Ann Arbor-based Molecular Imaging, Inc. announced that it has closed its Series A financing round, originally targeted for $8.5 million, at $9.9 million. The company is pleased to announce that it has secured a $2.5 million investment from Beringea through the $185 million InvestMichigan! Growth Capital Fund plus another $350,000 from existing shareholders Baird Venture Partners (BVP) and Invest Detroit. Combined with $7.05 million previously provided by BVP, Arcus Ventures and Invest Detroit, Molecular Imaging’s Series A round was over-subscribed by nearly $1.5 million.

Molecular Imaging is a specialty contract research organization (CRO) providing in vivo preclinical imaging services to the pharmaceutical and biotechnology industries to enhance early-stage R&D decision-making. Molecular Imaging has a proven track record of imaging and discovery expertise in oncology and inflammation and is extending its imaging efforts into other therapeutic areas. The company’s imaging modalities include MRI, micro-PET, bioluminescence, fluorescence (two- and three-dimensional with fluorescence molecular tomography) and micro-CT. Molecular Imaging has performed nearly 400 imaging studies since its founding in 2003, supporting the needs of more than 100 customers.

Michael Gross, managing director for Beringea and now a director of Molecular Imaging said, “Beringea is excited to make this investment in Molecular Imaging – it’s the 26thcompany in the InvestMichigan! Growth Capital fund portfolio. We believe that the early application of imaging in drug discovery can make a significant difference in the efficiency and effectiveness of a company’s R&D investment. The growing use of multi-modality imaging is enhancing anatomical and functional assessments of diseases and treatments and is a very powerful tool in helping select compounds or biologics with the  greatest clinical potential. We look forward to Molecular Imaging leading the way in this important area.”

“We are very pleased to have Beringea as part of the Molecular Imaging team,” said Tom Ludlam, president and CEO for Molecular Imaging. “With their investment, we look forward to further advancing our efforts to grow and diversify both the imaging modalities and the range of disease models we offer to our customers. Our recent agreement with Dana Farber Cancer Institute, which gave us access to a broad line of luciferase-enabled cell lines, is just one example of the kinds of opportunities this investment from Beringea affords us the opportunity to pursue.”

Farmington Hills-based Beringea invested $3.2 million in Relume Technologies, which has closed its $7.0 million Series D financing round.

“Relume is growing rapidly – it roughly doubled its revenue in 2011 – and through its innovative technology and world-class management team, Relume is poised to secure a dominant position in the outdoor LED lighting market,” said Jeff Bocan, managing director for Beringea. “We are pleased to offer continued support as the company re-lights more cities and spaces with its superior long-lasting and energy efficient LED technology.”

Relume Technologies is a leading manufacturer of light-emitting diode (LED) products and smart grid control systems for outdoor lighting applications. Relume has installed outdoor lighting solutions in more than 1,000 outdoor facilities, producing up to a 50 percent energy savings per product. The company’s customers include Starbucks Coffee, US Cellular, McDonalds, Chase, Best Buy, and Lexus, among others. In addition, Relume has re-lit many cities across the country, including Ann Arbor, Mich.; Arlington, Va.; Canton, Ohio, and West Nottingham Township, Pennsylvania.

Beringea offers advice, guidance and capital to support growing businesses. With capital, experience and offices in the U.S. and UK, Beringea’s award-winning team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities, solve problems and build value in a range of sectors.

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ANN ARBOR, Mich.—The Michigan Venture Capital Association (MVCA) celebrated a year of individual, company, and statewide industry achievement at its Annual Dinner held November 7 at the Inn at St. John’s in Plymouth. Over 145 members of the Michigan venture community attended the evening event, where incoming Chairman Tim Petersen introduced members of the organization’s 2012 Board of Directors. They include:
• Tim Petersen (Chairman), Arboretum Ventures
• Ron Reed (Vice Chairman/Past Chairman), Seneca Partners
• Jim Adox, (Vice-Chairman/Treasurer), Venture Investors
• Jeff Bocan, Beringea
• Hugo Braun, North Coast Technology Investors
• Pete Farner, TGap Ventures
• Mark Horne, Plymouth Management Company
• Tom Kinnear, U-M Ross School of Business Zell Lurie Institute
• Jon Lauckner, GM Ventures
• Chris Rizik, Renaissance Venture Capital Fund
• Skip Simms, Ann Arbor SPARK
• Mina Sooch, Apjohn Ventures
• Jody Vanderwel, Grand Angels
• Ken Van Heel, Dow Chemical Company
• Donald Walker, Arbor Partners

Pete Farner, Mark Horne and Jon Lauckner are new to the board and begin three-year terms while former director John McIlwraith of Blue Chip Venture Company completes his board involvement after a six-year term.

“It was a wonderful evening that really celebrated the best of the best in our industry,” said Merrill Guerra, Executive Director of the MVCA. “We’re pleased so many venture investors, portfolio company executives, development officials and other supporters could join us, showing the growth and success the venture capital community has demonstrated in Michigan.”

ANN ARBOR, Mich.—The Michigan Venture Capital Association (MVCA) will recognize several Michigan venture firms, investment professionals, and two venture-backed entrepreneurs for their successes at its annual awards dinner November 7 in Plymouth.  The statewide membership organization will honor:

• MVCA “100 Award” winner Arboretum Ventures of Ann Arbor, for closing a venture fund over $100 million ($140 million Arboretum Ventures III, L.P., closed in August);
• Capital Event of the Year, the $250 million Venture Michigan Fund II, with MVCA members Tom Kinnear (U-M Ross School of Business); Kelly Williams (Credit Suisse CFIG); Charlie Rothstein (Beringea); and David Parsigian (Honigman Miller Schwartz and Cohn);
• Venture Exit of the Year Accuri Cytometers, for its 2011 sale to Becton Dickinson, with MVCA member venture investors  Arboretum Ventures, Credit Suisse CFIG, Baird Venture Partners, Flagship, and Plymouth Ventures Partners;  and,
• Jennifer Baird, initial CEO of Accuri Cytometers and current CEO of venture-backed Accio Energy, along with Accuri founder Colin Rich, will be named MVCA Entrepreneurs of the Year.

“The past year has brought some exciting activity to our state’s venture community, namely the launch of several new venture funds and one large venture-backed exit,” said Merrill Guerra, Executive Director of the MVCA.  “The successful exit of Accuri Cytometers is another example of our region’s ability to produce great returns, owing in part to Michigan entrepreneurs’ capital efficiency and prudent management style.  We encourage out-of-state investors to uncover what local venture investors already know—that there is a lot of potential in Michigan companies.”

About the MVCA

The MVCA is a 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.  Membership includes private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.  The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry.  www.michiganvca.org

Xconomy presents “Michigan 2030″

What will the Michigan innovation, life sciences, clean energy, transportation, and information technology landscape look like 20 years from now? Will the area have emerged as an even bigger player in university and corporate research, or a major factor at all in areas like venture financing and entrepreneurial activity-and, if so, in what fields? We’re assembling a select group of innovators and visionaries for an intimate conversation about these and other key questions about the long-term future of Michigan’s innovation scene.

As an added bonus, we are planning an investor-entrepreneur lightning round discussion of the current climate for innovation and what is hot now-and how that might pave the way for Michigan’s sustained success in 2031.

Confirmed Participants:
Randal Charlton, Executive Director, TechTown
David Cole, Chairman Emeritus, Center for Automotive Research
Jan Garfinkle, Managing Director, Arboretum Ventures
Roger Newton, Founder, President, & CEO, Esperion Therapeutics
Chris Rizik, CEO, Renaissance Venture Capital Fund
Charles Rothstein, Senior Managing Director, Co-founder, Beringea
Don Runkle, CEO, EcoMotors
Ann Marie Sastry, Co-founder and CEO, Sakti3
Dug Song, Co-founder and CEO, DUO Security

Schedule: Registration & Networking: 4:45 – 5:30 pm Program: 5:30 – 7:00 pm Networking reception: 7:00 – 8:00 pm
Location: TechTwo 6160 Cass Avenue Detroit, MI 48202
Special MVCA Rate: $30 Register at http://xconomyforum35.eventbrite.com/?discount=MVCA
Tickets are transferable but not refundable.

ANN ARBOR, Mich.—Celebrating “A Year of Exits”, the Michigan Venture Capital Association held its annual awards dinner for its members and guests November 15 in Ann Arbor.  The statewide membership organization honored several Michigan venture firms as well as venture capital recipient companies for their successes:

• MVCA “Michigan 100” Award winner Cerenis Therapeutics of Ann Arbor, for raising over $100 million in venture capital;
• Michigan’s new venture firms: Huron River Ventures, Michigan Accelerator Fund Management, and Resonant Ventures;
• Multiple venture capital investment exits, both non-Michigan companies with Michigan venture investors and Michigan-based companies:

o   LenSx Lasers (Venture Investors)

o   Greenplum (EDF Ventures)

o   ZyStor (Apjohn Ventures & Venture Investors)

o   CardioMEMS (Arboretum Ventures)

o   Ikano Therapeutics (Apjohn Ventures)

o   Arbor Networks (EDF Ventures)

o   HandyLab (EDF Ventures, Wolverine Venture Fund, Arboretum Ventures, Ardesta Capital, Dow Venture Capital)

Jeff Williams, former CEO of HandyLab and current CEO of venture-backed Accuri Cytometers, was named MVCA Entrepreneur of the Year.

“The wind is in our sails,” stated LeAnn Auer, Executive Director of the MVCA, in her remarks before the dinner.  “It’s been a year of exits, as many of our venture capital firms have successfully exited portfolio companies located both here in Michigan and elsewhere.  In addition, venture capital financings have already exceeded 2009 levels.  These successes bode well for future growth in our community.  I’m looking forward to this year’s celebration.”

The Michigan Venture Capital Association will also announce its 2011 Board of Directors:

• Ron Reed (Chairman), Managing Director, Seneca Partners
• Tom Kinnear (Vice-Chairman/Treasurer), Managing Director, Zell Lurie Institute at U-M Ross School of Business
• Tim Petersen (Vice Chairman/Chairman-Elect), Managing Director, Arboretum Ventures
• Uzma Ahmad (Board Secretary), Attorney, Dykema Gossett PLLC
• Jim Adox, Managing Director, Venture Investors
• Jeff Bocan, Managing Director, Beringea
• Hugo Braun, Co-Founder, North Coast Technology Investors
• Greg Main, President & CEO, Michigan Economic Development Corporation
• John McIlwraith, Managing Director, Allos Ventures
• Chris Rizik, CEO & Fund Manager, Renaissance Venture Capital Fund
• Skip Simms, Managing Director, Ann Arbor SPARK
• Mina Sooch Partner, Triathlon Medical Ventures; Managing Director, Apjohn Ventures
• Jody Vanderwel, President, Grand Angels
• Ken Van Heel, Director, Alternative Investments & Venture Capital, Dow Chemical Company
• Donald Walker, Managing Director, Arbor Partners

About the MVCA

The MVCA is a 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.  Membership includes private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.  The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry.  www.michiganvca.org

“The tourists have left.”  That’s how National Venture Capital Assn. President Mark Heesen describes the pared down U.S. entrepreneurial ecosystem after several years of tough exit markets, low returns, and an abysmal fundraising environment.  Further, he expects the fallout from the dot-com bust and its effects on the venture capital community to continue through 2011, as the last of the weak VC players retreat from the industry.

Heesen did have some good news for Michigan’s venture community–the exit market is picking up, with a record number of acquisitions this year and the expectation that that number will climb after the midterm elections.  Fundraising should pick up accordingly, as existing LPs start receiving long-awaited checks and become more optimistic about the asset class.  He also shared a prediction that our state will become one of the most important state’s in the country if Republicans gain control of the U.S. House of Representatives, as Reps. Fred Upton (R–6th District) and Dave Camp, (R–4th District) are poised to take leadership roles on powerful House committees.

Finally, Heesen touted the importance of regional venture funds as locally sourced deals become a key differentiation point in Silicon Valley.  He expects a continued increase in first-time funds and early stage funds, as smaller LPs previously frozen out of the asset class squeeze in.  He said the NVCA is carefully monitoring the European directives that will restrict European money invested into U.S. funds and foreign venture investments in European companies, an issue so important its passage could lead to a U.S./Europe trade war.