors, industry leaders, and the community at large.

Ted Serbinski, formerly with Detroit Venture Partners and current MVCA board member, has been named as the Managing Director of Techstars Mobility, driven by Detroit. Serbinski, formerly of Detroit Venture Partners, is responsible for building out the new program, recruiting 10 companies to join the program and bringing together talented mentors from corporate partners including Ford, Magna and Verizon, and others throughout the region to help propel companies during the summer.

Serbinski tells MVCA, in his own words, why he’s excited about bringing Techstars to Detroit and what he hopes his new team will accomplish:

Techstars, the Gold Standard in Startup Accelerators

I remember 2 years ago walking downtown Detroit with my (Detroit Venture Partners) colleague Jake Cohen. We were talking about the future of Detroit and its startup ecosystem.

As we talked, we both honed in on the same observation: we needed Techstars to come to Detroit. There were a number of great accelerators in and around Detroit. We didn’t need just another accelerator but one that could take advantage of the massive resource we had in our backyard: the automotive industry. The thought was, that if done right, startups from all around the world would want to be in Detroit for this uniquely positioned accelerator. Not only that, but if Techstars did decide to come to Detroit, it would confirm our thesis that Detroit’s startup ecosystem has a bright future.

Techstars was the ideal choice. It is the gold standard in startup accelerators. They have a massive network of 3,000 successful entrepreneurs, mentors, investors and corporate sponsors geared towards helping startups do more faster. Since 2006, Techstars has launched 15 programs worldwide that have trained nearly 500 companies that have seen $2 billion in market capitalization. Quite an impressive feat and Techstars is open about their results.

Techstars has historically entered emerging startup markets. Boulder in 2007, Seattle in 2010, NYC in 2011, Austin 2013. The community they build around their program accelerates startup growth in the region. The results being, that each of these communities has risen into the top 10 startup regions in the US. Brad Feldwrites about this community-driven approach in more detail in his book Startup Communities.

Announcing Techstars Mobility, Driven by Detroit

I’m proud to say that Techstars is now coming to downtown Detroit.

On December 11th, in front of a crowd of a couple hundred journalists at Ford’s headquarters in Detroit, Bill Ford unveiled Techstars Mobility, driven by Detroit.

Ford Motor Co., along with Magna International and Verizon Telematics, are the 3 founding corporate partners for Techstars Mobility.

As part of this new program, I will be joining Techstars as the Managing Director of their Detroit Mobility program. I’m excited about this new role and further putting the spotlight on startups in Detroit. This also addresses the first missing ingredient to building a thriving startup ecosystem in Detroit.

I’ve enjoyed helping build up Detroit Venture Partners and put Detroit startups on the map. I will continue to work with the team and portfolio companies, as we all work together in building up Detroit’s startup ecosystem.

The Future of the Detroit Startup Ecosystem

Detroit is the automotive hub of the world. Michigan has more engineers per capita than anywhere else.

Yet today, Detroit’s startup culture is lacking the national recognition it deserves. This is in stark contrast to nearly 100 years ago when Detroit was the epicenter of innovation.

Combining the emergence of Detroit’s startup ecosystem with its heritage of automotive, Techstars Mobility is going to drive the next-generation of mobility focused companies right here in downtown Detroit.  And I’m proud to be a part of the next step in the mission to make Detroit a top 10 startup hub in the country. To define Detroit as the startup mobility and next-generation transportation hub of the world.

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December 11, 2014 @ 11:09 am

MEMBER NEWS: Fontinalis Partners Transports Techstars Mobility to Detroit

Fontinalis Partners Transports Techstars Mobility to Detroit
Accelerator Will Help Launch the Next Generation of Mobility Technologies 

DETROIT, MI – December 11, 2014.  Fontinalis Partners (www.fontinalis.com), a venture capital firm strategically focused on Next-Generation Mobility, today announced its participation in Techstars’ newest accelerator program: Techstars Mobility, driven by Detroit.  Fontinalis, in collaboration with other firms and strategic sponsors, will provide funding, mentorship, and strategic guidance to early-stage companies developing innovative mobility solutions.

Techstars Mobility, driven by Detroit, is a technology accelerator that will bring an inaugural class of 10 early-stage companies to downtown Detroit to rapidly develop and scale a new wave of mobility technologies.  Techstars is a highly-competitive program with 13 accelerators worldwide, a network of over 3,000 entrepreneurs, mentors, and funders, and an impressive track record of launching successful companies.  Participating companies will be able to take advantage of Techstars’ mentorship-driven immersive program, Detroit’s unique mobility ecosystem, and Fontinalis’ expertise in helping young companies across the Next-Generation Mobility landscape grow and succeed.

“It has been a pleasure developing the world’s first mobility-only focused technology accelerator in partnership with Fontinalis,” commented David Cohen, Techstars Managing Partner and Founder.  “Techstars’ successes can be attributed to our mentorship-based accelerator model, and our early-stage companies will be poised to address opportunities throughout the mobility landscape with the support of Fontinalis.”

Each company will receive a $120,000 investment, three months of intensive training, and strategic guidance and mentorship.  Applications for the first class of startups will be open through March 15, 2015.  The program will kick off in early summer 2015 and conclude with a Demo Day on September 10th.  Strategic sponsors include Ford Motor Company, Magna International Inc., Verizon Telematics, and others.

“We have worked for more than two years to bring this world-renowned program to Michigan and are incredibly excited to activate the capital and entrepreneurial ecosystems in Detroit around Next-Generation Mobility,” said Chris Thomas, a Founder and Partner at Fontinalis Partners.  “For more than a century Detroit has driven innovation in mobility, and we look forward to supporting the early-stage companies taking part in this Techstars program as they continue to build on that legacy and play a role in powering the integrated mobility systems of the future.”

About Techstars

Techstars is the gold standard for startup accelerators. At the core is our massive interconnected network of over 3,000 successful entrepreneurs, mentors, investors and corporate partners helping the most promising startups do more, faster. With 13 programs worldwide, our mentorship-driven accelerator program funds the best companies in the most entrepreneurial communities. Since 2006, over 70 percent of the 400 companies from almost 40 Techstars programs have prospered, representing approximately $2 billion in total valuation.

About Fontinalis Partners

Fontinalis Partners, founded in 2009 and with offices in Detroit and Boston, is a venture capital firm strategically focused on next-generation mobility. The firm was founded in 2009 by Bill Ford, Ralph Booth, Chris Cheever, Chris Thomas, and Mark Schulz.  Fontinalis invests across all facets of the world’s mobility systems on a stage- and size-agnostic basis. Fontinalis is not affiliated with Ford Motor Company. More information is available at www.fontinalis.com.

 

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December 11, 2014 @ 10:40 am

MEMBER NEWS: Ford Drives Mobility Innovation with Launch of Startup Business Incubator in Detroit

Ford Drives Mobility Innovation with Launch of Startup Business Incubator in Detroit

  • Ford supports launch of Techstars Mobility, driven by Detroit, a startup business accelerator program to foster innovative transportation solutions that help alleviate growing global challenges, such as traffic congestion, parking availability and pollution
  • 10 startup companies will be selected from across the country to move to Detroit and participate in the program; each receives funding, mentorship, training and recruiting assistance
  • Magna International Inc. and Verizon Telematics also will contribute funding and resources; Detroit-area based Fontinalis Partners, Detroit Venture Partners and Renaissance Venture Capital Fund will provide financial investment for future growth 

DEARBORN, Mich., Dec. 11, 2014 – Ford Motor Company is paying forward its legacy as one of America’s original mobility startups by partnering with Techstars to launch Techstars Mobility, driven by Detroit. The startup business incubator is aiming to deliver innovative mobility and transportation solutions

Techstars Mobility, driven by Detroit, is creating a hub for transportation and mobility innovations in metro Detroit. The program supports companies working on innovative ideas to better facilitate the transportation of people, goods and services by solving challenges facing daily commutes such as traffic and parking.

The goal is to bring to market new technologies and approaches that incorporate mobile devices, wireless connectivity, and cloud computing that make it easier for people to get around – a vision shared by Henry Ford dating back to the company’s start in 1903.

“As society faces the increasing challenges of traffic congestion, crowded cities and poor infrastructure, we must reinvent the way we live and do business if we want to make a positive impact on future generations,” said Ford Executive Chairman Bill Ford. “We’re seeing some of most exciting consumer products and services on market today coming from innovative startup companies. It will be great to be part of bringing that type of new thinking to Detroit and the automotive industry.”

Ten startups will be selected by leaders of Techstars Mobility, driven by Detroit, to participate in the program, which will be based in downtown Detroit. Companies will receive $120,000 in funding, plus three months of intensive training in business development, customer acquisition and effective executive recruitment, along with guidance from top business mentors.

The program stems from the vision of Bill Ford, who has been a leader in drawing global attention to the potential long-term consequences of growing gridlock around the world.

He foresees a future marked by stifled economic growth, transportation challenges and compromised quality of life if these issues are left unchecked.

Joining Ford in the initiative are auto supplier Magna International Inc. and Verizon Telematics. Together, the companies are committing $2 million in funding plus mentors and other resources to support participating startups. Several Michigan-based venture capital firms will provide guidance to participants.

Fontinalis Partners, Detroit Venture Partners and Renaissance Venture Capital Fund, three leading venture capital platforms in the Detroit area, are also key partners supporting the launch of this program and the overall Techstars ecosystem. Fontinalis invests in thought-leading companies that are transforming the Next-Generation Mobility sector around the world. Detroit Venture Partners invests in seed-stage digital technology startups in Detroit. Renaissance Venture Capital Fund, a strategic fund formed by several of Michigan’s largest corporations, will support the program through early-stage IT investments

“We believe that Techstars will help create the next generation of companies that will drive the region forward,” said Renaissance CEO Chris Rizik. “We have long felt that Michigan is an excellent investment, and we’re pleased to invest our capital in a way that will help new Michigan companies grow and the region prosper.”

Techstars was founded in 2006 by a group of businessmen in Boulder, Colo. Their concept was to bring together a network of entrepreneurs and offer a three-month, boot camp-style, immersive program to help startups launch quickly and with every advantage. The company has since expanded to Boston, Seattle, New York City, San Antonio, Austin, Chicago and London. Less than 1 percent of applicants are accepted into Techstars accelerator programs, but the success rate of participants is impressive.

Techstars Mobility, driven by Detroit will be led by Managing Director Ted Serbinski, a Silicon Valley transplant, entrepreneur and investor, who relocated in 2011 to Detroit to join Detroit Venture Partners, a venture capital firm that invests in digital technology startups. Serbinski and his team will accept applications for the first class of 10 startups through March 15. The program will kick off in early summer next year and conclude on Sept. 10. The Techstars Mobility, driven by Detroit, program will run for three years with a new class of 10 startups each year.

“The Michigan and Detroit startup ecosystems are growing fast, and I’m excited to help redefine Detroit as the startup mobility hub of the world,” Serbinski said.

For more information about Techstars Mobility, driven by Detroit, or to apply to the program, click LIVE URL HERE

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About Ford Motor Company

Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan, manufactures or distributes automobiles across six continents. With about 189,000 employees and 65 plants worldwide, the company’s automotive brands include Ford and Lincoln. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford and its products worldwide, please visit www.corporate.ford.com.

About Techstars

Techstars is the gold standard for startup accelerators. At the core is our massive interconnected network of over 3,000 successful entrepreneurs, mentors, investors and corporate partners helping the most promising startups do more, faster. With 13 programs worldwide, our mentorship-driven accelerator program funds the best companies in the most entrepreneurial communities. Since 2006, over 70 percent of the 400 companies from almost 40 Techstars programs have prospered, representing approximately $2 billion in total valuation.

 

About the Renaissance Venture Capital Fund

The Renaissance Venture Capital Fund is a fund of funds that supports the growth of venture capital in Michigan while serving as a bridge between Michigan’s emerging innovation company community and its strong industrial base. Formed in 2008 by Business Leaders for Michigan and some of Michigan’s most important organizations, the Renaissance Venture Capital Fund has profitably accelerated investment in the state.  To date it has helped attract over a half billion dollars of investment into young Michigan corporations, driving innovation and job growth in the region. http://www.renvcf.com

 

Contact: Elena Cortesi

313.323.0593

ecortesi@ford.com

 

       
           
           
           

 

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December 10, 2014 @ 8:07 am

Beringea MVCA Fellow Bill Blake reflects on becoming part of the Michigan venture community

Beringea’s Bill Blake completed his two-year MVCA Fellowship last month, but he’s not leaving the Farmington Hills growth capital investor.  We asked Bill to reflect on his time as a Fellow, including his experience investing alongside other notable Michigan venture firms, even as he continues on as a Senior Associate at Beringea.

Tell us about your Fellow position – where are you, what are you doing?

I am concluding my fellowship with Beringea, a growth capital provider to Midwest-based businesses. My primary responsibilities support deal execution efforts as well as business development initiatives related to fundraising and deal flow generation. Additionally, I support Beringea’s reporting requirements on its Michigan Growth Capital Partners series of funds.

Throughout my fellowship, I continuously sought opportunities to expand the scope of my deal execution responsibilities. My efforts as they relate to due diligence include financial modeling and analysis, market research and analysis, management team evaluation, customer interviews, and product or service application assessment. I have taken initiative to drive deal processes forward when possible via efforts beyond those associated with due diligence and, going forward, seek to heighten the level of my participation in term and transaction structure negotiations.

As it relates to business development, I have recently played a larger role in assisting Beringea’s fundraising initiatives as it relates to document and content creation. I hope to continue to assist in Beringea’s fundraising efforts as it offers a great learning opportunity and insight into an area of private equity and venture capital with which I have limited tangible experience. Further, I will continue to seek opportunities to expand my role in business development initiatives in an effort to contribute to strong, steady deal flow for Beringea.

Best deal done during your tenure? Or favorite technology or CEO or solution you’ve encountered during your time as a fellow?

The best deals I’ve worked on from a personal perspective would include Beringea’s investments in Rethink and InContext Solutions. I enjoyed these transactions for several reasons.

First and foremost, Beringea led or co-led investments in Rethink and InContext Solutions with Arboretum Ventures (Rethink) and Plymouth Venture Partners (InContext Solutions).  I enjoyed having the opportunity to work with two well respected Michigan-based venture capital groups and experience first hand their respective approaches to transactions.

Second, both Rethink and InContext Solutions have developed incredibly impressive solutions for their respective industries. Rethink is a software-as-a-service technology company seeking to ensure that children on the autism spectrum, as well as those with other cognitive impairments, have access to effective and affordable evidence-based treatment options. Rethink provides professionals, parents, and family members with the tools, technology and information necessary to teach children with autism, as well as other developmental disabilities, in a manner easily understood and applied. InContext Solutions, on the other hand, delivers state-of-the-art, web-based, fully interactive 3D environments and shopping simulations to its marketing research clients and has developed and commercialized a software-as-a-service based platform for manufacturers and retailers to develop, test, and execute retail marketing concepts and strategies. InContext Solution’s clients and customers include some of the largest and most recognizable retailers, consumer packaged goods, and durable consumer goods companies in the world.

Lastly, interacting with and assessing the management teams for both Rethink and InContext Solutions provided me with a tremendous amount of insight into two very different approaches to the size, structure, and skillset composition of promising management teams. I hope to discover both approaches to be successful.

One thing you’ve learned during your fellowship that you didn’t know before you started in the industry?

Prior to joining Beringea and becoming active on the buy-side, I was under the impression, from my experience as a M&A advisor, that the alignment of goals and objectives among investors and between investors and management teams could largely be accomplished through deal structure and compensation plans. While these mechanisms certainly mitigate a large portion of risk as it relates to alignment, I’ve learned objectives and goals have the potential to change significantly over time and as businesses evolve. I do not want to say that I was ignorant to this possibility prior to my fellowship, but my appreciation for this nuance and the human element in investing has grown.

Anything surprising you’ve learned about yourself/your perspective on venture capital as a profession you didn’t know before you started?

While there are obvious instances that are exceptions to my comments that follow, I was pleasantly surprised at the amount of collaboration that exists in the venture capital community among investors and, more specifically, among investors in the Michigan venture capital community. While confidentiality and auction processes limit collaboration to some extent, I’ve found that venture capital investors generally have a genuine interest in assisting each other when possible and approach opportunities mindful of others’ goals and best interests.

Plans for post-Fellowship?

Following my fellowship, I have been afforded the opportunity to remain with Beringea and I am looking forward to continuing to invest and manage the Michigan Growth Capital Partners series of funds and having an active role in the upcoming fundraising endeavor we plan to initiate. I have enjoyed being a part of the wonderful culture and work environment Beringea has developed and am anxious to participate in Beringea’s promising future.

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December 9, 2014 @ 10:06 am

MEMBER NEWS: Plymouth Ventures Leads $4.5M Investment Round in CloudOne

Ann Arbor, MI (Dec. 3rd 2014) — Plymouth Ventures was the lead investor on a $4.5 million Series D round in Indianapolis-based, CloudOne.  Current investors are also taking part in this round of financing. CloudOne is a leader in bringing enterprise applications to the cloud.  This fresh capital will fuel the expansion of the company’s hybrid cloud platform that enables companies such as Cummins, Panasonic and McDonald’s to collaboratively develop, produce and analyze software and products in real time.

“CloudOne is transforming how teams around the world work together to bring software and products to market,” said John McDonald, chief executive officer of CloudOne. “This investment and the expertise of Plymouth Ventures provides our team even more strength to continue broadening our technology platform and bring our customers new innovations that make it easier, faster and more economical to make products for the Internet of Things.”

Founded in 2010, CloudOne has become one of the nation’s fastest growing private companies, posting sales growth of 892 percent over the past three years. Inc. Magazine named it the 533rd fastest growing company in America in its 2014 ranking of the nation’s fastest-growing private companies.

“CloudOne’s momentum and proven success accelerating innovation with Fortune 500 companies makes it a perfect addition to Plymouth Ventures portfolio,” said Jeff Barry, partner at Plymouth Ventures. “Together, we have an incredible opportunity to scale the company and provide customers the next generation of solutions they need to make software and products in a world dominated by the Internet of Things.”

Barry, who serves on the board of directors for IDV Solutions, InContext Solutions and 365 Retail Markets, will join the CloudOne board of directors as part of the investment from Plymouth’s $61 Million PVP Fund III.

The news of CloudOne attracting growth capital follows CloudOne’s acquisition of North American sales and marketing operations of Sodius Corporation, the market leader in interoperability solutions for systems development, and a global purchasing agreement with Capgemini, one of the world’s foremost providers of consulting, technology, outsourcing services and local professional services.

About Plymouth Ventures

Plymouth Ventures is the manager for Plymouth Venture Partners I, Plymouth Venture Partners II, and Plymouth Venture Partners III. The company has four partners, Mark Horne, Jeff Barry, Kevin Terrasi, and Evan Ufer. Plymouth was founded by Ian Bund who remains active as a Senior Advisor. The firm is headquartered in Ann Arbor, Michigan. For more information, please visit www.plymouthvc.com.

About CloudOne

CloudOne helps the world’s best companies make their things for the Internet of Things. The company brings enterprise applications to the cloud, enabling global collaborative development, production and analysis of software and products in real time on individual, secure, private hybrid cloud environments. Trusted by leading brands, CloudOne’s scalable technology is supported by a team of experts and partners who share a passion for making it easier, faster and more economical to make things for the Internet of Things. For more information, visit www.oncloudone.com.

 

 

 

 

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December 8, 2014 @ 10:04 am

MEMBER NEWS: Fontinalis Partners Announces New Special Venture Partner Program

DETROIT, MI & BOSTON, MA – December 2, 2014. Fontinalis Partners (www.fontinalis.com), a venture capital firm strategically focused on next-generation mobility, today announces the formation of a new Special Venture Partner (SVP) program and the appointment of five inaugural members: Mark Schulz, Luis Blaquier, Mei-Wei Cheng, Gabe Klein, and Paul Mascarenas.

The Fontinalis SVP program will enhance and further leverage Fontinalis’ strategic capabilities by supporting Fontinalis’ portfolio companies’ efforts to reach new markets and by acting as valued advisors to their leadership teams. The program will be led by Mark Schulz, a Founding Partner of Fontinalis since 2009.

“On behalf of the team at Fontinalis, I am pleased to welcome these individuals to our partnership,” said William C. Ford, Jr. (“Bill Ford”), Founder and Partner. “We founded Fontinalis on the premise that a deep, strategic focus with an actionable network could help scale the best mobility companies globally, and this program represents our commitment to that thesis.”

Mark Schulz is an executive with deep cross-border operational, engineering and strategic experience in the transportation sector. A Founding Partner at Fontinalis since its launch in 2009, Mark has been an important member of the Fontinalis team and sits on the Boards of two portfolio companies: ParkMe and SQLstream. Mark also currently serves on the Board of Directors of Dana Holding Company and PACCAR Inc. Prior to Fontinalis, he spent 32 years at Ford Motor Company in a variety of executive roles, most recently as the President of International Operations, where he ran Ford’s international operations (Asia Pacific, Europe and Africa) as well as its affiliate companies globally (Volvo, Jaguar, Land Rover, Aston Martin and Mazda). Mark holds Masters degrees from MIT, University of Michigan, and University of Detroit. Mark earned his Bachelor degree in Mechanical Engineering from Valparaiso University.

Luis Blaquier is a distinguished financial professional with an exceptional transactional track record and Latin American network. Luis currently serves on the Board of Directors for Grupo Clarin, Argentina’s largest media conglomerate, and Arcor, Argentina’s largest food products company. Additionally, Luis is a Partner of Grupo Pegasus and a former Executive Director with Goldman Sachs, where he worked for over 13 years in the United States and Argentina. At Goldman Sachs, he was the former head of Goldman Sachs’ investment banking activities in the Southern Cone region of South America and its Latin America Energy and Power practice. Luis holds a degree in Economics from the Universidad Catolica Argentina and an MBA from Dartmouth University’s Tuck School of Business.

Mei-Wei Cheng is a respected executive with considerable cross-border operational experience. Until April 2014, he served as the CEO of Siemens North East Asia and President & CEO of Siemens Ltd., China, where he had full responsibility for all of Siemens’ activities in Mainland China, Hong Kong, Taiwan, and Mongolia. Prior to joining Siemens, Mei-Wei served as Chairman and CEO of Ford Motor Company (China) Ltd., as well as Corporate Group Vice President of Ford Motor Company. Mei-Wei also held executive positions at GE, including Corporate Vice President, Regional Executive and President of GE Appliance—Asia, and Chairman and CEO of GE China Ltd. He began his career at AT&T, where he last served as President of AT&T China. He currently serves on the Board of Directors of Seagate Technology. Mei-Wei holds a Bachelor degree in Industrial/Operations Research from Cornell University, an MBA from Rutgers University, and he is a graduate of Dartmouth’s Tuck Executive Program and MIT’s Program for Senior Executives.

Gabe Klein is a thought leader in urban mobility with a distinguished private and public sector background. Most recently, Gabe served in Mayor Rahm Emanuel’s administration running the Chicago Department of Transportation (CDOT), where he transformed CDOT into a model for innovation while implementing initiatives in record time, including the Chicago Riverwalk project and Chicago’s bike sharing program, Divvy. Prior to CDOT, Gabe was Director of The District Department of Transportation in Washington D.C. under Mayor Adrian Fenty and was instrumental in implementing a variety of initiatives—including DC Streetcar, expanded Circulator bus service, and Capital Bikeshare—while balancing the budget. Gabe also held leadership roles at Zipcar, the largest car sharing company in the U.S., where he helped establish Washington D.C. as the nation’s largest car sharing market, and Bikes USA, the nation’s largest bicycle retailer at the time. In addition to his role at Fontinalis, Gabe currently serves as the Chief Operating Officer of Bridj, a data-driven transportation company that provides flexible mass transit solutions. Gabe holds a Bachelor degree in Marketing and Management from Virginia Tech University.

Paul Mascarenas is an executive with considerable experience leading the development and implementation of the technology strategy and planning at a global automotive OEM. Paul most recently served as the Chief Technical Officer and Vice President of Research and Advanced Engineering at Ford Motor Company. During his 32-year career at Ford, Paul played an instrumental role in the development and launch of many of Ford’s global products, led the establishment of the company’s Silicon Valley Research and Innovation Center and played a central role in the company’s connected car strategy. Paul is a member of the Board of Directors of ON Semiconductor and President of The International Federation of Automotive Engineering Societies (FISITA). He holds a Mechanical Engineering degree from the University of London, King’s College and an honorary Doctorate degree from Chongqing University in China.

“I cannot think of better individuals to launch this new program with,” commented Ralph Booth, Founder and Managing Partner. “We continue to see tremendous opportunities in next-generation mobility and we look forward to engaging them in a variety of value-added initiatives.”

About Fontinalis Partners
Fontinalis Partners, founded in 2009 and with offices in Detroit and Boston, is a venture capital firm focused on next-generation mobility. The firm was founded in 2009 by Bill Ford, Ralph Booth, Chris Cheever, Chris Thomas, and Mark Schulz. Fontinalis invests across all facets of the world’s mobility systems on a stage- and size-agnostic basis. Fontinalis is not affiliated with Ford Motor Company. More information is available at www.fontinalis.com.

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December 7, 2014 @ 10:46 pm

VIDEO TRIBUTE: Mike Finney honored with MVCA Lifetime Achievement Award at 2014 MVCA Annual Awards Dinner

A career as an advocate for Michigan’s innovation and entrepreneurial community has earned Michael A. Finney the 2014 MVCA Lifetime Achievement Award (click here to see the video tribute Mike’s colleagues and friends made in his honor).

Finney is President and CEO of the Michigan Economic Development Corporation (MEDC), where his responsibilities also include serving as Governor Rick Snyder’s Economic Growth Group Executive and as President and Chairman of the Michigan Strategic Fund.   Under Finney’s leadership, the MEDC launched the Pure Michigan Venture Development Fund, a program which funded four first/second generation venture capital funds in Michigan.  Previously at MEDC, Finney was integral in the development of the 21st Century Investment Fund, the $109 million fund that invested in eight still-active venture funds in Michigan; over 140 companies can trace at least one of their venture investors to the Fund.  Finney also helped form the $1 billion Life Science Corridor Program in 1999, which invested in Arboretum Ventures, now one of the largest venture funds headquartered in Michigan, among others

Prior to taking the helm at MEDC, Finney served as President and CEO of Ann Arbor SPARK, a public-private partnership whose innovation-based economic development model propelled numerous companies in the Ann Arbor region.

Finney continues to provide leadership to the State’s innovation and entrepreneurial community, serving on the board of directors for the State Science and Technology Institute, the Michigan Strategic Fund, the Michigan Economic Growth Authority, Governor Snyder’s Talent Investment Board, and The University of Michigan’s Life Sciences Institute, Office of Technology Transfer and Center for Entrepreneurship, and National Advisory Councils.

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December 5, 2014 @ 8:35 am

PORTFOLIO COMPANY NEWS: Delphinus Awarded 510(k) Clearance for Color Imaging with SoftVue™ Automated Breast Ultrasound

Delphinus Awarded 510(k) Clearance for Color Imaging with SoftVue™ Automated Breast Ultrasound
Unparalleled Tissue Characterization Based on Transmission Signals
PLYMOUTH TOWNSHIP, Mich. – December 2, 2014 – Delphinus Medical Technologies, Inc., the first company to design and manufacture an automated whole breast ultrasound system that incorporates circular transducer technology, announced during the annual meeting of the Radiological Society of North America held in Chicago, Ill., receipt of another 510(k) clearance for SoftVue™ from the U.S. Food and Drug Administration.
This additional regulatory clearance, granted less than a year after obtaining the first 510(k), is truly unique, depicting color imaging based on tissue characteristics from the capture of transmission signals. Powered with circular, volumetric transducer technology, SoftVue is engineered with a proprietary process of ultrafast 360 electronic sequencing, enabling transducer elements to both send and receive signals. Traditional hand-held ultrasound and other automated breast ultrasound systems obtain only reflected echoes returning in the direction of the transducer. By contrast, SoftVue captures reflection echoes from all directions around the breast and gathers transmitted signals coming through the breast, something no other ultrasound system, currently available, can do.
“We are thrilled with this latest clearance,” said Mark Forchette, president and chief executive of Delphinus. “Our SoftVue technology presents imaging information in a way never realized previously. We can now distinguish breast tissue properties exhibited through a remarkable colorized display, achieved by our unprecedented design that measures the transmission of sound passing through tissue. This is yet another advancement that builds on our foundation of regulatory success, inspiring our team to innovate new solutions in breast cancer imaging.”
This novel color presentation is a major enhancement to the concepts behind elastography. By measuring and combining the quantitative values of sound speed and attenuation from signals that pass through tissues, a cross-sectional color image map is created using an established color spectrum, signifying the least to greatest relative tissue stiffness of the full volume of breast tissue. Along with the reflection image, the color analysis is utilized to assist physicians discriminate areas of concern that may require further investigation.
“Our approach is unique because it characterizes tissue properties throughout the entire volume of the breast and it does not require a separate exam, an additional imaging sequence, or a contrast agent,” states Neb Duric, PhD, Chief Technology Officer and co-founder of Delphinus. “The radiologist is presented with both reflection and color imaging at the same time within the same study”.
About Delphinus Medical Technologies, Inc.
Delphinus Medical Technologies, Inc. is a pioneering medical imaging company that has developed SoftVue™, the first circular array transducer technology that has received U.S. Food and Drug Administration clearance. The patented technology is a whole breast ultrasound tomography imaging device that delivers no radiation, requires no compression, and images the entire breast with a single scan. SoftVue is indicated for use as a B-mode ultrasonic imaging system and is not intended to be used as a replacement for screening mammography. Delphinus is capitalized through principal investments by Arboretum Ventures, Ann Arbor, Mich., Beringea, Farmington Hills, Mich., and North Coast Technology Investors, Ann Arbor, Mich. For more information, visit www.delphinusmt.com.
Contact Information
Debra Saunders
VP, Marketing and Sales
Delphinus Medical Technologies, Inc.
Tel: +1.734.233.3088
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December 3, 2014 @ 1:41 pm

Maureen Miller Brosnan Named Executive Director of Michigan Venture Capital Association

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December 2, 2014 @ 2:04 pm

2014 MVCA Annual Dinner gathers largest-ever crowd in celebration

It was an auspicious first day of work for new MVCA Executive Director Maureen Miller Brosnan.  “Not many people get a party this big thrown in their honor the first day on the job!” she joked before a record crowd of 215 at the MVCA Annual Awards Dinner on December 1, 2014 at the Inn at St. Johns.  The attendees, speakers and honorees were an illustrious and welcoming group, befitting an event that has grown exponentially alongside its community over the last decade.

MVCA Board Chair and managing director of Venture Investors, Jim Adox welcomed the group and pointed out the importance of teamwork and synergies among the entrepreneurial ecosystem, concluding that “we’re sharing people, ideas and money.”  He cited the rise in prominence of Michigan’s venture capital community nationally in 2014 and spoke about the organization’s 2015 work, which should include formation of a new fund-of-funds, launching a new program, Executive Connect, and board members supporting the new executive team of Brosnan and Associate Director Emily Heintz. Former Executive Director, Carrie Jones, was recognized for her service to the organization and Heintz was lauded for “keeping the train on the tracks” while planning the group’s largest-ever awards dinner during the transition period.

Keynote speaker Jacques Panis, President of Shinola, shared that Shinola’s growth has been astounding; the company has hired over 200 people in the last 12 months alone.  The 330-person company he leads in Midtown-Detroit is a domestically manufactured watch maker scaled to build 170,000 watches a year.  He finds the people of Detroit perfectly suited for the type of high quality product that Shinola demands and suspects the audience of venture investors find similar attributes in the entrepreneurs of the region.

Kelly Williams, President of Grosvenor Capital Management, commended the Michigan venture community for its robust growth in the last five years.  She presented ProNAi Therapeutics for Financing of the Year for its 2014 capital raise of almost $60 million.  MVCA President Elect Tony Grover, of RPM Ventures, introduced Larry Freed of Foresee Results as MVCA Exit of the Year, for its $200 million 2014 sale to Answers.com. Founder Larry Freed thanked “the village who raised” his company, his team at ForeSee and his supportive family.

Ted Serbinski of Detroit Venture Partners presented Detroit Labs with the MVCA “100″ Award for building over 100 mobile apps in 2014.  Founder Paul Glomski talked about his company’s successful apprentice program, which trains promising individuals with no coding experience for full-time work at his firm.  Their approach to hiring and training staff has been so successful the company is offering the model to other entrepreneurial companies.

Adox then returned to the stage to introduce a video tribute to Mike Finney, CEO of MEDC and winner of the 2014 MVCA Lifetime Achievement Award for his contributions to the entrepreneurial and venture community.  Finney shared his professional creed “make money, have fun, and help people” and challenged MVCA members to continue doing the same.

Tony Grover, MVCA Board Chair-elect, finished the evening by thanking the entrepreneurs in attendance and their families, whom he heralded as the hard-working and sometimes unsung heroes behind success in the venture capital investing world.

The 200+ members and guests then departed into the chilly December night, profoundly grateful for a year of growth in Michigan’s venture capital industry and hopeful for another record-setting year ahead.

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The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization's goal is to grow and sustain a vibrant venture capital community in Michigan.
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