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Aldo Cocchiglia - M31 - European Incubators in Silicon Valley - Stanford - Jan 3 2011

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Aldo Cocchiglia - M31 - European Incubators in Silicon Valley - Stanford - Jan 3 2011

  1. 1. European Incubators in Silicon Valley: the M31 case Aldo Cocchiglia, CEO – M31 USA Stanford Engineering School, January 3 2011
  2. 2. What’s in a name? M31 is the code name for Andromeda galaxy M31 is a galaxy of technology stars 2
  3. 3. What does M31 do? M31 Italia turns innovative technologies into start- ups. M31 USA turns technology start-ups into successful global companies. 3
  4. 4. Where and When M31 Italia founded in Padova, Italy in 2006 Focus on incubation: working with entrepreneurs from seed funding to corporate exits M31 USA established in Silicon Valley in 2010 Initial focus: global expansion for Italian high-tech companies including start-ups and larger high- tech enterprises 4
  5. 5. M31 Operating Model Venture incubation - office space and office shared services Funding – from seed to 2nd + rounds Management advisor– from strategy to execution Global Business Development – from leads to contracts 5
  6. 6. M31 Focus Sectors we invest in: Medical Equipment, Embedded Computing, Optical Systems, Software and Web, Sensor Networks Core competences: Innovative Product Development, Strategic Management, Global Reach Services provided: from incubation to management, from international expansion to exit Deal flow: affiliation with universities, research labs, private companies, Angels, early-stage VCs., etc. Typical investment size: € 50 K to 2.5 M, with syndicate if needed 6
  7. 7. Our Value Proposition M31 is different from: Business Plan Competitions We invest capital Traditional Incubators We provide more than just office space and services M31 decodes the Angels and early stage VCs start-up DNA Founders retain large equity stakes and we co-manage the company with them 7
  8. 8. M31 Portfolio software & WEB, sensor networks, wireless I-net of things antennas biomedical instruments WEB services in eyecare embedded electronics & PCs WEB services adaptive optics 8
  9. 9. Shareholders Private Investors, including academics, business managers and entrepreneurs TTVenture - Technology Transfer Venture Capital Fund M31 Management Team Funds raised since 2007: $ 10 M M31 investments: $ 10 M 9
  10. 10. Management Team Ruggero Frezza President, M31 Italia Riccardo Fontanelli COO, M31 Italia Aldo Cocchiglia CEO, M31USA Mauro Odorico Board Director, M31 Chief Investment Officer of TTVenture Elisabetta Ghisini CMO, M31 USA 10
  11. 11. M31 USA Global Expansion Services • US entry planning • Global expansion planning • Start-up incubation in SV • Innovation tours for Italian companies and university programs • Exit strategy and Fundraising support for additional rounds Gateway to Italian Technologies • Technology scouting for US companies • Partner/supplier scouting for US companies • High-tech investments in Italy: start-up or product line acquisitions 11
  12. 12. M31USA Clients M31 Portfolio Companies University Italian Technology High-Tech Transfer Companies Offices 12
  13. 13. M31 portfolio companies: the CenterVue case 13
  14. 14. The CenterVue Case Incorporated in April 2008 - first startup for M31 Develops hw & sw for cost-effective screening programs to detect and treat ocular diseases that bring to blindness Shareholding: M31 46%, Seed investor 28%, Founders & Management 26% Total capital raised: $2.4M; headcount: 17 Developed two innovative devices approved by FDA in 2010, and a Web software platform 14
  15. 15. The CenterVue Case The Eye Knowledge network: a Web platform for eye care, i.e. online continuing education, expert consultation and telemedicine MAIA: early detection and management of Age Related Macular Degeneration (AMD) DRS: a fully automated, inexpensive, retinal camera for large scale screening of Diabetic Retinopathy 15
  16. 16. The DRS Takes digital photo of the back of both eyes in 50 sec. and transfers it to telemedicine platform for remote diagnosis Fully automated: requires no installation, no training and no operators Sale price: less than half of any competitive product Can be available at any health-care point nationwide with no need for skilled operators Allows for basic and large–scale data collection for prevention of diabetes-related blindness 16
  17. 17. The DRS 17
  18. 18. Highlights of the CenterVue Story Major positive impact on social costs of blindness in US and worldwide Short development time and very limited investment thanks to the “M31 model” 2010 sales: 120+ units Estimated 2011 sales: 1700+ units in 60 countries for $25+M (64% in US) Planning an exit via acquisition or IPO in US within 2 -3 years 18
  19. 19. M31 Italia Srl M31 USA, LLC Via N. Tommaseo 77 4655 Old Ironsides Dr. 35131 Padova – Italy Santa Clara, CA 95054 Ph: +39 049 781 1811 Ph: +1 408 988 8404 M31: Incubation of European Ideas, with European R&D, European job creation and US business development