We take the long view to investing, supporting our companies and founders to achieve growth, profitability and sustainable communities. Whether the challenge is working to dominate a local market or enter a foreign one, Innovative Ventures guides our companies to answer the most difficult questions facing founders/teams––and make the right decisions to achieve unique results.
IVI SOLUTIONS IN COMMERCIALIZATION, SCALING AND INTERNATIONAL EXPANSION
Country/Market Selection, Entry
Compliance to Local Regulations, Export Control, CFIUS (USA)
International Sales, Global Pricing/Quality Considerations
Team Building, Compensation, Team Growth
Technical Platform Selection, Digital, Physical
Adapt Execution to Foreign Cultures and Customers
Product Readiness, Integrated Product/Market Plans
Local Partner Selection
Balance Sheet, CAPEX/OPEX Preparation
Board of Directors: Create, Lead, Manage
Wireframing, Prototype Development
Drive Capital Efficiency
Opening of Offices, Staff Recruitment, Compensation
Operational Excellence, Corporate Governance
Income Repatriation, Management of FOREX
Customer Discovery, Business Model
Raise Capital: Debt, Equity, Bond/Note Placement
Corporate Structure for Foreign Market Entry; LLC, Joint Stock Company (Closed or Open), Foreign Branch, Rep Office
HOW THIS PAGE IS ORGANIZED
This list presents a sample of transactions, i.e., not the entire 316 direct investments made across N. America, Europe, countries of Sub-Sahara Africa & former Soviet Republics from 1986
- Direct Venture Investments: investee companies + lending facilities to banks and fund-of-fund investments. In a few cases, names of investees are undisclosed, not to be secret, but to respect the wishes of my co-fund managers
- Direct Investments as Innovation Grants, i.e., Venture Creation from University IP: funding the translation of research into customer ready products, then company start-up and the building of these enterprises––from R&D to proof-of-concept thru achieving 1st customer sale as evidence of product/market fit
- Commercialization, Scaling and International Expansion of Emerging Enterprises: advisory services provided to partners, e.g., Georgia Innovation and Technology Agency, Tbilisi, Georgia
Stages of company development are shown––start-up thru expansion––to enable a deeper understanding of our role with each venture in advancing their growth from one stage to the next.
VENTURE CREATION EXPLAINED
A comment: our brief was to not just finance applied research to proof-of-concept, but also, to manage each technology under a venture studio model: build companies from MVP thru commercialization, resulting in 1st customer revenues that attract additional investment. Investments made from our balance sheet + the raising of 3rd party capital.
DIRECT INVESTMENTS
NORTH AMERICA
| Company | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| Applied Intelligent Systems Inc. | Early | Machine vision (hardware/software) | Advanced manufacturing | $700k + $200k follow-on investment |
| Neogen Corp. | Early | Electronic instrumentation, pathogen detection and food safety | Agriculture, biotech | $700k + $200k follow-on investment |
| Personal Bibliographic Systems Inc. | Early | Bibliographic and database retrieval software | Software | $200k |
| Face Technologies | Start-up | PC peripheral add-on boards | Hardware | $330k |
| Gateway Systems Inc. | Early | Database management | Enterprise software | $700k + $200k follow-on investment |
| MRCI | Growth | Harvest seafood, process and distribute as branded products to global markets | Food and beverage | $10 million |
AFRICA (fund-of fund investments)
| Company | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| Uganda Dev. Corp. | Growth | Private equity investments in Uganda enterprises | Financial services | $2.5 million, LP fund investment |
| IPRIS | Growth | Private equity investments in Kenya and Tanzania enterprises | Financial services | $2.5 million, LP fund investment |
RUSSIA
| Company | Stage | About | Sector/Business Model | Funding |
|---|---|---|---|---|
| Flexoprint | Early | Printing | Business services | $600k |
| Rolti | Growth | Windows and doors | Consumer durables | $3.2 million |
| Lada Xleb | Growth | Flour, grain and bakery, chain of retail outlets | Food & beverage | $3.2 million |
| Saratov Wallpaper | Growth | Wallpaper and home decorating products | Consumer retail, non-durables | $3.2 million |
| Frank’s Ice Cream | Growth | Frozen desserts | Food and beverage | $250k |
Working capital loans (debt) transacted thru our lending arm in Russia
| Company | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| Antarius-Service | Early | Computer equipment and services | Business services | $15k |
| SuyuzTehnoTrans | Growth | Rail services | Transport services | $165k |
| Air-Service | Early | Transport services | Transport services | $20k |
| Nesina | Early | Computer equipment and services | Retail | $12k |
| Implants | Growth | Chain of dental clinics | Retail | $183k |
| Chernykh | Growth | Interior design services | Consumer services | $50k |
| Rakurs-S | Early | Engineering surveying services | Business services | $20k |
| Davdov | Growth | Chain of retail kiosks | Retail | $30k |
| Contact Plus | Growth | Chain of optical clinics | Retail | $70k |
| Konkom-Invest | Growth | Fabricated wood products | Building materials | $60k |
| Soloveb | Early | Maintenance services | Transport services | $25k |
| Vostochnoye | Growth | Branded juice products | Food and beverage | $35k |
Credit facilities to Russian banks for on-lending to enterprises, extending our market reach in Russia
| Company | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| Primsots Bank | Growth | Banking | Financial services | $4 million |
| Regio Bank | Growth | Banking | Financial services | $3 million |
| MDM Dalnevostochnij Bank | Growth | Banking | Financial services | $10 million |
| Vneshtorgbank | Growth | Banking | Financial services | $10 million |
SOUTH AFRICA
| Company* | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| Undisclosed | Growth | Housing construction | Construction | $1.1 million |
| Undisclosed | Start-up | Security services | Business services | $632K |
| Undisclosed | Growth | Food services | Food and beverage | $1.9 million |
| Undisclosed | Growth | Radio station | Media | $2.1 million |
| Undisclosed | Early | Home security services | Consumer services | $1.1 million |
| Undisclosed | Start-up | Computer services | IT services | $105k |
| Undisclosed | Growth | Telecommunications | Telecomm | $4.2 million |
| Undisclosed | Growth | Media holding | Media | $2.1 million |
| Undisclosed | Growth | Computer services | Software | $3.2 million |
| Undisclosed | Growth | Food manufacturing | Food and beverage | $3.8 million |
* Name of investees undisclosed at request from our co-fund partner
DIRECT INVESTMENTS IN VENTURE CREATION FROM UNIVERSITY IP
KAZAKHSTAN
| Company | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| General Genetics LLP | R&D to start-up, 1st sales | Pharma-cogenetic test (PCR) for precise dosing of medications | Healthcare | $488k |
| Chemistry and Innovation LLP | R&D to start-up, 1st sales | Hydrogel herbal remedies for wound treatments | Healthcare | $1.5 million |
| BioSmart LLP | R&D to start-up, 1st sales | Pilot production of recombinant proteins for dental applications | Healthcare | $1.1 million |
| Kaz Track Technology LLP | R&D to start-up, 1st sales | Track membranes | Healthcare | $577k |
| Biostem LLP | R&D to start-up, 1st sales | Recombinant biomimetic peptides for therapeutic immunostimulative and anti-viral activity | Healthcare | $600k |
| Microfit LLP | R&D to start-up, 1st sales | Natural radionuclide isotopes | Healthcare | $580k |
| Antigen LLP | R&D to start-up, 1st sales | Natural polymer-based biologic coverings for burn and surgical wounds | Healthcare | $1.33 million |
| LLP SIC Zhana Zhoba | R&D to start-up, 1st sales | Producer of (sterile) medical gauze from cotton waste | Healthcare | $400k |
| BioProm Technologies LLP | R&D to start-up, 1st sales | Production of virus-free potatoes from micro-tubers | Agriculture | $500k |
| Bio Tech TKS LLP | R&D to start-up, 1st sales | Domestic producer of rubber from local plants (Taraxacum Kok-Saghyz Rodin) | Agriculture | $1.04 million |
| Glay SK LLP | R&D to start-up, 1st sales | Mineral additives for animal feed | Animal Husbandry | $900k |
| Antigen NPC LLP | R&D to start-up, 1st sales | Enzyme starters for the manufacture of fermented dairy products | Food and beverage | $600k |
| KazCytoGen LLP | R&D to start-up, 1st sales | DNA passport to determine genetic and cytogenetic characteristics of sheep breeds specific to Kazakhstan––to identify genetic defects and breed more healthy sheep | Animal Husbandry | $600k |
| Master Gene LLP | R&D to start-up, 1st sales | Creation of PCR assays for molecular and epidemiologic monitoring of plague and brucellosis | Agriculture and human health | $377k |
| AIM Lab LLP | R&D to start-up, 1st sales | Self-healing composite coatings | Materials | $600k |
| Institute of Rheo Technologies | R&D to start-up, 1st sales | Use of magnetic energy to reduce oil viscosity and cut water concentration | Energy | $1.5 million |
| Institute of Polymer Materials and Technologies | R&D to start-up, 1st sales | Polymers for enhanced oil recovery | Energy | $1.4 million |
| KBTU Metallum LLP | R&D to start-up, 1st sales | Pilot production of nano-structured carbon materials | Materials | $1.5 million |
| AspanTau LLP | R&D to start-up, 1st sales | Catalysts for conversion of light alkanes | Energy | $1.5 million |
| Institute of Coal Chemistry | R&D to start-up, 1st sales | Gasoline and diesel fuel production from brown coal | Energy | $1.5 million |
| Astanatechcom LLP | R&D to start-up, 1st sales | Production and distribution of magnegas | Energy | $1.5 million |
| Center for Luminescent Materials LLP | R&D to start-up, 1st sales | Fluorescent polymer materials | Materials | $1.5 million |
| Institute of Polymer Materials and Technologies LLP | R&D to start-up, 1st sales | Hydrogel ‘pigs’ for cleaning of insides of oil pipelines | Materials | $300k |
| Institute for Innovation Research and Technology LLP | R&D to start-up, 1st sales | Waste-based synthetic Wollastonite | Materials | $1.5 million |
| BioGeoTec LLP | R&D to start-up, 1st sales | Two-staged bacterial-chemical technology to extract precious metals from electronic products | Materials | $1.2 million |
| Institute of Batteries LLP | R&D to start-up, 1st sales | Metal-free lithium-ion sulfur batteries | Energy | $1.4million |
| International Materials and Science Center | R&D to start-up, 1st sales | Creation of national lab for composite and new materials development | Materials | $1.3 million |
| Uniline Group LLP | R&D to start-up, 1st sales | Kazak speech synthesis and speech recognition system | Software | $350k |
| ABY APPLIED SYSTEMS LLP | R&D to start-up, 1st sales | Signal and video processing for moving object recognition and analysis | Software | $586k |
| Nazarbayev University Research Systems | R&D to start-up, 1st sales | Multi-grasp robotic hand | Hardware, software | $594k |
| EqualiZoom LLP | R&D to start-up, 1st sales | Remote sensor monitoring of communication & pipeline infrastructure | Hardware, software | $211k |
| KazGeoScan LLP | R&D to start-up, 1st sales | Remote monitoring systems | Hardware, software | $1.2 million |
| EcoRisk» LLP | R&D to start-up, 1st sales | Risk mapping to estimate biota damage to the Caspian Sea ecosystem from oil spills | Software | $1.4 million |
VENTURE CREATION: NORTH AMERICA (grants and equity capital raised from 3rd parties)
| Company | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| 3D Dash LLC | R&D to start-up | Integration of MIG welding + CNC machining into a one station operation of 3d printed functional prototypes and replacement parts | Advanced manufacturing | $206k |
| Goal Attainment Scaling LLC | R&D to start-up | Mobile app: capture small, incremental improvements for patients receiving physical, speech and psychological therapy | Digital healthcare | $95k |
| Roshsenor LLC | R&D to start-up, 1st sales | Dye infused nano size polymers to reveal progressive end-of-life to substrates | Healthcare and sports | $195k |
| SWART LLC | R&D to start-up | Subsurface water retention | Agriculture | $367k |
| Ladd LLC | R&D to start-up | Laser augmented diamond drilling of micron and mm holes in ceramic-matrix materials | Advanced manufacturing | $250k |
| Audiovate LLC | R&D to start-up | Mobile app: modulates speed, pitch & volume of athletics’ music playlist to deliver real-time feedback to performance and achievement of goals | Software | $46k |
| NeoVent | R&D to start-up | Neonatal (non-invasive, low cost) ventilator to treat respiratory distress in pre-term infants | Healthcare | $313k |
| Crossbar Tech | R&D to start-up, 1st sales | Ultra-high density memristor based memory chip | Electronics, memory | $45 million |
| Vortex Hydro Energy | R&D to start-up, 1st sales | Ultra-low power processor | Renewables | $6 million |
| Fusion Coolant | R&D to start-up, 1st sales | Supercritical CO2 based machining for advanced aviation and medical implant alloys | Advanced manufacturing | $12 million |
| Histosonics | R&D to start-up, 1st sales | Ultrasound non-invasive surgery | Medical device | $64 million |
| Cibo Technologies | R&D to start-up, 1st sales | Agronomy software thru proprietary predictive algorithm | Agriculture software | $50 million |
| KOPESS Ag Tech | R&D to start-up, 1st sales | GMO plant traits for inducible drought tolerance | Agriculture, biotechnology | $350k |
| Jolt Technologies | R&D to start-up, 1st sales | Torque measuring device | Energy | $450k |
| Durabilika | R&D to start-up | Metal fatigue analysis software | Software | $170k |
| JetXplore/ AR 360 | R&D to start-up, 1st sales | Interactive, VR aviation training app | Software | $475k |
| OTPV | R&D to start-up, 1st sales | Oncolytic Tana Pox virus, cancer treatment | Pharma | $160k |
| StabiLux | R&D to start-up | Fluorophore technology enabling medical researchers to detect what was previously undetectable | Life Science, reagents | $2 million |
| Nanosound | R&D to start-up, 1st sales | Active noise cancellation thru carbon nanomaterials | Nanomaterials, thermophone | $1million |
| Pure PEG | R&D to start-up, 1st sales | Pure polyethylene glycol at small and medium molecular weights for linkers in drug production | Pharma, drug development | $225k |
| Genonenom | R&D to start-up, 1st sales | Genome interpretation for cancer research | Healthcare | $7.5 million |
| ONL Therapeutics | R&D to start-up, 1st sales | Therapeutics for retinal disease | Biotechnology, drug discovery | $11.7 million |
| IROA Technologies | R&D to start-up, 1st sales | Metabolic proofing tools | Biotechnology, discovery tools | $2.8 million |
| RetroSense | R&D to start-up, 1st sales | Genetic engineering to restore sight | Biogenetics, drug discovery | $12 million |
COMMERCIALIZATION, SCALING AND INTERNATIONAL EXPANSION SERVICES TO EMERGING ENTERPRISES
GEORGIA (Tbilisi)
| Company | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| Lightspeed Cloud Banking | Early | SaaS platform for banks & non-financial institutions to make working capital, unsecured loans | Fintech | Up to $40k grant |
| HostelPro | Early | SaaS booking platform for owners of hostels | Traveltech | Up to $40k grant |
| Alien Green | Early | Wi-fi thermostat | Energy | Up to $40k grant |
| CCLA Ltd | Early | Georgian lawyer bot, automating legal services for private individuals & corporates | Chatbot | Up to $40k grant |
| UI App | Start-up | Contact directory service | Mobile | Up to $40k grant |
| STYX | Early | SaaS platform for tracking, monitoring and managing freight movement | Logistics | Up to $40k grant |
| VREX | Early | VR hardware/software solution for travel destinations | Traveltech | Up to $40k grant |
| Traktor Technologies JSC | Early | Automated image-based pest & disease recognition & decision support for farmers | Agtech | Up to $40k grant |
| CPL Hub Ltd | Early | Insurance product platform | Insurance | Up to $40k grant |
| Anima Chatbotics Ltd | Early | Corporate chatbot platform | Chatbot | Up to $40k grant |
| Global Health Ltd | Start-up | VR global health training platform | Healthtech | Up to $40k grant |
| Influence Georgia | Growth | Online marketing solution for brands and influencers | Social | Up to $40k grant |
| Doers | Start-up | SaaS platform connecting customers with service providers | Mobile | Up to $40k grant |
| Mindori Ltd | R&D to start-up, 1st sales | Vertical farming kit for the growing of herbs at home | Food and Beverage | Up to $40k grant |
| Spy Ltd | Start-up | Georgian pre-packed spice mixes | Food and Beverage | Up to $40k grant |
| Acoustic Ltd | Start-up | Non-destructive testing to determine structural integrity of metal structures, tanks and containers | Software, hardware | Up to $40k grant |
| Georgian Wine Finder Ltd | Early | Portal for purchasing Georgian wines | Mobile | Up to $40k grant |
T. NASTAS: MEMBER, BOARD OF DIRECTORS; MICHIGAN EARLY STAGE VENTURE INVESTMENT CORP (FUND OF FUNDS)
MICHIGAN VENTURE FUND I
Assets under management: $95 million; investment amount per fund $3.6-$10 million
| Fund | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| Arboretum Ventures II LP | Seed-Early Stage | Venture capital investments in medical devices, health care diagnostics, services and IT | Venture Capital, Financial services | Not publicly disclosed |
| Arsenal Ventures II LP | Seed-Early Stage | Venture capital investments in e-commerce logistics, enterprise and healthcare | Venture Capital, Financial services | Not publicly disclosed |
| Chrysalis Ventures III LP | Seed-Early Stage | Venture capital investments in healthcare and technology (info/digital media, communications, mobility and education) | Venture Capital, Financial services | Not publicly disclosed |
| Early Stage Partners II LP | Seed-Early Stage | Venture capital investments in IT, healthcare, advanced manufacturing and industrial solutions | Venture Capital, Financial services | Not publicly disclosed |
| Fletcher Spaght II LP | Seed-Early Stage | Venture capital investments in healthcare | Venture Capital, Financial services | Not publicly disclosed |
| Nth Power IV LP | Seed-Early Stage | Venture capital investments in renewables, storage and smart grid | Venture Capital, Financial services | Not publicly disclosed |
| North Coast Tech III LP | Seed-Early Stage | Venture capital investments in IT, materials and medical devices | Venture Capital, Financial services | Not publicly disclosed |
| RPM Ventures II LP | Seed-Early Stage | Venture capital investments in B2B SaaS, cloud/social media infrastructure, online marketplaces, mobility and transportation | Venture Capital, Financial services | Not publicly disclosed$40k grant |
| TGap Ventures II LP | Seed-Early Stage | Venture capital investments in medical devices, health-care software, specialty manufacturing and IT | Venture Capital, Financial services | Not publicly disclosed |
MICHIGAN VENTURE FUND II
Assets under management: $120 million; investment amount per fund $6.5-$15 million
| Fund | Stage | About | Industry/Market Segment | Funding |
|---|---|---|---|---|
| Baird Ventures IV LP | Seed-Early Stage | Venture capital investments in health care, industrial and tech services (fintech, digital) | Venture Capital, Financial services | Not publicly disclosed |
| Flagship Ventures IV LP | Seed-Early Stage | Venture capital investments in medical devices, diagnostics, R&D tools, biotech, regenerative medicine, services and data solutions | Venture Capital, Financial services | Not publicly disclosed |
| MK Capital II LP | Seed-Early Stage | Venture capital investments in digital media, data center automation, ICT and edtech | Venture Capital, Financial services | Not publicly disclosed |
| Arboretum Ventures III LP | Seed-Early Stage | Venture capital investments in medical devices, diagnostics, services and IT | Venture Capital, Financial services | Not publicly disclosed |
| Plymouth Venture Partners II & III | Seed-Early Stage | Venture capital investments in B2B product and services companies | Venture Capital, Financial services | Not publicly disclosed |
| Venture Investors Fund V LP | Seed-Early Stage | Venture capital investments in pharma/diagnostics, devices, health IT and analytics | Venture Capital, Financial services | Not publicly disclosed |
| Cultivian Sandbox Food and Agriculture II LP | Seed-Early Stage | Venture capital investments in agriculture, ag biotech, animal health, food production and food safety | Venture Capital, Financial services | Not publicly disclosed |
| Draper Triangle Ventures III LP | Seed-Early Stage | Venture capital investments in SaaS, robotics, medical devices, mobile applications and IoT | Venture Capital, Financial services | Not publicly disclosed$40k grant |
| Mercury Fund Ventures III LP | Seed-Early Stage | Venture capital investments in intelligent manufacturing, SaaS, cloud biology, data sciences, AI | Venture Capital, Financial services | Not publicly disclosed |