Tag: VIsionTech Angels

Purdue Foundry’s Gibb Named President of VisionTech Angels’ Greater Lafayette Chapter

LAFAYETTE, Ind. (June 27, 2017) – Riley Gibb, director of collaborations for the Purdue Foundry, has added a role to his resume. VisionTech Angels has tapped Gibb to serve as president of the Greater Lafayette chapter of the statewide angel investor network, a role that includes recruiting professionals interested in investing in early growth companies and entrepreneurs who need startup capital for a new technology or business.

Gibb, who is also an instructor at Ivy Tech Community College, succeeds attorney Stuart Guttwein, who served as president of VisionTech Angels’ Greater Lafayette chapter for two years.

Commenting on Gibb’s appointment, VisionTech Angels Executive Director Ben Pidgeon said, “Purdue University is a great source of new technologies and startup companies and advocate for entrepreneurship. Having Riley join VisionTech Angels as our Greater Lafayette chapter president will lead to greater synergy between the ‘makers’ at Purdue who create technologies and startups and angel investor who nurture them through capital investment and business consulting.

Pidgeon, who is also a West Lafayette native and Purdue alum, added, “Stuart (Guttwein) laid a great foundation for VisionTech Angels in Greater Lafayette and we look forward to Riley growing our presence in the local innovation economy.”

Gibb has strong ties in the Greater Lafayette community. In his role at the Purdue Foundry, he is responsible for optimizing the success of Foundry startup companies by cultivating meaningful connections throughout the entrepreneurial ecosystem. He earned his undergraduate degree from Purdue University and his MBA in Marketing from Xavier University Williams College of Business. Gibb has worked with other companies in the area, including North American Dental Group and Promotion Publishing & Marketing, where he served as president.

“At the Foundry, we are always looking for additional opportunities to help our companies reach their next level of success. The Foundry’s relationship with VisionTech Angels has always been strong, and I am excited to build on that foundation moving forward. Together we are excited to grow the entrepreneurial ecosystems in the greater Lafayette area with the Foundry and VisionTech Angels as important pieces for many companies.”

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June 27, 2017
VisionTech Angels Adds Tenant Tracker to Its Expanding Investment Portfolio

INDIANAPOLIS, Ind. (May 24, 2017) – VisionTech Angels, one of Indiana’s most active angel investing groups, has invested in Indianapolis-based startup, Tenant Tracker, increasing the stable of companies in its investment portfolio to 24. The VisionTech Angels investment was matched by Elevate Ventures.

Tenant Tracker is tenant coordination and build-out software for the commercial real estate industry that transfers paper-based processes to the Cloud, resulting in significant gains in efficiency. The solution, which was created at DeveloperTown, is the brainchild of Mike Kelly, managing partner of DeveloperTown, and local commercial real estate broker Keith Kleinmaier, who serves as Tenant Tracker’s chief executive officer.

Kleinmaier says the investment will have a profound impact on the company. “Until now, Tenant Tracker has relied primarily on friends and family to fund our software development and early commercialization efforts, including an extensive beta test. By closing this $600,000 seed round of funding with VisionTech and other investors, Tenant Tracker can break out of our ‘quiet phase’ and dial up our sales efforts. The market is ready and so are we.”

VisionTech Angels Executive Director Ben Pidgeon said Tenant Tracker attracted a good deal of interest from its network of angel investors in Indianapolis, Bloomington, Fort Wayne, and Lafayette. “Tenant Tracker has the potential to transform an untapped market, commercial real estate, that is very detail oriented and still tied to paper. Our investors liked that Tenant Tracker has a good customer base that is successfully using the software and are validating their revenue model; it’s very impressive in an early growth company.”

VisionTech Angels also appreciates that Tenant Tracker’s roots are grounded in both the commercial real estate and tech industry. Kleinmaier is a licensed commercial real estate broker and worked in the technology industry before joining Retail Realty in Fishers, Indiana, as president. Kelly, Tenant Tracker founder and DeveloperTown managing partner, has helped create, advise, and launch a number of tech companies.

“Tenant Tracker delivers a focused user experience,” explained Kelly. “The software allows users to track property leasing deals, manage construction and build-out status, see detailed property reports, access tenant data, and share status reports. Because it’s Cloud-based, the information is available anywhere, a true benefit to our users who are able to access Tenant Tracker from the project site or back in the office.”

Added Kleinmaier, “With all of this data in hand, commercial real estate developers, owners, and landlords have the ability to be more efficient, move tenants into properties sooner, and in turn, add revenue to the bottom line. Good-bye spreadsheets!”

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May 24, 2017
VisionTech Portfolio Company FAST BioMedical Secures $8 Million in New Funding

CARMEL, IND. (May 3, 2017) FAST BioMedical, Inc., a VisionTech Partners portfolio company, announced it has secured $8 million of additional financing. $5 million comes from a Series A2 financing led by one new investor, F&M Investment Office. This financing augments $3 million of grant funding received as a competing renewal award from the National Institute of Diabetes and Digestive and Kidney Diseases at the National Institutes of Health. The proceeds will primarily be used to advance clinical trials of the company’s technology as well as to hire additional talent and advance the company’s global patent portfolio.

FAST BioMedical is one of VisionTech Partners original investments, dating back to June 15, 2011 when the angel investing group operated as StepStone.VisionTech Partners has since made follow-on investments in FAST BioMedical through its angel investing group, VisionTech Angels.

“This financing is an important and validating step to continue our progress,” said FAST BioMedical Chief Executive Officer Joe Muldoon. “We have already begun adding talent to the team, and are excited about their ability to immediately add value.”

“FAST BioMedical has enormous potential to serve large unmet medical needs with its innovative technology,” said Mr. McClure, President of F&M Investment Office. “We are delighted to partner with them, and see great promise in the ability to favorably impact critical patient care.”

FAST BioMedical is a private, clinical-stage medical technology company in Carmel, Indiana. The company’s globally patented first-in-class technologies directly measure blood volume and kidney function in a clinically viable way. This has the potential for profound impact on care of congestive heart failure, major surgery, sepsis, critical care, and kidney disease patients. The company has been financially supported by the NIH, Elevate Ventures, the Indiana 21st Century Fund, Rose-Hulman Ventures, BioCrossroads, Indiana University Medical Group, The Purdue Foundry Fund, Ellipsis Ventures, VisionTech Partners, and private family office investors. The FDA has determined the company’s technology meets the requirements for an Expedited Review.

These products are investigational and not yet approved for human use.

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May 5, 2017
VisionTech Partners’ Helmer Named to WorkHere’s Board of Directors

INDIANAPOLIS, Ind. (April 19, 2017) – Angel investors bring two key things to a start-up company’s table: investment capital and human capital. In naming VisionTech Partners’ general partner David Helmer to its Board of Directors, Indianapolis-based WorkHere has secured both after receiving investment support from VisionTech Angels earlier in 2017.

Helmer, who is also the owner and co-founder of Helmer Scientific, joins the WorkHere Board of Directors after consulting on a pro bono basis with the mobile recruiting/job search app company since February. WorkHere has succeeded in raising more than $2 million in private investment capital, a portion of which is from VisionTech Angels and the VisionTech Partners investment fund. The company will use the funds to fuel its expansion in additional metro areas beyond Indiana over the next 12 months.

“We are so pleased David agreed to taking a more formal role with our company,” said WorkHere President and CEO Howard Bates. “Our relationship with VisionTech began much like other start-up companies, with a pitch to potential investors. Apparently, they liked what our mission, vision and managements positive past track record.”

Added Bates, “Having the investment support of VisionTech Angels and now the counsel of David, who is a very bright, seasoned entrepreneur, businessperson, and community and global advocate, as well as David’s extensive international business experience is very important to a high-growth company like WorkHere.”

WorkHere is one of 20 early expansion phase companies, the majority of which are based in Indiana, in VisionTech’s investment portfolio. Helmer, a general partner in VisionTech since 2014, said WorkHere caught his attention when they first introduced their company to the statewide angel-investing group in 2016.

“What made WorkHere attractive as an investor is that it solved a big problem for employers and workers primarily in the manufacturing, heath care and service industries—how to connect people to jobs efficiently. As an employer, I know exactly how difficult it is to have a pipeline of qualified people when you’re hiring,” Helmer explained.

Helmer added that he is impressed at how quickly people have adopted the GPS-enabled app. “After a year in business, WorkHere has 43,000 users in Indiana alone and is adding upwards of 500 people a day to their user base. It will definitely be exciting to see how people respond in other major metropolitan areas like Chicago and Cincinnati.”

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April 19, 2017
Three Outstanding Companies Headline April Pitch Week!

The VisionTech Angels Screening Committee reviewed five companies in March and selected three to present at our April Pitch Week next week in Fort Wayne, Lafayette, Bloomington, and Indianapolis. We’re so pleased with the all-star line-up, we’re sharing a special sneak preview with you.

Retail shopping is not like it used to be! Consumers flit back and forth between multiple devices, platforms and stores before purchasing. To be successful, retailers have to make the omnichannel, multi-device experience seamless, integrated and consistent—something easier said than done. ZIO is poised to redefine the retailer/shopper relationship with a solution for retailers that have struggled to deliver a true omnichannel experience. ZIO provides an intelligent opportunity engine starts with the retailer’s data. It then uses machine learning to drive best outcome scenarios for customer marketing and merchandising, increasing ROI on the marketing spend.

What We Like: Omnichannel marketing is here to stay and ZIO has it down. They’ve assembled a strong management team with deep experience in this complicated space. Plus they have a go to market strategy that will have them hit the ground running. Learn More

Ear infections are a parent’s worst nightmare. They come with endless doctor visits, prescriptions for the “pink stuff”, and in severe cases, surgery. PhotoniCare is a medical device company set to how physicians diagnose and manage middle ear infections. Their ClearView device – which looks like a modern version of an otoscope – allows physicians to see past the eardrum to the middle ear where infections reside. The data it generates supports more accurate diagnosis, treatment and management; avoids the over-prescription of antibiotics and surgical intervention, and reduces cost, pain and parent frustration.

What We Like: Since originally meeting with VisionTech two years ago. PhotoniCare has raised $2.1 million in non-dilutive federal grants, secured several patents, has third-generation prototypes in multi-site clinical studies, and is preparing for FDA submission and their first product launch. Learn More

Does it drive you crazy to go to a doctor and have no idea what a lab or screening test is going to cost and what insurance is going to pay? Markit Medical is set to change that with a pricing transparency tool for use in medical practices. Here’s how it works. The physician orders an MRI for the patient. Included with that order is a choice of providers within their insurance network, the providers’ qualifications, pricing, and how much their insurance will cover. This allows patients to make informed decisions and get the most from their health insurance. This transparency should bring down the cost of care as healthcare providers will be competing for patients.

What We Like: Markit Medical’s model doesn’t cost the physician or patient a penny. Insurance companies pay for the service as a way to drive down costs. Markit Medical is currently in use in Chicago. Learn More

VisionTech Angels’ April Pitch Week is open to members and their invited guests. If you’d like to bring a guest, please email Ben Pidgeon to RSVP.

Click here for the dates, times and locations of April Pitch Week.

April 12, 2017
R&D Tax Credit Change Could Put Money in the Pockets of SaaS Companies
While we’re not in the tax preparation business, VisionTech Angels member, Steve Sehy, MBA, CPA, has provided some good information regarding a change in the R&D tax credit that could put some money in the pockets of SaaS companies. Here’s what Steve shared:

The old R&D tax credit rules: If you had an income tax loss, the tax credit didn’t do you much good. Any tax benefits would apply sometime in the future.

The new R&D tax credit rules: With the Startup Provision of the new law, a 2016 tax credit can be used against a SaaS company’s 2017 payroll taxes instead of income taxes. Plus, SaaS companies can amend a previous year’s returns to take further advantage of the new provision.

Bottom line: SaaS companies with a tax loss can get an immediate cash benefit.

There are three criteria to qualify for the new tax provision:
- No revenue prior to 2012
- No more than $5 million in revenue
- Qualifying expenditures
How much can a SaaS company expect to save? Let’s do the math using this calculator. If you have $2 million in expenses, of which $1 million supports R&D process and thus would qualify, the federal benefit would be $65,000. The state benefit varies, but for companies in California, the credit would be a much as $75,000.

As stated earlier, we aren’t tax accountants or attorneys. (Steve Iisa CPA.) If you’re a SaaS company and stand to benefit, share this blog with your tax preparer.

Thank you for sharing this info with VisionTech and our members, Steve!

For more information on this topic, here’s another blog from VisionTech Partners’ sponsor Katz, Sapper & Miller. Click here.

https://www.alliantgroup.com/wp-content/uploads/2016/02/CPA-Magazine-The-RD-Tax-Credit-Permanent-Expanded.pdf

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February 14, 2017
For OrthoPediatrics, Angels Bring More Than Money

Mark Throdahl is very familiar with angel investors. In 2009, his company, Indiana-based OrthoPediatrics, needed capital to help advance and commercialize its orthopedic devices for children. Throdahl approached VisionTech Angels (then Stepstone Partners) and while OrthoPediatrics eventually secured $1.9 million in startup capital, it also got something of priceless value: people.

Throdahl, whose company is on track to generate $40 million in revenue in 2016, says VisionTech’s leadership and investors have had a seminal influence on OrthoPediatrics. “We have three VisionTech Angels on our board of directors; another angel investor who was a CEO of a major company serves in an of counsel role. There’s also a VisionTech Angels chapter in Warsaw that is also a source of support and enthusiasm for what we’re doing. The role angel investors have played in our success can’t be overstated.”

What OrthoPediatrics is doing is changing the way children around the world with skeletal and spine deformities, traumatic or sports-related injuries are treated via orthopedic implants and devices anatomically appropriate for pediatric patients. In the hands of skilled surgeons, the company’s products relieve the pain of children who otherwise had few options.

Since 2006, OrthoPediatrics has developed and received regulatory clearance for 18 surgical systems for trauma, long bone deformity and correction, scoliosis, and sports medicine. The company has established the only global sales and distribution system in pediatric orthopedics, with distribution partners through the United States and 30 international markets. OrthoPediatrics is also a leading supporter of pediatric orthopedic societies and clinical and is considered the innovation leader in pediatric orthopedics.

Angel investors, says Throdahl, have been there every step of the way. “VisionTech stepped up with money and valuable people who shared our belief in our ‘secret sauce’ – changing the lives of children. I would certainly recommend any startup company with vision and a solid business plan to consider engaging with a reputable angel investing group like VisionTech.”

Would you like to learn more about angel investing? VisionTech Partners and VisionTech Angels are hosting our annual E3 Summit, Empowering an Entrepreneurial Ecosystem, on July 13 at the Dallara IndyCar Factory. The E3 Summit kicks off the two-day Innovation Showcase, an event billed as “Indiana’s premier event for “connecting fundable companies with capital sources.” The E3 Summit and The Innovation Showcase are ticketed events. Space is limited so those interested are encouraged to purchase tickets on The Innovation Showcase website.

June 29, 2016
How to Succeed at Speed Dating
Oscar Moralez, Managing Director

Your palms are sweaty. Your legs are shaking. You can’t get the words out of your mouth fast enough. Finally, everything starts to flow. You’re in the zone. Then suddenly, without notice, the buzzer rings and you have to move on.

This is not the typical speed-dating scenario. I’m talking about the 70 entrepreneurs who will soon make investor pitches in search of the perfect match at the 2014 Innovation Showcase Thursday, July 10 at the Dallara IndyCar Factory in Speedway, IN.

Why the anxiety? First, they’re vying for more than $130,000 in cash and professional services that goes to the top presenter. With 69 equally motivated competitors, the competition will be fierce. Second, presentations will be made to an audience of more than 800 people, including potential investors like the VisionTech Angels. Finally, they’ve got 60 seconds in which to make their pitch. That’s not a lot of time.

Fortunately, VisionTech Angels and the IU Kelley School of Business are hosting the E3 Summit segment in partnership with The Innovation Showcase. Set for Thursday, July 10 at the same location, the E3 Summit is designed to introduce new and seasoned angel investors, entrepreneurs, and startup companies to the world of angel investing. This is not a sales event. Our focus is education and networking. In addition to the VisionTech team, VisionTech Angels from Indy, Bloomington, Lafayette, and Warsaw, as well the Hyde Park Angels and Queen City Angels will be present at The Innovation Showcase and available to speak one-on-one to participants about angel investing and what we consider an “investable company.” We anticipate 200 to 300 people will attend the morning segment. I hope you can join us.

Before I leave you, I promised to tell you how to succeed at investor speed dating. In 10-second snippets, tell the audience:
- Who you are
- Problem you’re solving
- Your solution (technology/service)
- Size of market
- Push to your website for more information
- Ask them to stop by your booth at The Innovation Showcase
Say it all in the most genuine, passionate, compelling manner possible. I know you can do it, but if you’re one of the entrepreneurs who will be pitching at The Innovation Showcase or future investor event, it helps to have a wingman. Join us at The Innovation Showcase, Thursday, June 10. Details are available at www.VisionTech-Partners.com or by visiting www.TheInnovationShowcase.com.
June 6, 2014