Harris & Harris Group invests in transformative companies developing disruptive science and technology. It has a portfolio of 26 companies across various sectors including life sciences, electronics, and energy. Recent liquidity events from companies like Xradia that was acquired by Carl Zeiss have generated gains. The company aims to continue realizing value from its portfolio through partnerships and exits over the next few years to drive further growth.
ECA Marcellus Trust is a publicly traded royalty trust will help privately held
Energy Corporation of America develop its Marcellus
assets without giving up operational control.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
ECA Marcellus Trust is a publicly traded royalty trust will help privately held
Energy Corporation of America develop its Marcellus
assets without giving up operational control.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
Energy Fuels is the nation's leading conventional uranium producer, supplying approximately 25% of the uranium produced in the U.S. (based on FY-2013 deliveries). The Company also has the capability to be a significant producer of vanadium. Energy Fuels owns and operates the White Mesa Mill, which is the only conventional uranium mill currently operating in the U.S. The mill is capable of processing 2,000 tons per day of uranium ore and producing up to 8 million lbs. of U3O8 per year (depending on ore grade).
The nuclear energy industry has lain stagnant for over 30 years and has suffered from missteps and perception issues.
Lightbridge is here to innovate and change the conversation. About: Lightbridge is a U.S. nuclear energy company based in McLean, Virginia with operations in Abu Dhabi, Moscow and London. The Company develops proprietary, proliferation resistant, next generation nuclear fuel technologies for current and future nuclear reactor systems. The Company also provides comprehensive advisory services for established and emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. Lightbridge's breakthrough fuel technology is establishing new global standards for safe and clean nuclear power and leading the way to a sustainable energy future. Lightbridge consultants provide integrated strategic advice and expertise across a range of disciplines including regulatory affairs, nuclear reactor procurement and deployment, reactor and fuel technology and international relations. The Company leverages those broad and integrated capabilities by offering its services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure.
The latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
This presentation evaluates the current state of the asset management industry and takes a look at where it might be expected to go from here. Topics covered include capital flows, the emergence of alternatives and the M&A environment
Energy Fuels is the nation's leading conventional uranium producer, supplying approximately 25% of the uranium produced in the U.S. (based on FY-2013 deliveries). The Company also has the capability to be a significant producer of vanadium. Energy Fuels owns and operates the White Mesa Mill, which is the only conventional uranium mill currently operating in the U.S. The mill is capable of processing 2,000 tons per day of uranium ore and producing up to 8 million lbs. of U3O8 per year (depending on ore grade).
The nuclear energy industry has lain stagnant for over 30 years and has suffered from missteps and perception issues.
Lightbridge is here to innovate and change the conversation. About: Lightbridge is a U.S. nuclear energy company based in McLean, Virginia with operations in Abu Dhabi, Moscow and London. The Company develops proprietary, proliferation resistant, next generation nuclear fuel technologies for current and future nuclear reactor systems. The Company also provides comprehensive advisory services for established and emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. Lightbridge's breakthrough fuel technology is establishing new global standards for safe and clean nuclear power and leading the way to a sustainable energy future. Lightbridge consultants provide integrated strategic advice and expertise across a range of disciplines including regulatory affairs, nuclear reactor procurement and deployment, reactor and fuel technology and international relations. The Company leverages those broad and integrated capabilities by offering its services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure.
The latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
This presentation evaluates the current state of the asset management industry and takes a look at where it might be expected to go from here. Topics covered include capital flows, the emergence of alternatives and the M&A environment
Overview of industry trends and insights of Fortune 500 companies and startups' activities in the FinTech space. We cover banking tech (security, crm, analytics), payments (pos, money transfer, commerce), cyber currency (blockchain, bitcoin, wallets, cryptocurrency exchanges), business finance (lending, crowdfunding), personal finance (lending, wealth management, mortgage, credit), and alternative cores (banking, insurance).
DealMarket Digest Issue 131 - 7 March 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 131 - March 7th, 2014:
- How New European Rules Affect Private Equity Teams
- PE outlook for Europe
- EY’s Top 10 VC Dealmakers Worldwide
- Global Telecom M&A Hits 13 Year High
- PE Drives Robust Returns for Ontario Pension Fund
- Quote of the Week: Venture Capital? Make Way for Geek Guilds
Mercer Capital's Value Focus: Medical Technology | Mid-Year 2016Mercer Capital
Mercer Capital's Medical Technology Industry newsletter provides perspective on valuation issues. Each newsletter also includes macroeconomic trends, public market trends, and comparable public company metrics.
The world of venture capital has seen huge changes over the past decade. Ten years ago there were fewer than
20 known unicorns in the US5
; there are now over 2006
. Annual investment of global venture capital has increased
more than fivefold over the same period, rising to $264 billion by 2019. This investment has been dominated by the
tech sector harnessing digital frontiers to disrupt traditional industries – including cloud computing, mobile apps,
marketplaces, data platforms, machine learning and deep tech.7
It is an ecosystem that acts as the birthplace for
innovation and brands that can shape the future of consumerism, sectors and markets.
As COVID-19 has taken hold of the
world, the question of whether venture
capital, and early stage investing more
broadly, is backing and scaling the
innovations our world really needs has
never been more pertinent. Life science
and biotech investing is an asset class
perhaps most resilient and relevant to
the short-term impact of COVID-19,
but there is another impact-critical
investment area that is emerging as
an increasingly important investment
frontier: climate tech.
This research represents a first-ofits-kind analysis of the state of global
climate tech investing. We define what
it is and show how this new frontier
of venture investing is becoming a
standout investing opportunity for the
2020s. Representing 6% of global
annual venture capital funding in 2019,
our analysis finds this segment has
grown over 3750% in absolute terms
since 2013. This is on the order of 3
times the growth rate of VC investment
into AI, during a time period renowned
for its uptick in AI investment.8
Looking forward can climate tech in the
2020s follow a similar journey to the
artificial intelligence (AI) investing boom
in the 2010s? The substantial rates of
growth seen in climate tech in the late
2010s, and the overarching need for
new transformational solutions across
multiple sectors of the economy,
suggests yes. The stage appears set
for an explosion of climate tech into the
mainstream investment and corporate
landscape in the decade ahead.
Zinc8 Energy Solutions: Getting de-risked and raised by a global network of c...Stephan Bogner
When some of the world´s brightest people and biggest companies unite, there must be an urgency to solve a bigger problem. In order to build a smarter, more sustainable future for the planet, a far-reaching multidisciplinary effort is needed to speed up the rate of greentech innovation together – and to finance the economies of the future.
Right now, there is an innovation-based industrial revolution going on to re-shape our world for the better.
Unfortunately, it´s happening too slow. Innovations and new technologies take too long to enter the market and to then scale in a meaningful way. Capital, capabilities (know-how) and connections are the greatest limiting factors.
Big North Graphite : Presenting at Global Online CEO Conference Small Stocks...RedChip Companies, Inc.
Big North is a graphite development and exploration company with projects in Mexico and Canada
Owns three past producing amorphous graphite mines in Sonora, Mexico
Currently test mining at the Nuevo San Pedro amorphous graphite mine.
Owns high quality large-flake graphite exploration target in Ontario
“The Coin Tree is a cloud-based storage, insurance, and payment processing platform for bitcoin that leverages cutting edge transactional security to serve the ever expanding virtual currency community."
StarStream Entertainment is a theatrical motion picture production and financing company focused on producing and financing edgy, high quality motion pictures with strong cast and lean budgets for a commercial audience.
StarStream Entertainment is a theatrical motion picture production and financing company focused on producing and financing edgy, high quality motion pictures with strong cast and lean budgets for a commercial audience.
DRONE Aviation Corp (DRNE) was formed in April 2014 to penetrate the rapidly growing Unmanned Aerial Systems (UAS) business in U.S. and abroad for government and commercial customers.
DRNE’s mission is to aggressively penetrate the expanding Drone market with our unique Tethered Drones, which are currently being fielded to the U.S. Department of Defense and State and Local municipalities.
DRNE owns and operates Florida-based Lighter Than Air Systems Corp (LTAS), a developer and supplier of unique and specialized aerial solutions to the U.S. Government, State municipalities, and commercial entities.
InterCloud Systems Incorporated is a single - source provider of end - to - end IT technology and telecom solutions to the ent erprise, service provider, and g overnment markets through “Cloud Platforms” and professional services. “Cloud Comput ing”, is defined as the use of computing resources (compute, NTK, Storage) that are delivered as a managed service over a network. InterCloud offers its service provider custo mers the ability to utilize “cloud” solutions inside their existing network footp rint as well as in a “white label environment” so it can offer a suite of cloud products under their own brand, delivered over the broadband services it presently sell s . ICLD’s cloud services include infrastructure as a service (IaaS), platform as a servi ce (PaaS), and software as a service (SaaS) .
Richfield Oil & Gas Company (OTCQX: ROIL) is an independent exploration and production company headquartered in Salt Lake City, Utah. The Company’s current oil production flows from wells in fields located in Kansas and Wyoming. In addition to several thousand acres in Kansas, Richfield also owns strategically-located exploratory leases in central Utah on trend to major oil discoveries.
NeoStem, Inc. (“NeoStem” or the “Company”), a biopharmaceutical company, is capitalizing on the paradigm shift occurring in medicine by engaging in the development and manufacture of cellular therapies for oncology, immunology, and regenerative medicines in the United States. The Company anticipates that cell therapy will play a significant role in the fight against chronic disease and in lessening the economic burden that these diseases pose to modern society.
Founded in 1886, American Water (NYSE: AWK) is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 6,600 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 14 million people in more than 40 states and parts of Canada. Our January Online Conference was attended by nearly 5,000 investors. Don't miss your chance to listen to leading small-cap company executives who will provide detailed overviews of their businesses through video presentations and live Q&A sessions.
Exeo Entertainment, Inc. is a manufacturing company concentrating on developing innovative products that fill a clearly defined need in today’s interactive entertainment industry. Featured products include the Zaaz™ smart TV keyboards, Patented Psyko Krypton™ 5.1 gaming headphones, Krankz Bluetooth music headphones, an Android® based portable gaming system, and the Extreme Gamer® -the world’s first multi–disc game changer.
Direct Insite (“DIRI”) provides cloud-based, ERP-agnostic solutions that automate Accounts Payable (AP) and Accounts Receivable (AR) invoice processes for Global 3000 companies. Their solutions include invoice validation, order matching, consolidation, dispute handling and e-payment processing. DIRI helps clients eliminate manual processes and costs associated with doing everything on paper. By migrating from paper to electronic, DIRI can reduce transactions costs 50-70% and reduce time by 80%. Current clients include Siemens, HP, IBM, Saint-Gobain, Shell Oil, and Hyatt with a Global vendor network of 350,000+ suppliers.
Lattice Incorporated (“Lattice” or the “Company”), founded in 1973, provides secure communications and information technology, specializing in deploying advanced technology and services to create innovative, cost - effective solutions for the Company’s global customers. The Company provides both wholesale and direct services to correctional facilities and their service providers in the U.S., Canada and Europe. Expansion of Lattice’s direct and wholesale services, including increased techno logy equipment and software sales to wholesale customers, is expected to drive revenue growth and increased margins in the quarters ahead
Quadrant 4 Systems Corporation is a leading provider in of health exchange platforms, innovative software products and proprietary SMAC (social media, mobility, analytics and cloud computing) solutions to enterprise clients in Retail and Manufacturing, Media and Publishing, Financial Services and Health Care sectors.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
2. SAFE HARBOR STATEMENT
This presentation may contain statements of a forward-looking nature relating to
future events. Statements contained in this presentation that are forwardlooking statements are intended to be made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to the inherent uncertainties in
predicting future results and conditions.
These statements reflect the
Company’s current beliefs, and a number of important factors could cause actual
results to differ materially from those expressed herein.
Please see the Company’s Annual Report on Form 10-K, as well as subsequent
filings, filed with the Securities and Exchange Commission for a more detailed
discussion of the risks and uncertainties associated with the Company’s business,
including but not limited to the risks and uncertainties associated with venture
capital investing and other significant factors that could affect the Company’s
actual results. Except as otherwise required by Federal securities laws, Harris &
Harris Group, Inc. undertakes no obligation to update or revise these forwardlooking statements to reflect new events or uncertainties.
2
3. CORPORATE HIGHLIGHTS
History
- 1983: Completed IPO
- 1992: Became an investment company
- 1995: Became a BDC
- 2002: Focused on nanotechnology
- Today: Leading investor in transformative
companies
Financial Highlights2
- Net Assets: $132.0 million
- Total Liquidity: $49.2 million3
- Net Asset Value Per Share: $4.24
Stock Highlights1
- Symbol: NASDAQ:TINY
- Shares Outstanding: 31.2 million
- ADTV: 87,000 shares
- Stock Price: $3.06
- Market Capitalization: $95.7 million
Portfolio Highlights
- Recent liquidity events generated net
gains on invested capital.
- 26 current portfolio companies, a portion
of which could drive near-term growth.
- Robust pipeline of new investment
opportunities to drive long-term growth.
1) Data as of September 10, 2013. 2) Data as of June 30, 2013. 3) Total liquidity is amount as of
June 30, 2013, plus $12.8 million in cash received in July 2013, from the sale of Xradia to Carl Zeiss.
3
4. HIGHLIGHTS
NAV / Share
$135.3
$150
$100
$50
$24.3
$-
12/31/01
25
20
15
10
5
0
6/30/13
$5.00
$4.00
$3.00
$2.00
$1.00
$-
Total Liquidity
$4.24
$2.75
Millions
Millions
Net Assets
$36.4
$40
$30
$20
$13.5
$10
$-
12/31/01
6/30/13
TINY Stock Price History
12/31/01
6/30/13
5. HARRIS & HARRIS GROUP
Harris & Harris Group
builds transformative companies
from disruptive science.
5
6. HARRIS & HARRIS GROUP HIGHLIGHTS
• We have significant equity stakes in companies
bringing transformative products to the market.
• The value in our portfolio has not yet been
realized.
• We have refined our strategy.
• We have a strong interdisciplinary team.
• We have the resources necessary to execute.
7. BUSINESS MODEL
Invest
• NAV
Growth
• Deemed
Dividends
and
Dividends
Return
• Early
Stage
• BIOLOGY+
Build
Value
• Company
Building
• Board
Involvement
• Partnerships
Our evergreen structure facilitates growth
and is a competitive advantage.
8. HARRIS & HARRIS GROUP
Our Four-Part Plan
Realize
Invest
Partner
Return
8
9. HARRIS & HARRIS GROUP
Our Four-Part Plan
Realize
Invest
Partner
Return
9
10. BIOVEX (ACQ. BY AMGEN)
TINY
recognized
that
BioVex
would
be
the
first
to
commercialize
oncolyNc
virus
cancer
therapy
• Initial investment: At first signs of
clinical efficacy (Series E)
• Initial Market: Melanoma with plans
for other solid tumors
• Initial involvement: Board Observer
Acquired by Amgen in 2011
$1
Billion
in
total
payouts
Acquired
at
Start
of
Phase
3
Trials
MARKET: Solid Tumor Cancer Therapy
Melanoma Therapeutics: $1.4Billion by 2017
Head & Neck Therapeutics: $1.7Billion by 2016
BioVex engineered oncolytic viruses to preferentially attack tumor cells,
leaving healthy cells unharmed
* Market size estimates by GlobalData
10
11. SOLAZYME (IPO IN 2011; NASDAQ:SZYM)
TINY identified impact potential, invested, and grew the company from the earliest stage
• Initial investment: Seed round
• Employees @ initial investment: 2
• Initial involvement: Board seat
Investors / Corporate Partners
Since Our Initial Investment
Roda
Group
Braemar
Energy
Ventures
Morgan
Stanley
Lightspeed
VantagePoint
Chevron
Unilever
Mitsui
Sephora
Bunge
San-‐Ei
Gen
MARKET: Tailored Oils
Chemicals and Fuels: $1 Trillion*
Nutrition: $100 Billion*
Skin & Personal Care: $50 Billion*
Solazyme harnesses the power of microalgae to transform
low-cost sugars into high-value renewable oils.
* Market size estimates by Solazyme
11
12. XRADIA (ACQ. BY CARL ZEISS IN 2013)
As 1st institutional investor, TINY helped position Xradia for future growth in new markets
•
Initial investment: Series D; First Institutional
round of investment
•
Revenue @ initial investment: $7 million
•
Initial market focus: Electronics
•
Involvement: Board seat
•
Recruited new management team and members of
board of directors.
•
Helped build business strategy for expansion into
new growth markets.
•
Active involvement in sale process.
Proprietary
X-Ray Lenses
Life Sciences
Electronics
Harris & Harris Group Contributions
Materials Science
Natural Resources
3D High Resolution
Imaging Tools
MARKET: X-Ray Microscopy
$1.2B in 2013*
Growth driven by
Life sciences, materials, oil/gas, mining
Xradia’s proprietary technology enables high-resolution, 3D imaging
of samples of interest to multiple high-growth industries.
12
13. WE HAVE A PIPELINE THAT
INCLUDES HIGH-QUALITY INVESTMENTS
OVER THE NEXT THREE YEARS WE EXPECT TO REALIZE PROCEEDS FROM
THE MAJORITY OF OUR MID STAGE AND LATE STAGE COMPANIES.
Energy
Early Stage
Mid Stage
Late Stage
Life Sciences
ABSMaterials (2010)
Contour Energy (2007)
Produced Water Absorbents (2011)
Ultora (2010)
Electronics
AgBiome (2012)
Ancora (2007)
EchoPixel (2013)
Enumeral (2009)
Senova (2011)
Cobalt (2008)
Laser Light Engines (2008)
Mersana (2002)
OpGen (2012)
Cambrios (2004)
HzO (2011)
Kovio (2005)
Nantero (2001)
SiOnyx (2006)
Bridgelux (2005)
Nanosys (2003)
Champions Oncology
(OTC:CSBR; 2011)
Ensemble (2007)
Metabolon (2006)
Adesto (2007)
D-Wave Systems (2006)
Molecular Imprints (2004)
Note:
Equity-focused portfolio companies, year of first investment and stage classifications as of June 30, 2013, not including 1) our publicly traded shares
of Solazyme, 2) the recently acquired portfolio company Xradia; and 3) our rights to milestone payments from Amgen, Inc. associated with the acquisition of
BioVex Group, Inc. and Laird Technologies, Inc. associated with the acquisition of Nextreme Thermal Solutions, Inc.
13
14. METABOLON
INITIAL INVESTMENT: Q1 2006
TINY
recognized
metabolomics
as
the
future
of
biological
understanding
• Initial investment: Series B, lead investor
O
H
O
• Current Milestones: 2 Diagnostic tests
released
Investors / Corporate Partners
Aurora
Charles River Discovery
Services
Syngenta Ventures
Top 10 Pharma companies
Fletcher Spaght
DHMRI
Sevin Rosen Funds
Health Diagnostics
Laboratory
O
H
N
H
2
O
H
glucose
• Involvement: Board observer
O
H
O
H
O
• Initial market focus: Testing & service
O
H
O
H
cholesterol
L-threonine
MARKET:
Diagnostics & Drug Discovery
Diabetes Diagnostics: $3 Billion & Growing
PSA Diagnostics: $12 Billion & Growing
$20 Million revenue in services
TINY
Impact:
Exit
at
8-‐12%
ownership
Metabolon is the leader in measuring biological pathways and is positioned to disrupt
billion dollar diagnostic markets with its novel solutions.
14
15. D-WAVE SYSTEMS
INITIAL INVESTMENT: Q2 2006
TINY
recognized
the
criNcal
importance
of
increased
compuNng
power
to
the
Internet-‐age
• Initial investment: Lead Series B
• Target Market: High Performance
Computing
• Business Model: Quantum Cloud
Computing
• Initial involvement: Board Member
Investors / Corporate Partners
Bezos
ExpediNons
In-‐Q-‐Tel
Draper
Fisher
Jurvetson
Goldman
Sachs
Google
NASA
Ames
Lockheed
MarNn
MARKET: High Performance Computing
High Performance Computing: $44 Billion by 2020
Cloud Computing: $33 Billion by 2016
TINY Impact: Exit at 2.5-5% ownership
D-Wave harnesses quantum mechanical phenomena to solve some of the most
computationally intensive problems known to humankind
* Market size estimates by Gartner and Market Research Media
15
16. SIONYX
INITIAL INVESTMENT: Q2 2006
TINY
idenNfied
the
potenNal
of
the
technology
&
helped
found
SiOnyx
•
Initial investment: Seed, 1st Institutional Investor
•
Initial market focus: Unknown – TINY helped
develop the first focus
•
Involvement: Board Seat
•
SiOnyx
Solu;on:
Compe;;on:
Current Milestones: 2 Diagnostic tests released
Comparable Companies:
Image Sensors
Cameras &
Camera
Modules
Omnivision (NASDAQ:OVTI)
Aptina, Pixim (Private)
FLIR Systems (NASDAQ:FLIR), Ambarella
(NASDAQ:AMBA), Pelco (Sub. of Scheinder
Elec.), Axis (STO:AXIS), Mobotix (ETR:MBQ)
Everfocus (TPE:5484)
MARKET: Infrared Cameras
$7B in 2013 è $25B in 2017*
Growth driven by
Security/Surveillance (Night Vision) and
Gesture User Interface (ex: Microsoft Kinect™)
TINY
Impact:
Exit
at
10-‐20%
ownership
SiOnyx is bringing disruptive performance and silicon economics to the multi-billion dollar
night vision, security & surveillance, and gesture user interface markets
* Sources: SiOnyx estimates and IMS Research.
16
17. HZO, INC.
INITIAL INVESTMENT: Q3 2011
TINY
idenNfied
submersion
water
protecNon
as
a
criNcal
feature
in
future
electronic
devices
• Initial investment: Lead Series A
• Initial Market: Water protection for
electronic devices
• Initial involvement: Board Member
TINY’s Contribution
• Established
an
experienced
management
team
• Seeded
company
with
outside
experNse
• Connected
company
to
strategic
partners
and
customers
MARKET: Electronic Device Market
Consumer Electronics: $3.3 Billion
Life Sciences: $3.1 Billion
Industrial Electronics: $0.7 Billion
TINY
Impact:
Exit
at
15-‐20%
ownership
HzO combines high-volume manufacturing with innovative coating technology to add
critical submersion protection to electronic devices
* Market size estimates by HzO, Inc.
17
18. ADESTO
INITIAL INVESTMENT: Q1 2007
TINY
idenNfied
major
scaling
challenges
in
front
of
tradiNonal
NVM
computer
memory
• Initial investment: Lead Series A
• Target Market: Non-volatile memory
• Initial involvement: Board Member
• Acquisition: Atmel’s flash memory
business
Investors / Corporate Partners
Arch
Ventures
Applied
Ventures
(Applied
Materials)
ATA
Ventures
AlNs
Semiconductor
Microchip
Altera
MARKET: Nonvolatile Memory (NVM)
NVM: $80 Billion/year in 2013
TINY Impact: Exit at 8-12% ownership
Adesto is addressing the need for ultra low-power, low-cost, high-speed, scalable
non-volatile memory (NVM) for stand-alone and embedded applications
* Market size estimates by Adesto
18
19. GROWTH IN AVERAGE OWNERSHIP
Sources of
Future Returns
Sources of
Recent Returns
16.00%
14%
14.00%
12.00%
10.00%
9%
8.00%
6.00%
5%
4.00%
2.00%
0.00%
2001-2004
2005-2008
2009-2013
Notes: Average ownership data includes investment-weighted ownership percentages on a fully diluted basis as of June 30, 2013, for
unrealized investments. Many of our current portfolio companies may raise additional capital, and depending on many factors our
ownership could increase or decrease in these companies as a result of these financings. The data for 2005-2008 does not include
ownership in Ancora Pharmaceuticals Inc. If this investment was included, the investment-weighted average ownership would be 15
percent.
19
20. HARRIS & HARRIS GROUP
Our Four-Part Plan
Realize
Invest
Partner
Return
20
21. EXPERIENCED EARLY-STAGE INVESTORS
First Institutional Investor or Part of First Institutional Syndicate(1)
• ABSMaterials
• Adesto
• AgBiome
• Ancora
• Bridgelux
• Contour Energy
• Enumeral
• HzO
• Laser Light Eng.
• Mersana
• Nantero
• PWA
• Senova
• SiOnyx
• Ultora
Adaptive Web Tech. (Exited Position in 2001)
Ag Services of America (Exited Position in 1993)
Agile Materials (Exited Position in 2005)
Alliance Pharmaceutical (Exited Position in 1990)
American Equine Prod. (Exited Position in 1990)
Chlorogen (Exited Position in 2008)
CMA Group (Exited Position in 1995)
CORDEX Petroleums (Exited Position in 1998)
Crystal IS (Exited Position in 2011)
Cswitch (Exited Position in 2009)
Dynecology (Exited Position in 1997)
Evolved Nanomater. Sci. (Exited Position in 2008)
Experion Systems (Exited Position in 2005)
Exponential (Exited Position in 2009)
Genomica (Exited Position in 2001)
Harber Brothers (Exited Position in 1997)
Harris Newco (Exited Position in 2001)
Highline Capital (Exited Position in 1997)
Informio (Exited Position in 2002)
Molten Metal Tech. (Exited Position in 1993)
MultiTarget (Exited Position in 1998)
NanoGram (Exited Position in 2010)
NanoGram Devices (Exited Position in 2005)
Nassim & Nicolovius (Exited Position in 1994)
NBX (Exited Position in 1999)
NeoPhotonics (Exited Position in 2012)
NeuroMetrix (Exited Position in 2005)
Nextreme (Exited Position in 2013)
nFX (Exited Position in 1997)
Pharm. Peptides (Exited Position in 1993)
Phoenix Molecular (Exited Position in 2008)
PHZ Capital Partners (Exited Position in 2003)
Princeton Video Image (Exited Position in 1999)
Questech (Exited Position in 2011)
Re Capital (Exited Position in 1989)
SciQuest (Exited Position in 2000)
InSite Marketing (Exited Position in 2001)
Siluria (Exited Position in 2011)
(2)
Solazyme (IPO in 2011)
Sonex (Exited Position in 1996)
Starfire Systems (Exited Position in 2009)
Sundial Marketplace (Exited Position in 2001)
Voice Control Systems (Exited Position in 1999)
Xradia (Exited Position in 2013)
Zia Laser (Exited Position in 2008)
(1) Includes initial investments made prior to 2002. The first member of the current
investment team joined Harris & Harris Group in 2002.
(2) A portion of our shares of Solazyme remained unrealized as of June 30, 2013.
21
22. EVOLUTION OF OUR INVESTMENT FOCUS
Nanotechnology
Opportunity Space
Energy
Electronics
Electronics
Energy
Electronics
BIOLOGY
Life
Sciences
2002-2007
Energy
BIOLOGY
Life
Sciences
BIOLOGY
Life
Sciences
2008-2013
Future
We are Positioned to take Advantage of Many of the Exciting
Trends in Growing Life Science Markets
22
23. OUR EXPERTISE IS INTERDISCIPLINARY
Our
interdisciplinary
team
has
the
ability
to
iden;fy
and
diligence
cross-‐discipline
deals.
Physics
Engineering
Materials
Science
Medicine
Biology
Chemistry
5
Ph.D.
level
investment
professionals:
Chemistry,
Physics,
Biochemical
Engineering,
Gene;cs
and
Materials
Science
23
24. H&H APPROACH YIELDS A UNIQUE PORTFOLIO
???
Quantum
Compu;ng
Imaging
and
Visualiza;on
Synthe;c
Biology
Cancer
Therapeu;cs
Separa;ons
Solid-‐State
Sensors
Single
Cell
Analysis
Molecular
Engineering
3D
Biology
Omics
Molecular
Diagnos;cs
Structural
Varia;on
Drug
Delivery
Vaccines
Water
Microbiome
This
yields
a
unique
and
diversified
life
science
porZolio
at
the
intersec;on
of
biology
and
other
disciplines.
24
25. OUR DISTINCTIVE APPROACH
Interdisciplinary innovation is required to address
these life science challenges.
BIOLOGY
Electronics
Physics
Materials Science
Chemistry
IT
Engineering
LIFE SCIENCE
SOLUTIONS
Mathematics
25
26. EXAMPLES OF BIOLOGY
DNA SEQUENCING
SEMICONDUCTORS
PERSONALIZED
GENOMICS
PROTEIN
BIOCHEMISTRY
INFORMATION
TECHNOLOGY
NOVEL THERAPEUTIC
TARGETS
ONCOLOGY
PHYSICS
3D NON-INVASIVE
IMAGING AND DIAGNOSTICS
26
27. A DECADE OF BIOLOGY
BIOLOGY
INVESTMENTS
ENABLES
Engineering
Single Cell Analysis
Physics
Non-Invasive, HighResolution Imaging
Electronics
Personal Genomics
IT
Protein Structure Analysis
Mathematics
High-Quality
Molecular Diagnostics
Material Science
H&H PORTFOLIO COMPANY
Targeted
Bio-Compatible
Drug Delivery
27
28. DisrupNve
Science
OUR COMPETITIVE POSITION –
EARLY STAGE AND DISRUPTIVE SCIENCE
SFE
Internet
/
Social
Media
KIPO
GSVC
SVVC
Late-‐Stage
Passive
Involvement
Early-‐Stage,
AcNve
Involvement
Harris & Harris Group Uniquely Addresses an Underserved Market
Amongst Publicly Traded Equity-Focused Investment Companies
29. Liquid
OUR COMPETITIVE POSITION –
EARLY STAGE AND LIQUIDITY
GSVC
SVVC
KIPO
SFE
KPCB
Illiquid
Venrock
Polaris
Khosla
ARCH
Ventures
Late-‐Stage
Passive
Involvement
Early-‐Stage,
AcNve
Involvement
Harris & Harris Group is a Liquid Vehicle for Early-Stage Investing
30. HARRIS & HARRIS GROUP
Our Four-Part Plan
Realize
Invest
Partner
Return
30
31. PARTNERING TO INCREASE RETURNS
Return
Return
Return
Cost
Cost
R&D
Seed
Stage
Early-‐Stage
Later-‐stage
VC
VC
Time
Return
R&D
Seed
Stage
Early-‐Stage
Later-‐stage
VC
VC
Time
32. EARLY-STAGE EXPERTISE AND CORPORATE EXPERTISE IS
CRITICAL FOR BRINGING NEW TECHNOLOGY TO MARKET
EARLY-STAGE
DEVELOPMENT
Company formation,
Management Team
Identification, University IP
Negotiation, Initial Funding
and Performance Metrics
SCALE AND
MANUFACTURING
Manufacturing Scale,
Factory Integration,
Pilot Facilities,
Clinical Trials
Value Creation
$$
Cumulative Cost
REVENUE GROWTH
Introduction and Access to the
Market and Customers
TIME
Corporate involvement is critical to providing scale and distribution. Understanding the
optimal transition point is quintessential to build capital efficient businesses.
32
33. PARTNERING EARLY IS BENEFICIAL
Corporate
Partner(s)
Scale
&
Manufacturing
Technology
Plaeorms
Company
Building
Market
Access
Corporate
Partner(s)
Scale
&
Manufacturing
Market
Access
Technology
Plaeorms
Company
Building
Opportunity
Space
We believe the skillsets of Harris & Harris Group and
corporate partners are highly complementary.
33
34. OUR PARTNERING STRATEGY
Our two paths to working with corporations.
Corporate
Partner(s)
•
•
•
•
•
Investment
Development Programs
Commercialization/
Purchase Agreements
Licensing
Expertise
•
•
•
Investment
Strategic Insights
Management Fees and
Carried Interest
H&H Portfolio Companies
Corporations are an important part of
Harris & Harris Group’s current and future strategies.
34
35. CURRENT EXAMPLE OF OUR PARTNERING STRATEGY
Three Large Corporate Partners
Investment in Initial Round of Funding
+
Development Programs
Corporations currently add value to Harris & Harris Group
and our portfolio companies in multiple ways.
35
36. HARRIS & HARRIS GROUP
Our Four-Part Plan
Realize
Invest
Partner
Return
36
37. RETURNING VALUE FOR SHAREHOLDERS
We seek to create value for shareholders by:
• Increasing net asset value per share (NAV) through:
- Gains on our investments
- Reduction of number of shares outstanding
• Distributing a portion of net capital gains on investments
to shareholders through:
- Present: deemed dividends
- Future: deemed and actual dividends
We believe execution on our four-part plan
will generate meaningful returns to shareholders.
37
38. HARRIS & HARRIS GROUP
Harris & Harris Group
builds transformative companies
from disruptive science.
38