Venture Incite raises operating capital, promotes Ewing
(EDITOR’S NOTE: The following news release was provided by Venture Incite, Inc.)
OAK RIDGE, Tenn.; May 4, 2012 – Venture Incite, Inc., a technology transfer and commercialization firm with offices in Oak Ridge and Nashville, has completed a Series “A” venture capital private offering, raising $875,000 operating capital from a syndicate of Tennessee investment companies that specialize in seed- and early-stage funding. Venture Incite was founded in 2010 following the Tennessee Investment Company (TNInvestco) legislation to create technology start-up companies that can draw talented employees and investor capital to Tennessee. Nashville-based Solidus-TNInvestco led the Series “A” syndicate that also included Relevance Capital’s NEST-TN TNInvestco fund based in Tullahoma, the Tennessee Center for Research and Development (TCRD) in Knoxville, and included co-investment funds from the Tennessee Technology Development Corporation (TTDC) under the State’s innovative new INCITE venture capital program.
Concomitant to closing the Series “A” offering, the Board of Directors for Venture Incite has named Scott A. Ewing the firm’s President and Chief Executive Officer (CEO). Mr. Ewing, who helped start Venture Incite (VI) and presently holds the title of Managing Director, will assume overall responsibility for the firm’s business as Vic Gatto, Partner in Solidus Company and current President of Venture Incite, takes on the role of VI’s Chairman of the Board. Tech 20/20, a Regional Venture Development Organization active in entrepreneurial start-up programs throughout the Tennessee Valley Corridor, also participated in founding VI and remains closely involved with Venture Incite operations.
“Completing a Series “A” round, on schedule and at our funding goal, demonstrates that Venture Incite has matured beyond its being a novelty, and is now firmly established as an integral component to the Tennessee Entrepreneurial Ecosystem. The opportunity for Solidus to syndicate with other early-stage, high-growth development partners—NEST-TN, TCRD, and TTDC—in establishing a new model for creating high-value start-ups adds considerable ‘bench depth’ in resources available to Venture Incite,” according to Vic Gatto.
“Considering the amount of R&D spending within Tennessee, we view technology transfer and commercialization as key components for needed job growth and wealth creation,” commented Cameron Newton, President and COO of Nest-TN. “Venture Incite provides an innovative vehicle to further technology development and monetization methodically yet efficiently. Nest-TN is excited to be partnered with Solidus, TCRD and TTDC in this endeavor.”
“TCRD has historically invested in early stage technology companies where our board felt that our money could make a difference, both for the company and for East Tennessee,” said Fred Tompkins, President and Chairman of the East-Tennessee based, not-for-profit investment corporation. TCRD’s primary mission is to encourage the formation of new technology companies and to stimulate the growth of those entrepreneurial businesses in Tennessee. “Over the years, our TCRD early-stage investments have led to significant technology-based employment in our area. In establishing this new relationship with Venture Incite, TCRD is putting money in a venture that is engaged in vetting and further developing new technologies, and is committed to spinning out multiple new technology companies in our region.”
ABOUT VENTURE INCITE, INC.: Venture Incite is a for-profit business, commercializing high-potential technology from government, academic and private research laboratories. The firm partners with research laboratories to bridge the gap between conventional technology transfer, new business incubation, and achievement of commercially viable start-ups. The firm’s unique model aligns the objectives of capital sponsors, research institutions and researchers, technology transfer offices, entrepreneurs, and third-party stakeholders to a primary goal of launching innovative, profitable companies that create valuable American jobs.
