Success Stories
"Our success is counted in the success of the companies we help. We can’t spend it but it feels good."
-Bernard Rudnick, Founding Member, MADV
Since the founding of MADV's predecessor, Diamond State Ventures,
companies that have participated in venture forums have received well
over $15 million in aggregated funding, including companies such as Capital
Genomix, CA Technology, TMX Interactive, Ensured Mail, Pharmaseq, Protedyne,
Sunyata, Collages.net, Gene Network Sciences, Advanced Materials Design,
lOTS, Vemics, Advanced Logic Systems, and Dot Photo among others.
May 2008
CoreDial Accepts Funding From Ben Franklin Technology Partners Of Southeastern Pennsylvania
Plymouth Meeting, PA, May 22, 2008 – CoreDial, LLC, the regions premier provider of Hosted PBX and VoIP services for small to mid-sized businesses in the Mid-Atlantic and other US regions, today announced the company has accepted funding from Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP). Funds will be used for internal projects related to the company's technologies and infrastructure improvements, and to create new high-technology jobs in Pennsylvania.
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OCTOBER 2007
VoIP Provider, Coredial, receives funding for growth
CoreDial is a leading Mid-Atlantic provider of Voice-over-Internet-Protocol (VoIP) and Hosted PBX phone systems for emerging growth and mid-sized businesses in the United States. CoreDial's technology delivers business-quality communications and an impressive feature set, while eliminating the need to purchase expensive phone system hardware and software. The platform offers ease of use, better scalability and business continuity options compared to customer-premise-based phone systems. The company, based out of Plymouth Meeting, received a $250,000 investment from Ben Franklin Technology Partners.
AUGUST 2007
Seed Money Helps Grow Delaware Tech Company
Delaware’s Economic Development Office recently awarded invested in a company that provides GPS-like accuracy indoors. Sky-Trax received a seed loan of $50,000 to fund production of its Sky-I sensors, in addition to a strategic fund loan of the same amount to launch the vehicle tracking software. The company will create 39 new jobs by the end of 2009 and generate approximately $5 million for Delaware’s economy.
October 2006
Immunotope Receives Funding for a Prostate Cancer Test
Immunotope was awarded a Phase II SBIR contract from the U.S. Army to develop an autoantibody-based early-stage diagnostic test for prostate cancer. The two-year, $780,000 award will fund the development of a noninvasive, highly sensitive, and selective blood test.
"Our test is based on the detection of autoantibodies, an immune response that is stimulated by the earliest presence of cancer in the patient's body that does not occur in healthy individuals," explains " Ramila Philip, president and CSO. "We have identified prostate cancer-specific autoantibody signatures, which are biomarkers that we are using to create an accurate and sensitive blood test to diagnose the presence of prostate cancer long before it can be detected by current methods."
Immunotope reports that its test will be fully compatible with commercial clinical diagnostic formats and ready for large-scale clinical testing as part of the FDA 510K marketability approval process at the end of the Phase II program.
July 2006
Ben Franklin Technology Partners Invests in Immunotope and Academy One
Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has seeded eight dynamic emerging companies that are well-positioned to grow their enterprises and the Commonwealth's economy. Immunotope, Inc. of Bucks County received a $350,000 investment. Immunotope is an antigen discovery company focused on research and development through early-stage clinical trials.
AcademyOne, Inc. of Chester County received $500,000. AcademyOne was formed in 2005 to provide postsecondary institutions and their students an international clearinghouse supporting academic credit mobility by streamlining transfer, enrollment, recruiting and advising across institutional boundaries.
June 2006
New Jersey's Third Largest Law Firm Invests in Vemics, Inc
Highly Beneficial Customer Experience Leads to Investor Relationship for Vemics. RIVER EDGE, NJ -- (MARKET WIRE) -- 06/07/2006 -- Vemics (PINKSHEETS: VMCI), a leading provider of hosted, real-time conferencing and collaboration applications, announced today an expanded relationship with McElroy, Deutsch, Mulvaney & Carpenter (MDM&C), New Jersey's third largest law firm.
Japanese Firm invests in Dynamis Therapeutics
Dynamis Therapeutics Inc., a start-up spun off from technology developed at Fox Chase Cancer Center in Northeast Philadelphia, announced that Rohto Pharmaceutical Co. Ltd., Osaka, Japan, invested $2.2 million, and now owns 10 percent of Dynamis' stock. In addition, Rohto prepaid a $200,000 royalty to exclusively market Dynamis' anti-aging cream, called Meg-21, in Japan, said Dynamis CEO Annette Tobia. The technology underlying the cream was developed at Fox Chase.
May 2006
Vemics Closes Million Dollar Bridge Financing Round
RIVER EDGE, NJ -- (MARKET WIRE) -- 05/30/2006 -- Vemics, Inc. (PINKSHEETS: VMCI), a leading provider of hosted, real-time conferencing and collaboration applications, has announced the completion of $1 million in bridge financing authorized by its Board of Directors in November, 2005.
Debt in the amount of $500,000 was raised and the additional $500,000 was raised as straight equity at $1 per share which also included a $1.50 warrant per share purchased. "Closing our bridge financing is continued confirmation of market interest in Vemics' unique product and service offerings," said Vemics president and CEO, Fred Zolla. "We are very pleased with the sustained influx of private capital which we are using to build out our technical infrastructure, increase marketing and hire additional sales and support staff. We believe completion of the current round will move Vemics to its next level of growth," Zolla added.
RCD Technology Introduces RCDSecure - Revolutionizes RFID Tag Security
RCD Technology Corporation announced the availability of RCDSecure, a solution designed to address authenticity and security challenges for organizations utilizing RFID labels. RCD's proprietary solution effectively deactivates any RFID tag when an attempt is made to remove the label, positioning the product as an innovative solution for addressing issues such as counterfeiting and authenticity verification.
dotPhoto Receives $3.5 in Second Round Investment from Edison Venture Fund and Sycamore Ventures
West Trenton, N.J.—May 5, 2006— dotPhoto, a leading provider of photo, video, and multimedia sharing and storage applications and services for wireless and online users, announced the closing of a $3.5 million second round equity commitment from Edison Venture Fund and Sycamore Ventures. This brings the cumulative investment from the two investors to $7.5 million.
Custom RFID Tag Manufacturer Gets $2 Million
Wednesday May 31st, 2006
Last week RCD Technology announced series A funding in the amount of $2 million from NextStage Capital, Zon Capital, and Ben Franklin Technology Partners. RFID Update spoke with CEO Jeff White about the funding and RCD Technology's strategy within the RFID market.
February 2006
Grant Awarded to C-PERL for Research on Next-Generation Small Pox Vaccine.
Savage, Maryland - Chesapeake PERL, Inc. (C-PERL) a privately funded biotechnology company located in Savage, Maryland, announced today that it was awarded approximately $3 million from the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), in the Department of Health and Human Services, to develop a smallpox vaccine based on recombinant proteins from vaccinia to be produced in C-PERL’s proprietary protein expression system in whole larvae.
August 2005
Protez Pharmaceuticals Raises $15 million
Malvern, PA - Protez Pharmaceuticals is developing antibiotics to treat drug-resistant and life-threatening infections. Protez says it will use the financing for its lead compound, SMP-601, a potent injectable antibiotic to fight infections in hospital patients.
July 2005
CerionX Considers Up to $5 million Series B
Pennsauken, NJ - Set to begin shipping its first products in summer 2005, CerionX will likely pursue a $3-$5 million Series B round to close around the end of 2005. The Pennsauken-based company has developed a pipette tip cleaning technology for use by pharmaceutical and biotechnology researchers. CerionX was formerly named Microplate Automation.
June 2005
Preclick Raises $550K Series A-1
Atlantic Highlands, NJ - SJF Ventures has invested $550,000 in Preclick, a media software company specializing in the digital photography market. Preclick is partnering with Hewlett-Packard to deliver a suite of compact, superior product offerings for organizing, sharing, and printing digital photographs. The company plans to open a New York City area office in the 3rd quarter of 2005 to support its rapid growth.
August 2004
Dynamis Therapeutics Awarded $1 Million Government Grant to Identify Drug to Treat Diabetic Complications
Elkins Park, PA. - Dynamis Therapeutics was awarded a Phase 2 Small Business Innovation Research (SBIR) grant from the NIH for high throughput screening for Amadorase Inhibitors. This fully funded award will be used to support the discovery of novel, drug-like small molecules to control the development of kidney disease, blindness, and heart disease associated with diabetes.
May 2004
InMat Gets $1 Million
Hillsborough, N.J. - InMat, Inc., developer of nanocomposite barriers coating technology, has secured $1 million in its current funding participated by NJTC Venture Fund. Proceeds will be used in development.
March 2004
Aereon Solutions Receives $2.2M Angel Funding
Princeton, N.J. - Aereon Solutions, a start-up company providing field service automation platforms for equipment and site-based service businesses, received $2.2M in funding from multiple sources, including Robin Hood Ventures, Tri-State Private Investors Network, and Intel Capital Corporation’s private equity financing group.
October 2003
Broadcast Tech Firm AudioAudit Gets $9 Million
Paramus, N.J. - AudioAudit, provider of patented broadcast verification technology products for the advertising, cable and broadcast industries, has received $9 million in Series A financed. Lead investor Polaris Venture Partners was joined by Ridgewood Capital and other private investors. The company plans to use the investment to expand its national electronic broadcast detection network. strengthen marketing/business development activities, and support further development of its advertising verification and productivity-enhancement products.
August 2003
PharmaSeq Receives Prestigious Government Grant
Monmouth Junction, N.J. - PharmaSeq, Inc. announced today that it has received an SBIR Phase I grant from the Institute of Allergy and Infectious Diseases of the National Institute of Health. The grant will fund a project entitled "Cystic fibrosis mutation screening test" for the development of ethnic group-specific diagnoses of cystic fibrosis.
May 2002
Dionex Makes Equity Investment in PharmaSeq
Sunnyvale, C.A. and Monmouth Junction, N.J. - Dionex Corporation and PharmaSeq announced to signing of a cooperative agreement under which Dionex will make an investment of $3 million in PharmaSeq. This agreement provides Dionex with certain right s to negotiate access to PharmaSeq's technology
October 2000
Collages.net Closes $1.6 Million Round of Financing
New York, N.J. - Collages.net, the professional event photographers'' Internet partner, announced today that it had closed an initial $1.6 million Series A round of financing from the B2B-Hive and private investors. Kevin Casey, CEO of Collages.net said, "To get funding now, at a time when so many Internet startups are experiencing difficulty, is an indication to us that our business model is particularly sound."
January 2000
Advanced Logic Systems included in $1.4 Billion GSA General Telecommunications Contract
Washington, D.C. - The General Services Administration (GSA) today awarded...the aggressively pursued and log-anticipated Washington Interagency Telecommunications System (WITS2001). This single-award contract will provide a broad array of telecommunications services to customers in the Nation Capital Region (NCR) and is valued at up to $1.4 billion over a term of four years, plus four one-year options.