April 1, 2014 @ 4:31 pm

NeuMoDx Announces Completion of Series B Financing

Funds Product Development for High Throughput Molecular Diagnostic Platform

NeuMoDx Molecular, Inc., a privately held diagnostics company developing a new platform for high throughput, low cost molecular testing, today announced completion of its Series B financing. Pfizer Ventures led the $21 million Series B, which also included investment from Baird Capital, Venture Investors, and existing investor Arboretum Ventures. This financing will be used to fund development of the NeuMoDx 500 Molecular IVD System, a fully automated, random access platform capable of performing RNA and DNA-based assays. In addition to completing platform development, this funding will enable the company to pursue clinical trials and regulatory approvals for the system’s first assays.

 

“We are thrilled to have a strong investor syndicate supporting NeuMoDx during a critical period for the company,” said Jeff Williams, Founder and CEO of NeuMoDx. “We have made excellent progress over the past 24 months, and are now ready to accelerate development and validation of this exciting platform. The molecular diagnostic market continues to grow, and we see a great unmet opportunity for a system with improved workflow and a lower cost per test.”

 
“Molecular diagnostics are of increasing importance to the pharmaceutical industry as it pursues precision medicine approaches to new therapeutics.” added Bill Burkoth of Pfizer Ventures. “The NeuMoDx team has a deep understanding of the markets and technology in the space, and has designed an IVD platform intended to significantly reduce the cost, time, and complexity of conducting molecular-based tests for precision medicine.”

 
NeuMoDx began operations in 2012 after closing a $5 million Series A financing with Arboretum Ventures. Wolverine Venture Fund, a student-led venture capital fund at the University of Michigan, also participated in the Series A and B financings.

 

About NeuMoDx:
NeuMoDx Molecular, Inc. will provide hospital and clinical reference laboratories with a superior solution for in vitro molecular diagnostic testing. The NeuMoDx platform will offer significantly improved ease of use, considerably lower costs and dramatically higher performance as compared to other systems for nucleic acid testing. The company is led by Jeff Williams (Founder & CEO) and Sundu Brahmasandra (President), who have demonstrated success in building in vitro diagnostic companies, including HandyLab, a molecular diagnostic company which sold for $275 million in 2009.

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November 26, 2013 @ 1:33 am

Jim Adox and Venture Investors Charge Full Steam Ahead

Jim Adox and Venture Investors are charging full steam ahead in a challenging economy, and in doing so, are pushing the boundaries of what’s possible here in Michigan. Dreaming big – including the potential for a new, state-sponsored fund of funds – and being willing to work for it are setting Adox and his firm apart, and positioning them for leadership.

 

Adox joined Venture Investors in 2007 as a managing director and heads up its Ann Arbor office. Venture Investors, founded in 1982, is one of the leading venture capital firms in the Midwest.  It’s focused on making seed and early stage healthcare and technology investments.  With offices in Madison, Wisconsin and Ann Arbor, Venture Investors is strategically located in the backyards of the nation’s two leading public research universities. The firm is currently investing out of its fifth fund and has more than $200 million under management.

 

Venture Investors recently made three exciting investments, UpTo, Reshape Medical and NetSocket.  UpTo, a social calendar app that’s generating a ton of buzz, is the firm’s first investment in Detroit, and one that it made in collaboration with Detroit Venture Partners. ReShape Medical is a nonsurgical weight loss company headquartered in Southern California, and NetSocket is a Plano, Texas company focused on software-defined networking solutions (SDN).

 

Although Venture Investors’ recent deals are diverse having just closed its fifth fund has Adox and his team particularly bullish about Michigan’s future. “It’s a really challenging environment to close funds, and we’re pleased we were able to accomplish it,” he said. “Michigan offers some unique resources, such as the Venture Michigan Fund, that make choosing to raise VC and make investments here appealing. There are a lot more VCs to do deals with and more experienced entrepreneurs, and Venture Investors has a new fund and money to invest. I’m looking forward to making a few more Michigan investments in the next year.”

 

Adox came to Michigan from the east coast, despite never having heard of Ann Arbor before choosing University of Michigan’s engineering school. “My familiarity with Ann Arbor was tied to Bob Seger’s song about Ann Arbor,  ‘Main Street’,” he said. “Once I got here, though, I didn’t leave. After graduation, I became a gear head in automotive world through an executive engineering program at Chrysler.  I left that position and returned to U-M, where I earned my MBA.”

 

He left U-M with more than an MBA, though. It was during his MBA program when he was introduced to VC through professors David Brophy, director of the Center for Venture Capital and Private Equity Finance, Andy Lawlor, Lecturer of Entrepreneurship and Strategy and Director, Global MBA Projects, and Tom Kinnear, the Eugene Applebaum Professor of Entrepreneurial Studies.  Adox maintains these transformative relationships today.

 

Adox, who was recently elected chair of the Michigan Venture Capital Association, sees assets like the Venture Michigan Fund, a fund of funds managed by Credit Suisse, as critical to the state’s future success. He also sees the state’s burgeoning entrepreneurial network as a strong indicator of future success.

 

“The more I’ve gotten involved with MVCA, the more I’ve seen that there’s an opportunity to improve Michigan’s entrepreneurial ecosystem,” Adox explained. “I want to play a role in that. I’ve been here 15 years and have a good idea of where we’ve been and where we can go. I want to do my part to improve the opportunities for everyone – entrepreneurs and VCs alike.”

 

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November 5, 2013 @ 4:03 am

MVCA Honors VCs, Deals at Annual Meeting; Names New Chair, Board

FOR IMMEDIATE RELEASE – November 5, 2013 – Ann Arbor, Mich. – At its annual meeting, the Michigan Venture Capital Association (MVCA) awarded Best Financing to Esperion, the MVCA 100 to FutureNet, Best Exit to Pioneer Surgical Technology and Lifetime Achievement to Tom Kinnear.  It also announced its 2014 executive committee and board of directors.

 

“The last year affirmed Michigan’s reputation as a destination for innovation-based businesses and the VCs that back them,” said Carrie Jones, MVCA’s executive director.  “Even as venture capital declined nationally, access to capital increased in Michigan. There are amazing companies accomplishing amazing things here, and MVCA’s annual meeting is a chance to celebrate those individuals and organizations that are part of that success story.”

 

Esperion, a clinical-stage biopharmaceutical company focused on developing and commercializing first-in-class, oral, low-density lipoprotein cholesterol (LDL-C) lowering therapies for the treatment of hypercholesterolemia, was honored with MVCA’s Financing of the Year award.  In June, Esperion issued an initial public offering of 5,000,000 shares of its common stock on the NASDAQ Global Market.

 

MVCA honored FutureNet with its 100 Award for achieving $100 million in revenue this year. FutureNetGroup is a Detroit-based energy and environmental, construction, technology, and security company that provides infrastructure improvement and protection through innovative technologies.

 

Pioneer Surgical Technology was awarded by MVCA as the Best Exit. In 2013, the Marquette-based company was successfully acquired by RTI Biologics. The acquisition created a global surgical implant company positioned for growth in orthopedics and biologics.

 

Tom Kinnear was honored by MVCA for his lifetime achievement. Kinnear is the D. Maynard Phelps Collegiate Professor of Business Administration and Professor of Marketing at the University of Michigan Ross School of Business.  He previously served as executive director of the Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies. In addition to his teaching, Kinnear supports the U-M Office of Tech Transfer and is chairman of the state-backed Venture Michigan Fund. He also is active in the entrepreneurial community as a co-founder, advisor, angel investor, and Board member of startup companies, including: Network Express, BlueGill Technologies, Accuri Instruments, Avail Networks, Avidimer Therapeutics, Mobius Microsystems, Janeeva, nanoCerox, and NanoBio. He is also a limited partner in Apjohn Ventures, Arbor Partner Ventures, Arboretum Ventures, EDF Ventures, and RPM Ventures. He is a member of the investment committee for EDF Ventures and for Arboretum Ventures.

 

At its annual meeting and awards dinner, MVCA also announced its 2014 board of directors.  Jim Adox of Venture Investors will serve as the organization’s board chair.  Other board members serving 2014-2015 are:

  • Josh Beebe, MK Capital
  • Hugo Braun, North Coast Technology Investors
  • Pete Farner, TGap Ventures
  • Patricia Glaza, Arsenal Ventures
  • Tony Grover, RPM Ventures
  • Mark Horne, Plymouth Venture Partners
  • Tom Kinnear, University of Michigan Ross School of Business
  • Jon Lauckner, GM Ventures
  • Mark Olesnavage, Hopen Life Sciences Ventures
  • Tim Petersen, Arboretum Ventures
  • Jeff Rinvelt, Renaissance Venture Capital Fund
  • Ted Serbinski, Detroit Venture Partners
  • Skip Simms, Ann Arbor SPARK
  • Jody Vanderwel, Grand Angels

 

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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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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May 20, 2013 @ 11:10 am

MVCA Research Report: Michigan Jumps to 15th for VC Activity, $242M Invested in 2012

FOR IMMEDIATE RELEASE — MAY 20, 2013 – ANN ARBOR, MICH. — The Michigan Venture Capital Association’s annual research report, a compilation and analysis of investment activity, shows that 2012 was a banner year for venture capital (VC) in the state.  Compared to the national trend of declining VC funds and activity, funding activity and fund sizes in Michigan continued strong and steady growth last year.  In 2012, Michigan jumped from 25th to 15th in the national VC ranking — one of the largest increases in venture funding last year.

 

“The data reported in MVCA’s research report tell a compelling story about Michigan’s success in growing and nurturing an innovation-based economy,” said Carrie Jones, MVCA executive director.  “The venture capital community in Michigan continues to mature, with more VC under management among firms here than ever before as well as a steady increase in out-of-state funds establishing a presence in the state.  In tandem, Michigan’s entrepreneurial ecosystem continues to mature and strengthen, and more companies than ever before are attracting VC funding.”

 

The MVCA data shows that there are 29 venture capital firms doing business in Michigan. In 2012, venture capital firms invested $242 million in 33 deals in Michigan.  An additional $12.5 million in a combination of angel and pre-seed funding was invested into these same deals.

 

The state has 106 active companies that have received venture capital or angel investment. While the majority of these companies are in the life sciences, the number of companies in other sectors are growing, most notably those focused on information technology.

 

Growth in Michigan venture funds has been steadily trending upward.  In 2012, the amount invested by VCs, average fund size, capital under management all increased, as did available capital for new investments and the number of investment professionals. This growth has, in part, come from out-of-state funds opening offices in Michigan to tap into Michigan’s growing deal flow.

 

“Attracting outside investment to Michigan infuses the economy with new money that can help a company grow here,” Jones added.  “Entrepreneurs are taking notice of this trend; thanks to the successful venture community in Michigan, more entrepreneurs are considering the state as a destination to locate and grow their business.”

 

About the Michigan Venture Capital Association

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. For more information, visit www.michiganvca.org.

 

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April 4, 2013 @ 4:53 pm

NetSocket Secures $9.2 Million Series B Round Of Funding

Investment To Fuel Company Expansion Into SDN Market

 

NetSocket, a leading provider of network service assurance solutions for unified communications (UC), announced today that the company has secured $9.2 million in Series B funding. The round was led by new investor Venture Investors, with participation by existing investors Sevin Rosen Funds, Silver Creek Ventures and Trail Blazer Capital.

 

The new capital will be used to accelerate the launch of a new solution, aimed at the dynamic and growing Software Defined Networking (SDN) market. The product announcement and launch are planned for this summer. “NetSocket has been innovating in the Unified Communications (UC) service assurance solutions space, as evidenced by the traction generated from our recently announced expanded collaboration with Microsoft. NetSocket’s Cloud Experience Manager (CEM) now optimizes Microsoft Lync UC service management and user’s experience,” said John White, president and CEO of NetSocket. “We plan to apply that same innovation and focused vision to the SDN market which we expect to experience explosive growth this year.”

 

Joining the Board of Directors at NetSocket will be Jim Adox, managing partner at Venture Investors. “NetSocket has the right mix to become a major market force; a proven leadership team experienced in service assurance and networking technologies, an incredible portfolio of intellectual property and patents, along with a strong communications-focused syndicate of investors,” commented Jim. “I’m very excited about how the new solution will apply the power of NetSocket’s service assurance, routing and policy control software into virtualized networks in an SDN architecture.”

 

About NetSocket
NetSocket is a leading innovator of network service assurance solutions, providing a trouble-free unified communications experience in enterprise and service provider environments. For more information, visit www.netsocket.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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November 30, 2010 @ 4:25 pm

MVCA Talent Committee charting course for talent retention, growth

Members of the MVCA Talent Committee are preparing for a busy 2011.  Among the group’s initiatives–sustaining the EIR/CEO Placement program, creating a new MVCA Fellowship program aimed at recent advanced degree graduates of in-state universities, and continuing the popular “Super HotShots” talent recruiting night.

MVCA Talent Committee

MVCA Talent Committee Members Jim Adox, Amy Cell and Tim Petersen

The committee members include:  Jim Adox, Venture Investors; Amy Cell, Ann Arbor SPARK; Tim Petersen, Arboretum Ventures; and Jeff Barry, Plymouth Management Partners.

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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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