Led · Equity · Sep 2020

Senet is a provider of cloud-based software and services that enable global connectivity and on-demand LoRaWAN network build-outs for IoT. Its core product is a cloud-based operating system and carrier-grade network management services that support rapid deployment, secure connection, and management of large numbers of low-power sensors. Senet operates the largest publicly available LoRaWAN network in the United States, offers coverage in over 80 countries, and its patent-pending Low Power Wide Area Virtual Network (LVN) has received industry recognition. The company offers Managed Network Services for IoT (MNSi) and RAN Provider Services and plans partner programs to facilitate engagement between network infrastructure companies and IoT solution providers. It will use the newly raised $16 million to accelerate deployment and densification of its LoRaWAN network across the U.S., expand global business development and co-marketing, and support utility and municipal network builds. Senet, launched in 2014, has seen increased demand from the energy and utility sector and has designed smart meter networks for municipal water districts representing millions of households. Senet provides a public Network-as-a-Service (NaaS) using a Low Power Wide Area Network (LPWAN) designed for low-cost, long-range IoT and M2M applications. The company operates an IoT/M2M marketplace and a countrywide network that supports monitoring of distributed assets such as residential fuel oil and propane tanks, water and gas meters, commercial lubrication distribution, and solar irradiance. Senet offers monitoring services to environmentally-conscious businesses for managing and measuring widely distributed assets. The company is based in Hudson, NH. It completed a Series A financing that included an A-2 offering and intends to use the proceeds to continue building out the hardware and software needed to support the Senet NaaS LPWAN offering. No operating metrics were disclosed in the article.

Participated · Series D · Mar 2019

MacuLogix provides eye care professionals with the AdaptDx dark adaptometer to detect, monitor and treat age-related macular degeneration (AMD). Its flagship AdaptDx device can detect functional changes up to three years before AMD is visible clinically. The company also offers in-practice training and treatment best practices to support implementation and optimization of the AdaptDx. MacuLogix intends to use new funding to accelerate domestic and international sales through expansion of workforce and infrastructure. To date the company has raised a total of $51M in venture funding plus $10M in venture debt. The company is led by William D. McPhee, President and CEO, and Gregory R. Jackson, Ph.D., Chief Technology Officer. MacuLogix develops the AdaptDx automated dark adaptometer for eye care professionals to measure retinal function and accurately diagnose AMD. The company is led by President and CEO William D. McPhee. It is backed by investors including Roche Ventures, Fisk Ventures and Life Sciences Greenhouse of Central Pennsylvania. MacuLogix secured a $10M financing package in 2018 to support operations. Proceeds from the financing will be used for general working capital purposes. The company operates in the optometry and ophthalmology market from Middletown, PA. MacuLogix develops the AdaptDx, an automated dark adaptometer that measures dark adaptation to detect age-related macular degeneration (AMD) before vision loss. The AdaptDx is designed to enable eye care professionals to diagnose, monitor and treat AMD well before vision loss occurs by measuring a patient’s recovery of vision when going from daylight to darkness. The company says the technology can detect, monitor and treat AMD three years before it can be seen clinically and provides in-practice training and treatment best practices to support implementation and optimization. AMD affects more than 14 million Americans, and MacuLogix positions the AdaptDx as a tool to catch disease earlier when lifestyle changes and interventions may slow progression. Financially, the Life Sciences Greenhouse of Central Pennsylvania (LSGPA) has invested more than $2 million in the Middletown-based firm, including an additional $500,000 announced in the latest syndicate investment. LSGPA said the further investment reflects confidence from its co-investors and supports MacuLogix’s prospects for growth and job creation in central Pennsylvania. Maculogix has developed the AdaptDx device, a diagnostic tool that measures dark adaptation to detect age-related macular degeneration, retinitis pigmentosa and other macular diseases. The device is on the market and has received FDA 510(k) clearance. The test measures how the eye recovers after a mild photobleach, analogous to a cardiac stress test for vision. The company says the metric is useful for detecting early disease and tracking progression before patients notice symptoms. Maculogix has raised capital over time and, per SEC filings, has raised about $11.5 million since 2011. The company is based in Pennsylvania. The article notes the recent funding may be used to further market the already-approved device. MacuLogix develops AdaptDx™, a diagnostic tool intended for early detection and tracking of age-related macular degeneration (AMD). AdaptDx measures dark adaptation function and has received FDA 510(k) clearance for that measurement. Patient testing has been completed to support validation of AdaptDx as a diagnostic, though it is not currently cleared for sale as a diagnostic. The company plans to use new funding to accelerate manufacturing and commercial sales of AdaptDx to enable earlier intervention to prevent vision loss and improve quality of life. MacuLogix is based in Hummelstown, Pennsylvania and is led by CEO John G. Edwards. It recently completed a Series A financing to support these efforts.

Led · Equity · Jan 2018

Stratos Genomics is developing a 4th-generation DNA sequencing method called Sequencing by Expansion (SBX) that encodes DNA into a measurable surrogate polymer called an Xpandomer for single-molecule nanopore measurement. SBX uses a simple biochemical reaction to produce high signal-to-noise reporters that enable high-fidelity, single-molecule sequencing in a low-cost nanopore instrument. The company states the entire process from DNA sample to nanopore measurement is under one hour, enabling rapid diagnostics and treatment and reducing sample-prep overhead. SBX is described as a versatile, low-cost technology with a simple workflow that can be configured for targeted applications and high-throughput whole genome systems. The $20 million financing will be used for final system development leading to commercial introduction of the proprietary sequencing platform, building on recent biochemistry development breakthroughs. Stratos is led by President & CEO Mark Kokoris and announced the raise from Seattle. Stratos Genomics develops a single-molecule detection process called Sequencing by Expansion (SBX) aimed at enabling accurate, ultra-low-cost whole genome sequencing. The company plans to further develop its ultra-low-cost nucleic acid sequencing method for whole genome analysis and molecular diagnostics using recent grant funding. Established in 2007 as a spin-off of Stratos Group LLC., the venture-backed company is based in Seattle, WA. Leadership includes CEO Allan Stephan, CSO Mark Kokoris (the principal investigator for the grant) and CTO Bob McRuer, Ph.D. Financially, the company has completed Series A financings, including a $4.0M close in August 2010 and an additional $2.1M in August 2011. It recently received a grant to advance its SBX technology toward commercial and diagnostic applications. Stratos Genomics develops a single-molecule detection process branded Sequencing by Expansion (SBX) that aims to enable accurate, ultra-low-cost whole genome sequencing and molecular diagnostics. The company is led by CEO Allan Stephan and is based in Seattle, WA. Stratos spun out from Stratos Group LLC in 2007. It intends to use the new funding to continue development of its nucleic acid sequencing method for whole genome analysis and diagnostics. The announcement describes this as further progress on its SBX technology rather than commercial deployment. Financially, the company reported an additional Series A tranche in 2011 that builds on prior financing activity. Stratos Genomics is a Seattle, WA-based developer of a single-molecule detection process called Sequencing by Expansion (SBX™) that enables whole-genome sequencing. Its core product is the SBX single-molecule detection method aimed at ultra-low-cost nucleic acid sequencing. The company plans to continue developing SBX for whole-genome analysis and molecular diagnostics. Stratos Genomics spun out from Stratos Group LLC in 2007. Financially, it has closed a $4M Series A to advance its technology. CEO Allan Stephan said the financing will support development of technology important to the future of medicine and genomic sciences.

Participated · Equity · Jan 2009

Singulex develops and commercializes Single Molecule Counting (SMC) technology and markets the Erenna research-use platform alongside a CLIA-certified cardiovascular testing service. Its SMC platform detects low-abundance biomarkers with single-molecule sensitivity and is used in discovery and clinical applications for cardiovascular disease and other chronic conditions. The company operates two businesses—Life Science Research Tools and Cardiovascular Testing Services—and serves pharmaceutical R&D labs, academic institutions, and CROs. Singulex is advancing plans to expand into a global in vitro diagnostics business and is developing a fully automated diagnostic instrument and associated assays. The company said it will use recent financing to fund development and regulatory approval of that automated instrument and assays. Singulex is headquartered in Alameda, Calif. Singulex develops diagnostic systems that quantify protein biomarkers to diagnose and monitor cardiovascular and other disorders. Its system gauges changes in biomarker levels in the bloodstream and is already being used in clinical trials. The company has partnerships with several pharmaceutical firms that use the system to measure drug effects during trials. Singulex is aiming to commercialize the technology following these clinical evaluations. The company is based in Alameda, California and was founded in 2002. It has raised $50 million in total capital to date, including the recent $19 million fifth-round. Singulex develops the Erenna analysis system and related biochemical assays designed to detect individual protein molecules in biological samples. The company says its platform can count proteins and identify previously undetectable cellular levels of biomarkers such as cardiac troponin I. Singulex currently offers services to research centers at biotech and pharmaceutical companies. It aims to expand into molecular diagnostics, a more challenging and heavily regulated market. The company raised $19 million in its fourth funding round and has raised $31.6 million to date. Those funds are being used to advance its detection technology and commercial relationships with research customers. Singulex develops bio-markers and the Zept x molecular detection system to identify proteins in the body that may indicate disease. The company completed several commercial pilot studies with research labs and pharmaceutical partners using the Zept x. It has opened a 6,000-square-foot commercial operations facility in Hayward and added Mickey Urdea, Ph.D., to its board of directors. Financially, Singulex completed a combined Series C and debt financing totaling $10.5 million. The funding includes an $8.0 million Series C led by a new undisclosed investor with participation from existing investors Fisk Venture and Prolog Ventures, plus $1.0 million from GE Capital and $1.5 million in debt from Bridge Bank. Singulex expects the product to hit the market in the first half of 2007.