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New Office
◊ 1311 Vine Street
Suite 300
Cincinnati, OH 45202
513.263.2720
10.15 | TG | 1,000 | SS
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©2015 CincyTech
s.
ie
An n ual
R epo rt
◊
2014–2015
n
u
ed
t
s
www.cincytechusa.com
Results & Message from
CincyTech’s Leadership
Impact
S i m p l y p u t , CincyTech was founded on a belief that
bright entrepreneurs and great ideas exist in southwest
Ohio, and should be nurtured and grown here.
Highl ight s
Companies receiving CincyTech
technical assistance:
323
Companies receiving
CincyTech investment:
CincyTech was built around a thesis that the region is fertile
with promising software and bioscience opportunities, that
Jobs created by CincyTech
portfolio companies:
760
$76,129
Total CincyTech investment
in portfolio companies:
Total company
investment & revenue:
coastal venture investors (at the time) largely
overlooked these opportunities, and that
the resulting scarcity of capital would create
attractive terms for investors. Then, with a
combination of seed capital, management
assistance and connections, CincyTech would
help entrepreneurs transform ideas into high
potential technology companies.
$25.5M $689.5M
Total invested in CincyTech
companies by private sources:
$474M
In v e s t me n t
S c o r e c ar d
Portfolio
Year Companies Jobs
Co- & Follow-On
Investment
Funding
Cumulative Avg. Investment
Investment Per Company
Cumulative totals from May 2007–October 2015.
Venture Capital Funds
$221,622,541
4
31.0
$3.97M
$3.97M
$0.99M
Initial Public Offerings
$106,907,220
2008
7
73.0
$14.83M
$18.80M
$2.12M
Revenue
$156,989,836
$109,958,364
2009 12
78.0
$24.51M
$43.31M
$2.04M
Individuals
2010 17
120.5
$18.17M
$61.48M
$1.07M
Funds I, II & III
$22,227,827
2011 32
207.5
$44.75M
$106.23M$1.40M
Private Loans
$33,000,000
2012 42
367.5
$64.38M
$170.60M
Ohio Loans & Grants
2013 49
534.0
$92.52M
$263.12M$5.37M
3rd Frontier Seed Funds
2014 53
616.6 $227.79M
$490.91M
Corporate
$1,524,999
2015 59
760.0* $34.00M$506.98M$8.59M
Federal grants
$6,954,639
$1.53M
$9.26M
Foundation Investments
Total
All data on this page (except 2015 Jobs as noted above) through 10/22/2015.
|
Revenue
2007
*Through Q2 2015
2
&
Leverage ratio of private
dollars to CincyTech dollars:
18.6:1
$8,930,927
Above: Robert Coy,
President and CEO
of CincyTech and
James Anderson,
CincyTech Board of
Managers Chairman
and Former
President and
CEO of Cincinnati
Children’s Hospital
Medical Center
In the years since our first investment in 2007, CincyTech
has become one of the most active seed funds in the
Midwest, advising 323 companies, investing in 59, 38 of
which are still active, and 17 of which are either backed
by institutional venture capital funds or have exited. These
companies have raised co- and follow-on investment
totaling $506.9M while generating cumulative revenue
of $156.9M. They employed 760 people at an average
wage of $76,129 as of June 30, 2015.
It is also significant that 21% of our portfolio companies are
either founded or led by women or minorities. Nationally,
less than 6% of venture-backed companies are founded
by women and only one percent led by African Americans.
Notable portfolio company highlights in 2015 include:
◊
or the second year in a row, CincyTech portfolio
F
companies won three of four financing of the year awards
from Venture Ohio, a statewide trade association: Airway
Therapeutics, Seed Stage Financing; Ahalogy, Early Stage
Financing; and Assurex, Growth Stage Financing.
◊
L ISNR was named to the 2015 CNBC Disruptor 50, a list
of companies from around the world whose innovations
are revolutionizing the business landscape. Also on the
list: startups including Uber and Airbnb.
$12,646,266
$942,260
$689,502,995
halogy, a Pinterest marketing company, was named
A
as one of only ten Pinterest Marketing Developer
Partners for Content Publishing. As an official Marketing
Developer Partner, Ahalogy can access to the Pinterest
API to further enhance its unique marketing and
technology solution.
I b elieve in w h at Cin c yTec h d oe s. I beli e ve
g r e a t c o m p a n i e s ar e g o i n g t o b e f o u n d e d h e r e .
— C h r i s M c L e n n a n , p o r t f o l i o c o m pa n y f o u n d e r t u r n e d i n v e s to r ( P g . 1 2 )
Average salary at a
CincyTech portfolio company:
59
◊
◊
nable Injections moved from a small office in Franklin to
E
a 41,000 square foot building in Sharonville. The facility
will house the company’s offices and space for research
and product development. It will also house Enable
Injections’ manufacturing and distribution operations.
◊
rameri appeared on ABC’s Shark Tank (and turned
F
down a deal!)
◊
ssurex Health, the precision medicine company helping
A
to put people on a faster path to the right medication and
mental wellness, has now tested 200,000 people with its
GeneSight® technology. It now processes more tests in a
day than in its entire first year.
Our portfolio companies continue to enjoy the financial
and management support of our network of more than
80 individuals who have invested over $100 million since
2007. More than 50 venture capital funds from across the
country have invested $221M alongside these investors.
Finally, our work would not be possible without the
generous support of corporations, foundations and local
governments across our region. We are grateful for the
ongoing support.
The entrepreneur’s journey can be many things:
adventurous, sometimes inspiring, often unsettling, always
unpredictable. CincyTech’s mission is to be a trusted
partner, helping founders navigate their path, and making
sure the best ideas don’t go unnoticed by the investors
who can help them to grow right here.
Chairman, Board of Managers
CincyTech Annual
President and CEO
Report
◊
2014– 2015
|
3
CincyTech Team Partners
with Six New Investments
Six New Investments
C h r y s a l i s is developing mobile
technology products and a platform that
makes it easier to connect on the go.
The
CincyTech
Team
Clockwise from bottom left: John Rice, Director, Life Sciences;
Robert Beech, Entrepreneur in Residence, Biosciences;
Samuel Frith, Analyst; Justin Thompson, Principal;
Sean Kwiat, Analyst; Peg Rusconi, Director, Communications;
Doug Groh, Director; Robert Coy, President & CEO;
Toya Gatewood, Program Director; Mike Venerable, Managing Director.
4
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L o t e d a is a marketplace that saves
busy parents time and money by allowing
them to buy and sell gently worn children’s
clothing by the lot. A season’s worth of
clothing in a single listing and transaction.
VENTU R E
OHIO
H i r e W h e e l certifies work experiences for
local home improvement professionals so
homeowners don’t have to, offering confidence in a world of questionable reviews.
S t ra p is a wearable software and
analytics platform for developers,
enterprises and brands.
I n c l u d e F i t n e s s is a next generation
fitness and rehabilitation platform accessible
to ALL users regardless of ability or mobility.
S t r e a m S p o t provides everything needed
to deliver high quality live and on-demand
broadcasts to any Internet connected
device; it’s a simple streaming solution for
churches, synagogues and live events.
F IN A NCING A W A R D w i n n e r s
CincyTech portfolio
companies won three of the
four VentureOhio Financing
of the Year awards.
VentureOhio
ADVANCING OHIO ENTREPRENEURSHIP
Airway Therapeutics, Seed
Stage Financing; Ahalogy,
Early Stage Financing; and
Assurex, Growth Stage
Financing.
Airway Therapeutics CEO Marc Salzberg
and Chief Science Officer Jan Rosenbaum
Ahalogy CEO Bob Gilbreath
Assurex Health CEO Virginia
“Gina” Drosos
CincyTech Annual
Report
◊
2014– 2015
|
5
Portfolio Profile:
Zipscene
“Where should I go for lunch?”
It’s a simple enough question, one that pops up millions of
times daily in the US as midday hunger kicks in. The answer
can depend on any number of factors, such as weather,
proximity, time, price, cravings, and company. The ability
to understand those data points to influence the diner’s
decision is a quest for restaurants everywhere, particularly
All identifying information is removed from the profiles,
but Mungur said the anonymized, aggregated data helps
marketers target and reach ideal customers with much
greater precision.
“For example we’ll tell you 20 restaurants in 45202 saw an
increase in X on these products and generally the people
buying them had a demographic of X, Y and Z.
T h e e y e o p e n e r w a s , w e ar e s i t t i n g o n a
data asset th at a lot o f peo p le would
wa nt.
— SA M EER M UNGUR , Z i p s c e n e FOUNDER & C EO
as Americans spend nearly half of their food dollars outside
the home. It’s also what drives and distinguishes Zipscene in
the world of restaurant marketing intelligence.
“We’re positioning ourselves as a dining data cloud, with
the deepest understanding of consumer dining behavior,
down to the SKU level,” said Sameer Mungur, founder and
CEO of Zipscene, where the client list includes more than
60 national restaurant chains. “We’re building the largest
data asset for this particular industry.”
Zipscene: Decoding
Dining Behavior
Zipscene’s founder and CEO, Sameer Mungur
6
|
Since its inception in 2006, Zipscene has connected
people with dining establishments. The company
morphed from a web portal that aggregated local dining
and entertainment information, to a website builder for
restaurants. When diners began to migrate from restaurant
websites to apps, Zipscene again changed course, building
branded mobile apps for restaurants, through which
customers could order and pay. This integration with pointof-sale payment systems was a game changer.
“When you walk out of a restaurant with a receipt, all
the data on the receipt comes to us. The amount of data
started scaling very rapidly,” said Mungur. “The eye opener
was, we are sitting on a data asset that a lot of people
would want because it does two things: one, it gives them
a much deeper understanding of who they’re catering to;
and two, it gives them a strategy to reach those people.”
Zipscene is building its dining cloud from a massive
amount of data—a base of 250 million U.S. consumers in
its system. In 12 months, by overlaying and connecting
different data sets, Zipscene has created profiles of 25
million of those consumers, down to a check level of detail.
We can group people who eat alike or drink alike into these
audiences. Broadly, anyone marketing a food product or a
beverage product—restaurants, retailers, manufacturers—
should care about the data that we have.”
So, Mungur added, should payment technology providers
to the restaurant industry, because Zipscene’s technology
could enable them to provide insights to merchants about
what’s driving sales and what kinds of customers are
coming in.
“We know how to manage data at scale and we’re very
good at analytics.”
“Zipscene is succeeding because of its team’s vision and
extraordinary perseverance,” said CincyTech managing
director Mike Venerable. Zipscene was one of CincyTech’s
first investments, in 2007. Later stage investors include
Chicago-based Jump Capital.
Today, the Zipscene team is dozens strong, working out
of loft-like downtown headquarters with soaring arched
windows and a ping pong table. Mungur and his team have
built a company culture that is industrious, agile, creative
and fun.
“The most gratifying thing and what makes me get out of
bed everyday and come in here is people,” said Mungur.
“I see Zipscene as a place for young, intelligent, hungry
people to experience a tremendous amount of growth.”
As has the company itself, on its journey from portal to
platform, using data to decode dining behaviors and
influence the dining decisions hungry consumers make
every day.
CincyTech Annual
Report
◊
2014– 2015
|
7
Portfolio Profile:
LISNR
I n 2 0 1 5 , LISNR made a lot of noise with audio tones
LISNR’s list of accomplishments in 2015 include:
you can’t hear, accumulating a long list of awards
and accolades.
◊
inner, Gold Lion at the Cannes Lions International
W
Festival for Creativity, for Innovation in Mobile
◊
Winner, SXSW Vision to Venture competition
◊
Winner, Digiday’s Best Content Marketing Platform
◊
Finalist, Fast Company’s Innovation by Design Award
For starters, LISNR was named to the CNBC Disruptor 50,
a list of companies “whose innovations are revolutionizing
the business landscape… forward thinking upstarts that
have identified unexploited niches in the marketplace.”
W e ’ r e j u s t s t ar t i n g t o s c ra t c h t h e
s u rfa c e o f h o w d a t a - o v e r - a u d i o
c o m m u n ic atio n tec h n o lo g y c a n be used.
— RODNEY W I L L IA M S , L ISNR C O - FOUNDER & C EO
LISNR was ranked #12, just ahead of DocuSign and
Survey Monkey, just behind Slack and Warby Parker.
LISNR is the creator of SmartTones, proprietary inaudible
sound waves that can connect devices. Think of it as audio
Bluetooth, except unlike Bluetooth, LISNR technology
doesn’t require hardware or maintenance, requires very
little CPU/battery use, and can synchronize with a device
in less than an eighth of a second.
LISNR: Making Waves
With Silent Tones
Because LISNR’s technology is silent, the company can
leverage the network of sound and its existing hardware
that is everywhere around us.
LISNR co-founder and CEO
Rodney Williams describes it
as the Internet of Sound.
“Anywhere there is a
speaker or that has the
ability to broadcast audio,
LISNR has the ability to turn
that object or media into a
data-transmitting medium,”
Williams said.
LISNR was also chosen for Cisco’s Entrepreneurs-inResidence program for Internet of Everything companies.
The program will give LISNR co-working space in Silicon
Valley and opportunities to work with Cisco product and
engineer teams.
Finally, LISNR announced a $10 million Series B funding
round led by Intel Capital, positioning the company to
accelerate its growth in the IoT space.
Not bad for a company born three years ago on the SXSW
StartupBus, as a way for recording artists to connect with
their fans.
“We’re just starting to scratch the surface of how dataover-audio communication technology can be used,”
Williams said.
“Sports teams and broadcasters are using our technology
to connect with fans and deliver amazing second screen
experiences; brands are connecting with customers
in-store and online at the same time. There are countless
applications still to be developed that will transform how
each and every person connects to each other and the
environment around them,” he added.
LISNR co-founder and CEO Rodney Williams; Lead DSP Engineer William Knauer; and co-founder and Lead Engineer Josh Glick. Inset: Williams’ live
appearance on CNBC to discuss LISNR’s ranking as #12 on the network’s Disruptor 50 list of innovators revolutionizing the business landscape.
8
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CincyTech Annual
Report
◊
2014– 2015
|
9
Portfolio Profile:
Eccrine Systems
M o s t o f u s regard sweat as a nuisance, something to
be toweled off or washed away.
But every drop of the sweat you mop from your brow on a
sweltering day or during a workout is a window into what’s
happening in your body at that moment. Just like blood,
sweat is rich in biomarkers, chemicals that can reveal
if a person is dehydrated, fatigued, ailing or exposed to
environmental pollution.
The promise of sweat has remained unrealized for more
than a half century. The challenge has been to capture it
in a way that will yield accurate results in real time, while a
person is engaged in daily activities.
Among them are athletic performance, industrial safety,
military effectiveness, and many areas of medicine
including medication adherence and treatment
effectiveness.
“We’ve positioned ourselves to be in the high value,
specialized markets of B2B (business-to-business) and
B2G (business-to-government,” said Beech. “This is the
hard science end of the wearables spectrum.”
Eccrine seeks commercialization partnerships across
multiple vertical channels, a platform business model
Beech helped deploy at Intrexon Corp., a company with
Cincinnati origins that went public in 2013 (NYSE: XON).
W e ’ r e t r y i n g t o p u s h far b e y o n d w h a t
p e o p l e t h i n k t h a t w e ara b l e t e c h c a n b e .
— D r . J a s o n H e i k e n f e l d , e cc r i n e s y s t e m s ’
C h i e f Sc i e n c e O f f i c e r
Eccrine Systems is developing electronic patch systems
worn discreetly like band-aids or as part of headgear—
designed to collect and transmit real time data about
human sweat.
Eccrine Systems:
Sweat Equity
“We’re trying to push far beyond what people think that
wearable tech can be,” said Chief Science Officer Dr.
Jason Heikenfeld. His innovative research and intellectual
property, developed in the UC Novel Devices Lab and
in concert with the Air Force Research Lab in Dayton,
could finally harness the power of sweat as the best noninvasive fluid source for secure, real time monitoring of
human performance.
CincyTech Entrepreneur in Residence Robert Beech,
who co-founded the company with Heikenfeld, said
the technology has broad application across multiple
vertical markets.
Groundbreaking technology and a robust IP portfolio
underpin Eccrine’s ability to establish those partnerships
and develop high value applications.
Soon after closing a $2M seed round this year led by
CincyTech, Eccrine announced Virginia-based sports
technology firm CoreSyte as its exclusive worldwide
athletics partner. Most recently, the Air Force Research
Lab awarded Eccrine Systems an $860K multi-year prime
contract focused on the R&D of advanced sweat sensor
technologies and the non-invasive monitoring of the
physiological status of mission personnel.
“The range of defense and security sweat applications
is of high interest to the U.S. government and its
allies. We are in the process of developing the desired
capabilities,” noted Keith Grimes, Eccrine’s CEO and
a former Navy SEAL.
Eccrine Systems CEO Keith Grimes, Executive Chair Robert Beech, Chief Science Officer Dr. Jason Heikenfeld, CTO Gavi Begtrup
10
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CincyTech Annual
Report
◊
2014– 2015
|
11
Personal Insights:
CincyTech Attracts Talent
amounts of data in multiple sites across the globe, to transfer that data
in a simple, cost effective way.
McLennan and two partners founded Ilesfay (pig-Latin for “files”) in
2009. His technology could detect the changes in each iteration of a
design or engineering project, and then allow collaborators to transfer
only those changes, instead of the entire project involving terabytes of
data. Data transfers requiring monthly six figure fiber optic bills could
now be delivered over standard business Internet.
Ilesfay landed client P&G, then CincyTech as an investor in August 2011.
Once a Founder,
Now an Investor
B y t h e i r v e r y n a t u r e , innovators challenge status quo. They’re
willing to choose a less comfortable path and to risk failure. Chris
McLennan was building a nice life for his family and a successful career
at one company when he decided to roll the dice on a startup.
“I had not done this before, had never run a company before,” recalled
McLennan. “CincyTech believed in me and more than the money, led our
round and were that kind of force that would stand up and say this is the
value of the company. The other thing is, there is a lot of intangible moral
support. Not only are they supporting you with their money but they’re
supporting you with their time, their connections, being on your board,
and just being that resource that helps you succeed.”
Two and a half years and three patents later, Ilesfay was acquired by
Autodesk, generating a positive return for founders and investors, and
putting McLennan’s tech into millions of computers, with the potential for
far reaching impact.
“If you go over to Africa they don’t have very fast Internet circuits. So if
it means less data has to travel so they can share a design for a new
school building for girls, or plans for cleaner water, it’s just making the
world a better place.”
Having sold his company, McLennan’s journey has brought him back to
CincyTech—this time as an investor who wants to pay it forward.
“I believe in what CincyTech does. It’s a good investment, a good way to
create wealth, and it’s one way for me to stay involved and help the
“It’s got to be one
of the most difficult
[ CINCYTECH n o t o n l y ] s u p p o r t s y o u w i t h t h e i r
things that you do,”
m o n e y , b u t [ A LSO ] w i t h t h e i r t i m e , t h e i r
said McLennan. “I
c o n n e c t i o n s , b e i n g o n y o u r b o ar d , a n d b e i n g
thought, ‘I’m really
t h a t r e s ource t hat hel p s you succeed.
going to quit my job
—
C HRIS M C L ENNAN , I L ESFAY f o u n d e r , C IN C YTE C H INVESTOR
to do this?’ And you
realize if you fail
next level of guys and gals who are building businesses. I believe great
you’re taking down a lot of people, not only your investors, but employees
companies are going to be founded here and I’m going to be involved, as
you’ve taken on, and not only your family but their families. There’s a lot
an investor and a mentor.”
of reasons to not do it.”
McLennan was working as a software engineer when he conceived a
way for product life cycle management teams, working with massive
12
|
Chris McLennan’s story is an example of the growth regional seed
investment enables. His success will help future startups sprout.
BigCo Talent Joins
Portfolio Teams
Dr . J e a n n i e J o u g h i n was an executive at one of the largest
pharmaceutical companies in the world when she first encountered
medical device startup Enable Injections. As Vice President of Business
Development at CSL Behring, Joughin investigated and identified products
that might improve the patient experience.
Enable Injections develops and manufactures a new class of injector.
Roughly the size of an Oreo, the Enable device adheres to a person’s
skin, and may soon allow patients to comfortably and conveniently selfadminister large volume drugs at home or work instead of having to
endure time consuming treatments in a hospital or clinical setting.
“I became very passionate about the technology when I saw how CSL
Behring patient groups reacted to being shown the device. Everyone
wanted to be a trial participant,” said Joughin.
Joughin worked closely with Enable Injections founder and CEO Mike
Hooven to broker a long-term collaboration agreement in October 2014.
Impressed by the technology and the Enable team, she left big pharma
Br i n g i n g aN e x e c u t i v e o f J e a n n i e ’ s c a l i b e r o n
im pro ves o u r ab ility to estab lish relat i ons hi p
e x i s t i n g p h ar m a p ar t n e r s a n d o t h e r p h ar m a a n d
b u s i n e s s e s . — Mike Hooven, Enable Injections founder &
less than a year later to become Vice President of Corporate Development
at Enable Injections. It was a coup for the startup.
“Bringing a pharmaceutical business executive of Jeannie’s high caliber
on board significantly improves our ability to communicate and establish
relationships with our existing pharma partners and other major pharma
and biotech businesses,” said Hooven.
b o ar d
s wi th
bi ote c h
C EO
Joughin joins a growing list of experienced corporate and industry talent
who have taken leadership positions at CincyTech portfolio companies.
Among them: Assurex Health CEO Virginia “Gina” Drosos, formerly
president of global beauty care at P&G; and LISNR President Eric Allen,
formerly a senior VP at Gracenote.
Joughin said she is embracing the change of pace.
The recruitment of Joughin, an Australian who was based in
Philadelphia, is also a testament to the Queen City’s newfound appeal.
“Being in a very large company can be slow and bureaucratic,” she
explained. “Whereas here we can make decisions, we can move on them,
if we find it works, we can keep going, if we find it doesn’t, we can take a
different tack, and I really like that dynamic.”
Said Joughin, “I love the downtown area and vibrancy along the
river, and the ability to walk to OTR and visit new restaurants there.
We especially appreciate the fact that there is a booming coffee
culture here.”
CincyTech Annual
Report
◊
2014– 2015
|
13
CincyTech’s Portfolio:
12 Months of Milestones
A H A LOGY was named an
official Pinterest Marketing
Developer Partner, allowing
special access to the Pinterest
API to accelerate brands’
learning and results on
Pinterest. Ahalogy announced
$8M in funding including debt
financing and new investment.
A SSU R EX HE A LTH —under
James S. Burns, Executive Chair;
Virginia “Gina” Drosos, CEO; and
Don Wright, Executive VP & COO—
reports its patented GeneSight®
test has been used to help guide
more than 200,000 people to
a path to mental wellness. The
100,000 patient milestone was
only just reached in August 2014.
One Portfolio: 12
Milestone Months
ST R A P, under COO Patrick Henshaw and CEO Steve Caldwell
(above), raised $1.25M seed funding, won a pilot with
Mondelez’s Trident gum brand, and was accepted to the
Wearable World Labs Accelerator.
EN A BLE IN J ECTIONS , led by CEO Mike
Hooven (above), completed its first-inhuman pilot trial of its wearable injector,
and moved from a small office space to a
41,000 square foot building.
F R A ME R I turned down a deal on
CONNXUS ,
led by
CEO Rod
Robinson
(left), raised
$2.5M in
venture
financing.
Z IPSCENE launched the first
ABC’s Shark Tank, opened a retail
showroom and partnered with
En Chroma, a maker of lenses that
enable people with red-green color
blindness to see color.
and largest data management
platform geared to restaurants.
CHO R EMONSTE R
K A PTU R E , led by founders Matthew Dooley and
Mike Sarow, went to market with its stylish audio
recording wristband and sold out of the first batch.
ECC R INE SYSTEMS raised $2M
in seed stage financing and landed
an $860K R&D contract with the
U.S. Air Force for non-invasive, realtime sensing of sweat biomarkers.
ST R E A MSPOT, founded by Laura and Brian Duerring, became a preferred publisher on
Vimeo, and streams live events and services for customers in 50 states and 10 countries.
Photo courtesy: 805 creative and OCEAN
14
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A E R PIO announced positive
results of Phase 2a Study of AKKB9778 in Diabetic Macular Edema.
partnered with Disney
Pixar to promote the
hit movie “Inside
Out.” Pictured are
co-founders Chris
Bergman and Paul
Armstrong.
ST A CK C o n s t r u c t i o n T e c h n o l o g i e s launched
STACK-To-Go, used by contractors to estimate $11.9B worth
of building projects in one month.
CincyTech Annual
Report
◊
2014– 2015
|
15
CincyTech’s
Venture Investors
Detroit Venture Partners
Alafi Capital Company
General Motors Ventures
Claremont Creek Ventures
Hyde Park Venture Partners
Draper Fisher Jurvetson
Jump Capital
Four Rivers Ventures
Origin Ventures
Healthcare Venture Capital
Portage Venture Partners
Intel Capital
Venture Investors
Early Stage
Cross Creek Advisors
Thomas Weisel
Healthcare Ventures
Northwater
Intellectual
Property Fund
Techstars Ventures
Serra Capital
Allos Ventures
Danmar Capital
American Financial Group
Tomorrow Fund
Triathlon Medical Ventures
Venture Investors in
Portfolio Companies
Tri State Growth Capital Fund
Orbimed
Serious Change
STAR Angel
jVen
Capital
Numoda Capital
Innovations
Fort Washington Capital Partners
W h e n C i n c y T e c h i n v e s t s i n a c o m pa n y, i t f o r m s a s y n d i c a t e
o f c o - i n v e s t o r s t o pa c k a g e t h e p r o p e r a m o u n t o f c a p i t a l
ar o u n d t h e c o m pa n y t o h e l p i t a c h i e v e m i l e s t o n e s r e q u i r e d
t o g e t t o t h e n e x t r o u n d o f i n v e s t m e n t. i n v e s t o r s IN
CINCYTECH PO R T F OLIO COMPA NIES SPA N THE COUNT R Y.
Triad
Investments
Braemar Energy
Jalia Ventures
Mitsui & Co.
North Coast
Draper Triangle
Drive Capital
Connetic
Ventures
Novartis
Bioventures
Progress
Ventures
Sigvion Capital
Kearny Venture Partners
Sequoia Capital
Ludlow Ventures
PO R T F OLIO COMP A NY C A PIT A L
By year, 2007–2015.
Since 2007, CincyTech’s portfolio companies have
raised a total of $506.9 million in private investment
dollars. This is in addition to CincyTech’s investment
of $25.5 million and includes individual investors,
angel groups and venture capital firms. Yearly
figures account for both the growth of the portfolio
from four companies in 2007 to 59 through October
2015 and a higher average, from $993,004 per
company in 2007 to $9,251,475 in 2014.
$250M
Athenian
Venture Funds
$233.0M
$222M
$200M
Vine Street Ventures
$175M
$150M
Arsenal Venture Partners
$125M
$95.9M
$100M
$75M
$68.4M
$49.4M
$50M
Mercury Fund
Novo A/S
$25M
0
$36.7M
$26.3M
$20.5M
$15.9M
$4.4M
’07
’08
’09
’10
’11
’12
’13
’14
’15
DENMARK
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CincyTech Annual
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2014– 2015
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17
CincyTech’s Advisors,
Supporters & Partners
9 STACK Construction Technology’s Justin Ogilby, Phillip Ogilby and Jane Baysore
10 HireWheel’s CTO Steve Sperry, CEO Matt Lenahan and Lead Developer Joe Brewer
11 RoadTrippers’ co-founders James Fisher, John Lauck and Tatiana Parent
BO A R D O F
M A N A GE R S
SUPPO R TE R S
& P A R TNE R S
James M.
Anderson
Chairman
Former President
and CEO
Cincinnati
Children’s Hospital
Medical Center
Castellini
Foundation
James S. Burns
Executive
Chairman
Assurex Health
Robert W. Coy,
Jr.
President and CEO
CincyTech
J e n n i f e r Da u e r
Senior Vice
President for
Strategy & Growth
Cincinnati
Children’s Hospital
Medical Center
Ka y G e i g e r
President
PNC Bank Greater
Cincinnati &
Northern Kentucky
Jill P. Meyer
President and CEO
Cincinnati USA
Regional Chamber
Sa n t a J e r e m y
Ono, PhD
President
University of
Cincinnati
Ellen van der
Horst
Former President
and CEO
Cincinnati USA
Regional Chamber
18
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City of Blue Ash
City of Cincinnati
City of Mason
Cincinnati
Children’s
Hospital Medical
Center
9
Cincinnati USA
Regional
Chamber
CTI
Dinsmore &
Shohl
Fort Washington
Capital Partners
Group
1
Greater
Cincinnati
Foundation
Haile/U.S. Bank
Foundation
HCDC
Interact for
Health
Jewish
Foundation
Meridian
Bioscience
PNC
River Cities
Capital Funds
Thompson Hine
University of
Cincinnati
10
3
6
2
1 The StoreFlix team, from left: Ross
Lewellyn, Bob Jennings, CEO Louis
Goldner, Adam Janszen and Lauren Scott
2 Brooke Griffin, Skinny Mom
3 Larry Schwartz, Workflex Solutions
4 Kevin Cummins, Batterii
5 Chris Powell, Blackbook HR
7
4
5
8
6 IncludeFitness’ founder and CEO Ryan Eder (center, holding
baby) surrounded by people who can exercise on his equipment
7 CincyTech Director of Grants and University Research Dorothy Air
8 CincyTech Entrepreneur in Residence Mike Collette
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2014– 2015
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