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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August 8, 2013 @ 8:18 am

Strong B2B Base, Deep Roots in Building Sustainable Businesses: Why Michigan is for RPM Ventures

RPM VenturesRPM Ventures, founded in 2000, is a seed and early stage venture firm with $75 million under management. RPM concentrates its investing in the information technology (IT) space, on companies in specific disciplines.  RPM specifically seeks opportunities in businesses where the firm’s West Coast experience and Midwest roots add strong value: Retail automotive software, industrial and retail enterprise solutions, E‐commerce, online marketplaces, and cloud and social media infrastructure.

 

RPM co-founders Tony Grover and Marc Weiser both attended University of Michigan, and chose to come back to the state to grow their careers.  Before starting RPM, Grover and Weiser’s experiences included working for Intel and starting three venture-backed IT ventures.

 

“The story isn’t that we left the excitement of the coast to come back to Michigan, but that we deliberately chose to start RPM here,” said Grover.  “Our presence in Michigan is a strong asset in the sectors where we focus; our portfolio companies can tap into the resources here in the Midwest and use those resources to leap ahead of their competition.”

 

“Michigan offers the relationships and global connections that few other locations can match,” Grover added.  “We’re home to major automotive manufacturers, Tier 1 automotive suppliers, Whirlpool, and Dow Chemical – to name a few.  Some of these companies are focused on consumer products, some on industrial B2B, but every single one has large international presence and all are using IT to make their business more efficient.  For RPM’s portfolio companies, those factors are enough to make the argument for ‘Why Michigan?”

 

The quality and type of investment that RPM is able to find in Michigan strengthens that argument. The firm has made a new investment in Michigan every six months for the last 18 months.  RPM led investment rounds in DeepField, Kontextual, and ArborMetrics. All of these recent investments are reflective of Michigan’s ever growing and strengthening entrepreneurial economy.

 

“DeepField was co-founded by two early Arbor Networks employees and is a great example of a successful local company that spawned entrepreneurs who launched several ground breaking new startups,” explained Grover.  “Kontextual was founded by Kurt Skifstad, a local tech CEO and serial entrepreneur who has a track record of success here and wanted to stay in Michigan. A prominent University of Michigan faculty member founded ArborMetrics, and its seed round was led by Michigan VC firm Arboretum Ventures.  All three of these companies have very exciting stories that center on wanting to grow in Michigan and being able to find the talent and funding to help them do it.”

 

“When you look at what Michigan has to offer entrepreneurs and venture backed companies, you see that we have a strong B2B base and deep roots in building sustainable businesses.   Those deeps roots are actually changing our present economy.  We’re starting to have more successes here, gaining experience here, and we’re growing the entrepreneurial talent base here,” Grover added.  “Recently, we’ve seen successful exits, like Arbor Networks, HealthMedia and Accuri Cytometers, and increasing VC activity. It hasn’t happened overnight, but it’s happening here now and building the base for continued future entrepreneurial growth.”

 

Looking forward, Grover is optimistic that this upward trend will continue.  “We’ve spent a decade growing RPM and are confident that the areas where we’ve built our expertise are our future. We’ll keep doing what we do, and we’re excited for how things are changing in the market and in this state.  We’re seeing more capital, talent, and experience accruing in Michigan, and that provides a great outlook for the future.”

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July 18, 2013 @ 6:14 am

Arboretum Ventures, RPM Ventures and Wolverine Venture Fund Finance ArborMetrix

(excerpted)

ArborMetrix, Inc., a leading provider of real-time healthcare analytics, today announced that it has closed a $7 million in Series B financing led by RPM Ventures (RPM) alongside existing investor Arboretum Ventures. The Wolverine Venture Fund also participated in the financing.

 

The 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.

 

read more…

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April 18, 2013 @ 10:47 am

RPM Ventures Hires Josh Lin As Part Of Michigan Venture Fellows Program

MVCA member RPM Ventures recently hired Josh Lin as part of the Michigan Venture Fellows Program. Lin is serving as an associate with the firm.

 

Prior to joining RPM Ventures, Lin was a senior consultant in strategy and transformation at IBM Global Business Services. In this role, Lin was part of the customer value strategy practice, which led the acquisition of a $5 billion semi-conductor manufacturing client. He was also co-founder of Nexecon Consulting Group in Ann Arbor.

 

“I believe that start-up companies bring ideas to this world that invoke innovative growth, and the capital, expertise, and resources venture firms provide help make these ideas real,” Lin said. “I am energized by entrepreneurism and being a Michigan Venture Fellow affords me the opportunity to work with entrepreneurs everyday. In this capacity, I can be an active participant in bringing these ideas to the world, rather than sit as an observer peering in through the news.”

 

The Michigan Venture Fellows Program provides emerging leaders a chance to work full-time for a Michigan-based venture firm for 18-24 months.

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July 11, 2012 @ 7:45 pm

MVCA Programs to Attract Investment, Entrepreneur Talent Gaining Traction

FOR IMMEDIATE RELEASE – JULY 11, 2012 — ANN ARBOR, MICH. — The Michigan Venture Capital Association’s (MVCA) programs to develop the state’s investment community are helping venture capitalists and their portfolio companies attract and retain top talent.

 

As part of its Michigan Venture Fellows Program, MVCA recently placed fellows at member firms Detroit Venture Partners and Open Prairie Ventures.  The organization also awarded funding for CEO Placements to ArborMetrix, a firm backed by MVCA member Arboretum Ventures, and ProNai Therapeutics, backed by MVCA member Apjohn Ventures. MVCA member firms Plymouth Ventures and RPM Ventures received funding through the Executives in Residence program.

 

“Finding, recruiting and developing top talent is a critical need for both investment firms and their portfolio companies,” said MVCA board chair and Arboretum Ventures managing director Tim Petersen.  “MVCA’s programs to help VCs and venture-backed companies fill a void while shining a light on the opportunities that exist in our state for both investment professionals and C-level talent that want to work for entrepreneurial ventures.”

 

The MVCA’s Michigan Venture Fellows, CEO Placement and Executives in Residence programs are funded by the Venture Upstart II allocation from the Michigan Economic Development Corporation (MEDC). The Michigan Venture Fellows Program is intended to create the next generation of venture capitalists and investment professionals in Michigan.  The Executives in Residence and CEO Placement programs are designed to support the eventual placement of an executive into a portfolio company’s operations post-investment or find and hire a qualified CEO candidate for a portfolio company.

 

Jared Stasik, a recent graduate of UC-Berkeley, and Sam Hogg, former director of venture development at NextEnergy, are participating in the MVCA Fellows program.  Stasik is joining Detroit Venture Partners and Hogg is joining Open Prairie Ventures.

 

ArborMetrix and ProNai Therapeutics received funding CEO Placements awards from MVCA.  The funding will be used to execute CEO searches, which both firms are currently conducting.

 

Plymouth Ventures welcomed Kevin Terrasi and RPM Ventures welcomed Kurt Skifstad into their firms for a period of deal sourcing and advisement, with an ultimate goal of placing these executives in a leadership role at a portfolio company.  Terrasi and Skifstad both bring operational experience to their venture firm sponsors.

 

Michigan venture capital firms participating in the Michigan Venture Fellows program receive assistance in hiring an associate.  Michigan venture capital firms may apply for a loan award to assist with the first year salary of an Executive in Residence or a CEO for a Michigan-based portfolio company.  The CEO Placement loan award may also be applied toward the recruiting fees incurred in finding an entrepreneurial CEO.

 

About the MVCA
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.  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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January 9, 2012 @ 3:55 pm

MVCA PRESS RELEASE: Two new MVCA Executive-In-Residence awardees chosen

ANN ARBOR, MICH.—Two MVCA member firms were recently awarded a loan from the organization’s Executive in Residence (EIR)/CEO Placement Program, marking the first distributions from the program’s new Venture Upstart II allocation from the MEDC.  Plymouth Ventures and RPM Ventures will welcome executives Kevin Terrasi and Kurt Skifstad respectively into their firms for a period of deal sourcing and advisement, with an ultimate goal of placing that executive in a leadership role at a portfolio company.

“We’re excited to relaunch the EIR/CEO Placement Program, which has been one of our most popular programs for members,” said Merrill Guerra, Executive Director of the MVCA.  “We’ve chosen two firms who are committed to keeping our entrepreneurial talent in the state.  This program continues to make a difference to the many executives in our market who might otherwise have had to leave the state to find compelling leadership opportunities in their entrepreneurial niches.”

Terrasi and Skifstad both bring operational experience to their venture firm sponsors. Terrasi joins Plymouth following his tenure as Vice President of Engineering and a Director of Pump Engineering, Inc./LLC (PEI), a Plymouth Ventures Fund I portfolio company which was sold in 2009 to Energy Recovery, Inc. (NASDAQ: ERII).  Skifstad, Executive-In-Residence at RPM Ventures, has founded, co-founded, or been part of the senior management team of multiple ventures, including three firms that were acquired, one that went public, and two companies that are still operating.  In addition to his operating experience, Skifstad mentored entrepreneurs in his position at University of Michigan’s Office of Technology Transfer and teaches a senior‐level class on entrepreneurship in the College of Engineering at the University of Michigan. He holds a Ph.D. in Computer Science and Engineering from the University of Michigan and attended the Executive Education Program at U-M’s Ross School of Business.

About the MVCA EIR/CEO Placement Program
Billed as a talent attraction and retention program, the EIR/CEO Placement program was developed in 2007 to help Michigan venture firms support the eventual placement of an EIR into a portfolio company’s operations post-investment or find and hire a qualified CEO candidate for a portfolio company.  In 2011, the MVCA received a second 21st Century Jobs Fund award from the Michigan Economic Development Corporation (MEDC) to renew its EIR and CEO Placement programs.  This grant award allows the MVCA and the MEDC to work together to foster an environment to help entrepreneurs and Michigan-based venture-backed companies succeed.  Under the EIR program, Michigan venture capital firms may apply for a loan award to assist with the first year salary of an EIR.  Under the CEO Placement program, the loan award may be used to pay the one year salary of a newly recruited CEO in one of their Michigan-based portfolio companies.  The CEO Placement loan award may also be applied toward the recruiting fees incurred in finding an entrepreneurial CEO.

For information about the MVCA EIR or CEO Placement programs, visit www.michiganvca.org or contact Merrill Guerra at 734.929.9970.

About the MVCA
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.  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

About Plymouth Ventures Fund II
Plymouth Ventures Fund I became fully invested in 2009 after completing investments in 29 companies. Plymouth Ventures II is actively looking to invest in strong early expansion-stage companies in the Great Lakes region. Plymouth has four partners: Mark Horne, Ian Bund, Bob Savage, and Jeff Barry, with offices in Ann Arbor, Michigan and Toledo, Ohio. Visit www.plymouthvc.com for more information.

About RPM Ventures
RPM Ventures, founded in 2000, is a seed and early stage venture firm with $75 million under management. RPM concentrates its investing in Information Technology, taking advantage of the firm’s West Coast experience and Midwest roots.  The combination of these positions RPM to bring a grounded perspective to its investing that reflects an integration of Silicon Valley culture and relationships with Midwest values and network. RPM is a founding investor in numerous deals, often investing before there is a product or management team in place. Additionally, RPM is a valuable investing partner for companies within sectors in which the firm has specific expertise, including: Retail Automotive Software, Solutions for Industrial and Retail enterprises, E-commerce, Online Marketplaces, Cloud and Social Media Infrastructure, and spinouts from leading research universities. For more information, visit www.rpmvc.com.

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October 6, 2011 @ 3:20 pm

MEMBER NEWS: Local VC publishes “The Business of Venture Capital”

Mahendra Ramsinghani, managing director of MVCA member Invest Detroit’s First Step Fund, published his book The Business of Venture Capital: Insights from Leading Practitioners on the Art of Raising a Fund, Deal Structuring, Value Creation, and Exit Strategies.

The Business of Venture Capital covers the various aspects of venture investment spectrum, from raising funds and structuring investments to assessing exit pathways.  It is the first book of its kind to focus on the four critical pillars of the venture capital business—raising the fund, sourcing and structuring investments, creating value as a board member and finally, leading investments to exits.

Written by a practitioner for practitioners, the book provides the necessary breadth and depth, simplifies the jargon and balances the analytical logic with experiential wisdom. Starting with a Foreword by Mark Heesen, President, National Venture Capital Association (NVCA), this guide includes insights and perspectives from leading experts.

• Part One covers the process of raising the venture fund including:

-   Identifying and assessing the Limited Partner universe

-   Fund due-diligence criteria

-   Fund investment terms

• Part Two covers the investment process including:

-   Sourcing investment opportunities

-   Conducting due diligence and negotiating investment terms

-   Adding value as a board member

-   Exploring exit pathways

With insights, anecdotes and wisdom from the experiences of best-in-class practitioners, this guide can help the reader to understand the dynamics of this business.

Leading Limited Partners / Fund-of-Funds interviewed include Credit Suisse, Top Tier Capital Partners, Grove Street Advisors, Rho Capital, Pension Fund Managers and Family Office Managers.

Insights of over twenty five leading venture capital practitioners, frequently featured on Forbes Midas list of top venture capitalists including Frank Caufield (Co-founder, Kleiner Perkins Caufield and Byers) David Cowan (Bessemer Venture Partners) Todd Dagres (Spark Capital) Promod Haque (Norwest Venture Partners) Tim Draper (Draper Fisher Jurvestson) Brad Feld (Foundry Group) Mitch Lasky (Benchmark Capital) John Jarve (Menlo Ventures) Terry McGuire (Polaris Capital and former NVCA Chair) Bryan Roberts (Venrock) and Bob Nelsen (ARCH Venture Partners).  MVCA member firms mentioned include Arboretum Ventures, TGap, Dow Ventures, RPM Ventures, Northcoast Ventures, Renaissance Venture Fund, Venture Investors, and Hopen Life Sciences Fund.

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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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