Archive for November, 2007

EPIC Ventures Q3 2007 Newsletter

Saturday, November 10th, 2007


Wasatch Venture Fund Third Quarter 2007 Newsletter

Wasatch Venture Fund was formed in 1994 in partnership with Zions Bank. Since inception, the Wasatch Team has invested in over 80 early-stage companies and delivered significant returns to investors. Wasatch focuses exclusively on working with driven entrepreneurs to build successful and lasting companies. Wasatch now manages four funds, equaling $170 million of capital under management.

Feature Story

Utah based Berkeley Data Systems was recently acquired by EMC, the world leader in information infrastructure solutions. Berkeley is the parent company of, acclaimed provider of secure online remote backup. EMC will continue to support and expand the Mozy brand, while using its resources to reach a broader customer base. Mozy’s headquarters will remain in American Fork, Utah and the company will continue to focus on ensuring simple secure backup solutions for both its consumer and enterprise customers.

In May of 2005, Wasatch lead Berkeley’s Series A round of financing. We congratulate Josh Coates, Founder and CEO of Mozy and the fantastic team he assembled to conceive, build and deliver Mozy’s industry leading service.

Breaking: Online Backup Startup Mozy Acquired By EMC For $76 million
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Wasatch Venture stands to cash in on Mozy
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50 Best Web sites 2007
"Picked #1 by TIME Magazine readers"
  – TIME Magazine Editors, TIME Magazine

Portfolio Company Profile

Advent Sola, based in Albuquerque, New Mexico, is a manufacturer of advanced technology solar cells and modules. Founded in 2002, Advent Solar began operations in 2003, and is poised to become an industry leader with the companyís innovative back-contact cell technology.

Interview with Advent Solar’s Management Team

Can you give our readers a brief history of Advent Solar?

In 2000, James Gee, an innovator from Sandia National Laboratories, patented a unique solar technology called Emitter Wrap-Through (EWT). EWT offered a promise of higher efficiency, lighter weight and lower cost solar cells. Rusty Schmit recognized the potential of this unique technology and co-founded Advent Solar with James Gee in March of 2002.

In July of 2003 we finished our first round of fundraising and shortly thereafter we were able to produce our first 14% efficiency cell. This achievement facilitated the launch of our pilot line operation in June of 2005.
After demonstrating success on the pilot line, we expanded into our state-of-the-art 25MW facility in October of 2006. By February 2007 our first products from the new production line were shipped to customers in Europe. Advent closed a D round this past summer and we are planning to utilize those funds to ramp up production of our new 156mm cells and modules.

Advent is developing back-contact solar cells. Can you briefly explain the value proposition behind this unique product?

Back-contact solar cells are a unique type of solar cell that does not have any gridlines on the front of the solar cell. Within the back-contact family, Advent’s unique cell design is known as Emitter Wrap-Through (EWT). It is a breakthrough design that eliminates grid obscuration and produces a more powerful cell.

While it is not the only back-contact cell being sold on the market, our manufacturing is based on innovations to a standard process; in turn making EWT a very intelligent and cost effective design. Our cells and modules combine the reliability of traditional materials and manufacturing processes with the beauty of a new technology.

As the solar industry continues to grow at 30+% per year, what can we expect from Advent over the next few years?

As the Photovoltaic Market (PV) market grows, Advent Solar aims to be a key player in advancing innovative solar technologies. We look forward to the launch of our new 156mm solar cells and modules in early 2008. Our new products will be distributed both in the US and in European markets.

We also plan to continue forming long-term partnerships with our customers. These partnerships are critical to our success, and will allow us to receive constant feedback on our products; such that we can have a rapid response to the industry’s demands. We anticipate that this feedback will likely result in a need for product diversification for these different marketplaces. Advent Solar looks forward to advancing and meeting the needs of the industry by using our in-house expertise to design inventive solutions to new PV challenges.

Advent is a very promising part of the New Mexico start-up landscape, a company the whole state is proud of. Can you comment on some of the benefits of locating Advent Solar in Albuquerque?

The local and state governments have created an avid business environment and have given Advent significant support. The technology-based companies in Albuquerque have generated a pool of talented people that we can access as employees and consultants. In addition, the costs of operating a business in Albuquerque remain considerably lower than other large cities.

You knew the Wasatch crew before you joined Advent as you are the former CEO of ZARS, a Wasatch portfolio company. What is it like to work with Wasatch Venture Fund?

Wasatch has been a great firm to work with both at ZARS and at Advent. I get a sense that people at Wasatch really care about the investments they make, as well as the relationships they make with people along the way. It really makes a huge difference when investors take a genuine interest in developing a company and seeing it succeed.


Portfolio Company Highlights

SAN RAMON and ALISO VIEJO, California, Oct. 23, 2007 – Medshpere & Keane Join Forces to Provide Healthcare Enterprises with Integrated Electronic Health Record & Revenue Cycle Management Systems Medsphere Systems Corporation and Keane, Inc. today announced a strategic partnership designed to provide hospitals and other healthcare enterprises with integrated best-of-suite clinical and financial software. The alliance leverages Medsphere’s OpenVistaÆ electronic health record (EHR) platform, the leading commercial implementation of the VistA EHR developed by the U.S. Department of Veterans Affairs, and Keane’s EZ-Access PatcomÆ, the leading revenue cycle management solution for hospital environments.
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Avionics News: Aspen Avionics Surging forward with Evolution Flight Display Line, New Financing Oshkosh, Wis. – The Product introduction was a relatively modest affair compared to the reaction of pilots exposed to the new device introduced by Aspen Avionics.
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Lumidigm Awarded $730k SBIR Phase II Contract from U.S. Army  Albuquerque, NM- October 16,2007-Lumidigm Inc., the creators of multispectral imaging biometrics, announces the award of a contract to continue development of a multimodal whole-hand biometric sensor. This effort, funded through the Department of the U.S. Armyís Small Business Innovation Research (SBIR) program, builds on the results of an earlier SBIR Phase I award to Lumidigm. The Phase II contract amount is $730K.
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TriCipher Signs Integralis as reseller: Vendor Signs First Uk and European Reseller Authentication vendor TriCipher has landed giant security integrator Integralis as its first UK and European reseller. Integralis has signed a global agreement to integrate TriCipherís strong authentication technology into its managed services offering. The duo previously had a US-only relationship. David Franklin, Vice President of EMEA for TriCipher, which opened a UK office in April, said: "Integralis has recently squeezed its vendor portfolio. This has allowed it to bring in silver bullets and we are one of them."
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AdOn Network Adds comScore Media Metrix Ad Sales Network  Phoenix, AZ – October 29, 2007 – AdOn Network, a leader in providing innovative, contextual and behavioral advertising solutions for advertisers and publishers, today announced that they have added the comScore Media Metrix Ad Sales Network (Ad Networks) Service which provides 3rd party validation of ad network statistics.
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Army Corps of Engineers Wins Best Practices in Storage Award at SNW 2007 Based on LeftHand Networks Open ISCSI SAN Solution Replaced Fibre Channel SAN and DAS Storage with LeftHand Network: Tripling Disk Space With 80 percent Fewer Servers – Boulder, Colo., October 24, 2007 – LeftHand Networks, the leader in ISCSI SANs, today announced that its customer, the Huntingon District Army Corps of Engineers, has been honored by Storage Networking World in the "Best Practices in Storage" Awards Program in the category of Selecting and Deploying Storage Networks. The awards honor organizations that have accomplished extraordinary business challenges and have delivered strategic advantage to their enterprise through the deployment of innovative storage networking solutions.
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Team Highlights

Gary Griffiths, President of Products and Operations at WebEx, Joins   Wasatch Strategic Advisory Board

As president of products and technical operations, Gary Griffiths is responsible for all WebEx products, including strategy, research and development, product management, network and MediaTone operations, and customer technical support. A twenty-five year veteran of the high-tech industry, Griffiths was the CEO of on-demand application company Everdream (a Wasatch portfolio company) for the past six years, and held senior management positions with IBM for more than 16 years. He was also the CEO and co-founder of SegaSoft Networks one of the pioneers in interactive entertainment. A graduate of the United States Naval Academy, Gary served as an officer aboard nuclear fast attack submarines for five years, and was an associate professor of systems engineering at the US Naval Academy.

He has a BS is Aerospace Engineering from the United States Naval Academy and an MS in business administration from the George Washington University.

Michael Hennessy Serves as a Panelist at the BYU Investment Professional Conference

Recently, Wasatch Principal Michael Hennessy served as a panelist at the BYU Investment Professional Conference providing insights regarding the venture world. This conference focused on investment management, investment strategies and career development.
Wasatch Events

Nov. 1 & 2
Todd and Nick will be attending the Oregon Entrepreneurs Network Venture Northwest Conference.

Nov. 6
Rachel will be attending the Salt Lake Life Science Angel Luncheon

Nov. 14
Todd will be attending the NACD Meeting at Little America

Nov. 14
Kent will be the guest speaker at Young Finance Professionals Luncheon

Nov. 14
Katie will attend the SMALL TIMES NanoCon Annual Conference in Santa Clara as a ìBest of Small Techî Panelist

Nov. 28
Katie will be a guest lecturer to UNM graduate business class speaking to the students about what venture capitalists look for

Nov. 29
Katie will participate in the Invention2Venture UNM event

Nov. 30
Todd will attend and sponsor the UTC Hall of Fame Banquet

Dec. 7
Todd will be a guest lecturer at the University of Utah Venture Capital Course

Dec. 12 & 13
Todd and Stephanie will attend the Invest Southwest Conference in Scottsdale, Arizona