BFTP/SEP Approves Investments for Nine Early-Stage Companies
Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) recently approved investments totaling $1,800,000 for nine early-stage Pennsylvania companies with promising technology innovations.
Advanced Mobile Solutions
Wayne, Delaware County
Approved investment: $125,000 (BFTP previously invested $125,000)
Founded in 2006, Advanced Mobile Solutions (AMS) creates applications that allow consumers to receive information on rental listings, cars for sale, and more via their mobile and smart phones.
One of the most popular applications, Cars2Go provides auto dealers, dealer groups and OEMs with a powerful suite of text message and mobile web tools designed to engage consumers and help dealers sell more vehicles. Also, the Homes2Go application delivers robust, intuitive search of resale homes listings on virtually every type of mobile browser. AMS is looking to develop new mobile device applications, and expand its number of employees.
The company is led by Bret Dunlap, CEO; Eric Deininger, COO; and Paul Hehn, CFO. Bret Dunlap previously co-founded Advanced Telecom Services, Inc. (ATS), a successful interactive voice response company specializing in 800 and 900 services. ATS sales peaked a $61 million in 2001.
Click Equations, Inc.
Conshohocken, Montgomery County
Approved investment: $50,000 (BFTP previously invested $250,000)
ClickEquations creates software to help businesses manage and improve their paid search advertising campaigns—when a business pays a search engine to have its Web site show near the top on its result pages when users type certain keywords.
Designed for large advertisers and agencies, ClickEquations has a unique three-prong system of managing, bidding and reporting to save users time and money. The company’s extensive reporting includes information on what searchers typed when they found the business’ listing, how much profit the business is making on each keyword, and recommendations on improving results and maximizing profit.
ClickEquations is run by Lucinda Holt, CEO, and Craig Danuloff, Founder & President. Craig Danuloff was previously President and COO of eColony, an early stage venture fund formed by Internet Capital Group. Lucinda Holt has led and/or been a Board member of a number of successful companies, including several supported by Ben Franklin. One of those companies, TurnTide, an anti-spam technology company, was acquired by Symantec for $28 million.
Document Depository Corporation
Philadelphia, Philadelphia County
Approved investment: $100,000
The founders of Document Depository Corporation (DDC) created its web-based applications to help companies more safely and easily handle their financial and legal documents and share them with Board members and investors. The technology reduces the need for insecure email folders and paper-based systems, and gives users full disaster recovery protection. They also have a product that allows investors to see documents of multiple companies in one portal to simplify portfolio tracking.
Currently, DDC is launching two products—Contract Tracker, which stores contracts that were signed across multiple locations in a single location without fear of misplacement, missed renewal dates or missed conversion dates; and Virtual Data Room, which enables users to securely manage and share documents with strict control over other users’ actions, restricting the flow of information.
DDC is led by Farid Naib, Founder & CEO; Cristina Martin Greysman, Director of Business Development; and Rebecca Holloway, Director of Marketing.
First Flavor, Inc.
Bala Cynwyd, Montgomery County
Approved investment: $100,000 (BFTP previously invested $250,000)
Inspired by the 1971 movie Willy Wonka and the Chocolate Factory, First Flavor’s premier product, Peel ‘n Taste, uses an edible film technology (similar to breath-freshening strips) to deliver tastes to consumers.
Due to Peel ‘n Taste’s success as an easy, safe and fun marketing tool, First Flavor will help companies avoid the hassles and expense of product sampling events and other promotional campaigns.
The company is led by Jay Minkoff, President & CEO; and Bruce Coonan, Vice President of Sales. Jay Minkoff previously founded the successful Home Marketing Solutions, which co-created the HomeBuilder.com national new home listing site.
Molecular Detection, Inc.
Wayne, Delaware County
Approved investment: $250,000 (BFTP previously invested $500,000)
Molecular Detection Inc. (MDI) is a molecular diagnostics company that develops and markets innovative products to provide accurate, rapid and cost-effective detection of infectious diseases.
MDI’s first product is Detect-Ready ™ MRSA, a screening test that can detect MRSA (Staphylococcus aureus infections that are resistant to most antibiotics) in less than three hours. MRSA is a growing problem worldwide, causing potentially lethal infections and increasing healthcare costs. It is a particular problem for hospitals and proactive MRSA screening programs are increasingly being implemented to prevent its spread. Detect-Ready™ MRSA has been successfully launched in six countries in Europe and approval for marketing in the U.S. is expected in 2011.
MDI is led by Todd Wallach, Chairman and CEO, and Aryeh Gassel, Ph.D., Founder and President. Previously Todd Wallach was Chief Financial Officer at Aton Pharma, where his team increased the company’s worldwide product sales from $10 million to $40 million. He also was a member of the founding management team at Acuity Pharmaceuticals, a Philadelphia-based ophthalmic company that was acquired by OPKO Health.
Real Time Tomography, LLC
Villanova, Montgomery County
Approved investment: $275,000 (BFTP previously invested $150,000)
Real Time Tomography develops state-of-the-art image processing and image reconstruction solutions for the next generation of 2D and 3D medical imaging systems. Real Time’s software imaging products are cost-effective and provide efficient solutions for manufacturers of medical imaging systems. These solutions can easily be adapted to optimize new and existing systems, accelerating manufacturers’ products time to market.
Real Time is led by Susan Ng, President and CEO, and Peter Ringer, CTO.
Snipi, Inc.
Philadelphia, Philadelphia County
Approved investment: $150,000 (BFTP previously invested $125,000)
Snipi has created a social media platform that is poised to become the way that people collect, organize, share, and collaborate on their interests via web content.
Snipi’s tools—including browser toolbars and an iPhone application—allow users to easily capture products, photos, videos and other content off any Web site, and share it via sites like Facebook and Twitter. Snipi’s users can also start Streams, which let others contribute their “snips” to a conversation topic.
The company’s new product is Sidecar, an application which retail Web sites can add to allow customers to easily save and access their favorite products, and receive personal recommendations, deals, and product alerts. Sidecar then provides the retailer with details about their audience and potential customers.
The company’s founder and CEO is Andre Golsorkhi.
SRS Energy
Philadelphia, Philadelphia County
Approved investment: $250,000
SRS Energy develops and manufactures integrated photovoltaic (solar-powered) roofing tiles, which in addition to being capable of integrating with traditional roofing products in a new roof, can be retrofitted into an existing roof. The unique tiles can capture and convert sunlight into electricity just like traditional solar panels, but without compromising aesthetics.
SRS Energy is led by JD Albert, CEO, and Michael McCaffrey, CFO. JD Albert previously co-founded E Ink Corporation, which developed the display technology for the Amazon Kindle.
Topaz Pharmaceuticals, Inc.
Horsham, Montgomery County
Approved investment: $500,000 (BFTP previously invested $250,000)
Topaz Pharmaceuticals’ goal is to make a lasting impact on public health by developing innovative treatments for head lice. It is estimated that about 6-12 million cases of head lice occur in the United States each year, primarily in school aged children that may lead to social ostracism, cause parental anxiety and act as a source of economic loss through missed school days and caregiver time off work. Despite parents’ best efforts to get rid of lice, current treatments are often ineffective, and safety and convenience issues have been associated with the available prescription treatments.
Topaz has formulated a novel, consumer friendly topical cream using ivermectin that shows promise in treatment of head lice infestations. The company has conducted numerous clinical studies and is seeking FDA approval for the product to treat patients 6 months and older.
Topaz is led by Thomas Beck, MD, CEO & Chief Medical Officer. Dr. Beck was previously President and Chief Operating Officer at Dyax Corp. The company executives are Lisa DeLuca, Ph.D., Vice President of Regulatory Affairs; Reid McCarthy, Vice President of Finance and CFO; Bill Ryan, BVSc, Vice President of Clinical and Medical Affairs; and Bob Verdugo, Vice President of Planning.
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