Slater Technology Fund Commits $2.1 Million in Funding to R.I.-based Ventures in Fiscal 2009
Fund Makes Initial Investments in Four New Ventures and Provides Follow-On Financing to Four Previously Funded Companies
Providence, R.I., December 2009 The Slater Technology Fund has announced that it completed or approved a total of $2.1 million in funding commitments to eight R.I.-based technology ventures during the fiscal year that ended June 30, 2009. Four of the eight companies represented new investments for Slater, while the other four received follow-on funding. Two Slater-backed companies also attracted significant outside funding during the year, raising more than $15 million in venture capital financing.
The $2.1 million in direct investments made by Slater in FY 2009 represents a lesser amount than was invested in previous years, reflecting Slaters anticipation of a decrease in its annual appropriation of state funding for FY 2010. In addition, the Fund realized in FY 2009 a lesser level of capital recovery than that reported in recent years.
Companies that received initial funding commitments from Slater during fiscal 2009 included (funding commitments in parentheses):
Cytosolv ($500,000) a biomedical startup located in Providence that is developing a proprietary technology to address wound healing, initially targeting diabetic foot ulcers.
Dynadec ($250,000) a software company based on research at Brown University that develops next-generation business decision optimization solutions that enable enterprises to solve their most challenging and complex operational problems.
RxVantage ($500,000) a medical software developer based in Providence that offers a web-based vendor relationship management platform for health care providers.
Sentient Bioscience ($250,000) a new venture co-founded by scientists and clinicians at Brown and Lifespan that is developing proprietary technology for embolization therapy and site-specific drug delivery to treat cancer and other serious medical conditions.
Companies that received follow-on funding commitments from Slater during fiscal 2009 included (funding commitments in parentheses):
NABsys ($250,000) a venture-backed company based in Providence that is working at the intersection of physics, biology, and computer science to develop a proprietary electronic, solid-state DNA sequencing platform.
Tizra Inc. ($100,000) a Providence-based developer of innovative web publishing software that helps businesses flexibly package and sell information online.
Location, Inc. ($100,000) a Woonsocket-based publisher of the neighborhood search engine neighborhoodscout.com.
WaveSyndicate, Inc. ($250,000) a Providence-based start-up that enables content creators/owners, publishers and advertisers to identify and optimize the value of media as it is consumed by a fragmented online audience.
Our strategy over the last year was to be conservative in the face of extremely difficult market conditions for startup companies, wanting to ensure we would be there in support of the entrepreneurs we serve, said Richard G. Horan, senior managing director of the Slater Technology Fund. While fiscal austerity is a reality that we and our portfolio companies will have to contend with, it is critical that we continue to support entrepreneurs who are committed to building innovative companies here in Rhode Island. Despite significant challenges in the current economy, there is reason to be optimistic as we continue to invest in a dynamic entrepreneurial economy.
About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in new ventures committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
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