STINGs årsrapport 2010

AnnuAl RepoRt 2010 foR Stockholm InnovAtIon & GRowth

2

It is with mixed emotions I can conclude that this is our ninth year in

operations, and that next year we’re celebrating our 10-year anniversary.

we started off in a small 10 square meter room where Joakim nilsson,

my first co-worker, and I were seated alongside a too large desk with

even greater visions. the vision was to build a world-class support

system for startups in kista. our name at the time was kista Innovation

& Growth, kIG.

our vision has evolved over the years. our current vision is to

support the building of new global growth companies by attracting the

best innovators and entrepreneurs, offering them world-class business

development support and networks.

So how do we do it? well, we’re probably not the only ones who

should answer that question, but let me provide some information and

observations from 2010 that proves that our vision is very much alive

and kicking.

During 2010 we evaluated around 150 cases and admitted 11

new companies into our incubator. we welcome you to the StInG-

family! we will do our outmost to help you succeed and become inter-

national growth companies. the newly accepted StInG-companies

come from a variety of fields, and work in completely different do-

mains including music software, online services, telemedicine and

energy technology. we can also conclude that the trend from 2009,

with a strong inflow from the cleantech sector, has continued during

2010. the thesis that we have some of the most promising cleantech

companies in the nordic region in our portfolio was confirmed when

four of our companies were listed among the 25 companies chosen

for the nordic cleantech open shortlist.

Seven companies have left us during 2010 through our “take off”

ceremony. the number of new StInG alumnis is lower than expected

and this is due to the fact that we have had a few more companies

that have failed to reach their goals than previous years (3 companies

during 2010). the main reasons for the failures have been team re-

lated, which proves that the team and the team members’ motivation

is absolutely essential in order to be successful. this is also something

we will call attention to even further going forward.

81% survival rateSince the start in 2002, we’ve accepted 80 companies into our incuba-

tor of which 65 are still making progress and growing continuously. this

implies a survival rate of 81%. these companies attracted more than

euR 27 million from private sources and another euR 11 million in

public sources during 2010. the accumulated enterprise value, based

on the valuation at the last investment round in the companies, is euR

190 million. Altogether, the companies have close to 500 employees.

our business angel network, StInG Business Angels, has been

very active during 2010 and it was even an “all time high year” in

terms of invested amount from the business angels in StInG compa-

nies. In total, initial investments were made in five companies and six

companies received follow-on funding for an aggregated amount of

around euR 1.5 million.

our vision is alive and kicking!

3

Pär Hedberg, ceo and founder

In regard to StInG capital - our venture capital fund - we can

conclude that we are Sweden’s most active early stage private ven-

ture capital fund (by number of portfolio companies). StInG capital

has so far invested approximately euR 6.5 million in 25 companies

(of which 24 are alive). these companies have also attracted another

euR 23 million from other private investors and euR 18 million in

public financing. this is a result we’re very proud of!

Search for talentsBut attracting funding to our companies is not enough. Another just as

important, or maybe even more important, task is to ensure that there

is a dynamic team in place for the companies to be able to succeed.

this is the reason why we have our own in-house recruitment service,

StInG Search for talents, which can help our companies to find and

attract new team members. our candidate database contains almost

700 potential entrepreneurs and possible team members that all want

to work for StInG companies. we have also been involved in close to

40 recruitments so far.

Behind all these figures lie many hours of hard work, from the

fantastic StInG team, but foremost from the amazing companies

that we have the privilege to work with. I am truly impressed with the

commitment and endurance within the companies. As an example,

we started to work with Brainglass (formerly vocab) in 2003 and

their journey has been full of challenges. But with an entrepreneur

like niss Jonas carlsson, who has shown that nothing is impossible,

Brainglass raised almost euR 2 million from primarily international

investors in December 2010. It is certainly an achievement to attract

that amount of competent capital to develop a fantastic idea after an

extended period of limited resources. we bow our heads for entre-

preneurs like that!

StInG’s most important message to all StInG companies is to

“Go Global”. this, bearing in mind that Sweden is a very small mar-

ket. If Swedish companies are to become large enough to survive in

the long run, they have to grow internationally fast. If not, there is a

risk that someone else will win the race. many of our companies have

realised this and is already from the start focussing on large markets.

this message also comes out in clear figures in that approximately

75 % of the StInG companies´ turnover comes from export sales.

the cleantech company midsummer has, for example, already

been established in china. It is an interesting observation that many

StInG companies have an easier task finding customers who are

interested in their offering in Asia, instead of in europe. Another inter-

esting example is the internet security company, Yubico, who has ex-

panded to the u.S. and the media technology company, videoplaza,

who has established themselves in a number of european countries.

It is truly amazing to witness how companies usually grow much fast-

er if they expand internationally even at an early stage. our message

is therefore clear; Go for it - Go Global!

As a result of this, we at StInG will therefore focus even more

on developing our support for the companies’ internationalisation.

one part of this process is to partner with the european Institute of

technology in order to expand our network with valuable contacts in

europe. we will, furthermore, continue with our work of establishing

relationships with international investors. In this annual report, you

will find more detailed information about StInG and our companies.

we hope you find the report interesting!

»STING’s most important message to all STING companies is to ‘Go Global’«

4

A world class eco system for innovative startupsStInG is a world class eco system for innovative start-ups based in the dynamic Stockholm region in Sweden. the eco system encompasses comprehensive business development support, own financing sources and access to StInG´s broad network – all interacting with each other in the development to faster build Sweden’s new international growth companies.

ComPreHenSive buSineSS develoPment SuPPort By hand-picked business coaches with solid experience in building and leading international technology companies. companies admitted to StInG are assigned a personal business coach, who provides support at least a half day per week, to help the team achieving breakthroughs and its goals on time.

Sting CaPital one of very few venture capital funds in Sweden that invests in companies at the earliest stages of development.

Sting buSineSS angelS A network of about 30 selectively invited private investors, the majority with back-ground as successful technology entrepreneurs. the investors contribute with both capital and their extensive experience.

Sting SearCH for talentS An in-house recruitment service supporting our startups to build winning teams. we assist our companies in finding and attracting talented individuals to comple-ment their teams and boards.

Sting´S network through StInG our startups get access to a broad national and international net-work, to e.g. customers, partners and investors, in order to facilitate faster growth.

5

A world class eco system for innovative startups

STING Business AngelNetwork of experienced

private investorsNetwork of experienced

private investors

Business development supportHighly qualified support by

experienced business coachesHighly qualified support by

experienced business coaches

NetworkTo e.g. customers, partners

and investorsTo e.g. customers, partners

and investors

STING Search for TalentsIn-house recruitment serviceIn-house recruitment service

Early stage venture capital fund

Early stage venture capital fund

6

”STING functions as a

large community of know

ledge and experience.

Being able to take part

in that exchange of experi

ences and knowledge has

been tremendously impor

tant to me. Furthermore,

the STING network has

been most valuable.”

Magnus Norberg, Tomologic AB

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StInG – for faster growth

viSionStInG’s vision is to support the build-ing of new global growth companies by attracting the best innovators and entre-preneurs, offering them world-class busi-ness development support and networks.

miSSionStInG’s mission is to actively support the formation and growth of 12 new technol-ogy export companies in Stockholm each year. these companies should have good prospects for long-term survival and a good chance of having 15-30 employees and international export sales within five years of leaving StInG.

foCuSwe work primarily with innovative start-ups within Ict, Internet/media, medtech and cleantech - supporting entrepre-neurs and innovators from academia, research institutes and the business sector.

OrGaNIzaTIONStInG is owned by the electrum foundation. the foundation is backed by the city of Stockholm, ericsson, the Royal Institute of technology (kth) and ABB, as well as research institutes, industry and real estate owners in kista. StInG is partly financed by public funding from the electrum foundation, Innovationsbron, and partly by private partners and self-generated financing. our main partners are Innovationsbron and kth.

OFFIceSStInG is based in kista Science city – in the middle of one of the world´s premier Ict clusters. we also offer offices at kth´s main campus in central Stockholm.

HISTOrYkista Innovation and Growth (kIG) started in kista in the spring of 2002. the purpose was to create more growth companies in kista Science city through an extensive support system. In January 2005, kIG started a cooperation with kth regarding the launch and running of an incubator at kth´s main campus in central Stockholm. with that, kIG became StInG (Stockholm Innovation and Growth.) StInG was founded by pär hedberg who was previ-ously ceo for a number of technology companies with 50-300 employees. Since then, pär has carefully hand-picked employees to ensure that all business coaches have solid experience from building up and leading international growth companies.

faCtS

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financingStInG helps its companies to obtain optimized financing. usually, the first step is to apply for funds from various public financiers. we also encourage and support our companies in obtaining customer or supplier financing to fund the development of their first product. once this has been achieved, it is usually time for venture capital in various forms. we have a wealth of experience in how to go about this process, and have close relationships with the Scandinavian and european venture capital communities. many of our companies have received investments from leading players. we also have our own financing resources, described below.

– a uNIque veNTure capITal FuNdStInG capital is one of few venture capital funds in Sweden that invests at the earliest stages of development – even before there is a finished product or paying customers. StInG capital is a com-mercial venture capital fund that takes big risks and expects high returns, and is often the first external investor in a company. StInG capital has a broad investor base consisting of private investors, such as business angels and family institutions, as well as public organizations. the majority of StInG capital’s investors are from the private sector. read more: www.stingcapital.com

– THe aNGel INveSTOr NeTwOrkStInG Business Angels is a network consisting of 33 individuals, selectively invited to the network, based on their experience as proven entrepreneurs. the network is dedicated to invest exclusively in StInG companies and its members contribute with both capital and extensive experience to the businesses they invest in. to date, members of the network have invested in 20 companies (represent-ing a total investment of euR 6,3 million in direct investments in StInG companies and in StInG capital).

6.3MEUR

(approx) The accumulated invested amount incl. investments in STING capital.

20The number of

companies STING Business angels have made direct investments into.

33No. of

business angels with entrepreneur

ial background

Accumulated invested amount:6.5 meuR

no. of companies invested in: 25 (of which one has been liquidated)

All amounts have been recalculated from Sek to euR by using annual aggregate exchange rates from Riksbanken, Sweden’s central bank.

Medtech 21%

ICT 17%

Internet/media 17%

Cleantech 37%

Other8%

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peepoople was created to develop, produce and distribute the peepoo (pat.pend) sanitation solution. the mission of peepoople is to provide universal access to dignified and hygienic sanitation. www.peepoople.com

mantex has devel-oped a pioneering method for rapid and non-contact measurement of moisture content and other important characteristics of organic materials. www.mantex.se

Camilla Wirseen and Anders Wilhelmson, Peepoople AB

Erik Odén, Mantex

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StInG Requirementsthe StInG concept is to work with a small number of selected projects/companies, providing them with world-class support. As such, our selection process is rigorous. the following criteria must be met before a company is admitted to our business incubator:

• Business idea based on an innovation with obvious value for the customer

• A large and growing international market

• Good possibility to package the innovation into a scalable product

• Strong entrepreneurial team or willingness to develop an excellent team

SeleCtion ProCeSSStInG assesses around 150 projects/companies per year, mainly within Ict, Internet/media, medtech and cleantech. out of a tough selection process only 8 percent of screened projects are accepted each year. Admission to the incuba-tor is continuous. our evaluation process is extensive and includes (among other things) a technical due diligence, gathering references from customers and assessment of the team. we do this in order to try to verify the project’s potential, but also with the aim of understanding if StInG is the partner best suited for the company’s specific needs. of course, all our work is confidential.

value creationStInG’s offer centers around creating a close relationship between a company and its main business coach. the business coach will support the company to accelerate the commercialization process and achieve its objectives on schedule. Since the start in 2002, StInG has built up a bank of knowledge, experience and materi-als in different areas that are critical to the success of early-stage technology companies, what we call the “StInG toolkit”. StInG provides support and services within all areas relevant to young companies embarking on the road to becoming successful growth companies:

• Business development

• Internationalization strategy

• Attracting optimal financing: Soft money, cus-tomer/supplier, business angels, Sting capital, other venture capital firms, etc.

• team development and recruitment through our in-house recruitment service, StInG Search for talents

• technical coaching and IpR strategy

• Industrialization of products

• expert network

• Development of a Board of Directors

• Sales development and training

• exposure and credibility

• office and infrastructure

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StInG Search for talents – in-house recruitment service

the ability to build a winning team is a key factor in creating a successful company. with this in mind, StInG aims to help its companies find and attract talented individuals and to support them in defining a common vision and company culture going forward. StInG companies receive support right throughout the entire recruit-ment process via StInG Search for talents:

ProCeSS managementAccess to StInG’s e-recruitment system to help facilitate and profes-sionalize the recruitment process. Recruitment toolkit: checklists, guidelines and templates for ads and competence profiles, for example.

SearCHAccess to StInG’s network, own candidate database and web-based search channels. At present this database contains the names of ap-proximately 700 skilled and experienced individuals.

SeleCtiontools for cv screening. Support in the interview process. formats for tests and cases.

HiringSample employment agreements, incentive structures, etc.

faCtS

Sting Search for talents has to date been involved in 40+ recruitments in 25 StInG companies. our candidate data-base now contains the names of close to 700 skilled and experienced individuals.

Maria Nilsson,Manager STING Business Angels & STING Search

for Talents

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facts and figures

0

20

40

60

80

100

ACC PUBLIC VS PRIVATE FINANCING, MEUR COMPANY VALUE AND FINANCING, MEUR

Public investments & financingPrivate investments

Export turnoverTurnover

2002 2003 2004 2005 2006 2007 2008 2009

90

70

50

30

10

2010 2009 2010

TURNOVER, MEUR

2002 2003 2004 2005 2006 2007 2008 2009 20100

5

10

15

20

25

30


Company value*

0

50

100

150

200

175

125

75

25

OVERALL DEVELOPMENT

2002 2003 2004 2005 2006 2007 2008 2009 2010

Active companiesMergers / acquisitions

Living dead / changed ideaDiscontinued

0

10

20

30

40

50

60

70

80

0

100

200

300

400

500

450

350

250

150

50

NUMBER OF COMPANIES AND EMPLOYEES

2002 2003 2004 2005 2006 2007 2008

Number of admitted companiesNumber of employees in active companies

2009 2010

Medtech 21%

ICT 17%

Internet/media 17%

Cleantech 37%

Other8%

* Total value of all STING companies, based on value at latest investment in each company.

0

20

40

60

80

100




2002 2003 2004 2005 2006 2007 2008 2009

90

70

50

30

10

2010 2009 2010

TURNOVER, MEUR

2002 2003 2004 2005 2006 2007 2008 2009 20100

5

10

15

20

25

30


Company value*

0

50

100

150

200

175

125

75

25

OVERALL DEVELOPMENT

2002 2003 2004 2005 2006 2007 2008 2009 2010



0

10

20

30

40

50

60

70

80

0

100

200

300

400

500

450

350

250

150

50


2002 2003 2004 2005 2006 2007 2008


2009 2010

Medtech 21%

ICT 17%

Internet/media 17%

Cleantech 37%

Other8%


13

Justera procenttal enligt nedan:Medtech: 18 % = 14,4Cleantech: 20 % = 16ICT: 35 % = 28Internet/media: 21 % = 16,8Other: 6 % = 4,8

DEALFLOW / ADMITTED COMPANIES

EVALUATED COMPANIES: 1031

ADMITTED COMPANIES: 80

University/research based: 41 %

Business Community: 59 %

Clea

ntec

h 20

%

Med

tech

18

%

ICT 35 %Internet/Media 21 %

Other 6 %

Medtech 18%

ICT 35%

Internet/media 21%

Cleantech 20%

Other6%

DEALFLOW / ADMITTED COMPANIES

EVALUATED COMPANIES: 873

ADMITTED COMPANIES: 80

University/research based: 41 %

Business Community: 59 % Cleantech 22 %

Medtech 18 %

ICT 35 %

Internet/Media 25 %

cost per employee

18 375 EURaccumulated public funding of the incubator operation in relation to the total no. of employees in all STING companies

All amounts have been recalculated from Sek to euR by using annual aggregate exchange rates from Riksbanken, Sweden’s central bank.

0

20

40

60

80

100




2002 2003 2004 2005 2006 2007 2008 2009

90

70

50

30

10

2010 2009 2010

TURNOVER, MEUR

2002 2003 2004 2005 2006 2007 2008 2009 20100

5

10

15

20

25

30


Company value*

0

50

100

150

200

175

125

75

25

OVERALL DEVELOPMENT

2002 2003 2004 2005 2006 2007 2008 2009 2010



0

10

20

30

40

50

60

70

80

0

100

200

300

400

500

450

350

250

150

50


2002 2003 2004 2005 2006 2007 2008


2009 2010

Medtech 21%

ICT 17%

Internet/media 17%

Cleantech 37%

Other8%


14

“STING has guided us in how to access our market and has thereby had a major impact on our development. Through STING, we have had the opportunity to connect with a network of highly qualified individuals.”Dennis Korkchi and Tommy Jonsson, Bloo AB

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the StInG companies

in buSineSS inCubator

CHundSell mediCalS is developing a diagnos-tic test, pcpt (prostate cancer prediction test), that gives the possibility to decide and deliver treatment of prostate cancer at early stage tailored to the pathology of the tumour.

■

doremir’S program Scorecleaner makes it possible to automatically generate a useful score simply by playing a piece of music.

■

enCare offers products to improve care for sur-gery patients. encare’s products can reduce the number of complications by half and recovery time by an average of three days.

www.encaregroup.com ■

Hination offers portable energy from a com-bined light source and charger that runs on 100% solar power. hination’s solar cell lamp features include bright light, efficient charging, and a robust, user-friendly design.

www.hination.se ■

idoC24 provides a mobile medical information service aimed at providing 24-hour medical advice on mobile devices – whenever and wherever you need it.

www.iDoc24.se ■ ■

orexPlore develops portable, easy-to-use equipment for analyzing the composition of non-organic materials, primarily minerals.

www.orexplore.com ■

PluriCaSt addresses the increasingly urgent capacity issue of wireless networks. By using pluricast algorithms, the efficiency of new or already installed network equipment can be greatly improved. So will the user experience.

www.pluricast.com ■

■ Ict ■ InteRnet/meDIA ■ meDtech ■ cleAntech ■ otheR fInAncInG StInG cApItAl

»

PolySCorP SyStem has developed a system for manufacturing of creative solutions for the media and packaging segment.

www.polyscorp.se ■

SeeC solves heating and cooling needs of properties. Seec´s patented and unique energy system reduces energy consumption up to 80 %.

www.seec.se ■

SuPPortknaPPen offers private and business customers technical on-demand It-support for all systems, solutions and configurations on the market, all under the same roof.

www.supportknappen.se ■

SwediSH aerogel develops and manufactures unique, environmentally friendly and recyclable aerogelmaterial for a range of industrial applications.

■

telCred develops next generation physical Access control Systems (pAcS) based on nfc. telcred’s patented technology enables remote distribution of access rights to mobile phones or other types of devices.

www.telcred.com ■

virtuell media runs social internet sites in the niche of home construction industry to its customers, providing unique web-based 2D/3D drawing tools.

www.virtuellmedia.se ■

alumni ComPanieS

antrad mediCal offers its customers (blood banks around the world) the possibility to thaw blood plasma in just five minutes, a procedure that normally takes 20-40 minutes.

www.antrad.se ■

aCumem´S product threadSpotter helps pinpoint and eliminate performance issues by analyzing memory bandwidth and latency, data locality, and thread communications/interaction. Acumem was acquired by Rogue wave in 2010.

www.roguewave.com ■

bioServo teCHnologieS develops muscle-amplification systems. Its first product is a glove that strengthens the grip. the glove gives the elderly their hand-strength back, lets younger people work for longer, and craftsmen lift heavier loads.

www.bioservo.com ■

bloo is developing a platform with a new positioning method that makes it possible for mobile clients located close to one another to communicate. Bloo’s first product is a mobile dating service.

www.bloo.se ■

brainglaSS represents fun, interesting and motivational learning experiences supported by intelligent, efficient and effective learning processes. All made available cross-platform, including mobile devices and social media.

www.brainglass.com ■

brigHter develops and commercializes a patented all-in-one solution for insulin injecting diabetics. the first Brighter product is an easy to use, portable, and discreet solution that improves life quality for diabetics and targets a gigantic and steadily growing global market.

www.brightercompany.com ■

byteaCtive is a cloud storage company that has designed a technique for backing-up and storing digital information that both reduces storage volumes and optimizes bandwidth, while improving efficiency and security for its users.

www.byteactive.com ■

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“STING has given us an invaluable credibility in the dialogue with investors and partners. Being a STING company is by definition a sign of quality.”Kurt Högnelid and Lars Ekemar, Antrad AB

“STING has helped us increase our business network and we regard STING as imperative for our development.” Peder Eneroth, FlexiClean AB

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ePiQ life Science develops solutions for the diagnosis and treatment of atrial fibrillation, and coronary disease, that reduce examination time, cut costs, and improve the quality of care.

www.epiq.se ■

eviware´S software is the world’s most widely-used program for the design, development, and testing of web services: SoapuI. SoapuI enhances quality and cuts the cost of web service projects by 20 percent.

www.eviware.com ■

fileride is an Internet-based social-networking service that links people with common inter-ests. fileRide can also be used by organiza-tions to make project work more efficient and improve information sharing.

www.fileride.com ■

flexiClean is a new filter container for purify-ing stormwater. the product improves and simplifies the inspection and maintenance of stormwater drains and can be adjusted to suit purification needs in any setting.

www.flexiclean.eu ■

frame aCCeSS improves competitiveness and growth by transferring research findings made by the world’s leading experts to the market via network-on-chip and mixed Signal Radio.

www.frameaccess.com ■

the giPZ group has built one of the largest fixed wireless broadband infrastructures in northern europe. future deployments of wire-less broadband networks will also consist of mobile wimAX solutions.

www.gipz.no ■

inview has developed ”ippi”, which sends and receives SmS and mmS messages and e-mail via an ordinary tv. Ippi is primarily used as a communications platform for the elderly and those with physical disabilities.

www.ippi.se ■

irnova develops and manufactures high per-formance IR-detectors for detection of objects in total darkness. the company has customers all over the world. www.ir-nova.se ■

byteSHield’S unique approach to DRm and copy protection provides users with a transparent, safe and un-intrusive solution while giving pc game and pc applications developers, publishers and distributors flexible licensing management with a high level of protection.

www.byteshield.net ■

CatHPrint offers a new technology for the de-sign and manufacture of catheters that makes it possible to produce more advanced catheters at a significantly lower cost.

www.catheter.se ■

ComPumine offers the market’s easiest-to-use software for predictive analytics and data mining. the software results in robust predic-tive performance and new insights into the customer’s own data with minor investment in time and software.

www.compumine.com ■

CortuS develops and commercializes new technologies for the gasification of biomass under the brand woodRoll ®. the process results in synthesis of very high quality in a cost effective manner.

www.cortus.se ■

CuPtroniC develops a production process for manufacturing highly advanced circuit boards with a reduced environmental impact and for significantly less than their competitors’ solu-tions.

■

Cybergene develops and retails medtech products for genetic diagnosis. cybergene’s products require significantly less resources than current products and can shorten the time needed for diagnosis from weeks to just days.

www.cybergene.com ■

diamorPH develops advanced glass and ceramic material with unique characteristics. Diamorph products hold the world record for hardness and have record-high refractive in-dexes, world-class magnetic properties, and an extremely high degree of thermal stability.

www.diamorph.com ■

livSluft develops one of the world’s smallest and most intelligent products for eliminating sleep apnea. the product greatly improves the quality of life of people who suffer from severe snoring problems.

www.livsluft.se ■

mantex develops technology and products that optimize raw-material consumption through accurate detection of true composition of biomaterial, enabling more efficient industrial processes.

www.mantex.se ■

midSummer is developing new methods for manufacturing solar cells at radically reduced costs.

www.midsummer.se ■

moSynC provides a cross platform applica-tion that runs flawless on hundreds of mobile phones and handhelds, proven to radically cut development cost and time to market.

www.mosync.com ■

muSifier’S software system, musifier virtual orchestra, gives producers of computer and video games the ability to improve the quality of their products by including a continuous, adap-tive stream of music that changes to suit each phase of the game.

www.interamus.com ■

myfC develops high performance fuel cell chargers and low cost fuel cell components for portable electronics from cell phones to laptops, efficiently extending battery life away from the grid.

www.myfc.se ■

obSteCare is a provider of medical solutions focussing on improving delivery care for both the mother and the healthcare provider. this is done by supplying reliable services and products, facilitating efficient care in maternity wards.

www.obstecare.com ■

oCuluSai designs techniques and systems that provide advanced image analysis in real time. the company grew out of research conducted at the Swedish Royal Institute of technology (kth).

www.oculusai.com ■


»

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“Our team is our greatest asset and thanks to STING, we have been able to grow our team from three to six team members. STING’s knowledgeable and competent business coaches have been indispensable in our development.” Truls Sjöstedt, Brighter AB (also in the picture (from the left) Nadezda Ershova and Daniela Hamann)

“STING’s incredible network of investors has been invaluable in our process of attracting capital. Furthermore, STING’s track record and extensive network of contacts has facilitated the recruitment of key individuals.” Siamak Ayani and Babak Rasolzadeh, OculusAI AB

19

oPtiCaller Software develops software for mobile pBX and unified communications. It allows the user to make calls in a flexible, and above all, more cost-effective manner.

www.opticaller.se ■

PeerialiSm peerialism develops global file storage and video streaming technologies that scale with the explosive data growth on the internet and in corporate networks.

www.peerialism.se ■

PHoxtal CommuniCationS creates integrated optical components for fiber-to-the-home net-works. the company was founded in 2002 by researchers from the Swedish Royal Institute of technology (kth) and experienced entrepre-neurs. ■

PlagaZi develops a new method for extract-ing biofuel from waste materials. the method provides industry with more efficient energy recovery and can also create hydrogen gas for fuel cell-based transportation systems.

www.plagazi.com ■

PlaSmatrix’S vibration-dampening surface coatings have been developed primarily for use in mechanical industries. they provide enhanced precision and a better surface finish, as well as longer product life and lower production costs. ■

PredeCt offers a solution that provides real-time monitoring of the quality of drinking water, table water, and water used in food products and pharmaceuticals.

www.predect.se ■

Quakelook provides microtremor analysis services that give customers information about a mountain’s stability and make rock mass evaluation possible. Quakelook’s services are useful in both the mining industry and oil production. ■

radio innovation’S antenna, mast, and base station design can reduce the cost for coverage and capacity for mobile operators by 80-95 percent. www.radioinnovation.se ■

reHaCt has developed a unique system to provide a building with low tempered heating, cooling and ventilation, reducing the need for external energy by up to 85 percent.

www.rehact.com ■

rePliSauruS teCHnologieS. Designed for the electronics and semi-conductor industry, Replisaurus technologies’ production technol-ogy allows for increased precision, a simplified production chain, and savings of around 50 percent compared with current methods.

www.replisaurus.com ■

Safemind develops safety products that save lives. Its products can prevent drowning acci-dents and locate individuals using radio, sensor, and positioning technologies. (the company’s focus has changed since it began operations.)

www.safemind.se ■

SCint-x develops and provides cutting edge scintillator components that enable digital x-ray detection systems with unprecedented levels of resolution and contrast.

www.scint-x.com ■

SCiroCCo develops and sells RfID systems for demanding applications within parking/access, transport logistics, and factory automation. Scirocco is listed with the equities market place in Sweden. www.scirocco.se ■

SenSegraPHiCS provides software for develop-ing multi-sensory and haptic applications.

www.sensegraphics.com ■ ■

SolaruS manufactures the next generation cost-effective solar power technology for large-scale users. Solarus’ solar panelsolutions generate either electricity, heat, or both (hybrid solar collector). www.solarus.se ■

SymCel develops a new generation of scientific instruments to make faster analysis possible for the life science industry. Its product reduces project time by allowing key prioritizations early on in the process. www.symcel.se ■ ■

Syntune supplies state-of-the-art widely tun-able lasers for applications ranging from fiber-optic communications to sensor systems. the company has been acquired by Ignis ASA.

www.ignis.com ■

tomologiC develops an online service to provide the manufacturing industry with significantly better cutting plans for sheet metal cutting than those used today, which waste up to 30 to 40 percent of the material.

www.tomologic.se ■

tranSiC designs and manufactures power transistors in silicon carbide. the technology creates compact, temperature-resistant control systems for electric motors in hybrid cars, wind power stations, and more.

www.transic.com ■ ■

videoPlaZa develops an online video-based advertising system for new, interactive advertis-ing formats that make the best use of the opportunities offered by web tv. www.videoplaza.com ■

wuSSaP takes online interaction to a new level, offering a “social surfing” service that allows users to surf together (in a surf train) and/or interact with others visiting the same site.

www.wussap.com ■

yubiCo provides a new technique for quick, easy, and secure log-in to websites and net-works. using a uSB key and open protocols for identification, the same identity can be used to access an unlimited number of online services.

www.yubico.com ■

Zebor teCHnology has designed a multimedia platform that starts up in less than a second and radically reduces power consumption.

www.zebor.com ■

additional Portfolio ComPanieS Sting CaPital StInG capital has also invested in two com-panies that have not gone through StInG´s incubator:

movinto fun develops innovative products that make people move. the company has spun off from several years of unique research that merges movement and dance with interaction design.

www.movintofun.com ■

PeePooPle was created to develop, produce and distribute the peepoo (pat.pend) sanitation solution. the mission of peepoople is to provide universal access to dignified and hygienic sanitation.

www.peepoople.com ■


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“at the start we faced all the challenges that a startup can experience – in fields ranging from recruitment through to financing and technological development. STING’s business coach was very important to our development by being an inspiring and supportive sounding board throughout our journey.”

Stina Ehrensvärd, CEO Yubico

“Our company made an enormous progress during our time with STING. we secured Sek 5 million in venture capital, grew from three to 11 employees and from three customers in Sweden to 16 in five different countries. STING also provided really valuable support in developing our sales process.”

Sorosh Tavakoli, Videoplaza

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Selected StInG stories“partnership with Rwe – Germany´s largest energy producer”mantex has developed a pioneering method for rapid and non-contact meas-urement of moisture content and other important characteristics of organic materi-als. German power giant Rwe became a co-owner of mantex in 2009 – its first ever investment in a Swedish company. During 2010, mantex successfully delivered meas-urement scanners for customer production use and secured more than 20 million Sek for continued expansion. Since 2008 the organisation has grown from four found-ers to over 20 employees, launched three commercial products, established sales and delivery in the nordic region as well as in the uS.www.mantex.se

“the most used web Service testware worldwide”eviware has created soapuI, the most used web Service testware worldwide. with more than two and a half million downloads and eight hundred of thousand users, soapuI is the de facto standard for web Service test-ing. eviware increased its number of cus-tomers in 2010 with more than 1000 and the company´s turnover grew 100%. eviware also released loaduI in 2010 and after 6 months this was the most downloaded load test Software worldwide.www.eviware.com

“has attracted over Sek 170 million in funding”midsummer has developed the world’s most cost efficient production process for large scale production of thin film solar cells. midsummer is currently ramping up production in its factory in Järfälla, Sweden. midsummer sales passed Sek 10 million in 2010, and the order back log today is close to Sek 100 million. midsummer has at-tracted over Sek 170 million in funding from private and public sources.

www.midsummer.se

“constantly expanding its european customer base.”videoplaza is helping publishers monetise the new Ip delivered tv with video ad serving technology. the company is constantly de-veloping the product helping media owners to monetise their video content regardless of where and how it’s consumed: syndicated on 3rd party sites, on emerging devices and platforms. the system was launched in march 2008 on kanal5.se, which became Sweden’s first financially viable web tv chan-nel that same month. videoplaza has attract-ed Sek 40 million in venture capital and is constantly expanding its european customer base. clients are located across fifteen coun-tries and include tv4 and ekstrabladet (Dk), m6, Rtl Be, and myvideoRights. videoplaza is now headquartered in london, keeping product development in Stockholm and have offices in Berlin, paris and Barcelona. the team has quickly grown to 35 employees and plans to expand to 50 employees in the near future.

www.videoplaza.com

“Serves almost a million users in 85 countriesYubico provides a new method for quick, easy and secure login to websites and net-works. using a uSB key and open protocols for identification, the same identity can be used to access an unlimited number of online services. the company is currently collaborating with big names like Google and Symantec and has expanded enormously since its first product launch in may 2008. Yubico currently serves approximately 10,000 customers and almost a million users in 85 countries. www.yubico.com

“has the capability to become the de facto standard in the X-ray market”Scint-X scintillator technique enables its customers to enjoy unprecedented x-ray image resolution. It is possible to get full ad-vantage and utilization of new, state-of-the-art, detectors and to develop new important and lucrative applications. whether working in medical, industrial, scientific or security x-ray, Scint-X technology has the capabil-ity to become the de facto standard in the X-ray market. During 2010 Scint-X has marketed the Scintillator products on the international arena. Several X-ray detection manufacturers from countries in europe and the uSA are testing the technology with the aim to integrate the new Scintillators into their products.

www.scint-x.com

the teamStInG has a strong team with complementing experiences and competencies. our business coaches have solid backgrounds as executives in technology companies and from the venture capital industry. the StInG team shares the passion for supporting our entrepreneurs and building growth businesses.

martin gemvik Investment manager, StInG capital

A thorough background in the private equity industry. for example as Investment manager and a number of board positions in listed, as well as unlisted, companies. Investment manager & partner StInG capital since 2007.

JeSSiCa Starkmarketing and communi-cations manager

various positions within communications and marketing; with both operationally and stra-tegically focus. has for example worked at kth and for the business plan competition venture cup. Joined StInG in 2006.

olof berglund Business coach medtech

hhas during 20 years worked in the pharma-ceutical and medtech industries. has worked with startups, as well as major multinational corpo-rations. has been involved in many product launches. Business coach at StInG since 2008.

angela g. StrömbergAssistant

various positions within administration and com-munication as assistant within real estate, high technology, telecom and game companies. most re-cently real estate assistant. Joined StInG in 2009.

magnuS reHn Business coach cleantech

former co-founder/ceo of tagmaster. extensive expe-rience as a ceo, typically worked with international marketing & development. has also been on boards of companies targeted for reconstruction. Business coach at StInG since 2007.

ivar StrömbergBusiness coach Ict & Internet/media

Background span-ning from startups to co-founder and ceo of tele1/Song networks with over 1,000 employees in four countries. has also for a period worked for a private equity firm. Business coach at StInG since 2010.

Pär Hedbergceo & Business coach Ict

has worked with developing completely new technology companies since 1998. has conducted “rescue missions” for companies in need and reconstructions, as well as building up com-panies in other countries. StInG´s founder.

the teamStInG has a strong team with complementing experiences and competencies. our business coaches have solid backgrounds as executives in technology companies and from the venture capital industry. the StInG team shares the passion for supporting our entrepreneurs and building international growth companies.

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ELECTRUM FOUNDATION

chairman: ULF WAHLBERG vice president external Industrial and public Relations, lm ericsson

STEN NORDIN mayor, city of Stockholm

JOHAN SANDELL, CEO IBm Svenska ab

HANS HENTzELL ceo, Swedish Ict Research

PETER GUDMUNDSON president of the Royal Institute of technology (kth)

MARTIN THUNMAN ceo, Gazella consulting

ANDERS NYLANDER ceo, Atrium ljungberg Gruppen

LOVE EKENBERG head of DSv, Stockholm university

OLLE zETTERBERG ceo, Stockholm Business Region

MIKAEL ÖSTLING Dean, Royal Institute of technology, School of Ict

co-opteD BoARD memBeRS:

ULLA HAMILTON vice mayor enterprise, traffic and labour market

ANETTE SCHEIBE LORENTzI ceo, electrum foundation & kista Science city AB

PäR HEDBERG ceo, Stockholm Innovation & Growth AB

BOARD MEMBERS, STOCKHOLM INNOVATION & GROWTH AB

chairman: OLLE zETTERBERG ceo, Stockholm Business Region

ANETTE SCHEIBE LORENTzI ceo, electrum foundation & kista Science city AB

LOVE EKENBERG head of DSv, Stockholm university

PäR HEDBERG ceo, Stockholm Innovation & Growth AB

STING’S ADVISORY BOARD

ROLF SKOGLUND chairman; entrepreneur; previously ceo, microsoft Sweden; It-executive ericsson; founder Startup factory

ANNA SÖDERBLOM Board member SSe Business lab

MIKAEL HULT Innovationsbron Sverige AB

MARIE WALL head of Ict Department, vinnova

ERIC GIERTz professor and Dean kth Business liaison

JOHN ELVESJÖ entrepreneur, ceo and founder tobii technologies

MIKAEL ÖSTLING professor, kth; head of Ict school kista

MARTIN THUNMAN entrepreneur and founder of packetfront AB

KARL SWARTLING Investor Growth capital

raoul Stubbe Business coach Ict

Started proximion fiber optics in 1998 and as ceo and later cto participated in building a vc financed export company. worked earlier at the research institute AcReo on tasks from Swedish industry. Business coach at StInG since 2005.

maria nilSSonmanager StInG Business Angels & StInG Search for talents

various positions within communications and net-work building in the private equity industry. prior expe-rience includes five years at Industri kapital (today Ik Investment partners).Joined StInG in 2008.

ulf brandelS Business coach Internet/media

has during fifteen years worked with sales, for in-stance at a large american software company. has founded, bought and sold companies. his experience also includes ceo roles and boardwork. Business coach at StInG since 2002.

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STINGs årsrapport 2010

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