Archive for April, 2010

EPIC Ventures 2010 Q1 Newsletter

Friday, April 16th, 2010


 


 






04/16/2010

EPIC Venture Fund First Quarter 2010 Newsletter


New Financings

EPIC Ventures invested in iovation Inc. iovation, headquartered in Portland, Oregon, pioneered the use of device reputation to stop online fraud and abuse. Using its proven device recognition technology, sophisticated pattern matching, and device-based risk scoring, iovation delivers an innovative approach to fraud protection. Over the last five years, iovation has responded to billions of device reputation queries from merchants in multiple industries. The result is the world’s largest database of devices used in online fraud and abuse. iovation’s unmatched experience in device intelligence gives its customers the confidence they need to protect their good customers and keep the bad ones out. For more information, visit www.iovation.com .

EPIC Ventures invested in Iosil Energy Corporation. Iosil is uniquely positioned in the solar industry with a breakthrough technology for the production of high purity polysilicon, the essential raw material for solar cells. www.iosil-energy.com

  EPIC Ventures invested in DOTGO. DOTGO is the brand name of a powerful new mobile publishing platform that allows any company, brand, or web site to quickly, easily, and cheaply offer mobile services, with particular emphasis on text messaging. DOTGO is owned and operated by Scientific Media, Inc. www.dotgo.com .



iovation Wins Best New Technology Award

  PORTLAND, Ore. – February 4, 2010 – iovation, provider of the world’s first device reputation service for preventing online fraud and abuse, was presented with the award for Best New Technology at the first annual 2010 Internet Dating Awards ceremony which took place during the 7th annual Internet Dating Conference. The award recognizes iovation’s fraud protection service as the best individual technology created by a vendor for dating and matchmaking sites. More…



Q&A with Greg Pierson, CEO and Co-Founder of iovation, Inc.

Q: Briefly describe iovation’s product.

A: iovation provides a real-time service that exposes fraudsters, and more specifically the computers they use, to damage online businesses. Independent of identity information and financial data, we can instantly alert a business to the fact that a computer has been used to pass stolen credit cards at other online merchants. We track the reputation of computers to help online businesses stop any kind of online fraud or abuse you can imagine, including charge-backs, identity theft, phishing, click fraud, promotion abuse, child predation, cheating, posting unwanted content, abusive chat, and more.

Q: How does iovation uniquely stand out among their competition?

A: We pioneered the use of device reputation to help online businesses fight fraud and abuse and it’s all about the depth of our knowledge base and the network effect. Our unique global view of over 275 million computers and unsurpassed experience from screening billions of transactions combine to help our customers proactively stop fraud before it occurs and prevent costly and annoying problems from reoccurring. In the past 90 days, businesses protected by our service have reported over 350,000 actual occurrences of fraud and abuse. Approximately 30,000 times every single day, we alert businesses in real-time to the fact that a computer has caused a problem they care about. We tell them the specific type of fraud and where and when it occurred. An additional 60,000 risky transactions are flagged in real-time every day based upon characteristics highly correlated to risk based on real world data and experience. Today we support nearly 2000 professional fraud managers from leading ecommerce companies around the globe. Every individual business protected by our service benefits from the fraud management resources, risk management tools and collective experience of all the businesses we protect.

Q: What in your background enabled you to have the skills you needed to develop iovation’s product?

A: I’ve been implementing and often building, real-time business systems for over two decades. The majority of my experience has focused on the Internet. I left Accenture in 1999 to start my first company, which provided infrastructure software for online gaming companies. We saw first hand how easily fraudsters can repeatedly attack the same business using new identities and the significant damage they cause for both the business as well as good users within an online community. Helping our customer deal with a broad range of fraud and abuse issues was invaluable experience. ieLogic sold in 2004 and we started iovation with some unique ideas and a mission to making the Internet a safer place.

Q: What has helped iovation progress the most in terms of getting the product off the ground and into the market?

A: Establishing a beachhead. We initially focused on serving online gaming customers where we had the most experience. Staying focused helped to refine our service and business model. With an established base it was easier to start addressing new markets. We currently stop financial fraud and other unwanted behavior in a number of other verticals including financial services, retail, dating and social networks.

Q: Why did you choose to partner with EPIC Ventures?

A: Choosing EPIC Ventures along with Intel Capital, SAP Ventures and European Founders was an easy decision. Chris Stone was on our board before he joined EPIC as Managing Director. He has been a valuable resource and now we have the entire EPIC team behind us. We couldn’t be happier with the help and support we get from our board and investors.


Follow-On Financings


  EPIC Ventures invested in Consolidated Energy Systems in a Series A round. Consolidated Energy is a unique energy business that focuses solely on making environmentally responsible use of opportunity fuels derived from the process of refining crude oil stocks and bio-fuels derived from organic materials which are harvested from non-food related crops. By focusing on the use of carbon neutral bio-fuels and developing environmentally responsible projects using opportunity fuels with low carbon emission profiles relative to traditional energy technologies, Consolidated Energy is well positioned to take advantage of the fast growing demand for new energy sources in the southwestern United States.


  EPIC Ventures invested in Everspin Technologies in a Series A round. EverSpin Technologies is the global leader in developing and manufacturing magnetic-based memory (MRAM). With roots in Freescale Semiconductor, EverSpin is now an independent company backed by prominent venture capital firms. A growing number of leading corporations have adopted EverSpin MRAM to enable their most advanced products.


Porfolio Company Highlights

HyTrust Closes $10.5 Million Series B Financing; Introduces Granite Ventures and Cisco Systems As New Investors

 HyTrust, Inc., the leader in policy management and access control for virtual infrastructure, announced today that it has secured $10.5 million in Series B financing. New investors Granite Ventures and Cisco Systems participated in the round of financing, as did existing investors Trident Capital and Epic Ventures. Len Rand, partner at Granite Ventures, will take a seat on the HyTrust Board of Directors. HyTrust will use the capital to drive development, sales and marketing, and fuel the company’s next stage of growth. More…

Alliance Health Networks Launches HealthExchange.com: A “Social Health Network” Focused on General Healthcare Issues and Medical Information for All

 SALT LAKE CITY–(BUSINESS WIRE)–Alliance Health Networks™ today launched HealthExchange.com™ to provide a comprehensive online social health network for addressing medical and healthcare issues faced by consumers today. “We see HealthExchange.com as the perfect complement to our emerging universe of ‘social health networks,’” “We see HealthExchange.com as the perfect complement to our emerging universe of ‘social health networks,’” said Stead Burwell, Alliance Health’s Chief Executive Officer, “with each online community focused on a specific health condition, such as diabetes, arthritis or chronic pain, so people can come together to discuss, learn, and share valuable insights with other people just like them – people living with the same health condition. And while each of us is individually diagnosed and living with a specific condition, collectively we are all challenged with the same overall healthcare issues. This latest community provides the framework to do just that!” More…

Iosil Energy Corporation Secures First Close on $13.5M in Equity Financing to Build Pilot Manufacturing Plant

  Albuquerque, New Mexico, February 24, 2010 Ð Iosil Energy Corporation (“Iosil”), an innovator in the production of high-purity solar grade polysilicon for the photovoltaic industry, announced today that it has secured $13.5 million in equity financing in an oversubscribed round. New investors BankInvest New Energy Solutions, SiC Processing, Bekaert, Epic Ventures, and Gideon Hixon joined existing investors EnerTech Capital, Cycad Group, and Esp’rito Santo Ventures, Milcom Technologies, Applied Ventures, Phoenix Fire, and Merrimaker. The initial tranche allows the company to specify and engineer its pilot plant facility in one of several locations under consideration. The full investment will be used by the company to build out a pilot manufacturing plant and prepare for commercial introduction. More…


2010 EPIC Ventures Annual Meeting


 EPIC Ventures held another successful annual meeting for investors, strategic advisors, and portfolio CEOs at the Grand America Hotel in Salt Lake City on February 5-6, 2010. Highlights of the event included skiing at Deer Valley Resort and keynote speakers Tim Sullivan, CEO of Ancestry.com (recently completed IPO), and Jason Kreis, Head Coach of Real Salt Lake (recently won MLS Cup).

Updates were given from the following portfolio companies: iovation, HyTrust, Everspin Technologies, Medsphere Systems, Smile Reminder, Aspen Avionics, Alliance Health Networks, and ZettaCore. Advice and business theory was discussed at the CEO Roundtable with portfolio CEOs and advisors including: Larry Augustin, Ray Bingham, Rob Clyde, Josh Coates, Paul Cormier, Henry Eyring, Shane Robsion, and Jim Sorenson. EPIC Ventures extends huge thanks to all who came and participated in the event.


EPIC Team Highlights

 Kent Madsen has been appointed as a new member of the board of trustees for the Utah Technology Council. He also participated as a member of the Missteps in Determining Valuation panel at the Hawaii Venture Capital Summit on March 11, 2010 in Honolulu, HI  and was a moderator at the Governor’s Utah Economic Summit at the Grand America Hotel in Salt Lake City on March 29 .





 Chris Stone has been appointed as a new member of the board of trustees for the Utah Technology Council. He also participated as a member of the Venture Capital panel at the University Venture Fund Private Equity Summit on January 28, 2010 in Salt Lake City.





For more EPIC news, visit our new website www.epicvc.com .
Where We’ve Been & Where We’re Going

January 28-30 – University Venture Fund Annual Meeting – SLC & Park City, UT (Chris as a panel member, Nick, Kent, Spencer, Ryan)

February 5-6 – EPIC Ventures Annual Meeting – SLC & Deer Valley, UT (EPIC Team)

February 12 – Wayne Brown Annual Investors Choice Conference – Midway, UT (Chris & Kent)

February 23-25 – VCIR Winter 2010 – Beaver Creek, CO (Stephanie)

March 11 – Hawaii Venture Capital Summit – Honolulu, HI (Kent as a panel member)

March 15-16 – SXSW – Austin, TX (Katie)

March 18 – Senator Bennett’s 2010 Tech & Investment Leaders Council – SLC, UT (Kent & Chris)

March 29 – Governor’s Utah Economic Summit – SLC, UT (Kent as a moderator)

March 29 – Governor’s Student Business Summit – SLC, UT (Kent as a judge)

April 8 – Utah Entrepreneur Challenge – SLC, UT (Chris as a judge)

April 8 – Central New Mexico Clean Energy Alliance – Albuquerque, NM (Katie)

April 9 – UTC Annual Members Meeting – SLC, UT (Chris & Kent)

April 16 – Utah Angels Conference – SLC, UT (Nick)

April 16 – 2010 UNM Technology Business Plan Competition – Albuquerque, NM (Stephanie as a judge)

April 16 – Rice University Business Plan Competition – Houston, TX (Katie as a judge)

April 28-29 – 2010 Credit Suisse Private Equity Conference on Small & Emerging Managers and In-State Investments – Chicago, IL (Katie)

April 29 – 2010 Utah Innovation Awards Luncheon – SLC, UT (Chris)

April 29 – Panel on Tech Transfer, Federal Laboratory Consortium – Albuquerque, NM (Stephanie as a panelist)

April 30 – Power of Angel Investing Seminar, MIT Enterprise Forum – Phoenix, AZ (Stephanie as a panelist)

May 18-19 – TVC Equity Capital Symposium – Albuquerque, NM (Stephanie & Katie)

May 18-21 – 2010 SALT Conference – Las Vegas, NV (Kent)

June 10-11 – Utah Fund of Funds Annual Conference – SLC, UT (Kent, Nick, Ryan)


News/Press Articles

Everspin Technologies introduces 1.8V data interface MRAM for RAID storage applications

CHANDLER, Ariz. – Jan. 11, 2010 – Everspin Technologies is introducing its first dual-supply magnetoresistive random access memory (MRAM) product designed to directly interface with next-generation logic products requiring low voltage I/Os. RAID systems using advanced logic controllers operating with 1.8 volt I/Os will be able to seamlessly interface with MRAM to take advantage of its unique features. More…

New Online Tool Helps Hospitals Calculate Health IT Stimulus Dollars Available to Fund EHR

Medsphere Systems Corporation, the leading provider of open-source healthcare IT solutions, today unveiled a new Stimulus ROI Calculator designed to help hospitals make more informed, financially sound health IT decisions. “This online Calculator,” explained Medsphere President and CEO Mike Doyle, “demonstrates the ability of most hospitals to leverage federal stimulus dollars and totally fund a proven and comprehensive electronic health record solution, specifically, Medsphere’s OpenVista® EHR. Moreover, our rapid six-to-nine-month implementation process assures OpenVista hospitals that they will be enabled to achieve meaningful use in time to qualify for maximum stimulus dollars. And to let hospitals know how committed we are to helping them achieve meaningful health IT use and thereby meet federal stimulus requirements, we put one-third of our subscription fees at risk.” More…

Aspen Avionics Announces Bell Helicopter STC

Albuquerque, NM, February 16, 2010: Aspen Avionics, Inc., manufacturer of the award-winning Evolution Flight Display System, announces the approval of a Supplemental Type Certificate (STC) for installation of the Aspen EFD1000H into the Bell 206 and Bell 407 model helicopters. This STC was developed in partnership with Keystone Helicopters. The EFD1000H is the latest addition to the Evolution Flight Display System. Designed and manufactured to meet the rigors of helicopter operations, Aspen’s EFD1000H enables rotorcraft operators to replace their legacy mechanical flight instruments with state-of-the-art electronic displays with little to no modification of the existing panel. More…

TriCipher myOneLogin SignatureBook Offers Digital Signatures On-Demand

LOS GATOS, Calif. (February 28, 2010) — TriCipher, a leading provider of Internet identity services, today announced a hosted, on-demand version of its powerful digital signature solution. myOneLogin SignatureBook is an on-demand service that accelerates and streamlines business processes requiring non-repudiable signatures across different groups, organizations or geographic locations. It supports a number of different online credentials, including a clientless credential and the SAFE-BioPharma digital signature widely adopted in healthcare and pharmaceutical industries. More…

Smile Reminder’s "Price for Life" Program Keeps Costs Consistent

LOS ANGELES, CA, March 06, 2010 /24-7PressRelease/ — Patient communication service, Smile Reminder, is giving its clients something to smile about with their "Price for Life" guarantee. Providing customers with the security of a never-changing monthly price and all the updates that go with it, Smile Reminder is helping healthcare practices streamline their office operations in a cost-effective manner. Not only does Smile Reminder’s service boost business and increase patient loyalty, it honors the monthly rate, which the client receives at the time of registration, never increasing or adding additional fees for as long as they remain a customer. More…

ZettaCore and Ajinomoto to discuss GX-92 lamination with smooth copper at JIEP Annual Meeting

Denver, CO, USA and Tokyo, Japan – Mar 11, 2010. ZettaCore, Inc., a developer of materials for molecular electronics, and Ajinomoto Co., Inc. are presenting a paper at the 24th Japan Institute of Electronics Packaging (JIEP) Annual Meeting in Tokyo, Japan. In April 2009, both companies discussed e-less plating of copper on smooth dielectric at ICEP. This new information to be discussed at JIEP pertains to the lamination of dielectric material with copper, both with foil copper and electroplated copper. More…

NetDocuments Named to KMWorld’s “100 Companies That Matter in Knowledge Management”

OREM, UTAH – February 23, 2010 – NetDocuments, the leading Software-as-a-Service (SaaS) content management service provider, announced today it has been named to KMWorld’s 100 Companies that Matter in Knowledge Management for 2010. KMWorld informs more than 45,000 subscribers about solutions for improving business performance and has been publishing its “100 Companies That Matter…” list since 2000, focusing on companies that “small and large, embrace a spirit of innovation and adaptability.” The list is compiled annually by KM practitioners, theorists, analysts, vendors and their customers and colleagues. “In today’s knowledge economy, NetDocuments does more than simply throw sophisticated technology at its customers, it provides real solutions through inspired planning and execution throughout the entire constituency chain,” says Hugh McKellar KMWorld editor in chief. More…

Pivot and Hammerstone Group Partner

Pivot, Inc., provider of collaboration and liquidity management products Pivot 360¢ª™ and Instant Markets™, and The Hammerstone Group, creator of the Hammerstone Institutional Forum (HIF), today announced they have entered into a partnership to broaden the use of each company’s products and services within the institutional investor community. Hammerstone’s real-time forum allows individual institutional investors to share news, ideas, commentary, and proprietary technical market levels in a secure, transparent community setting. Under this partnership, Hammerstone now offers HIF access exclusively through the Pivot 360¢ª platform. More…

Ingeo’s Service Reaches Population of 114 Million in 28 States

Ingeo Systems, Inc., the nation’s number one provider of electronic document recording technology, announced that the year-end figures show its e-recording network covers county populations in excess of 114 million in 28 states plus the District of Columbia. “In 2009 our strategy focused on adding large population counties to our network,” said Karl Klessig, Ingeo’s CEO. “Of the 50 counties we added, 27 have populations of greater than 200,000 and of those, 11 are greater than 500,000, three are in the one million range, and two are more than 2 million each.” More…

Exagen Diagnostics Enters Into Exclusive Agreement with EndoChoice

Albuquerque, N.M., Feb. 16, 2010 – Exagen Diagnostics, Inc., a molecular diagnostics laboratory that discovers, develops and markets proprietary genomic tests, today announced an exclusive sales and marketing agreement with EndoChoice, Inc. to promote its diagnostic services to gastroenterologists throughout the United States. Under the agreement, EndoChoice’s experienced, gastroenterology-focused sales force will introduce Exagen’s proprietary gene expression tests for the diagnosis of Inflammatory Bowel Disease (IBD) and Irritable Bowel Syndrome (IBS). Exagen developed these molecular tests through its discovery engine, Coperna®, which identified “gene activity signatures” associated with IBD and IBS. More…






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