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Venture Capital Success StoriesLife Sciences
Catapult GeneticsCatapult Genetics had its origins when Gerard Davis and Jay Hetzel established Genetic Solutions in 1998. After the merger with Catapult Systems, it grew to become the global leader in livestock DNA testing. Its innovative gene marker tests assist global food producers, processors and retailers in improving profitability and quality in the food chain. The Four Hats managed Nanyang Innovation Fund invested $2.34m in Genetic Solutions and added significant value during the investment period including during the merger with Catapult Systems and the ultimate sale to Pfizer in 2008. Pfizer operate the world’s largest animal health business and saw the technology and expertise of Catapult Genetics as providing the next platform for growth. During the 3 year investment period Catapult Genetics revenues grew over five times and the acquisition crystallized a significant return for shareholders. The shareholders in Catapult Genetics also included AgResearch, CSIRO, Meat & Wool NZ, Gerard Davis and Jay Hetzel.
BTF Pty LtdBTF was formed in 1999 by two scientists Graham Vesey and Mark Gauci from Macquarie University. They saw an opportunity for their technology with the Sydney Water crises in 1998. The water crises enabled them to create a company that produced reference standards for micro biology and therefore increased the precision of micro biological testing and quality control. They initially developed a product to improve the testing of water for the protozoa Cryptosporidium and Giardia (C&G) and in 2001 saw the need to raise capital to be able to expand into lucrative food and pharmaceutical markets and develop products for bacterial testing. With the assistance of Four Hats Capital (manager of Nanyang Innovation Fund), and several other investors they were able to grow their product range and expand their market until 2007 when their successful products and business strategy attracted an offer of a buy out from a French biotechnology company, BioMerieux (BMX). The takeover deal was signed at the end of August and completed on the 14 September 2007 closing the circle from inception to exit and becoming one of Australia's successful commercial outcomes from biotechnology research and early stage venture capital. AlchemiaAlchemia was established in Australia in 1995 by three scientists, Professor Peter Andrews, Dr Tracie Ramsdale and Professor Istvan Toth, who joined forces to take on the formidable challenge of unlocking the therapeutic potential of carbohydrates - one of the last remaining groups of biological macromolecules with significant untapped potential.In early 1998 it established its research laboratories in Brisbane. Between 1998 and 2003, the Company raised $26 million in venture capital funding from Australian Technology Group, Biotech Capital, Rothschild Bioscience and CM Capital. The Company also received $7 million from the Federal Government's R&D START Program. Alchemia (ASX:ACL) listed on the Australian Stock Exchange, in December 2003, raising $21 million and completed a level 1 NASDAQ registration in November 2004. http://www.alchemia.com.au CochlearAVCAL member, Advent led a syndicate of institutional investors to fund Cochlear Pty Ltd’s commercialisation into world markets for its bionic ear. Advent worked with management as it adjusted its strategy in selling a revolutionary product in changing circumstances. After achieving market leadership, it switched to a strategy of price leadership. Advent eventually negotiated the sale of Cochlear to Pacific Dunlop Limited, achieving an IRR of 34% over three and a half years.http://www.cochlear.com CompumedicsFollowing JAFCO's investment in Compumedics in 1996, the company grew quickly to expand sales of its systems for sleep disorder monitoring and analysis, general physiology and cardiology monitoring and analysis, and neurology. The company's revenue grew ninefold to $18 million and it successfully completed its public offering on the Australian Stock Exchange in December 2000.http://www.compumedics.com.au NeuromonicsNeuromonics provides healthcare professionals (ENTs and Audiologists) with the world’s most effective, clinically- validated treatment for tinnitus, or ‘ringing in the ears’. This condition has a debilitating impact on the quality of life of ½ - 1% of the population. Following successful clinical trials, in which it had success rates as high as 90%, Neuromonics Tinnitus Treatment has been released to market in Australia, New Zealand and USA, where hundreds of patients have already undertaken treatment. The treatment combines the use of a novel, patented approach to acoustic stimulation with a structured program of counseling and support by a specialist clinician. Compared with alternatives, Neuromonics’ treatment yields superior clinical outcomes, more quickly, more consistently, more efficiently, through an intervention that is both more pleasant for the tinnitus sufferer and more attractive for the healthcare professional. Neuromonics was backed by AVCAL member, Innovation Capital.http://www.neuromonics.com.au Pharmaxis Pty LtdPharmaxis develops drugs to treat and manage respiratory diseases such as asthma, cystic fibrosis and bronchiectasis. The lead technology, was developed by Dr Sandra Anderson at the Royal Prince Alfred Hospital in Sydney. Founding investor GBS Venture Partners provided support in identifying the lead technology, building the board and management team, and developing the strategy. Pharmaxis listed on the ASX, and later on NASDAQ. GBS sold its shares yielding a 17x return in october 2007.http://www.pharmaxis.com.au ResMedResMed received venture capital backing in 1993 and won AVCAL's Annual Australian Venture Capital Award for Best Expansion Stage in 1997. ResMed is now a world-leading medical technology company and is listed on the ASX and New York Stock Exchange.
Information and Communications Technology
Micro Forte Pty Ltd (trading as BigWorld)
NextGen Gamin Pty Ltd Cap-XXCAP-XX Inc. develops and manufactures high surface area, thin film capacitors known as supercapacitors. These high-power energy storage devices enable manufacturers to make smaller, thinner and longer-running products such as cell phones, PDAs, medical devices, AMRs and power tools. The private company has its main operational base in Sydney, Australia, and sales offices in South Carolina and Texas, USA and Taipei, Taiwan. CAP-XX was backed by AVCAL members Technology Venture Partners and Starfish Ventures.http://www.cap-xx.com Classic SolutionsClassic Solutions is an Australian technology company that produces the sophisticated MoSes financial modelling software tool. Technology Venture Partners backed Classic Solutions and eventually sold its interest in the company to leading actuarial firm Tillinghast-Towers Perrin in one of the toughest environments ever for high tech investors.http://www.cs.com.au Datacraft LimitedDatacraft Limited received $3.5 million in venture capital from Australian Mezzanine Investments in 1989 and returned more than $30 million to its investors over a seven-year period. The company was one of the first to specialise in systems integration, designing and implementing communications networks for large corporations. In 1998, Datacraft was sold to global IT services company Dimension Data for $330 million.http://www.didata.com/ IntellectionIntellection provides software, hardware and services to the Mining, Oil & Gas and Coal sectors for analysing and quantitatively profiling the make-up and mineral characteristics of geological structures based on microscopic sampling.http://www.intellection.com.au LookSmartLookSmart received $5.4 million in 1997 from Australian Mezzanine Investments through AMWIN, its partnership fund with the Walden International Investment Group and the Australian Government. Two years later, at the end of its debut trading on NASDAQ in August 1999, the Internet media company was valued at $2.5 billion - the highest IPO capitalisation of a technology company in Australian history. By October 1999, it was valued at $5 billion, returning $279 million to its investors in less than 24 months.http://www.looksmart.com Netmap AnalyticsNetmap Analytics was founded by scientist Dr John Galloway with $1 million from an Australian venture capital firm. His data analysis software, considered ahead of its time when it was first commercialised, is now used by Australian and international insurance and retail companies, government agencies, immigration authorities, intelligence groups and crime units.http://www.noie.gov.au/projects/casestudies/ict/netmap.htm Peregrine SemiconductorPeregrine Semiconductor designs, manufactures, and markets high-speed communications integrated circuits for the wireless, satellite and broadband cable communications markets. Peregrine's product family is based on its patented Ultra Thin Silicon (UTSi) CMOS wafer fabrication process. The company is headquartered in San Diego, CA with an advanced wafer fabrication facility in Sydney, Australia and multiple design centers in the US and Europe.http://www.peregrine-semi.com SeekSeek was backed by a number of AVCAL members, CHAMP Ventures, the Macquarie Technology Fund and Gresham AMCF. These investors were there on day one – back in 1999, well before any of Seek's big name investors. They provided extensive strategic input to the company, including active participation in market analysis, fund raising and exit planning, as well as assistance in budgeting, cost control and project selection.http://www.seek.com.au Tower TechnologyTower Technology received $2 million in government grants and venture capital from Advent Management Group in 1987. Today the company is the dominant vendor in the development and deployment of software to capture, store, retrieve and process business-critical information. It generates $100 million in annual revenue, with 75 per cent coming from outside Australia.http://www.iim.org.au/national/html/towertechnology.cfm Wedgetail CommunicationsWedgetail Communications is a provider of identity management and user authentication systems for Unix, Linux, and Java environments leveraging Microsoft infrastructure. It was spun out of the QLD-based DSTC Cooperative Research Center. Two venture capital firms, Uniseed Capital and Allen & Buckeridge, executed the spin out process from the university and provided significant operational guidance to the management team. They also helped the company negotiate a commercial and investment agreement with Microsoft. The business was sold in a US trade sale in July.http://www.vintela.com/company/wt_wedgetail.php Industrial
Energy Developments LimitedEnergy Developments Limited (EDL) received its first round of venture capital in 1991 when it owned a single 16MW power station just north of Alice Springs. EDL is now listed on the ASX with a market capitalisation of $1 billion and owns power generation and waste-to-energy plants.http://www.energydevelopments.com Gale PacificGale Pacific is a leading manufacturer of advanced polymer fabrics. Gale Pacific represents a classic expansion deal with revenue doubling over the life of the investment due to acquisition and new product development. AVCAL members, Advent & Nanyang participated in a $5m equity raising which was used to pursue a more aggressive strategy acquiring a key competitor, expanding into the United Arab Emirates and appointing a Middle Eastern Regional GM. The new CEO actively pushed innovation through new product & market development. Subsequent to an IPO, Gale Pacific was capitalised at over $100m.http://www.galepacific.com Gekko SystemsGekko Systems is a specialist in the design, manufacture & installation of innovative gravity separation technologies for mineral processing. Gekko shook up a 100 year old process by technical innovation & a fresh approach to a very traditional industry. CTO, Sandy Gray, is recognised as one of the most successful alluvial miners in Australia. Gekko's technology results in increased recoveries (doubling in some instances), cost & environmental benefits and lower infrastructure requirements - a compelling proposition. Gekko applies a collaborative approach working closely with major companies on continued innovation. During the period of VC involvement revenue grew 14-fold from $0.6m to $8m with installations in 21 countries throughout the world. The VC funding enabled Gekko to do further product development, upgrade manufacturing and create a well-known brand.http://www.gekkos.com.au GeodynamicsGeodynamics is a specialist in the generation of electricity using heat from deep under the ground, rather than burning coal, to drive turbine generators. CVC REEF, a venture capitalist, participated in each funding round until reaching the government-imposed limited of $3M. From the outset CVC REEF was heavily involved in their investment at Board level and contributed strongly to Geodynamics' success.http://www.geodynamics.com.au/IRM/content Financial
Trinity Funds ManagementNBC Capital backed Trinity Funds Management and concentrated on improving the internal business processes. They also helped promote the business to asset consultants and superannuation fund investors. Finally they drove a very successful IPO process. FUM grew to $270 million immediately after the IPO.http://www.trinityfunds.com.au |
