Sarsia Seed Seed web November 2012 English.… · Sarsia Seed AS Investors Sarsia Seed Management -...
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Sarsia Seed Management AS Sarsia Seed November 2012 - web
Transcript of Sarsia Seed Seed web November 2012 English.… · Sarsia Seed AS Investors Sarsia Seed Management -...
Sarsia Seed Management AS
Sarsia Seed November 2012 - web
Sarsia Seed Basic Facts
Structure o Capital base of €45 m and 15 year horizon (2018 2021)
o 50% public financing, public loss fund of €5.3 m
o IRR hurdle of 7%, goal of 9%
o Invest in approximately 25 early-stage technology-based companies
o Development of selected companies through active board membership
o Investment realization typically through trade sale or IPO
One of four national seed funds in Norway
The Task
Investment areas o Energy/Oil/Gas
o Biotechnology/Pharma/Medtech/Marine
o Only invest in Norwegian companies
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Sarsia Seed
Team o Management team of five partners
o Broad management and Board experience from Norway, Europe and the USA
o Qualifications include PhDs, MBAs and financial analyst
Sarsia Seed Management
Farzaad Abdi-Dezfuli Partner PhD Pharmacology
Sveinung Hole Managing Partner MBA
Erlend Skagseth Partner BioLife Sciences & Financial Control MBA
Jon Trygve Berg Partner Energi/Cleantech / Investments M.Phil. MBA, CEFA
Øivind Enger Partner PhD Microbiology
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Sarsia Seed AS
Investors
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Board
Election Committee
Sigurd Moe Paulsen, Investment Director, Statoil New Technology AS
Lise Reinertsen, VP Business Development, BKK
Bjørg Marit Eknes, VP, Sparebanken Vest
Elisabeth Teigland Gjesdahl, VP, DnB ASA
Kåre Rommetveit, Director, Bergen Medisinske Forskningsstiftelse
Wenche Rolfsen, Rolfsen Consulting
Jan Einar Greve, Barrister Norwegian Supreme Court, Chairman up to 2009. Current head of election committee.
Statoil ASA BKK Sarsia Innovation AS Sparebanken Vest DnB NOR ASA
L. Meltzers Høyskolefond Stiftelsen Unifob Viken Shipping AS GC Rieber AS Bergens Tidende AS Bergens Forskningsstiftelse Bergens Medisinske Forskningsstiftelse EGD Holding AS Mowinckel Management AS J. E. Greve AS B. Friele & Sønner AS Sarsia Seed Management AS
Innovasjon Norge
Investment criteria for initial investments
An initial investment is usually in the region of 0.2 to 1 mUSD, and typically made in several milestone-based tranches
BUSINESS MODEL Scalable
PRODUCT/ SERVICE Unique technology / idea
MILESTONES AND EXIT Clearly visible
TEAM Business oriented Coachable
MARKET Attractive /growth
Identify degree of suitability
Contact
~2-5 days
Due- diligence
Audit of terms for investment
~3-12 weeks
Analysis
Verification of investment/
business plan
~4-8 weeks
Decision
Investment terms and formalisation
~3-6 weeks
Goal
Phase
Injection of financial and human capital
~ 3-> years
Investment
10 m invest x 10 value
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Key figures As of November 2012
92 mEUR procured to 22 early stage technology based companies over 6 years
o 21 mEUR invested by Sarsia Seed in 22 companies
o 33 mEUR invested from >40 investors from six countries
o 38 mEUR in softmoney/R&D support funds granted to 20 companies
o Team in Sarsia Seed Management of 5 persons, 100% continuity
o More than doubled patent base in the companies
o In total more than 4.3 times Sarsia Seed’s total investments is injected into the companies
o 109 Directors on the Boards of the companies, 16 international and 33 industry experts
o Analyzed 372 potential investments over the last six years
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Portfolio The companies
Portefølje – Energy/Oil/Gas
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Shaping windfarms o Global leader as providers of simulation software for optimal location of turbines in wind farms.
Water purification o Process water treatment; produced water, shale gas, oil sand, shale oil and slop water.
Cellulostic ethanol o Global pioneer in large-scale production of industrial sugar from cellulostic sources.
Radar technology o Novel, game changing high performance radar technology with petro-maritime, geological and military applications.
Ballast water treatment o Novel treatment unit for inactivation of marine organsims, particularly microorgansisms, in ballast water.
Forecasting of Wind Power production
o Forecasting solution for Wind Farm production to minimize imbalance costs.
Portefølje – Marine
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Aquaculture feed technology o Unique feed concept as an alternative to live feed (eg. Artemia) for early stage sea-food animals including farmed fish, crustaceans and shellfish.
Omega 3 marine oil formulation/delivery
o Microencapsulated omega 3 marine oils in user friendly effervescent powder and tablett format.
Fish feed technology o Means of incorporating and retaining water and supplements in fish feed; enabling natural salinity, increased growth and reduced mortality.
Portfolio – Biotechnology/Pharma
Novel antibiotics o New chemistry products applied to antibiotics against resistant infectious bacteria
Anti-cancer therapy o Peptide-drug potentiating chemotherapeutic agents through pan-synthetic lethality
Anti-thrombocytopenia therapy o Prophylactic treatment against neonatal platelet-loss caused by fetus/mother genetic differences
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Marine sourced drug o High-value marine-sourced heparin and/or improved process for current heparin production
Novel vaccine technology o APC targeted vaccine delivery affording potent adjuvant-free prophylactic and active immunotherapy
Drug discovery services and anti-cancer therapy
o First in class anticancer treatments targeting tumour escape and drug resistance. RNAi-based discovery platform yielding novel Targets for drug therapy
o Optimal Anti-Inflammatory Therapy - Small Molecules Targeting GIVA PLA2
Fighting inflammation
Portfolio – Medtech/Diagnostics
Pain measurement o Instrument for objective measurement of pain based on changes in skin conductancy.
Monitoring respiratory function o Noninvasive and easily applicable means of evaluating respiratory function in neonates and infants without need for mask or sedation.
Bacterial infection profiling o Web based rapid diagnosis of bacterial infections from clinical sources; based on gene sequencing software technology.
Gene sequencing o High throughput DNA sequencing technology based on state of the art molecular biology and low-cost commodity electronics components.
Cancer screening o Best practice cancer screening tests combined with follow-up systems to ensure compliance and efficacy .
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What we do
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And contribute to the companies
Active ownership through the Board
• Development of business concept and business plan
• Recruitment of management and key personnel
• Financing and applications for R&D funding
• Establish business systems and processes for execution of plans
• Establish best possible board composition for the different phases
• Search for industrial partners and co-investors
• Assistance in negotiations and contractual development
• Identify, develop and negotiate Exit possibilities, i.e. Trade Sale
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o Two dedicated partners from Sarsia Seed Management follow each company
o Weekly problem solving and quarterly ranking in Sarsia Seed Management
The Sarsia Seed Management (SSM) Team
• INSEAD, Top Management Program, Telenor
• Master of Int. Management (Siv.øk), HH BI, 1991
• Officers Cand. School Military Police, best pupil, 1986
Education Experience (excerpt)
Sveinung Hole
Erlend Skagseth
Jon T. Berg
Øivind Enger
Farzad Abdi-Dezfuli
• 2006-, Managing Partner SSM, 6 board positions in portfolio companies • 2010 -, Board member NVCA – Norwegian Venture Capital Association • 2005-2006, Director Anesthesia & SOP, Haukeland University Hospital • 2000-2005, Telenor: Man. Director Nextra N, Strategy Dir. Telenor BS Europe,
Market-/Strategy director all Norway operations • 1997-2007, Man.Director. Berlitz Nordic region (NYSE), Berlitz GLobalNet, VP
Americas/member of Executive Committee
• Financing Entrepreneurial Business: London Business School – 2008
• Postdoc HUS 1992-1994 • PhD University of Edinburgh 1992
• 2009 –, Expert Panels Norges Forskningsråd • 2006-, Partner SSM, responsible bio/pharma • 2002-2005, Forinnova/Sarsia Innovation. Investment Advisor Biotech • 1995-2002, Eli Lilly- Team Leader, part of Lilly Medical Nordic Strategy Group/
admin and man respon. /Nordic Point Person & European Clinical Trial Management Trainer
• Dr. Scient in micro biology, UiB • Cand. Scient in micro biology UiB • Organizational science . ODH
• 2009 - Expert panels, Jury Member Venture Cup • 2006-, Partner SSM, responsible for bio deal flow and IPR • 1997-2006, Project manager – business development Forinnova/Sarsia Innovation • 1992-1998, researcher , UNIFOB/førsteamanuensis UiB
• Siv.øk. NHH, 1981 • Studfag BHG, 1975 • Navy U-båt 75--76 • Realartium , Os Gymnas 1974
• 2006-, Partner SSM, CFO, 6 board positions in portfolio companies • 2005-2006 Project Director, Sarsia Innovation AS • 1999-2005 CEO Forinnova AS, project development, financing early stage
technology development • 1986-1999 CFO Chr. Michelsen Research AS
• Siv.Ing ,Off. Eng, Heriot WU 1991 • M.Phil, Polar St. Cantab 1992 • MBA NHH,MASTRA, 2000 • AFA NHH, 2006 • Certified Financial Analyst
• 2006-, Partner SSM, 6 board positions in portfolio companies • 2002-2005, CEO PE&C –Drilling & Well consultancy, advisor drilling technology, field
development and drilling costs • 2000-2002 CTO NST – responsible for 120 person techn. dev. org.. In 3 countries,
responsible for big partners, IBM, AT&T • 1995-2000, CEO GexCon- technology spinoff startup, CMR
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Sarsia Seed Management AS Sarsia Seed AS
Postal address: Thormøhlensgate 51 N-5006 Bergen Norway Fax: +47 5559 5948
Phones and e-mails:
Sveinung Hole +47 47 90 01 11 [email protected]
Erlend Skagseth +47 90 93 28 72 [email protected]
Øivind Enger +47 90 06 23 03 [email protected]
Farzad Abdi-Dezfuli +47 90 59 72 90 [email protected]
Jon Trygve Berg +47 95 23 76 49 [email protected]
Visitor’s address: Vitensenteret (VilVite) Marineholmen, second floor Thormøhlensgate 51 N-5006 Bergen Norway
