Philadelphia Startups Took Home Over $1 million in Funding

PACT offered insights and opportunities for 1,000 attendees to succeed through collaboration, inclusion, and access

PHILADELPHIA – November 3, 2017 – Philadelphia Alliance for Capital and Technologies (PACT) announced the results of the PACT Capital Conference 2017. After a day and a half of keynotes, lightning talks, panels and company pitches, close to 1,000 attendees walked away with key insights, new connections and (for some) investment dollars. This year’s Lion’s Den was a home run.  After a full day of pitching, three companies were chosen out of 45 featured company presenters to enter PACT’s inaugural Lion’s Den. Roundtrip, Statum Health, and SocialLadder pitched their innovations once more live in front of the conference audience to five highly successful entrepreneurs. Three of the “lion” investors offered Statum Health $250,000 followed by SocialLadder who walked away with $800,000 from all five investors (the largest amount yet in all three years of the Lion’s Den).

“We are extremely proud of this year’s PACT Capital Conference and thankful for the investors of the Lion’s Den – David Adelman, Dr. Robert Corrato, Michael Wells, Sashi Reddi, and Rudy Karsan. The collaboration in the room was palpable and that is thanks to the entrepreneurs, who put their company on the stage, and the investors, who provided important insight and funding,” expressed Andy Hamilton and Jeff Bodle, 2017 PACT Capital Conference co-chairmen and partners at Morgan Lewis.

The 2017 PACT Capital Conference offered exciting new elements. It created a roadmap for the stages of successful collaboration and how startups, enterprises and investors become collaborators. The PACT lightning talks shared stories of when large enterprises collaborate with entrepreneurs across all verticals. The healthcare and technology tracks centered on the enterprise to startup exchange, mirroring PACT’s new Customer Connect initiative in which entrepreneurs pitch their inventions to enterprise buyers. Additionally, PACT released a new venture report by Pitchbook and in collaboration with Ben Franklin Technology Partners and others. Entrepreneurs and investors also connected one-to-one by scheduling business meetings through the 2017 mobile app. This year’s conference also featured keynote remarks from regional and national leaders: Polina Marinova of Fortune and Author of Term Sheet, Anita Elberse of Harvard Business School, and Jeffrey S. Moorad, Chairman of Morgan Lewis’s global sports industry initiative.

“The conference provided an ideal platform to connect entrepreneurs, investors, industry and thought leaders, and promote collaboration, particularly in the technology and healthcare spaces,” commented Morgan Lewis co-chairs Andy Hamilton and Jeff Bodle.

To learn more, please contact Amanda Nardi at anardi@philadelphiapact.com or by phone at 609-790-6206. You can also learn more by visiting the conference website www.pactcapconf.com, Linkedin, Twitter (@PhilaPACT), and Facebook.

Fresh off a major capital infusion, EvolveIP just acquired Xtium

Written by Roberto Torres, Technical.ly Philly

No financial details were disclosed from the acquisition of Xtium, but the move is in line with the company’s growth strategy.

Evolve IP, a Wayne-based cloud services company, announced on Thursday it had acquired King of Prussia, Pa.-based Xtium, Inc., another cloud services company. The company did not immediately disclose any financial details from the transaction.

The deal is aligned with its previously-announced growth strategy: In June, Evolve IP sold a majority stake for an undisclosed amount to Boston venture capitalist firm Great Hill Partners.

“Our team couldn’t be more pleased to join Evolve IP and we’re excited to have new opportunities due to the company’s tremendous growth,” said Xtium CEO Tim Vogel in a statement.

Click here to read the full article.

Fairmount Partners News

Fairmount Partners is an independent investment banking firm focused on serving the needs of middle market and emerging growth companies. They provide a complete range of investment banking and capital advisory services for our clients including merger and acquisition advisory, financing advisory, fairness opinions and valuations and strategic corporate development advisory services.

  • Represented Avista Pharma Solutions, Inc.  in the sale of its Accuratus Lab Services operations to Microbiology Research Associates (MRA) of Acton, MA, a portfolio company of Thompson Street Capital Partners (TSCP). Accuratus, based outside Minneapolis, MN, is the leading provider of testing services for antimicrobial products that are regulated by the Environmental Protection Agency (EPA). The sale marks another successful strategic exit for Ampersand Capital Partners, the private equity owner of Avista Pharma, and allows Avista Pharma to focus on its core market in contract services to the pharmaceutical industry.
  • Represented ICON plc, (NASDAQ: ICLR) a global provider of drug development solutions and services to the pharmaceutical, biotechnology and medical device industries, in the acquisition of Clinical Research Management (ClinicalRM), a full-service Contract Research Organization specializing in preclinical through Phase IV support of clinical research and clinical trial services for biologics, drugs and devices. Clinical RM specializes in government-sponsored research, and is a leader in infectious diseases, such as Ebola and Zika.  The acquisition will enhance ICON’s ability to access the market for government-sponsored research and further enhances ICON’s capabilities in the areas of vaccines and infectious diseases.  This was Fairmount’s 11th transaction with ICON.
  • Represented Agilux Laboratories, a Worcester, MA-based contract research organization (CRO), that provides a suite of integrated discovery small and large molecule bioanalytical services, drug metabolism and pharmacokinetic (DMPK) services, and pharmacology services in their acquisition by Charles River Laboratories International (NYSE: CRL), a global leader specializing in a variety of pre-clinical and clinical laboratory services for the pharmaceutical, medical device and biotechnology industries.  The company’s unique combination of early-stage services enhances the flexibility and speed of its biopharmaceutical clients’ lead identification, optimization, and candidate selection efforts. Agilux was acquired from the company’s founders and Ampersand Capital Partners, its only institutional investor.  This was Fairmount’s fourth transaction for Ampersand Capital Partners, and third transaction with Charles River Labs.

Safeguard Scientifics leads $750,000 Seed Financing for MedCrypt, an early-stage medical device software security company

Core technology will secure communications between clinicians and connected medical devices at health systems

Philadelphia, PA and San Diego, CA, September 13, 2016 — MedCrypt, an early-stage medical device software security company, today announced the closing of $750,000 in seed round financing led by Safeguard Scientifics (NYSE:SFE) and a group of angel investors. Proceeds will be used to conduct commercial pilots with leading medical device vendors.

“The increased use of, and dependency on, connected devices at hospitals and health systems has revealed security risks and vulnerabilities, consequently putting patient safety at risk,” said Mike Kijewski, co-founder and CEO of MedCrypt. “While it’s distressing to think about a hacker remotely disabling a medical device, it’s far more unnerving to consider a hacker silently taking over a device and sending it malicious instructions, resulting in a patient’s injury or worse, death. MedCrypt’s software allows manufacturers to authenticate users, encrypt data, and cryptographically sign settings and patient prescriptions. MedCrypt also has the ability to monitor transactions between clinicians and devices for malicious behavior, protecting struggling health networks from unforeseen cyber threats. Our technology is designed to ensure that only instructions from a trusted source are executed by the medical device.”

Click here to read the full press release.