February 11, 2014 @ 2:00 am

ArborMetrix Receives Additional $1.3 Million in Series B Financing From Renaissance Venture Capital Fund and Detroit Innovate Fund

National Market Demand for Performance Analytics for Surgical and Specialty Care Surging

 

ANN ARBOR, MI–(Marketwired – Feb 10, 2014) – ArborMetrix, Inc., a leading provider of real-time healthcare analytics, today announced that it has increased its Series B financing by $1.3 million to allow Renaissance Venture Capital Fund and Detroit Innovate to participate.

 

The earlier round of Series B financing, announced in July, was led by RPM Ventures (RPM) alongside existing investor Arboretum Ventures. Wolverine Venture Fund also participated in the earlier investment.

 

The latest investment will accelerate ArborMetrix’s national market expansion to meet surging demand for its proven real-time, risk-adjusted clinical performance analytics tools. ArborMetrix’s analytics enable healthcare providers and payers to improve the quality, safety and cost-effectiveness of surgical and other specialty care.

 

“We have followed the progress of ArborMetrix and have continually been impressed with its innovative approach to healthcare analytics,” says Chris Rizik, CEO of the Renaissance Venture Capital Fund. “There is an acute need for actionable information that can increase the quality of healthcare and reduce its costs, and ArborMetrix is a pioneer, developing unique tools that will help healthcare providers to address these issues in ways that simply haven’t been possible before. The bar is high for Renaissance to invest directly in a company, but we were so excited by the great promise we see in ArborMetrix that we wanted to be part of it.”

 

The Renaissance Venture Capital Fund is a Michigan-based fund 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 and commercial base.

 

“ArborMetrix is positioned extremely well for taking a leadership role in healthcare analytics,” said Adrian Fortino, Vice President of Detroit Innovate. “We look forward to working with the team as they scale up nationally.”

 

Detroit Innovate is a Southeast Michigan-focused early stage investment fund targeting technologies in the healthcare, transportation, advanced manufacturing and resource efficiency sectors.

 

ArborMetrix CEO Brett Furst stated, “The local support for enabling fast-paced growth in Michigan companies is incredible. We are very excited to welcome Renaissance and Detroit Innovate into the ArborMetrix fold. Their involvement in accelerating our growth will certainly open up exciting new opportunities for ArborMetrix to expand across the U.S.”

 

TWEET THIS: .@ArborMetrix secures $1.3 M from @RENVCF, @DetroitInnovate to help expand nationally to meet demand for #clinical performance analytics

 

About the Renaissance Venture Capital Fund
Formed out of the groundbreaking “Road to Renaissance” initiative of Business Leaders for Michigan, the Renaissance Venture Capital Fund (RVCF) is the largest privately funded organization of its kind in the US. The investors in Renaissance recognized the importance of venture capital in the economic growth of the State as well as the financial rewards available to investors who mine the treasure of research and innovation present at Michigan’s world-class universities, institutions and corporations. Through its investment in top tier venture firms that are active in Michigan, as well as its own co-investments in emerging Michigan companies, the Renaissance Venture Capital Fund is helping to drive forward both innovation and growth of emerging companies in the region. For more information, visit http://www.renvcf.com/.

 

About Detroit Innovate
Detroit Innovate was launched by Invest Detroit as an early stage fund to fuel high-growth companies in the Detroit Region. The fund is part of Invest Detroit’s family of funds that serve as catalysts for targeted economic development. The fund targets enabling technologies in the healthcare, transportation, advanced manufacturing and resource efficiency sectors.

Visit http://www.detroitinnovate.com

 

About ArborMetrix
ArborMetrix, Inc., based in Ann Arbor, Mich., is a healthcare analytics and software firm specializing in quality measurement, cost-efficiency and performance improvement for surgical and other acute hospital and specialty-based care. The company focuses on developing rigorous data analysis and actionable business intelligence solutions that raise the bar on quality, performance, utilization and cost-efficiency for hospitals, health systems, specialty societies, quality collaboratives and health plans. ArborMetrix’s unique, cloud-based technology evolved from groundbreaking research by the company founders on improving the quality of surgical care and econometric performance measurement. For more information, visit www.arbormetrix.com, email info@arbormetrix.com or call 734-661-7944, ext. 7008.

 

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July 1, 2013 @ 7:41 am

Chris Rizik’s Guest Commentary in Bridge Michigan

“Every basketball fan has seen it: Your hard working team plays great and goes into halftime with a big lead. But in the second half that same team looks entirely different, as the players stop doing all the aggressive, scrappy things that gave them the lead, and instead begin playing with the sole goal of not losing. More often than not, by focusing on being safe, they see their lead evaporate.

 

This basketball analogy is eerily resonant with the story of entrepreneurship in Michigan, a state that grew to unprecedented heights in the 20th century on the backs of the world’s greatest entrepreneurs. Then Michigan lost its momentum, beginning a long, slow shift from a hungry, innovative state to one that worked primarily to maintain what it had — playing not to lose. We moved from playing offense to solely playing defense, and it is tough to score while playing defense.”

 

Read the rest of the commentary…

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June 18, 2013 @ 5:02 pm

Michigan Venture Capital on ‘Michigan Matters’

Chris Rizik, CEO of Renaissance Venture Capital Fund and Hyaat Chaudhary, CEO of Outdoor Hub were interviewed on Michigan Matters this past Sunday. Watch them talk about the increase in venture capital funding in Michigan, sustained by the talent and technology.

Watch the Michigan Matters interview.

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May 24, 2013 @ 9:03 am

Renaissance Venture Fund

Chris Rizik and Jeff Rinvelt

Chris Rizik and Jeff Rinvelt

With a relatively late start, Michigan’s venture capital community spent the early 2000s playing catch up to the leaders of the national venture scene, not redefining it.   But the 2008 creation of Michigan’s first private venture capital fund-of-funds was so revolutionary it made waves that continue to reverberate around the country and established our region as model for innovative venture fund creation.

 

Formed in association with Business Leaders for Michigan and with the backing of some of Michigan’s largest corporations, the $45 million Renaissance Venture Capital Fund I was hailed as a new model for fundraising.  The private sector could improve on the long-used public economic development model, using a fund of funds vehicle to earn strong returns, increase venture capital activity in a region and improve the portfolio’s chance of success by giving young companies invaluable direct access to their largest potential customers in the state—the Fund’s investors.

 

Renaissance Venture Capital Fund CEO and Fund Manager Chris Rizik describes these kinds of connections as “make or break” for some of the start-ups in his fund’s portfolio, allowing them to gain market traction quickly.  “Venture fund managers do a great job of vetting technology but the difficult piece is validating is the market—is there a customer base out there, and can we bring in a significant customer quickly?  With Renaissance Venture Capital Fund, we’re actually introducing the market to the start-ups.  If we find an interesting investment in the energy space, for instance, we’re one phone call away from DTE Energy.  A first or second customer of that size and profile can mean the difference between a slow climb or a quick ascension into viability.”

 

The success of Renaissance I led to the $65 million Renaissance Venture Capital Fund II in 2012, whose investors include a base of returning institutions as well as new additions like prominent Michigan businesses Meijer Inc. and La-Z-Boy; the first university to invest, Wayne State University; and three influential Michigan foundations: the Herbert H. and Grace A. Dow Foundation, the W.K. Kellogg Foundation and the McGregor Fund.  Rizik says expanding the investor profile was always the intention of the Fund’s organizers.  “The hope was to make this more than just a corporate-backed fund, involving Michigan institutions that represent many different stakeholders.  Fund I proved that a privately-backed fund-of-funds model could achieve regional impact while achieving solid financial performance for investors, so we were thrilled to widen the opportunity with Fund II.”

 

Rizik and partner Jeff Rinvelt credit recent strong returns and exits in Michigan for the Funds’ robust deal flow from all over the country, and Rizik says the Funds have doubled original targets for investment dollars attracted into the state.   In fact, the Renaissance Venture Capital Fund model has been so successful that leaders around the country have sought out Renaissance and his team to help replicate the model in their region.

 

“Cincinnati was a region facing many of the same issues we had in Michigan.  Led by executives from Proctor & Gamble, a group there commissioned a McKinsey Consultants study that suggested they replicate the Renaissance Venture Capital Fund model,” said Rizik. The managers of the resulting fund, called Cintrifuse, asked Rizik to sit on the advisory board and share best practices.

 

“We’ve helped Cintrifuse, and others who are also attempting to copy our model, because we feel it’s good for us to have complementary regional fund of funds.  And because we know this is a model that can make a huge difference to a geographic region that really needs it—we’ve seen it happen first-hand in Michigan.”

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July 20, 2012 @ 9:58 pm

Detroit is a Venture Capital Role Model

Renaissance Venture Capital Fund (RVCF) is a venture capital role model for Detroit. In this Crain’s article, Tom Henderson talks about how RVCF is held up as a leader for large companies investing in start-ups and how the Cincinnati region was encouraged to follow in RVCF’s footsteps.

 

Excerpt:

Several months ago, P&G officials contacted Rizik and told him they were doing a clone. Called Cintrifuse, it has raised $55 million thus far, and P&G has lent its vice president of global business development, Jeff Weedman, to lead it for two years.

 

“When we formed Renaissance, I kept saying that if what we did worked, it would become a model for the rest of the national as a way to increase capital and innovation in regions that are underserved,” says Rizik. “It was very cool for us that they found us via a McKinsey study that identified us as the best model. Good news for us and for Michigan.”

 

Read the full article.

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May 9, 2012 @ 6:45 am

Renaissance VC’s Second Fund Has First Close At $60M

Member Renaissance Venture Capital Fund recently announced its first close on its second fund.

 

“When we formed the first fund, we said, ‘Let’s make a model of a new kind of venture entity, and if it works we can broaden it out later to foundations and universities and to include the whole state,’ ” said (Chris) Rizik.

 

Read the article from Crain’s Detroit Business.

 

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November 8, 2011 @ 1:12 am

Michigan Venture Capital Association appoints 2012 Board of Directors, recognizes members at Annual Dinner

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.”

Get the flash player here: http://www.adobe.com/flashplayer

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March 15, 2011 @ 1:27 pm

MVCA Members attend Xconomy event at discounted rate

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.

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November 1, 2010 @ 1:35 pm

NEWS RELEASE: Michigan Venture Capital Association celebrated award winners, appoints 2011 Board of Directors at annual dinner Nov. 15

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

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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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