March 10, 2014 @ 6:19 am

Jim Adox on Comcast Newsmakers‏

Our board chair, Jim Adox was recently interviewed by Laurel Hess on Comcast Newsmakers. They discussed the venture capital atmosphere in Michigan and how investments in the state are on the rise.

 

The interview will air in a rotation on Headline News at :24 and :54 past the hour, the week of March 17th.

 

You can also watch the interview online now.

 

 

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February 20, 2014 @ 6:23 am

Drive Capital Recognizes Benefits of Doing Business in the Midwest

There is great venture capital news for the Midwest. Drive Capital has recognized that the next great technology company could come from right here.

 

“Silicon Valley is great,” he says. “But everyone forgets that 40 years ago it was just apple fields and orchards. When we look around the Midwest, we see a lot of the raw ingredients for what could potentially be a great economic driver for tech, which over time will create great industries.”

 

Read the whole article.

 

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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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January 8, 2014 @ 1:22 pm

Delphinus Gains 510(k) Clearance For Breast Ultrasound Tomography

Delphinus Medical Technologies, Inc., innovator and developer of a new ultrasound platform that images the entire breast, has received 510(k) clearance from the U.S. Food and Drug Administration for the SoftVue™ whole breast ultrasound tomography system, approved for diagnostic breast imaging.

 

Delphinus is the first company to design and manufacture a breast ultrasound system that utilizes ring transducer technology to transmit and receive ultrasound signals. Traditional hand-held ultrasound and automated breast ultrasound systems obtain only reflected echoes returning in the direction of the linear 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 believe that the opportunity now is better than ever for SoftVue’s ultrasound system to advance the state-of-the-art in breast cancer diagnostics,” commented Paul McCreadie, managing director of Arboretum Ventures and Chairman of the Board of Delphinus. “The shortcomings of existing modalities are widely known, and SoftVue’s ability to provide early and accurate diagnostic information without the risk of radiation exposure will serve to improve women’s health.”

 

With the breast suspended in warm water and a short exam time of one to two minutes per breast, the exam is safe, fast and comfortable.  While traditional ultrasound looks at only a limited area of breast tissue, SoftVue provides a complete map of the whole breast.  And unlike traditional ultrasound where the outcome of the exam is dependent on operator skill and experience, the exam is consistent and uniform, removing user variability.

 

From Mark Morsfield, CEO of Delphinus, “We are pleased to receive this clearance from the FDA for our innovative technology. With an experienced team dedicated to advancing breast imaging and women’s health, Delphinus is committed to assisting medical professionals better define and diagnose breast disease, while establishing a better patient experience that can be available for all women, regardless of age and without the concern of radiation or discomfort.”

 

 

About Delphinus Medical Technologies, Inc.

Delphinus Medical Technologies, Inc., a Michigan-based company, is a spin-off of the Barbara Ann Karmanos Cancer Institute (KCI). The patented technology is a whole breast ultrasound tomography imaging device that provides no radiation, no compression, and is not dependent on operator skills. Delphinus Medical Technologies holds the UST intellectual property, transferred by KCI through a worldwide license to commercialize the SoftVue technology. For more information, visit www.delphinusmt.com.

 

About Arboretum Ventures

Arboretum Ventures is a venture capital firm specializing in the healthcare sector. Founded in 2002, the firm manages $235 million in capital and has invested in more than 30 companies, five of which have exited with an aggregate valuation of approximately $1 billion. Arboretum invests throughout the United States, with a preference for Midwest opportunities, targeting capital efficient companies that can meaningfully reduce healthcare costs in key areas of expertise: devices, diagnostics, services, and IT.  For more information, please visit www.arboretumvc.com.

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January 2, 2014 @ 11:07 am

Baird Capital Opens Ann Arbor Office, Sees Michigan as Ripe with Potential

When global investment firm Baird Capital announced in 2013 that it was opening a Michigan office, investors – and entrepreneurs – took notice. Not only is the firm’s Ann Arbor office its first outside of a major metro area, it’s being headed up by David Gregorka, whose entrepreneurial roots grow deep in the state.

 

Before joining Baird Capital, Gregorka was working on several projects with the Office of Tech Transfer at the University of Michigan. He assumed this position after leaving HealthMedia, a venture-backed company he co-founded in Ann Arbor in 1998 that was acquired in 2008 by Johnson & Johnson.

 

Being deeply entrenched in Michigan’s entrepreneurial eco-system is a differentiator for Gregorka. “I’ve worked with all seven research universities in the state and most of the ecosystem partners, at the state and local levels, and can bring those relationships to bear in building a network in Michigan for Baird,” Gregorka explained. “Although we chose to locate in Ann Arbor, Baird is excited by what we are seeing across the state.”

 

Baird Capital’s venture capital team invests in early and growth stage companies in tech enabled services and health care. Since its inception, Baird Capital has invested approximately 50 percent from its three funds in Midwest companies.

 

“We see a strong pipeline of potential investments in Michigan in both IT and health care,” Gregorka explained. “This strong potential is consistent with Baird Capital’s overall investment strategy. As an organization, we are committed to partnering with leading entrepreneurs and helping them build great companies.”

 

Those partnerships and relationships are key to what Baird is and does – and was a critical factor in the firm’s decision to open an office in Michigan. Gregorka intends to use his experience and existing relationships to help Baird find the best investment opportunities in the state.

 

“Being here is a chance to work with entrepreneurs, regardless of whether they’re in Baird Capital’s ‘sweet spot’ for investments,” Gregorka explained. “Being a part of the entrepreneurial ecosystem is something that Baird Capital, as an organization, likes to do. You never know when an entrepreneur or company that isn’t a potential investment today will become a future partner.”

 

Baird Capital was an early investor in Accuri Cytometers, an Ann Arbor company that had a very successful exit. It is currently invested in Ann Arbor-based Molecular Imaging, a contract research organization that provides services to pharmaceutical companies and conducts small animal imaging studies. The company is on the fast track to success, having just expanded operations to the west coast to run a preclinical imaging center at the Sanford Consortium for Regenerative Medicine in La Jolla, Calif.

 

Baird Capital’s investment in Molecular Imaging is part of larger pool that also includes Michigan Venture Capital Association member Beringea. Baird typically syndicates with other investors and hopes to increase the deals it does with other Michigan firms.

 

“Ultimately, finding and making investments in IT services and health care companies – both early and growth stage – is the primary focus of Baird Capital’s work, including our office here in Michigan,” Gregorka said. “As an organization, the Baird team has been in the trenches as venture capitalists and as entrepreneurs, and we know what it takes to be successful. We see Michigan as a ripe environment for future success.”

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October 24, 2013 @ 10:28 pm

Outgoing MVCA Chair Tim Petersen: VC in Michigan Bucking National Trend, Inspiring Startup Culture in State

Tim Petersen sees VC as the spotlight that’s making Michigan shine bright in the national landscape.

 

“Venture capitalists in Michigan continue to grow in an environment where, in other parts of the country, the industry is contracting,” said a Managing Director of Arboretum Ventures and the outgoing chair of the Michigan Venture Capital Association. “Nationally, statistics are down, but in Michigan, we’ve accelerated venture under management and are getting more deals done compared to most of the rest of the country. What’s exciting is that people – entrepreneurs and other VCs – are taking notice of what’s happening here.”

 

Now on its third fund, Petersen and his partners have led Arboretum Ventures to incredible success. The organization is a prime example of what’s exciting about Michigan’s VC community right now.

 

“Arboretum’s core portfolio companies in the third fund, including Tangent Medical Devices, ArborMetrix and NeuMoDx, are looking very promising,” said Petersen, “and they’re all based in Michigan. We don’t just invest in Michigan, but the Michigan companies are really exciting.”

 

“In the past year, one of our companies, Esperion Therapeutics, went public,” Petersen added. “Two years ago we helped found ArborMetrix and it has outgrown its start-up space and now has prime office space in downtown Ann Arbor.”

 

In addition to his work at Arboretum, Petersen has served as the chair of the Michigan Venture Capital Association for the last two years. He’s quick to point to the organization’s greatest accomplishment: Bringing up the next generation of venture capitalists and keeping the industry ahead of the national curve.

 

“The launch of the Michigan Venture Capital Association Venture Fellows Program has been very exciting,” Petersen said. “It has struck a chord with our VC members, and they’re readily utilizing the program. We weren’t sure what to expect when we launched it with MEDC support less than two years ago, and it’s exciting that it has really taken off. Having spent time with the fellows, it’s easy to see that there’s a desire to be in this profession, in Michigan.”

 

To Petersen, Michigan’s future only looks brighter when considering what’s yet to come. He’s particularly inspired by the growing ranks of serial entrepreneurs in Michigan, and the potential for that trend going forward.  “In recent years, there have been more and more entrepreneurs that are exiting and then starting a new venture,” he said.  “When I talk to students about being an entrepreneur, I always say it’s a profession – it’s a lifelong gig. The good news is that experience makes it easier to grow a successful company, which is why serial entrepreneurs are so important.”

 

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September 10, 2013 @ 7:02 am

Michigan Companies Make Forbes Venture Player List

Three Michigan companies, and MVCA members, are considered among the top venture players in the midwest.

 

(excerpted from Forbes article)

“As entrepreneurs all over the country and the world make the leap into startup life, investors are keeping step to finance them—hoping to own a piece of a company that could yield buckets of cash. Venture capital firms have been circling innovation capitals like Silicon Valley and New York City for years but have recently been forced to take notice of other regions where young companies are putting down roots.”

 

Read the full story.

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August 26, 2013 @ 10:47 pm

Michigan Venture Capital Association Hires Emily Heintz as New Associate Director

The Michigan Venture Capital Association (MVCA) recently named Emily Heintz as its new associate director.  In this role, Heintz will work to actively create connections between venture capitalists and promote the state’s entrepreneurial and investment communities.

 

“Bringing Emily on board strengthens MVCA’s position in the state’s entrepreneurial eco-system,” said Carrie Jones, MVCA executive director.  “Emily brings valuable experience and connections to MVCA.  Her leadership and expertise will directly benefit MVCA’s members and support its mission to grow and sustain a vibrant venture capital community in Michigan.”

 

Heintz brings administrative, finance and economic development experience to the organization.  Prior to joining MVCA, she was with the Michigan Economic Development Corporation (MEDC), where she served as an equity capital markets associate.

 

During her tenure with MEDC, Heintz designed, implemented, and managed capital services programs, including direct investments made in venture capital firms around the state.  She also worked to build and maintain relationships with private equity groups, commercial banks, entrepreneurs, and business development support groups.

 

Heintz also previously worked for Ann Arbor SPARK, where she was an accounting manager.

 

Heintz earned her bachelor of arts degree and her masters of science degree in accounting from Michigan State University.

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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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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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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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