It is coming up October 11 & 12 at Heinz Field. You can use this link to follow 3RVF for event updates along with interesting articles for entrepreneurs and investors.
210 Ohio companies received $470M of investment in 2016. We financed RevLocal, 7SIGNAL, and enosiX investing over $5M. Please check out the @VentureOhio VentureReport https://goo.gl/tgUlbR
Russell Wangler joined 7SIGNAL last month and is tasked with leading 7SIGNAL’s SaaS platform expansion to accommodate its rapid growth. The appointment places a 20 year software leader and architect at the helm of its cloud based Wi-Fi performance management platform. Wangler spent ten years at Accenture in various consultant roles before taking on Director level roles in Application Delivery and Process Management at Nationwide Insurance. Wangler then progressed to The Gap where he directed Technical Management across multiple campuses. He was responsible for delivering on multi-million dollar software projects, and developed a center of software competency by instituting Lean and Agile practices to improve organizational agility. For the full 7SIGNAL release, please visit http://7signal.com/news/7signal-names-software-veteran-russell-wangler-as-cto/.
Mutual Capital Partners Fund I portfolio company, TGX Medical Systems, was purchased by Integra LifeSciences in April 2017. We are pleased with the return representing 2.5x our invested capital. The entire TGX management team has accepted positions with the buyer and we wish them nothing but continued success going forward. TGX designs, develops and markets software solutions for medical asset management and tracking. These web-based systems work with specialized hardware supplied by major integrators & are used in small, medium, and large-sized hospitals and medical facilities. TGX systems are distinguished by their sophisticated interfaces, scalability, and ease of modification.
For the past 18 months, we’ve been assisting TeamNEO and JobsOH in the exploration and ultimate creation of a fintech accelerator (Fintech71). We will continue assisting Fintech71 as mentors to the accelerators selected companies.
For more information on Fintech71 please see http://www.marketwired.com/press-release/a-new-fintech-accelerator-emerges-backed-by-ohio-industry-giants-2211828.htm.
Thank you to our existing and new investors for continuing to support Mutual Capital Partners. Our goal was to raise $40 million for fund three and we have closed on $43 million. Over the next 4-5 years, we will invest in 10 or so companies in the business to business software and medical device sectors. Please contact us with any questions and we appreciate all investment opportunity introductions.
The Cleveland Technology Awards Luncheon presented by Smart Business Magazine recognizes companies in Northeast Ohio that demonstrate innovative business practices to remain on the cutting edge of technology. Last week 7signal CEO Tom Barrett accepted the award at an awards luncheon in downtown Cleveland.
“I’m proud and honored to accept this award on behalf of 7signal,” stated Barrett. “Receiving this is a reflection on the hard work our entire team has put into delivering great products that help companies manage their Wi-Fi networks everywhere.”
For more information on the awards, please visit http://www.sbnonline.com/article/cleveland-technology-awards-2017/
Cleveland HeartLab (CHL), the premier cardiovascular disease (CVD) management company, recently announced that a new patent for Myeloperoxidase (MPO) testing has been issued. CHL is the exclusive license holder for MPO testing, which is covered by a number of patents including this newly issued patent. Originally discovered and developed at the Cleveland Clinic, MPO testing has been recognized in over 100 peer-reviewed publications as a key measure of vascular inflammation. This new patent will add to the company’s already existing portfolio of intellectual property rights, which include 24 issued patents and an additional 17 pending patent applications. “This latest patent increases our intellectual property portfolio and further demonstrates CHL’s leadership in bringing valuable and innovative tests to market,” said Jake Orville, President and CEO.
According to the U.S. Department of Health and Human Services, Americans suffer 1.5 million heart attacks and strokes each year. CVD—including heart disease and stroke—is the leading cause of death in the U.S. Every day, 2,200 people die from CVD—that’s nearly 800,000 Americans each year, or 1 in every 3 deaths. According to the American Heart Association, half of those who suffer heart attacks and strokes have “normal” cholesterol levels, so tools such as MPO testing are desperately needed to improve our ability to assess CVD risk in patients whose risk is not revealed by cholesterol testing alone. The U.S. spends approximately $4 trillion on healthcare annually, one-sixth of which is spent treating CVD, according to the Centers for Disease Control and Prevention. A recent publication in the Journal of Medical Economics demonstrated the use of MPO testing in combination with standard lipid testing could reduce heart attacks and strokes by approximately 10% compared to traditional cholesterol testing alone, not only saving lives but also hundreds of millions of healthcare dollars.
RevLocal earned the number one spot on FranchiseRankings.com’s top 10 Best Franchise Web Marketing Suppliers list. FranchiseRankings.com is an independent guide that ranks franchises as well as businesses that provide franchise marketing services. To earn this ranking, businesses were evaluated on balance of strategy and methodology as well as criteria such as needs analysis, reporting methods, on-page optimization and more.
According to Jeev Trika, representative of FranchiseRankings.com, “RevLocal runs a very strong franchise focused optimization department. We have evaluated more than 50 companies, and RevLocal’s services are highly customized to franchises that want to surpass the competition,” Trika said.
RevLocal President Aaron Boggs said that RevLocal earned the top ranking on this list because of its brand-compliant franchise marketing practices. “It’s exciting to help accelerate franchise brands with an online marketing solution that works. We are helping solve a problem that faces a majority of the ‘zors and ‘zees we talk to. What RevLocal does is grow the Franchise brand, implement the marketing strategy and ensure brand compliance at the local level. Our customers love us because we actually provide a real relationship with every local ‘zee individually,” Boggs said.
We are pleased that Eric Timko has joined OrthAlign as CEO. Through our good friend Craig Markovitz in Pittsburgh, we were able to meet Eric last year and recruited him to the OrthAlign board. Eric and Craig were together at Blue Belt Technologies as the CEO and Co-Founder, respectively. Blue Belt Technologies was acquired by Smith & Nephew in 2015 for $275M on a $19M historical revenue base. Let’s hope that Eric can continue the orthopedic alignment magic at OrthAlign. For more information please visit http://www.orthalign.com/orthalign-inc-appoints-eric-b-timko-as-new-chief-executive-officer-and-chairman-of-the-board/.