Welcome to the eighth edition of the Slater Technology Fund E-News, designed to keep you informed of recent developments occurring at Slater and at its portfolio companies. We hope you enjoy this communication from Slater, and we look forward to sharing more exciting news with you in the months to come. For more information, call 831-6633 or visit www.slaterfund.com. |
| Slater Provides Second Round of Funding to Location Inc. |
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Slater led Location Inc.'s $600,000 Series A round with a $150,000 contribution, which brings its total investment in the company to $400,000. Developer of an innovative new neighborhood search engine for home buyers and sellers, Location Inc.'s patented NeighborhoodScout allows users to focus their house hunt on neighborhoods that best match their criteria for school systmes, property values, crime rates, and more.
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| Slater Commits Another $250,000 to Creative Circle Advertising |
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Slater has reinvested in software developer Creative Circle Advertising, maker of the adQ: Intelligent Classfieds classified entry program, and communityQ, the leading citizen journalism software in the United States. Slater's investment in the company, which recently welcomed veteran Internet entrepreneur and former founder of Interactive Search Holdings (acquired by AskJeeves for $350 million in 2004) Bill Daugherty to its board of directors, now totals $750,000.
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| Slater Funds ProThera Biologics |
Slater has provided $500,000 in funding to ProThera Biologics, an East Providence-based biomedical research and development company that creates and commercializes integrated, protein-based therapeutic products to exploit the promise of personalized medicine. Since its founding in 2001 by a pair of Brown Medical School professors and researchers at the Carcinogenesis Laboratory at Rhode Island Hospital, ProThera has raised more than $3 million in grant funding from the National Institutes of Health (NIH) to pursue therapies for sepsis, cancer and anthrax intoxication.
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| BioProcess Technologies Receives Investment from Major Global Manufacturer |
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Global filtration provider CLARCOR has acquired a 30% share of Portsmouth-based BioProcess Technologies, which develops and manufactures industrial waste water and water reuse filtration systems. CLARCOR manufactures mobile, industrial, and environmental filtration products and consumer and industrial packaging products sold all over the world, and has the right to acquire additional ownership shares and eventual full ownership of BioProcess over several years.
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| Tizra Brings MIT Books Online |
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Tizra has signed an agreement with MIT Press to produce online books for the publisher using its Agile PDF software. Tizra will create a library of MIT Press computer science titles on the Internet, which will allow users to purchase and view online versions of the books on a customized site that maintains the publisher's brand.
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| FarSounder Opens New Testing Facility
3-D sonar technology company FarSounder has built a new testing space near its Warwick headquarters. In addition to testing its own products at the facility, the company also plans to rent it out to other local companies. FarSounder's technology, designed for surface ship navigation and obstacle avoidance, is the only forward-looking solution that can create real-time 3-D images of the landscape below the waterline.
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| Concordia Expands Medical Manufacturing Operations with New Facility; Open House Scheduled for September |
Coventry-based Concordia will move its medical division to Warwick as part of a $1.6 million expansion project to accommodate growing demand for its Biofelt product. Biofelt, a bioabsorbable polymer scaffold fiber that allows human cells to grow into its pores so that natural tissue forms to replace the damaged, is garnering increased interest in regenerative medicine. The company expects to add approximately 15 new jobs at the facility over the next few years as it continues to grow, and will host an open house event in September to celebrate its opening.
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| Slater Reinvests in Andera |
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Slater has committed $350,000 in additional funding to online account opening leader Andera as part of an $850,000 latest round, bringing its total investment in the company to $750,000. Andera recently closed on its 200th customer in April and is now the number one provider of online account opening and funding solutions to the financial services industry.
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