EPIC Ventures was formed in 1994 in partnership with Zions Bank. Since inception, the EPIC Team has invested in over 80 early-stage companies and delivered significant returns to investors. EPIC focuses exclusively on working with driven entrepreneurs to build successful and lasting companies. EPIC now manages four funds, equaling $240 million of capital under management.
www.epicvc.com
Aspen Avionics Successfully Launches Evolution Flight Display,
Pilot
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Pro
Following up Aspen Avionics’ successful launch of the Evolution Flight Display,
Pilot
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Pro,
in March 2008, Aspen demonstrated two more new products at industry air show, AirVenture Oshkosh, held July 29 – August 3. The new products continue to broaden the Evolution Flight Display family, adding the EFD Multi-Function Display and the Evolution Weather Receiver with live weather data feeds. On August 4, Aspen also announced the addition of 200 new planes to its list of certified aircraft, bringing the total number of planes certified for installation of Aspen flight display products to over 600. In May, Red Herring magazine named Aspen one of the 100 Best Startups in North America.
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Q&A with John Uczekaj, President and CEO of Aspen Avionics
Q: Briefly describe Aspen’s product.
A:
Aspen Avionics develops flat panel glass primary flight instrument displays to the General Aviation Market. The General Aviation Market includes aircraft ranging from a single engine piston airplane to larger twin engine aircraft. We bring the most advanced technology and capability from commercial and business aviation markets into general aviation cockpits at a price point that makes it affordable. The technology provides game-changing improvements in safety for a market that up to now was un-served due to the expense of this technology.
Q: How does Aspen Avionics uniquely stand out among their competition?
A:
Aspen provides an order of magnitude lower cost for functionality that was not available to this market and has created technology that allows for our equipment to be installed at a fraction of the cost that others have due to the unique form factor of the display. In addition we have approached the market with unparalleled customer support and a consumer approach to marketing our products. This has set us a part from long established competitors and captured the attention of the market allowing us to build a strong order backlog.
Q: What in your background enabled you to have the skills you needed to develop the Aspen Avonics product?
A:
I have spent over 25 years in the Aviation business with 20 years in avionics. During that time I spent a lot of that time in senior management positions that required me to lead efforts in developing new products, bringing them to market and most importantly to place heavy emphasis on hiring and developing a top notch team that can work independently and respond quickly to any hurdle thrown in front of them.
Q: What has helped Aspen Avionics progress the most in terms of getting the product off the ground and into aircraft?
A:
The hiring of experienced people familiar with the industry, customer base and the FAA certification process who are driven to meet our customer’s expectations. Creating an environment where top people can excel has allowed them to accomplish a lot in a short period of time. They are able to anticipate the needs of our customers and reflect them in our products features and functions.
Q: Why did you choose to partner with Epic Ventures?
A:
Epic’s strong understanding and alignment of our broader goals and objectives makes Epic a strong partner. Epic has been with us since the beginning and participated in a further round of financing. They create a very supportive environment and enable us to move quickly to create value while providing the proper amount of oversight and involvement as an active participant in our company. This makes Epic an invaluable partner for any new and developing company.
Recent Exits
Feed Management and Olympus Publishers have signed acquisition agreements resulting in gains for Wasatch Fund I and Fund II respectively.
AdOn Network, Inc., was recently acquired by PV Media Group, a leading integrated online advertising, marketing and media company.
New Financings
EPIC Ventures partnered with New Venture Partners, Sigma Partners, Lux Capital, and Draper Fisher Jurvetson to invest in Everspin Technologies, a company spun off from Freescale Semiconductor that focuses on the development of MRAM, which stands for magnetoresistive random access memory, and will potentially advance computer memory technology with more power and dependability.
www.everspin.com
After a Series C Round of funding last winter from Wasatch Fund III, Bungee Labs continues to develop the Bungee Connect web application in order to meet businesses’ rising demand for interactive web applications.
www.bungeeconnect.com
Porfolio Company Highlights
LeftHand Networks Surpasses 3,000 Customers; Strong Demand Drives 110 Percent Year-over-Year Revenue Growth
BOULDER, Colo.-(Business Wire)-August 12, 2008 – LeftHand Networks today announced it has achieved 110 percent year-over-year revenue growth in the fiscal year ended June 30, 2008. With more than 3,000 customers and 11,000 systems sold, LeftHand Networks continues to strengthen its leadership position as the technology industry’s largest pure-play iSCSI SAN vendor. LeftHand Networks attributes its notable growth to strong customer demand for iSCSI SANs, larger SAN deployments and significant repeat business from existing customers, as well as its VMware go-to-market partnership and substantial channel expansion.
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Lumidigm Signs Strategic Agreement with Methode Electronics, Automotive Supplier Invests in Biometric Component Development
ALBUQUERQUE, N.M., Aug 06, 2008 (BUSINESS WIRE) — Lumidigm, Inc., the biometrics company enabling applications for the real world, has formalized a strategic business alliance with Methode Electronics, Inc. One of the many businesses that make up Methode includes being a solid Tier 1 automotive supplier focusing on technology-rich application-specific components and subsystem devices. Together, Methode and Lumidigm will bring patented biometric functionality to new markets, including transportation. The partnership includes equity financing and multiple joint development projects. Methode joins current Lumidigm strategic investors Intel Capital and Motorola Ventures.
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Spurred by Growth and Accomplishments, Medsphere Moves Corporate Offices to San Diego County
CARLSBAD, California – August 5, 2008 – Medsphere® Systems Corporation, the leading provider of Open Source healthcare IT solutions, today announced the transition of corporate headquarters from Orange County to north San Diego County. The move is necessitated by two primary factors: recent development and persistent demand for Medsphere OpenVista®, the company’s cost-effective Open Source electronic health record (EHR) solution and rapid expansion of a collaborative Open Source community-the Healthcare Open Source Ecosystem-oriented around OpenVista and focused on enhancing quality of care and increasing clinical and operational efficiencies. Medsphere’s new corporate headquarters are located at 1917 Palomar Oaks Way, Carlsbad, California 92008.
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EPIC Team Highlights
EPIC welcomes Spencer Pearson to the team as an analyst. Spencer recently graduated from the University of Utah with a BS in Finance and Economics where he was student body president and worked as an Associate for the University Venture Fund.
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Where We’ve Been
July 22
– UBS Tech Conference (Kent)
August 15
– Wayne Brown Deal Forum Selection Committee (Rachel)
August 15
– Utah Association of Financial Services Conference at which EPIC was a sponsor (Michael)
August 28
– CTO Breakfast (Rachel)
August 28 – 30
– Open Source Conference (Rachel)
September 8
– DEMO in San Diego, CA featuring Spinspotter’s product launch (Kent)
September 9
– New Mexico Bio Event (Katie)
September 9
– Tech Tuesday at the University of Utah (Todd)
September 9-11
– Venture Capital in the Rockies Conference in Sun Valley, Idaho (Kent and Stephanie)
September 11-12
– Brigham Young University Investor Conference (Todd and Mike)
September 16
– UNM Business Plan Competition Kick-off (Stephanie and Katie)
September 18
– Stephanie will speak as a panelist on "The State of Venture Capital in New Mexico" at the Coronado Venture Forum.
September 18
– Women Tech Awards at the Little America Hotel at which EPIC is a sponsor (EPIC Team)
September 18
– Venture Capital Road Trip (Todd and Nick)
September 30
– Stephanie will kick off the 2008 Invest Southwest Selection Committee search process as Chairperson of the Selection Committee.
News/Press Articles
TriCipher Offers Strong Authentication as a Service
TriCipher’s myOneLogin provides strong security without creating complicated processes for end users. I first encountered TriCipher a few years ago when I was researching multifactor authentication within the banking industry. I learned then that the company has a layered solution called the TriCipher Armored Credential System (TACS) that the vendor likens to a ladder; the security level gets more stringent as you go up the ladder. The technology provides a range of authentication methods including passwords, browser cookies/certificates, PCs, portable devices, tokens, smart cards and biometrics.
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Leading Venture Capitalists Back EverSpin Technologies
AUSTIN, Texas – June 6, 2008 – Freescale Semiconductor today announced that it has partnered with several prominent venture capital firms to form an independent company focused on MRAM (Magnetoresistive Random Access Memory). The new company, EverSpin Technologies, will continue to deliver and expand its current portfolio of standalone and embedded MRAM and related products. Freescale will transfer the MRAM technology, intellectual property, and products to EverSpin Technologies and will retain an equity position in the new venture.
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Ancestry™ Extends Global Reach to China, Providing First Online Access to Family History Records in World’s Largest Internet Market – Exclusive Partnership with Shanghai Library Gives 1.3 Billion Chinese and 38 Million People* with Chinese Heritage Internationally the Chance to Explore Their Family History
PROVO, UTAH – Aug. 6, 2008 – The Generations Network Inc., parent company of the global network of Ancestry family history Web sites, which is the largest network of family history Web sites and dominates one of the Internet’s fastest growing pursuits, has launched a dedicated Chinese family history Web site, jiapu.cn. To date, Ancestry global network site users have created more than 6.5 million family trees containing 600 million names and 9 million photographs on its eight Web sites. Ancestry also boasts more than 7 billion historical records. jiapu.cn is Ancestry’s ninth Web site to launch. For many in China, home to one-fifth of the world’s population, jiapu.cn will provide their first opportunity to access jiapu (family histories) online. They have been made available through an exclusive long-term partnership with the Shanghai Library, which holds the largest collection of Chinese family history records in the world.
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Feed Management Systems Announces Enhanced Relationship for International Customers
Effective August 1, 2008, Feed Management Systems (FMS) is now managing the assets of Brilliant Alternatives, including the further development and support of add-on tools, future software initiatives and the international distributor relationships. Feed Management Systems has been in business since 1986, and in 1999 FMS acquired most of the assets of the Brill Corporation owned by Mr. Bob Brill. FMS then issued a distribution agreement for select international regions to Mr. Brill and his new company, Brilliant Alternatives. That agreement was in place until December 31, 2007. In January 2008, Brilliant Alternatives transferred all of its assets to Comco Controls of Canada and FMS extended a new distribution agreement to Comco.
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Advent Solar signs 250MW of distribution deals in Europe
PV Tech, September 2, 2008 – Enerpoint, MHH Solartechnik and SunConnex have agreed to purchase and distribute Advent Solar’s ‘Ventura’ solar modules in Europe to the tune of 250MW through 2013. The ‘Ventura’ technology from Advent was announced at the 2008 European Union Photovoltaic Solar Energy Conference, in Valencia, Spain. “Advent Solar is focused on helping the solar industry move closer to grid parity by providing innovative solar solutions that maximize efficiency and increase energy output,” said Peter Green, president and CEO of Advent Solar. “Our partnerships with Enerpoint, MHH Solartechnik and SunConnex are key elements of our long-term growth strategy in Europe and demonstrate our commitment to moving solar energy from an alterative technology to a mainstream solution.”
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