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“Investing in Knowledge”
October 2007
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
1
Imprimatur Capital – Who We Are
Imprimatur is an international, operational,
principal investment business focussing on the
emerging asset class of IP Equity and founded
on long-term relationships with key universities
and research institutes worldwide.
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
2
The Business Model
• Long-term partnerships with top universities and research institutes;
• Disciplined market driven technology focus;
• International perspective and resources;
• A recognition that capital, in and of itself, is not a determinant of
success;
• Strong operational team and Industry / Scientific Advisory Group who
work closely with our partners and portfolio companies;
• Targeting a broad range of key technologies;
• A dynamic network used to identify technology and market gaps;
• Working with key regional and national stakeholders for mutual benefit.
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
3
Imprimatur’s Position in the
Commercialisation Cycle
Imprimatur Capital
Angel/Seed Investors
Series “A” VC
IP/Prototype?
Applications vs.
Markets
Finished Products
Identified Markets
No:
Customers
Revenues
Management
Plans
Lead/Co-Investor
Still Required
Customers
Growing Revenues
Management Team
“IC First Look
Option Period”
3 mos
6 mos
9 mos
1 yr
University TTO Process:
IP Protection; Consider Applications; Opportunity
Summary; Obtain Academic Buy-In; Complete
Internal Admin; Prepare Outline Plan for Investors.
TTO Ready to Involve External Partners
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
4
Investment Process
Pipeline
Technical
Analysis
Tech
Transfer
In-House
Team
Transaction
Management
External
Advisors
Portfolio
Management
Human
Capital
Transaction
Management
Revenue
Recognition
Capital
Markets
Investment Committee
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
5
International Network
- office locations
- partnerships in development
- proposed office locations
- existing partnerships
Private &&Confidential
Private
Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
6
International Network
- office locations
- partnerships in development
- proposed office locations
- existing partnerships
Private &&Confidential
Private
Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
7
International Network
- office locations
- partnerships in development
- proposed office locations
- existing partnerships
Private &&Confidential
Private
Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
8
Russian Team
International Network
Toby Moore –Director Baltic Seas
Janis Janevics – Associate Director
Gala Shaposhnikova – Consultant Tomsk
Alex Kvashnin – Consultant Novosibirsk
Technical & Market Assessment Experts
Ben Ferrari –Managing Director
Steve Hughes – Associate Director Technology Transfer
Juan Matthews - Associate Director Technology Transfer
Tanya Mackenzie - Associate
Private &&Confidential
Private
Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
9
Focus on High Growth Technology Sectors
• Information and Communication Technology;
• Nanotechnology/MEMs;
• New Energy;
• Materials Science;
• Optics and Photonics;
• Security and Defence;
• Biosciences.
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
10
The “House” Views
• Imprimatur researches investment themes within target sectors to
identify technology gaps;
• Input from Imprimatur’s prestigious Industry and Scientific
Advisory Groups;
• Proprietary “House View” on each sector;
• Imprimatur targets IP from across its university network;
• Creating valuable solutions, fulfilling real commercial needs.
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
11
Assessment Outcome
Not for us
Licensing
Innovation
Assessment
Proof of concept
Start-up
Proof of concept: Imprimatur funds proof of concepts when we believe there
is potential but there are one or more technical milestones to be achieved
Licensing: Imprimatur has created specialized IP licensing vehicles in areas
such as Security (OrbisIP) and Communications Technologies (ICIPR).
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
12
Broad criteria considered for a start-up
• Inventor(s) enthusiastic about commercialization
• Degree of novelty
• Protectable intellectual property
• Technical feasibility
• Visible route-to-market
• Growth potential
• Size of the potential market
• Potential for attracting follow-on investors
• Imprimatur’s ability to add value beyond “just money”
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
13
Current Portfolio
INFORMATION AND
COMMUNICATION
TECHNOLOGY
• Superstructure
(unstructured data mining tool)
• Mobile Acuity
(mobile image recognition tech)
• Layered Sound
(sound tech)
• ICIPR
(communications)
• Fubat
(mobile gaming)
• Clusterpoint
(mobile search tech)
• Leximancer
(unstructured data analysis)
• Manbujia
(wireless infrastructure and services)
Private & Confidential
NANOTECHNOLOGY
/MEMs
• Quantum Precision
(nano-measurement devices)
NEW ENERGY
• SAFC
(solid oxide fuel cell)
• Quicksilver
(biodiesel production tech)
BIOSCIENCES
• Vittamed
(non-invasive medical devices)
• Colisa
(cuffless blood pressure monitor)
• BigDNA
(phage vaccine platform)
SECURITY AND
DEFENCE
• InfoGov
(compliance, information
security)
• OrbisIP
(security)
The companies in our Current Portfolio are
actively supported by the BDMs, Regional
Managers and by our Scientific and Industry
Advisors
 2007 Imprimatur Capital Limited
www.impcap.com
14
Current Activity – Pipeline
Strong pipeline across all territories and sectors including:
• Functional foods – anti-obesity (UK & Spain)
• Biodiesel production (Ukraine)
• Point of care diagnostics (Hong Kong)
• Blood glucose measurement (UK)
• Quantum cryptography (Australia)
• Third generation solar power (Sweden)
• Wireless security (Russia)
• Nano-technology (Singapore & Ukraine)
• Mobile Gaming (UK)
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
15
Case Study 1
2003
2004
2005
Mobile Acuity
POC development
Founders
develop
concept
Business
Plan
Completed
2007
2006
Competing
offers from
investors
First
Product
ready
Imprimatur
investment
completed
Engagement of
VC community
First
significant
sale
Due Diligence and
support with
business plan development
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
16
MOBILE
VISUAL RECOGNITION
TECHNOLOGY
AND PLATFORM
First application is in mobile marketing
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
17
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
18
Why did we invest in Mobile Acuity?
• Inventor(s) enthusiastic about commercialization
• Current managing director was the inventor
• Degree of novelty
• High in the application domain and overall vision
• Protectable intellectual property
• A patent licensed from the university
• Technical feasibility
• A demo was available at the time of investment
• Route-to-market feasibility
• A ideal application in the mobile market was identified and
pursued successfully
• Growth potential
• Huge, as it is starting from zero
• Size of the potential market
• Every mobile phone use is a potential customer
• Potential for attracting follow-on investors
• The mobile platform and application space is very hot
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
19
Russian Investment
• Early stage start-up working in the area of mobile/compact
power generation systems based on novel ferroelectric
materials.
• Based in Novosibirsk – strong reputation of team and
supporting institutes.
• Imprimatur providing ‘matched’ investment with FASIE
funding.
• Patents in place PCT – scope for further IP.
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
20
Conclusion
• Growing international momentum in commercialization of
University IP
• Imprimatur leading the development in this field
• Imprimatur’s core model based around:
– Working with key Stakeholders
– Alignment of interests with institutes and academic
founders
– Extensive scientific, geographic and commercial
network
– Provision of essential support services as well as cash
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
21
“Investing in Knowledge”
Private & Confidential
 2007 Imprimatur Capital Limited
www.impcap.com
22