2012 Greater Cleveland Venture Capital Report
-
Upload
jumpstart-inc -
Category
Documents
-
view
222 -
download
1
description
Transcript of 2012 Greater Cleveland Venture Capital Report
2012V E N T U R E C A P I T A L
G R E A T E R C L E V E L A N D
R E P O R T
23Bell Innovations
AKRON BIOINVESTMENTS FUNDS, LLC
ANCORA GROUP
Big Game Capital
BIZDOM
Blue Chip Venture Company
BRANDERY
Bridge Investment Fund*
Case Technology Ventures
CID Capital
Clarion Direct Investment, LLC
Cleveland Clinic Innovations
CORENETWORK
Directional Aviation Capital
E CAPITAL PARTNERS
Early Stage Partners*
East Central Ohio Tech Angel Fund
EDISON VENTURES*
Everett Partners Ltd.
Evergreen Ventures Ltd.
Evolution Capital Partners
FRANTZ MEDICAL VENTURES
Glengary LLC*
Hatch Partners
JumpStart Inc.
Kadima Partners
Key Capital Corporation
MILLSTREAM ANGEL CLUB
Mutual Capital Partners
NCT Ventures*
NDI Healthcare Fund
North Coast Angel Fund
NORTHEAST OHIO MEDICAL UNIVERSITY (NEOMED)
Ohio TechAngel Fund
Portal Capital LLC
Parker Hannifin Corporation
PHYSICIAN INVESTMENT GROUP LLC
Primus Capital Funds*
Queen City Angels*
Reservoir Venture Partners*
Resilience Capital Partners
River Cities Capital Funds
RiverVest® Venture Partners*
RMS Investment Corporation
Rocket Ventures
Rockwood Equity Partners
Second Generation Ltd.
Shaker LaunchHouse
SOLERA QI VENTURES
Student Venture Fund at University of Akron
SunBridge Partners*
Supply Chain Equity Partners
Sunrise Operations
Thomas Roulston Investment Partners
Triathlon Medical Ventures
Tri-State Growth Capital Fund II
WEST CAPITAL ADVISORS LLC
Zapis Capital Group LLC
Apex Venture Partners
Arboretum Ventures*
Biomet
BlueCrest Capital Finance LP
Capital Midwest Fund
Entrepreneur’s Fund LLC
Hawthorn Group
Hopen Therapeutics
Hopewell Ventures
Lightbank LLC
Medtronic
Rockwell Automation
Southwest Michigan First Life Science Fund
Symark LLC
VENTURE INVESTORS LLC
Cardinal Venture Capital
Charter Life Sciences*
Chevron Technology Ventures
Draper Associates
DW Healthcare Partners
FLYWHEEL VENTURES
FTV Capital
Intel Capital
JDA Investments, LLC
Kearny Venture Partners
Microsoft Corporation
Morgenthaler Ventures
Palo Alto Investors
Panorama Capital
The Quercus Trust
Roberts Communications Network
Sutter Hill Ventures
TAKEDA VENTURES, INC.
Ulupono Initiative
U.S. VENTURE PARTNERS
Vivo Ventures
WESTERN TECHNOLOGY INVESTMENT
Wind Energy, Inc.
Z2 Capital
Abakan Inc.
Advantage Capital Partners
Anderson Growth Partners
Austin Ventures
Chrysalis Ventures*
Cordova Ventures
Dresser-Rand
Energy Ventures
Exoxemis
Frontier Capital
HERITAGE GROUP
Kentucky Science and Technology Corporation
MATW Investments LLC
Maverick Capital Funds
MB Venture Partners
ORIX USA Corporation
Santé Ventures
4C Ventures
Aisling Capital
Ampersand Ventures
Amphion Innovations plc
Boston Scientific Corporation
BLUETREE ALLIED ANGELS
Capital Resource Partners
Cowen Healthcare Royalty Partners
Draper Triangle Ventures*
DREAMIT VENTURES
EASTON CAPITAL
Excel Venture Management
Fidelity Biosciences
Fletcher Spaght Ventures*
Foundation Medical Partners
Greatbatch
Greycroft Partners
Harris & Harris Group
HealthCare Ventures LLC
HORIZON TECHNOLOGY FINANCE
Investor Growth Capital
Life Sciences Capital
LSKW Investments LP
Midsummer Capital
mTerra Ventures LLC
New Enterprise Associates
O H I O
W E S T
N O R T H E A S T
S O U T HI N T E R N A T I O N A L
M I D W E S TNEW SCIENCE VENTURES
Oak Investment Partners
OrbiMed Advisors LLC
PERMAL CAPITAL MANAGEMENT
Polaris Ventures
RLS Investments, Inc.
SV Life Sciences*
StarVest Partners
SYCAMORE PARTNERS
Thomas, McNerney & Partners
Toucan Capital Corp.
Venzyme Venture Catalyst
Aberne Limited
Bally Energy Ltd.
Castlerigg Master Investments
DSM Venturing
DVx Inc.
LIGHTNING PROTECTION INTERNATIONAL
MA Solar
MWV Financial Inc.
POWER HEART CONSORTIUM
Siemens Venture Capital
2 8 I N V E S T O R S W E R E N E W T O T H E R E G I O N I N 2 0 1 2
1 6 1 E Q U I T Y I N V E S T O R S I N N E O H I O C O M P A N I E S
*Received Ohio Capital Fund Investment | ALL-CAPS: First-time investor in the region in 2012
2 0 0 4 - 2 0 1 2
F R O M V E N T U R E C A P I T A L I S T S & A N G E L I N V E S T O R S A R O U N D T H E W O R L D
In 2012, 108 Greater Cleveland companies raised $212 million from venture capitalists, corporate and angel investors, representing a 34% INCREASE over the capital attracted by companies in 2011. This growth in dollars bucked a national trend: Data released in The MoneyTree™ Report by PricewaterhouseCoopers and the National Venture Capital Association (based on data from Thomson Reuters) showed a decrease of 10% nationwide.
The Northeast Ohio region continues to demonstrate upward momentum. Compared to 2006, the amount invested by equity investors has INCREASED BY 43%, while the number of regional tech companies successfully attracting capital has increased by MORE THAN 120%.
2006
50
100
150
200
2012 2006 2012
108
$148
$212
46
N U M B E R O F C O M P A N I E S A T T R A C T I N G C A P I T A L & D O L L A R S I N V E S T E D ( 2 0 0 6 V S . 2 0 1 2 )
N U M B E R O F C O M P A N I E S D O L L A R S I N V E S T E D
1 0 8 T E C H - B A S E D C O M P A N I E S R A I S E D $ 2 1 2 M2 0 1 2
23Bell Innovations
AKRON BIOINVESTMENTS FUNDS, LLC
ANCORA GROUP
Big Game Capital
BIZDOM
Blue Chip Venture Company
BRANDERY
Bridge Investment Fund*
Case Technology Ventures
CID Capital
Clarion Direct Investment, LLC
Cleveland Clinic Innovations
CORENETWORK
Directional Aviation Capital
E CAPITAL PARTNERS
Early Stage Partners*
East Central Ohio Tech Angel Fund
EDISON VENTURES*
Everett Partners Ltd.
Evergreen Ventures Ltd.
Evolution Capital Partners
FRANTZ MEDICAL VENTURES
Glengary LLC*
Hatch Partners
JumpStart Inc.
Kadima Partners
Key Capital Corporation
MILLSTREAM ANGEL CLUB
Mutual Capital Partners
NCT Ventures*
NDI Healthcare Fund
North Coast Angel Fund
NORTHEAST OHIO MEDICAL UNIVERSITY (NEOMED)
Ohio TechAngel Fund
Portal Capital LLC
Parker Hannifin Corporation
PHYSICIAN INVESTMENT GROUP LLC
Primus Capital Funds*
Queen City Angels*
Reservoir Venture Partners*
Resilience Capital Partners
River Cities Capital Funds
RiverVest® Venture Partners*
RMS Investment Corporation
Rocket Ventures
Rockwood Equity Partners
Second Generation Ltd.
Shaker LaunchHouse
SOLERA QI VENTURES
Student Venture Fund at University of Akron
SunBridge Partners*
Supply Chain Equity Partners
Sunrise Operations
Thomas Roulston Investment Partners
Triathlon Medical Ventures
Tri-State Growth Capital Fund II
WEST CAPITAL ADVISORS LLC
Zapis Capital Group LLC
Apex Venture Partners
Arboretum Ventures*
Biomet
BlueCrest Capital Finance LP
Capital Midwest Fund
Entrepreneur’s Fund LLC
Hawthorn Group
Hopen Therapeutics
Hopewell Ventures
Lightbank LLC
Medtronic
Rockwell Automation
Southwest Michigan First Life Science Fund
Symark LLC
VENTURE INVESTORS LLC
Cardinal Venture Capital
Charter Life Sciences*
Chevron Technology Ventures
Draper Associates
DW Healthcare Partners
FLYWHEEL VENTURES
FTV Capital
Intel Capital
JDA Investments, LLC
Kearny Venture Partners
Microsoft Corporation
Morgenthaler Ventures
Palo Alto Investors
Panorama Capital
The Quercus Trust
Roberts Communications Network
Sutter Hill Ventures
TAKEDA VENTURES, INC.
Ulupono Initiative
U.S. VENTURE PARTNERS
Vivo Ventures
WESTERN TECHNOLOGY INVESTMENT
Wind Energy, Inc.
Z2 Capital
Abakan Inc.
Advantage Capital Partners
Anderson Growth Partners
Austin Ventures
Chrysalis Ventures*
Cordova Ventures
Dresser-Rand
Energy Ventures
Exoxemis
Frontier Capital
HERITAGE GROUP
Kentucky Science and Technology Corporation
MATW Investments LLC
Maverick Capital Funds
MB Venture Partners
ORIX USA Corporation
Santé Ventures
4C Ventures
Aisling Capital
Ampersand Ventures
Amphion Innovations plc
Boston Scientific Corporation
BLUETREE ALLIED ANGELS
Capital Resource Partners
Cowen Healthcare Royalty Partners
Draper Triangle Ventures*
DREAMIT VENTURES
EASTON CAPITAL
Excel Venture Management
Fidelity Biosciences
Fletcher Spaght Ventures*
Foundation Medical Partners
Greatbatch
Greycroft Partners
Harris & Harris Group
HealthCare Ventures LLC
HORIZON TECHNOLOGY FINANCE
Investor Growth Capital
Life Sciences Capital
LSKW Investments LP
Midsummer Capital
mTerra Ventures LLC
New Enterprise Associates
O H I O
W E S T
N O R T H E A S T
S O U T HI N T E R N A T I O N A L
M I D W E S TNEW SCIENCE VENTURES
Oak Investment Partners
OrbiMed Advisors LLC
PERMAL CAPITAL MANAGEMENT
Polaris Ventures
RLS Investments, Inc.
SV Life Sciences*
StarVest Partners
SYCAMORE PARTNERS
Thomas, McNerney & Partners
Toucan Capital Corp.
Venzyme Venture Catalyst
Aberne Limited
Bally Energy Ltd.
Castlerigg Master Investments
DSM Venturing
DVx Inc.
LIGHTNING PROTECTION INTERNATIONAL
MA Solar
MWV Financial Inc.
POWER HEART CONSORTIUM
Siemens Venture Capital
2 8 I N V E S T O R S W E R E N E W T O T H E R E G I O N I N 2 0 1 2
1 6 1 E Q U I T Y I N V E S T O R S I N N E O H I O C O M P A N I E S
*Received Ohio Capital Fund Investment | ALL-CAPS: First-time investor in the region in 2012
2 0 0 4 - 2 0 1 2
EARLY$145M
GROWTH$51M
SEED$16M
ECHOGEN POWER SYSTEMS (echogen.com) received an additional $12 million from Dresser-Rand, on the heels of a $10 million capital investment in 2011. This ongoing financial support has allowed the Akron-based company to continue
improving its waste-heat recovery system. In fact, GE Marine recently selected Echogen as the exclusive provider of heat-to-power systems for its commercial and military marine vessels.
Managed mobility services provider VOX MOBILE (voxmobile.com) completed a $7.5 million Series A financing round led by New Jersey-based Edison Ventures and Edison’s limited partner, Permal Capital.
L O C A L I N N O V A T I O N , G L O B A L R E A C H
$ 2 1 2 M E Q U I T Y C A P I T A L I N V E S T E D B Y S T A G E I N 2 0 1 2
"At Flywheel, we invest in world-class entrepreneurs solving big problems through innovation. The eFuneral founders are clearly thought leaders, bringing first-of-its-kind innovation to the funeral planning and death care market, a sector previously lacking technology-enabled solutions. We are excited to be part of eFuneral and the Northeast Ohio startup ecosystem."
Kim Sanchez Rael, General Partner, Flywheel Ventures
E A R L Y S T A G E C A P I T A L A T T R A C T O R S
JUVENTAS THERAPEUTICS (juventasinc.com) closed a $22.5 million
Series B round co-led by Triathlon Medical Venture Partners and New Science Ventures. Additional investors included Takeda Ventures, Fletcher Spaght Ventures and the Tri-State Growth Fund. This financing is being used to complete Phase 2 clinical trials of its regenerative medicine treatments for both chronic heart failure and critical limb ischemia.
SPARKBASE (sparkbase.com),
whose software powers loyalty- and rewards-based programs, raised a $5 million Series A round.
INFO R MA T I O N T E C H N O L O G Y $ 4 1 M
EARLY$31M
GROWTH$5M
SEED$5M
HE A L T H C A R E $ 1 4 3 . 5 M
EARLY$92M
GROWTH$46M
SEED$5.5M
BUS I N E S S & C O N S U M E R $ 1 . 5 M
EARLY$.5M
SEED$1M
CL E A N T E C H $ 2 6 M
EARLY$22M
SEED$4M
B Y S E C T O R & S T A G E I N 2 0 1 2
$ 2 1 2 M E Q U I T Y C A P I T A L I N V E S T E D
As in previous years, healthcare is the
strongest-performing sector in the region, with 37
companies raising a total of $143.5 million. The
majority (43%) of this funding went to medical
device companies, followed by healthcare services
(38%) and biopharmaceuticals (19%).
U N I V E R S I T Y - D E V E L O P E D T E C H N O L O G I E SLINESTREAM TECHNOLOGIES (linestream.com) closed $5 million in Series A financing led by Silicon Valley-based U.S. Venture Partners. LineStream’s software,
which was developed at Cleveland State University, improves performance in order to make manufacturing equipment and other machines more energy-efficient and precise. In 2011, the company and Texas Instruments signed a licensing agreement, enabling the latter to sell LineStream’s technology to clients.
CARDIOINSIGHT (cardioinsight.com) raised a $7.5 million Series C round, which is helping accelerate the company’s clinical and commercial efforts related to its Case
Western Reserve University-developed noninvasive 3D cardiac mapping system (e.g., an electrode-filled vest to help doctors pinpoint the exact location of an electrical abnormality in the heart).
SEED69EARLY25
GROWTH14
1 0 8 C O M P A N I E S R E C E I V E D I N V E S T M E N T
“Ohio—and Northeast Ohio in particular—offers a wealth of interesting venture-stage companies that have tremendous growth opportunities. We are fortunate to have raised a new fund to continue capitalizing on the investment opportunities within the region.”
Bill Trainor, Co-Founder and Managing Director of Mutual Capital Partners Funds I & II, Investments include Cleveland Heart Lab and OrthoHelix
B Y S T A G E I N 2 0 1 2
I N F O R MA T I O N T E C H N O L O G Y 4 7
SEED36
GROWTH2
EARLY9
SEED17
GROWTH5
EARLY15H E A L T H C A R E 3 7
SEED8
EARLY1
BU S I N E S S & C O N S U M E R 9
SEED8
EARLY7
CL E A N T E C H 1 5
In Greater Cleveland, enterprise and healthcare IT have a
growing influence on the regional economy. ONSHIFT (onshift.com), which developed shift-scheduling software for the long-term care and senior living industries, raised a $3 million Series B round last year after experiencing a 400% increase in revenue and hiring its 50th employee.
GENOMONCOLOGY (genomoncology.com),
whose proprietary software and analytical tools can rapidly and interactively analyze and interpret sequenced genomic data, raised $2 million last year from a combination of angels and a JumpStart investment.
H E A L T H C A R E I TS T R E N G T H I N
B Y S E C T O R & S T A G E I N 2 0 1 2
1 0 8 C O M P A N I E S R E C E I V E D I N V E S T M E N T
Information technology—particularly enterprise
IT—continues to be a strength for our region, with
47 companies attracting a total of $41 million over
the past 12 months.
The Task Force is comprised of Greater Cleveland investors dedicated to continually increasing regional entrepreneurial investment and success. To learn more about investment opportunities in Northeast Ohio, contact Lynn-Ann Gries, JumpStart Chief Investment Officer, at 216.363.3400 or [email protected].
For previous years reports go to: jumpstartinc.org/results/reports
T H E V E N T U R E C A P I T A L A D V I S O R Y T A S K F O R C E
“With the acquisition by Tornier, our combined sales place us at No. 2 in the world, and just a few percentage points behind Johnson & Johnson.”
Dr. David Kay, CMO of OrthoHelix Surgical Designs
T H E S E C O M B I N E D D E A L S W E R E W O R T H M O R E T H A N A Q U A R T E R O F A B I L L I O N D O L L A R S
6 C O M P A N I E S E X I T E D I N 2 0 1 2
www.jumpstartinc.org www.bioenterprise.org
In August, ORTHOHELIX SURGICAL DESIGNS (orthohelix.com) was acquired by medical device company Tornier N.V. in a deal valued, at minimum, $135 million. The Medina-based company, which plans to remain in Northeast Ohio, produces screw and plate systems for the repair of small bone fractures and foot and ankle deformities.
Other notable exits: In April, LivingSocial purchased Cleveland-based ONOSYS (onosys.com), whose software facilitates online restaurant ordering.
Akron-based SUMMIT DATA COMMUNICATIONS (summitdata.com), a provider of industrial-grade and medical-grade wireless modules, was acquired in March by Laird Technologies for $22 million.