• Philosophy - Best of Breed Investing in Southwest Region
– Wasatch - Multiple Early Stage Technologies
• Regional Core Technologies
• Proven Regional Entrepreneurs
• Opportunistically invest in underserved region
• 20 to 25 companies per fund
• Local Lead with Leverage
– Draper Fisher Jurvetson & Global Affiliate Network
• Nearly $3 Billion under management
• 70+ Investment Professionals
– Prior VC Co-investors
• Draper Fisher Jurvetson, Tullis Dickerson, Kleiner Perkins Caufield &
Byers, Benchmark, New Enterprise Associates, Accel Partners, Mayfield,
JP Morgan, Greylock, Sequoia, Battery Ventures, Arrowpath, Trident
Capital, Oak Investment Partners, V-Spring Capital…
– Prior Strategic Investors
• Intel, Cisco, Sun, Kodak, HP, Compaq, Fannie May, AOL, Oracle,
Motorola…
– Strategic Advisors
• Ray Bingham, Chairman Cadence, Board of Oracle, Robert Clyde, CTO
Symantec, Shane Robison, CTO HP, John Clark, Portfolio Manager, GM
Investments, Chris Stone, Vice Chairman, Office of the CEO Novell, Mark
Sunday, CIO Siebel Systems

Timberline Ventures:
Seattle, WA
Portland, OR
DFJ Frontier:
Sacramento &
Santa Barbara, CA
Draper Fisher
Jurvetson:
Menlo Park, CA
Zone Ventures:
Los Angeles, CA
Wasatch Venture Fund:
Salt Lake City, UT,
Phoenix, AZ &
Santa Fe, NM
DFJ Portage:
Chicago, IL
DFJ Primaxis:
Toronto, ONT
DFJ New England:
Cambridge, MA
DFJ Gotham:
New York, NY
Draper Triangle:
Pittsburgh, PA
Draper Atlantic:
Reston, VA
Access Ventures:
Westminster, CO &
Austin, TX DFJ Mercury
Houston, TX
Austin, TX
DFJ SI Ventures
Raleigh, NC &
Fort Meyers, FL

• Unique, disruptive technology developed at local institutions in the state like UNM, New Mexico Tech, New Mexico State, LANL,
Sandia, the Air Force Labs, and others.
• Growing entrepreneurial environment with interest from entrepreneurs outside the state.
• Significant government support for venture funds and venturebacked companies.
• Growing recognition outside New Mexico of the opportunity presented by New Mexico companies – this leads to more likely and more successful exits.

• History of Presence
• Todd Stevens, and Bob Pothier were welcomed to the state in 2001 by
TVC to assess the opportunity.
• Bob Pothier visited frequently for two years before state funding.
• John Dunning arrived in Albuquerque office in early 2003.
• Demonstrated Track Record
• In State Investment Program for 2 years investing and reviewing deals in New Mexico.
• Invested in Lumidigm and Exagen in 2003 meeting 68% of our total
New Mexico commitment at close of first year of operations.
• One of the largest active funds in New Mexico with almost $160 million under management.
• Active Local Commitment
• On the ground investment professional (soon to be two).
• Sponsor of several New Mexico business forums including the Coronado
Ventures Forum and the TVC Equity Capital Symposium.
• Equity Capital Symposium mentor.
• Investment advisor to New Mexico Private Investors Group.
• Speaker and contributor to several local groups including the Center for
Commercialization and Entrepreneurial Training and the UNM Business
School.
• Sponsor and Founder of New Mexico Venture Capital Association.

•Sector: Biometric Devices
•Headquarters: Albuquerque, NM
•Transferred from: InLight Solutions and University of New Mexico
•Wasatch Initial Investment: $2.0M
•Total Capital Raised: $5.3M
•Co-Investors: Intel, DFJ New England, Solstice, Invencor, Angels
•Wasatch Provides More to Company Than Money
•Outside Board Member (Shane Robison, CTO HP)
•Strategic Discussions with Fortune 500 companies

•Sector: In Vitro Diagnostic (Cancer and Hepatitis C)
•Headquarters: Albuquerque, NM
•Technology Transferred from: University of New Mexico
•Wasatch Initial Investment: $1.325M
•Total Capital Raised: $5.752M
•Co-Investors: Tullis Dickerson, vSpring Capital
•Wasatch Provides More to Company Than Money
•Impetus for Completing Deal, Due Diligence Lead
•Strategic Discussions with sample and commercialization partners

• Fund Size - $12 Million
• Fund Focus – Invest side by side with other VC Funds
– Increase New Mexico Commitment by $12+ million - $12 million from state, and an additional amount is dedicated for Wasatch New Mexico coinvestments at a set ratio from Wasatch III.
– Traditional Wasatch focus on Information Technology and Life Science deals including integrated circuits, materials, communications technology, biotech, and medical devices.
– Complete Technology Transfer from LANL, Sandia, and UNM
• Fund Management
– Primary office currently in Santa Fe, NM. Other offices in Salt Lake City,
Utah and Phoenix, Arizona
– John Dunning, Associate (TBD), Bob Pothier (AZ) and 1 intern (AZ or NM)
• Fund Strategy
– Invest in 7-10 deals.
– Investment pace of 3-4 companies per year once funds are secured
– Average initial investment size for seed deals would be in the $100-400K range. For more traditional early stage deals, in the $500K-$1M range
– Follow on investing to represent 2x initial investment

• Existing Local Support
– John Dunning, Senior Associate (Sante Fe, NM) -Business Development
Manager, NextCard; Business Development Manager, iOwn.com;
Operations/Strategy; BA from University of Oregon; MBA from Thunderbird
– Bob Pothier, Partner (Phoenix, AZ) -Former CEO, Rockford Corporation; Former
CEO, Camelback Capital; Inc. Magazine’s Entrepreneur of the Year in the State of
Arizona 1990; Board of Directors Lumidigm and Exagen; BS from Brigham Young
University
– Wasatch Team
Entire Wasatch team is actively engaged in review of deal flow, assessment and selection of initiatives, and play critical role in investment decisions.
– Board of Advisors – A New Mexico Fund Board of Advisors is currently being formed to build on our strong commitment to the state, and serve as sources of deal flow and advice with regards to specific industries. We anticipate a total of 5 members with the initial three already selected and comprising the following:
• Bill Miller – Inventor of the sonogram, local Board member and entrepreneur
• George Friberg – Senior Director, TVC
• Christopher Baucom – Fort Washington
• Brian Birk – Fort Washington
• Greg Kulka – State Investment Council
– Associate – Have completed search and are awaiting decision.
– Interns – This intern will most likely be sourced locally.

Todd Stevens, Managing Director - Founder, Wasatch Venture Fund; Former
Finance Executive & Treasurer, Homart Development & Bonneville Pacific; Chair Capital
Formation Committee for Governor’s Utah Technology Alliance, President MountainWest
Venture Group, Director MACC Private Equities (NASDAQ: MACC); Mr. Stevens has overseen investments in over 70 early-stage high technology companies and is an experienced finance executive who has raised over $600 million in debt and equity financings for public and private companies over the last 15 years. He has an M.B.A. from Harvard Business School and a BS in Accounting & Management from University of Utah
Kent Madsen, Managing Director – Ford Motor Company, Advanced Technology and
China Development; Mr. Madsen has developed mathematical and computational models for analyzing vehicle dynamics at Ford and was then transferred to Ford’s China operations where he helped write, present and negotiate joint venture proposals. He is also a Director of MACC Private Equities (NASDAQ: MACC); University of Michigan,
Instructor & Author; MBA from Wharton, MA from University of Pennsylvania, MSE in
Mechanical Engineering from University of Michigan, BS in Mechanical Engineering &
Applied Mechanics, U. of Pennsylvania
Nick Efstratis, Partner- Business Development, Excite; Founding Management Team,
NetDocuments; Board of BYU eBusiness program among others; Mr. Efstratis has worked in a variety of roles identifying key areas for improvement in Wasatch portfolio companies. He has a BS and MBA from Brigham Young University
Michael Hennessy, Associate – Research Analyst, Great Companies; Business
Development, DirectAdvice; Financial Analyst, CSFB; MBA from BYU; BA from Williams
College

•Managed Locally, Networked Globally
– Significant and active local management involved in many aspects of the local business community.
– Regional management that continues the successful investment process we have already developed and implemented.
– Draper Fisher Jurvetson affiliation brings regional and global network to each
Wasatch New Mexico Fund deal
•Track Record
– Ten years of successful Inter-mountain region investing in over 80 companies
– Two+ years investing in New Mexico with investments in two companies with others currently being reviewed
•Flexible, Opportunistic Investment Approach
– Stage: From seed to start-up, to later stage companies looking for growth capital
– Sector: Information technology, software, diagnostics, biotech, advanced materials
•Experience Commercializing Early Technologies
– Lumidigm – Spin out of Inlight Solutions and Sandia National Lab
– Exagen – Technology transfer from Quasar/UNM
– emerGen – University of Utah spin out
– ZARS – University of Utah spin out