VisionTech Partners

Author: Ben Pidgeon

  • VisionTech’s Ben Pidgeon to Judge Lafayette’s Startup Weekend Pitch Competition

    INDIANAPOLIS, Ind., (September 5, 2018) – – Each year, Ben Pidgeon screens hundreds of startup companies from across the Midwest eager to pitch for investment capital. From apps to aerospace, medical devices to educational technology, the executive director of VisionTech Partners I VisionTech Angels has seen it all, ultimately choosing a lucky few to pitch to VisionTech Angels’ 120 angel investors across Indiana and Ohio.

    On Sunday, September 16, Pidgeon will be homing in on Lafayette, site of the area’s seventh annual Startup Weekend, where he will serve as a judge for the event’s pitch night. Joining him as judges are Amanda Thompson, CEO of Explore Interactive and resident entrepreneur at The Foundry; and Brad Fruth, Interactive Systems Manager, Beck’s Hybrids. As many as eight entrepreneur-led teams will vie prizes to help their startups thrive.

    Pidgeon, a native of West Lafayette and graduate of Purdue University, is honored to take part in Startup Weekend, which is the culmination of the Greater Lafayette Entrepreneurship Week, September 10-16, hosted by MatchBOX Coworking Studios and community partners.

    “I’m looking forward to judging Lafayette’s Startup Weekend’s pitch night,” Pidgeon said. “I never know where I’ll find the next startup with blockbuster potential. The Greater Lafayette community is fortunate to have Purdue, IVY Tech, a diverse corporate base and MatchBOX, that encourage and support a robust environment for innovation and entrepreneurship. This is also a great opportunity to introduce VisionTech Angels as an important resource for investment capital and mentoring.”

    Emily Carter, community curator at MatchBOX, said making connections with local and national experts like Pidgeon give entrepreneurs valuable insight on succeeding in the Midwest. “We can strengthen the entrepreneurial community and local economy in Greater Lafayette and surrounding areas by providing opportunities to engage with experts and each other,” she said. “Working together with the Purdue Foundry, the Railyard, the X District and our pitch night judges, we can help jump start the incredible startups taking root here. We want to show entrepreneurs they don’t have to go to leave Indiana to get what they need. They can succeed right where they are, and we’re bringing resources together for them.”

    All Startup Weekend events will take place at MatchBOX, located at 17 South Sixth Street in a renovated warehouse that features a large community working space, meeting and break rooms, and a makers’ space. Pitch night is free and open to the public, beginning at 5 p.m. Sunday. A food truck will be on hand to keep everyone well fueled for the presentations.

    About VisionTech Partners I VisionTech Angels
    Founded in 2008, VisionTech Partners is a privately held company that links investors to high-potential, early-growth companies. Based in Indianapolis, capital of one of the nation’s most vibrant innovation regions, VisionTech is where inventors, entrepreneurs, investors, universities, and strategic partners convene to share, fund, and launch innovative technologies and companies. VisionTech Angels has chapters in Bloomington, Fort Wayne, Indianapolis, Lafayette, Dayton, Ohio; and an Affinity chapter for physicians, AngelBom.

     

    Contact: Melanie Lux, mlux@luxandassociates.com, 803.331.4794

  • A Conversation with Kim Frazier of TEC Dayton, VisionTech’s Newest Angel Chapter

    VisionTech Partners Executive Director Ben Pidgeon recently sat down with Kim Frazier, Director of Growth Initiatives for The Entrepreneurs Center, also known as TEC Dayton. Formerly an international economic development executive in Washington D.C., Kim returned to her home state of Ohio to work on regional economic development, which ultimately led to creating new opportunities for entrepreneurs. She is leading the effort to establish a new VisionTech Angels chapter in Dayton that will further expand opportunities for the regions’ angel investors and entrepreneurs. Here’s their conversation.

    BP: Tell us about The Entrepreneurs Center.
    KF: We are a technology accelerator and business incubator in Dayton, Ohio, that’s focused on helping entrepreneurs achieve their business dreams. The organization was founded as Tec Dayton in 2000 and was strictly an incubator. When Scott Koorndyk came on as president in 2014, the organization became more of a commercialization center. Scott and I had worked together in economic development in the past and he recruited me to TEC in 2016 to help build out our pathways to commercialization programming.

    BP: You had a big win not long after you joined TEC.
    KF: Yes, we did! In 2017, the Ohio Third Frontier Commission selected TEC as the Dayton Region’s Entrepreneurial Services Provider (ESP). This two-year award gave TEC and our collaborative partners about $6.1 million to support the growth and development of regional technology start-ups, including those originating from the Air Force Research Laboratory (AFRL). Thanks to the award, we can provide more early stage services to entrepreneurs. It really helps us fill a critical gap in the Dayton area ecosystem.

    BP: Who are your partners in the ESP?
    KF: Our lead partner is Wright State University, which has strong programs in business, engineering and medicine. Other collaborators include The University of Dayton, Wright Brothers Institute, The Dayton Area Chamber of Commerce, CreativeFuse, and Nucleus CoShare. All of these organizations have a stake in growing Dayton’s commercialization and business startup efforts.

    BP: How did you learn about VisionTech Angels?
    KF: One of our local angel investors, Andy Cothrel, knew VisionTech Partners Co-founder Oscar Moralez and introduced us. Oscar was very generous in sharing his expertise and explaining VisionTech’s investing model. I’m a skeptic, but Oscar impressed me.

    Ben Pidgeon, VisionTech Executive Director

    BP: What makes VisionTech Angels attractive to TEC Dayton and its community of investors and entrepreneurs?
    KF: I really like VisionTech Angels’ overall investing process, from identifying and screening investable companies, to pitch week and the thoroughness of the due diligence. I also like the low barriers of engagement. Angels can invest as little as $5,000 per deal. For startups, they don’t have to pay to pitch. Instead, they are selected on their merits. The other side of it is Dayton’s industry mix, which is primarily aerospace and manufacturing, is much like Indiana’s. VisionTech “gets” us so with the support of many people associated with TEC, we decided to pursue becoming a VisionTech Angel chapter.

    BP: Dayton has a connection with VisionTech Angels. Explain.
    KF: (Laughs) Yes, Spintech LLC , a Dayton area company, is a VisionTech Angels portfolio company. They are a perfect example of the powerful technology being developed in our region— they produce shape memory polymer technologies for composite manufacturing and structural repairs in aerospace, automotive, defense, and other markets—and solid leadership. Spintech CEO Patrick Hood and its president, Craig Jennings, are both serial entrepreneurs. Dayton has a wealth of technology talent like this.

    BP: TEC’s first VisionTech Angel Pitch Week event is next Monday, April 23 at TEC Dayton at 714 E Monument Avenue from 11 am-1 pm What’s the response been?
    KF: We had a kick-off event in mid-February and more than 50 people came to learn about VisionTech Angels; it was great! So far, ten have RSVP’d for Pitch Week next week. Our local angels and entrepreneurs are very excited to have a VisionTech Angel chapter in Dayton. Our investors are excited to be part of a largely, very dynamic and informed angel investing group and entrepreneurs appreciate that they will have broader access to capital. I have gotten so many emails from people interested in what we’re doing. We’re really looking forward to next week!

    To learn more about The Entrepreneurs Center, please visit their website.

     

  • VisionTech Angels Injects $2.6 Million in Eight Promising Startups in 2017

    INDIANAPOLIS, Indiana (February 27, 2018) – – VisionTech Angels, Indiana’s largest and most active angel investing group with five chapters across the state, invested a total of $2.6 million in eight early growth startup companies in 2017. Even more impressive, $2.1 million was specifically directed to Indiana-based companies. The eight companies raised a total of $13.3 million in the investment rounds in which VisionTech Angels participated.

    The companies receiving first-time and follow-on capital from VisionTech Angels in 2017 include: Boardable, Boosterville, InScope Medical, PhotoniCare, SeikoWave Energy, SonarMed, Tenant Tracker, and WorkHere. PhotoniCare is based in Illinois and SeikoWave Energy in Kentucky. The remaining companies are headquartered in Indiana.

    Commenting on last year’s investments, VisionTech Executive Director Ben Pidgeon says the group’s growing investment portfolio is reflective of Indiana’s growing reputation as a hotbed of tech startups and a greater appetite for startup capital.

    “The volume of deals presented to VisionTech Angels has grown exponentially over the last year; it’s like someone turned on the faucet of entrepreneurs with great tech ideas and interesting business models. Last year, we were approached by more than 300 startups and after a rigorous screening process, 15 were invited to present to our members. The eight we invested in are truly cream of the crop.”

    Pidgeon says that VisionTech Angels’ sweet spot is early growth startup companies that have proved their business models and are near to or in the early stages of generating revenue, yet have limited sources of investment capital. Up to this point, they have typically relied on friends and family or are self funded and need additional capital. VisionTech Angels fills the gap between self-funding and venture capital with initial investments, follow-on rounds and strategic mentoring that helps startup companies to continue to advance.

  • PPC Pro and Hero Conference Founder Is Also VisionTech Angels’ PPC Expert

    VisionTech Angels’ bi-monthly pitch weeks have a stealth expert in the audience listening to startup companies present their case for funding.

    He listens with neutral interest. But when a presenter starts talking about pay per click (PPC) or digital advertising, he leans forward, expression suddenly serious, intent on the speaker. He holds his thoughts until the presenter leaves the room. His insight is invaluable to other VisionTech Angels considering investing in early growth companies.

    The stealth expert is Pat East, president of VisionTech Angels’ Bloomington chapter and also founder of one of the nation’s top five PPC marketing agencies and its top industry event, the Hero Conference. He started his company when the digital marketing industry was in its infancy. Now Pat and his colleagues at Hanapin Marketing advise a client base that includes The Home Depot, The Weather Channel, Uggs, Shoe Carnival, and Purdue University.

    One of Pat’s hot buttons during pitch week is how presenters often overestimate how easy PPC advertising is and how effective it will be. This from a person whose strategy helped Icelandair increase its flight bookings by 80 percent.

    “When I hear a presenter say they got an estimate from an agency and this is how many leads they will generate when they get funding, it’s a red flag. You don’t just turn on pay per click and your business takes off,” says Pat. “There’s a tremendous amount of research, messaging, testing, retesting, and analysis that makes a PPC campaign work.”

    On the flip side, Pat’s surprised to hear companies say they’re not using PPC, retargeting website visitors and converting them into leads. “It’s the best way to generate leads and reduce the costs associated with lead generation.”

    He should know. In 2000 when he was working for another company, he started dabbling in PPC before Google was GOOGLE. At his suggestion, his boss bought a single keyword and soon the company had quintupled its leads for a fraction of the cost. The company saw its sales grow from $6 million a year to $20 million. In 2004, Pat opened Hanapin Marketing; his former boss was his first client.

    Since then, Pat and Hanapin Marketing have become one of the industry’s most gracious ambassadors. In addition to freely sharing their expertise and knowledge through blogs and webinars, they sponsor the Hero Conference, the world’s largest PPC conference series. This year the events are in Austin (April 16-18) and London (October 22-24). Attendees come from around the world to learn the latest in PPC and digital advertising from innovators and thought leaders from Google, Bing, Facebook, Twitter, Pinterest, and more.

    Pat’s other passion is angel investing. He joined VisionTech Angels in 2014 because of a desire to support entrepreneurs in Bloomington and across Indiana. VisionTech Angels Executive Director Ben Pidgeon says having Pat as a chapter president and resident PPC expert is beneficial to his fellow investors, pitch companies and portfolio companies (those receiving VisionTech Angels investments).

    “With so many companies relying on digital advertising to drive sales, we are fortunate to have an industry pioneer like Pat. His knowledge base is invaluable when we’re evaluating investment opportunities or providing advice to our portfolio companies,” said Ben. “The more informed our members are, the better our investment decisions.”

    Would you like to know more about using pay per click advertising to launch or grow your start-up company or existing business? Or, are you an angel investor who wants to amp up your knowledge base? Hanapin Marketing’s next Hero Conference is April 16-18 in Austin, Texas. Learn more and register here.

    Editor’s Note: One VisionTech Angel is attending Hero Conference in April. Stay tuned!

  • Former FDA regulatory scientist joins Pearl Pathways, a VisionTech Sponsor

    INDIANAPOLIS, INDIANA – January 18, 2018— Pearl Pathways announces the hiring of Robert Seevers, PhD as senior advisor to serve biopharmaceutical companies.

    Seevers brings over 40 years of experience in pharmaceutical research and development for both large and small molecules. His expertise includes CMC regulatory, cold chain shipping, setting global specifications, quality by design (QbD), global regulatory submissions, and interactions with global regulatory agencies. His knowledge spans all major therapeutic areas with specific expertise in CNS, endocrine, metabolism, autoimmune, oncology, radiopharmaceuticals, and drug delivery systems. Seevers’ robust clinical research experience includes acting as a primary investigator, vice-chair of an Institutional Review Board, FDA reviewer/team leader, and medical writer.

    Seevers’ career includes eight years at the United States Food and Drug Administration (FDA). At FDA, Seevers served as a team leader responsible for managing a team of reviewers for the evaluation of CMC sections of INDs, NDAs and BLAs. Prior to joining Pearl Pathways, Seevers spent 16 years with Eli Lilly and Company in Regulatory Affairs, where he led the regulatory CMC submission strategy for drugs in preclinical development through their NDA/MAA submission and the approval process for both small and large molecules.

    As senior advisor at Pearl Pathways, Seevers is responsible for the development of the regulatory strategy for early through late-stage regulatory filings of both large and small molecules, interactions with global regulatory agencies, leading cross-functional CMC development teams, and helping clients identify product development vendors (e.g. CROs, CMOs, contract laboratories). He  will serve on Pearl IRB, an AAHRPP accredited Independent Review Board.

    Seevers is a member of the United States Pharmacopeia Packaging, Storing, and Distribution Expert Committee; acts as a Stability Consultant for the World Health Organization (WHO); speaks regularly at nation and international life science conferences; and continues to be an active writer of industry publications.

    Pearl Pathways President and CEO DIana Caldwell shares, “Our clients will benefit from Robert’s unique life science portfolio as an ex-FDA regulator coupled with extensive leadership experience within the biopharmaceutical industry. His dual-sided industry experience will be invaluable for our clients to navigate a variety of regulatory compliance challenges in both large multi-national companies and small startups. He brings expert technical knowledge; we are thrilled to have Robert join our team.”

    Pearl Pathways is a sponsor of VisionTech Partners/VisionTech Angels, Indiana’s most active angel investing group with chapters in Bloomington, Fort Wayne, Greater Lafayette, Indianapolis and a physician-led chapter called AngelBOM.

    Contact: Waylon Wright
    Pearl Pathways
    (317) 602-5479
    wwright@pearlpathways.com

  • Numbers Guy Steve Sehy Knows How to Position Companies for Capital Raises

    In his first job out of college, Steve Sehy earned his CPA while at former Big Eight accounting firm Arthur Anderson. Instead of number crunching, Steve jumped into software development, creating accounting software for the firm that eventually became global consulting firm Accenture. Twenty years later, he applied his CPA as an auditor for one of the top U.S. accounting firms. Steve now provides fractional CFO services to SaaS companies. Later this month he’s leading a special VisionTech seminar for the group’s portfolio companies – specifically those without CFOs – preparing for their next capital raise. VisionTech is pleased to support the success of our portfolio companies. Here’s more of Steve’s story:

    VT: The name of the seminar is “Igniting Your Next Capital Raise.” This is obviously a hot topic for early growth companies.

    SS: Absolutely! This seminar is specifically for the CEOs of VisionTech portfolio companies and other invited startups that have successfully secured angel funds, have momentum and are planning another capital raise in the next 24 months. A professional money capital raise will be a totally different experience; a lot like making the leap from Double-A to the major league. This seminar gives CEOs the game plan they need to prepare for and successfully ignite future fundraising efforts.

    VT: What’s the difference between fundraising with angels and Series A rounds?

    SS: Angel investors get in on the ground floor of companies so our investment decisions are often based on a company’s leadership, business model and plan, and early successes. In later rounds, investors are laser focused on a company’s financials. Accounting systems must be in place and numbers have to be tight if professional investors are going to trust and ultimately invest.

    VT: What was your “ah-hah!” moment regarding the importance of sound accounting systems in capital fundraising?

    SS: I was working as a contract CFO for a SaaS company in the K-12 education market that had self-funded for 10 years. They needed an infusion of capital, but even with 20% annual growth, they couldn’t raise the money. One of the challenges was an accounting system that was not based on GAAP. So we attacked that first and by working through other issues to get their financial house in order, they became an attractive acquisition target. A private equity firm made an offer and the deal closed in 30 days. Having the right accounting infrastructure and presenting accurate numbers – in this case, GAAP numbers versus billed or cash – was critical for professional investors and led to a quick close.

    VT: Do startup companies overlook the importance of financials?

    SS: They don’t overlook financials; they just get busy. What happens is this: the CEO is running the company, marketing, selling, and looking ahead to the next market, the next version of the software, product or service, the next raise. Basic operations sometimes take a back seat. When it’s time to start the next raise, companies aren’t totally prepared. Often they don’t know what they don’t know in terms of what professional investors are looking for in accounting and financial reporting and forecasting.

    VT: What will CEOs walk away with from this seminar?

    SS: The big takeaway is they will learn what they need to do to meet the financial expectations of potential investors. Each participant will leave the seminar with a to-do list of financial/accounting projects that should be completed before they approach investors for professional money growth financing. If they complete their to do list, they will ignite their fundraising efforts.

    VT: Is their something extra for SaaS companies?

    SS: Yes, we’ll be taking a deep dive into SaaS accounting for 30 minutes after the main session. So if your company is SaaS, you’ll want to stick around.

    VT: There are only 15 spaces for this VisionTech event, Igniting Your Next Capital Raise, on Saturday, January 27, 9-11 am at Katz, Sapper & Miller, a VisionTech sponsor. Click here to RSVP. Event is open to VisionTech Portfolio Companies and guest startups.

     

  • Don’t Wine About the FDA Regulatory Pathway: A Special VisionTech Event

    If you’re an angel investor, this has probably happened to you. You’re sitting through a startup company’s pitch and they’ve got a very compelling medical device and go to market strategy. You’re doing the numbers in your head, considering how much you might like to invest, when you hear a dreaded phrase:

    “We’ve just started the FDA clearance process.”

    Your mind immediately puts on the brakes as you process what the speaker means by this statement. Is FDA clearance going to take months or years? What’s it going to cost? Is there a chance they don’t get clearance? The clarity of the pitch has just gone to mud.

    On Thursday, November 30, VisionTech Angels is hosting a special event – Don’t Wine About the FDA Regulatory Pathway – to help angel investors, life sciences startup companies, and other special guests better understand the FDA’s processes. Leading the discussion is VisionTech sponsor, Pearl Pathways, an expert in FDA regulatory affairs.

    Prior to the discussion, we’ll enjoy wine tasting and networking with vintages selected by Crossroads Vintners. This will be followed by Pearl Pathways’ presentation, which will focus on medical device development, the 501(k) process – a particular pain point! – and alternatives to this pathway. Pearl Pathways will draw upon their first-hand experiences on behalf of both startup and established companies in the medical device space. You will have the opportunity to ask questions.

    Our goal is to give you greater understanding and insight into the FDA and its regulatory processes so that your, as an investor, can make better-informed decisions when considering investing in a life sciences company. We also want this event to give startups more confidence when working with the FDA.

    This special event is open to VisionTech Angels members, VisionTech portfolio companies in the medical device and life sciences sector, and special friends of VisionTech.

    If you would like to attend in person, email VisionTech. (Details below.) You can also join us on Facebook Live at 6 pm on the VisionTech Facebook page.

    Don’t Wine About the FDA Regulatory Pathway 

    Thursday, 11 /30, 5:30-7:30 pm

    Katz Sapper & Miller,  800 East 96th Street, #500,  Indianapolis, IN 46240

  • VisionTech Partners, Pearl Pathways Form Alliance to Fuel Growth in Indiana’s Life Sciences Startup Community

    INDIANAPOLIS, Indiana (August 30, 2017) – – VisionTech Partners, the parent of Indiana’s most active angel investing group, and Pearl Pathways, a provider of life sciences product development services, have joined forces to fuel Indiana’s life sciences startup community, which includes biopharmaceutical, medical device and diagnostics technology.

    The VisionTech Partners-Pearl Pathways alliance will focus on three essential goals. First, identify the most promising early stage/early growth companies for potential investment by VisionTech’s statewide network of angel investors. Second, connect entrepreneurs with individuals who have already achieved success in the life sciences and are willing to serve as mentors and business advisors. And finally, provide entrepreneurs with access to the highly specialized services required to negotiate the FDA approval process.

    VisionTech Partners Executive Director Ben Pidgeon said both companies are eager to leverage their respective strengths through the alliance, which will formally launch Thursday, August 31, at VisionTech Angels’ “Pitch Night” in Indianapolis, featuring two life sciences startups.

    “VisionTech Partners is extremely committed to growing Indiana’s life sciences industry and we’ve proven ourselves to be a valuable contributor to this effort as a source of financial and human capital. Of the 24 portfolio companies our angel network has invested in, 10 are in the life sciences and healthcare space; it’s definitely a sweet spot,” said Pidgeon.

    “The alliance with Pearl Pathways will not only ensure a high quality deal flow, it will also help us make better investment decisions. Most of these companies must secure FDA approval in order to commercialize their drug, device or diagnostic tool. Pearl Pathways will, in effect, be VisionTech Partners’ resident expert on all things FDA,” he added.

    Based in Indianapolis, Pearl Pathways is a life science product development services company that provides clinical research, regulatory, quality compliance, and independent review board services to life sciences companies. Among Pearl Pathways’ clientele are five of the top 20 medical device companies and six of the top 11 pharmaceutical companies in the world.

    The balance of their business, said President and CEO Diana Caldwell, is startup companies with pre-commercialization technology that need access to early stage or “seed” funding provided by groups like VisionTech Partners.

    “VisionTech Partners is unique in the angel investing space. Yes, they are a source of capital, but more importantly, they have deep experience and success in the life sciences industry. They also have a chapter composed entirely of physicians. These are the people who are around medical technology on a daily basis and have knowledge and insight few investors have. Partnering with VisionTech will not only open doors for our clients, startup companies across Indiana will benefit from the combined talents and resources of our two companies,” Caldwell said.

    About VisionTech Partners I VisionTech Angels
    Founded in 2008, VisionTech Partners is a privately held company focused on linking investors to high-potential early-stage companies. Headquartered in Indianapolis, among the nation’s most vibrant innovation regions, VisionTech is where inventors, entrepreneurs, investors, universities, and strategic partners convene to share, fund, and launch novel technologies. VisionTech Angels has chapters in Bloomington, Fort Wayne, Indianapolis, Lafayette, and an Affinity chapter, AngelBom.

    About Pearl Pathways.
    Founded in 2010, Pearl Pathways is a comprehensive life science product development consulting services company with expertise in regulatory, quality compliance, and clinical trial services including an AAHRPP accredited commercial IRB, Pearl IRB. Pearl Pathways works with clients’ clinical teams, in-house regulatory experts, the quality compliance specialists, quality auditors, and the senior leadership team to get life saving diagnostics and therapeutics on the market sooner.

  • August Pitch Week Promises Three Outstanding Companies

    VisionTech Angels is winding up the summer with an outstanding line-up of pitch companies, including one biomedical, one medical device and a financial services app, for Pitch Week, August 28-31. It’s quite a diverse line-up.

    As per our custom, Monday we’ll be in Lafayette, Tuesday in Fort Wayne, Wednesday in Bloomington, and Thursday in Indianapolis. Get all of the details here. VisionTech Angels meetings are open to members and their guests. If you’re a member, please RSVP.

    If you’re not a member, please email VisionTech Partners Executive Director Ben Pidgeon. We welcome new members who meet the criteria of an accredited investor. Now, check out our August Pitch Week companies:

    Pitch Company 1: Genephys

    GeniPhys is a Purdue University-based startup specializing in personalized tissue engineering, a multi-billion dollar industry. Geniphys is focused on commercializing the first standardized, tune-able collagen polymers (Collymers) and collagen-fibril materials for use in trauma, surgical, wound care, and cosmetic applications.

    Current products are costly, often cause inflammation and scarring, and non-customizable to the application. Genephys’ solution assists the rapid regeneration of natural tissue without causing inflammation. The company is producing prototype medical-grade Collymer products for medical and veterinary applications. The initial target for the company’s Collymer SA is the wound care industry; there are 1,000 U.S. wound care centers that treat 3.5 million non-healing wounds annually. GeniPhys’ go-to-market entry involves securing an FDA 510(k) for wound indication.

    What we like: With founder and CSO Sherry Harbin, PhD, and CEO Ron Ellis, (former CEO of Endocyte), GenePhys has a strong leadership team with proven technology and fundraising skills. Learn More

    Pitch Company 2: EDGesurgical

    Chicago-based EDGesurgical has developed single-use, precision measurement devices for the orthopedic industry. Its first device, the OrthoEDG® (electronic depth gauge) is the first digital depth gauge for the orthopedics market and will launch Q4 2017. EDGesurgical is now finalizing its second single-use, precision measurement device, the Spine EDG®, for identifying and placing properly sized screws used in spinal fusion surgeries. The Spine EDG replaces old technology, which is basically a ruler and neither accurate nor reliable. The spine surgery market is ripe for change; it is plagued with preventable and costly complications.

    What we like: EDGesurgical raised $1.4 million in its seed round, primarily from orthopedic surgeons and medical device executives. It has robust IP, with 15 patents and counting, along with access to a $1 billion global market. The company’s OrthEDG is FDA approved, giving the Spine EDG a clearly defined regulatory pathway. Learn More

    Solo Funds

    Seventy percent of American live paycheck to paycheck; 47 percent can’t cover a $400+ emergency. Twelve million American take out payday loans each year, spending $9 billion on loan fees. For many, payday loans are the only option, but a history of predatory lending practices makes them an unpopular option. SoloFunds wants to give borrowers more control over payday loans and has created a mobile-based lending exchange to provide people with more affordable access to loans of $1,000 or less.

    With Solo Funds, borrowers create a secure account, which validates identity and authenticates their bank. Next, the borrower receives a Solo Score, which determines their borrowing potential. The borrower can request a loan at anytime, specifying the amount, reason for the loan, payback date, and preferred loan fee. (The lender can reject the fee amount.) Lenders compete for the loans, Solo Funds earns a five percent fee on each loan.

    What we like: This is payday lending with a social conscious. With 66 million unbanked or under-banked Americans, many who use payday loans for regular, recurring expenses like rent, the market is significant. We also like SoLo Funds advisory board, which includes companies like Bank of America. Learn More

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  • VisionTech Angels Adds 24th Company, PhotoniCare, to Its Investment Portfolio

    INDIANAPOLIS, Indiana (August 17, 2017) – As a father with three children under age six, VisionTech Angels’ Executive Director Ben Pidgeon has seen his share of ear infections and made many a run to the drug store for antibiotics. So when Illinois-based startup PhotoniCare pitched VisionTech Angels on their ClearView technology that significantly improves ear infection diagnostics, potentially reducing the use of antibiotics and surgery, Pidgeon was all ears.

    And so was VisionTech Angels’ statewide network of investors. Last week, after conducting extensive due diligence, VisionTech Angels made PhotoniCare its twenty-fourth portfolio company, investing $272,000 in the company.

    Said Pidgeon, “I know first hand that kids and ear infections go hand-in-hand. What I didn’t know is ear infections affect up to 80 percent of children in the United States each year. Half of ear infections are misdiagnosed. The main culprit is outdated technology.”

    PhotoniCare developed ClearView as an alternative to the otoscopes primary care physicians and ear, nose and throat specialists currently use to check for ear infections. Otoscopes are less than ideal because physicians can’t see beyond the eardrum into the middle ear where most ear infections occur.

    PhotoniCare CEO and co-founder, Ryan Shelton, PhD, pitched the ClearView device to VisionTech Angels’ chapters in Bloomington, Fort Wayne, Indianapolis, and Lafayette in May.

    “What we’ve created is a hand-held device that allows physicians to see into the middle ear using near-infrared light waves to provide 3D views inside living tissues,” explained Shelton. “Our technology is similar to ultrasound, but uses light rather than sound waves, resulting in a simpler, easier to use device. For the first time, physicians can base their diagnosis directly on what they observe inside the middle ear without the eardrum confounding their view. Prior to ClearView, this is something they could not do unless they surgically remove the eardrum.”

    The benefits of PhotoniCare’s ClearView device will be music to parents’ ears. More accurate diagnosis of ear infections should lead to more judicious prescribing of antibiotics and fewer trips to the doctors. Those found to have ongoing issues requiring surgery can be treated sooner thereby avoiding hearing loss.

    PhotoniCare, which had previously raised $2.3 million in federal grants to develop its technology, plans to use the new round of investment to finalize the ClearView production model and secure final FDA clearance of the device. Said Shelton said VisionTech Angels’ investment brings more than funds. “When it comes to healthcare and medical devices, VisionTech Angels is the most knowledgeable of any angel group we’ve met. And now as a VisionTech portfolio company, we have access to their expertise. We’re excited to have them as an investor.”