Sarsia Seed
November 2012 - web
Sarsia Seed Management AS
Sarsia Seed
Basic Facts
Sarsia Seed
One of four national seed funds in Norway
The Task
Investment areas
Structure
Team
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Invest in approximately 25 early-stage technology-based companies
o
Development of selected companies through active board membership
o
Investment realization typically through trade sale or IPO
o
Energy/Oil/Gas
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Biotechnology/Pharma/Medtech/Marine
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Only invest in Norwegian companies
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Capital base of €45 m and 15 year horizon (2018 2021)
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50% public financing, public loss fund of €5.3 m
o
IRR hurdle of 7%, goal of 9%
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Management team of five partners
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Broad management and Board experience from Norway, Europe and the USA
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Qualifications include PhDs, MBAs and financial analyst
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Sarsia Seed Management
Sveinung Hole
Managing Partner
MBA
Erlend Skagseth
Partner BioLife Sciences
& Financial Control
MBA
Jon Trygve Berg
Partner Energi/Cleantech /
Investments
M.Phil. MBA, CEFA
Øivind Enger
Partner
PhD Microbiology
Farzaad Abdi-Dezfuli
Partner
PhD Pharmacology
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Sarsia Seed AS
Investors
Board
Statoil ASA
Sigurd Moe Paulsen, Investment
Director, Statoil New
Technology AS
BKK
Sarsia Innovation AS
Sparebanken Vest
DnB NOR ASA
L. Meltzers Høyskolefond
Stiftelsen Unifob
Viken Shipping AS
GC Rieber AS
Bergens Tidende AS
Bergens Forskningsstiftelse
Bergens Medisinske Forskningsstiftelse
EGD Holding AS
Lise Reinertsen, VP Business
Development, BKK
Bjørg Marit Eknes, VP,
Sparebanken Vest
Elisabeth Teigland Gjesdahl,
VP, DnB ASA
Kåre Rommetveit, Director,
Bergen Medisinske
Forskningsstiftelse
Wenche Rolfsen, Rolfsen
Consulting
Mowinckel Management AS
J. E. Greve AS
B. Friele & Sønner AS
Sarsia Seed Management AS
Innovasjon Norge
Election Committee
Jan Einar Greve, Barrister Norwegian
Supreme Court, Chairman up to 2009.
Current head of election committee.
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Investment criteria for
initial investments
BUSINESS MODEL
Scalable
An initial investment is usually in the
region of 0.2 to 1 mUSD, and
typically made in several
milestone-based tranches
PRODUCT/ SERVICE
Unique technology / idea
10 m invest
x 10 value
TEAM
Business oriented
Coachable
MILESTONES AND EXIT
Clearly visible
Phase
Contact
~2-5 days
Goal
Identify degree of
suitability
Analysis
MARKET
Attractive /growth
Decision
Duediligence
~4-8 weeks
~3-6 weeks
~3-12 weeks
Verification of
investment/
business plan
Investment terms
and formalisation
Audit of terms for
investment
Investment
~ 3-> years
Injection of financial and
human capital
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Key figures
As of November 2012
92 mEUR procured to
22 early stage technology based
companies over 6 years
o 21 mEUR invested by Sarsia Seed in 22 companies
o 33 mEUR invested from >40 investors from six countries
o 38 mEUR in softmoney/R&D support funds granted to 20 companies
o Team in Sarsia Seed Management of 5 persons, 100% continuity
o More than doubled patent base in the companies
o In total more than 4.3 times Sarsia Seed’s total investments is injected into the companies
o 109 Directors on the Boards of the companies, 16 international and 33 industry experts
o Analyzed 372 potential investments over the last six years
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Portfolio
The companies
Portefølje – Energy/Oil/Gas
Shaping windfarms
o Global leader as providers of simulation software for optimal location of
turbines in wind farms.
Water purification
o Process water treatment; produced water, shale gas, oil sand, shale oil and
slop water.
Cellulostic ethanol
o Global pioneer in large-scale production of industrial sugar from cellulostic
sources.
Forecasting of Wind Power
production
o Forecasting solution for Wind Farm production to minimize imbalance
costs.
Radar technology
o Novel, game changing high performance radar technology with petromaritime, geological and military applications.
Ballast water treatment
o Novel treatment unit for inactivation of marine organsims, particularly
microorgansisms, in ballast water.
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Portefølje – Marine
Aquaculture feed technology
o Unique feed concept as an alternative to live feed (eg. Artemia) for early
stage sea-food animals including farmed fish, crustaceans and shellfish.
Fish feed technology
o Means of incorporating and retaining water and supplements in fish feed;
enabling natural salinity, increased growth and reduced mortality.
Omega 3 marine oil
formulation/delivery
o Microencapsulated omega 3 marine oils in user friendly effervescent
powder and tablett format.
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Portfolio – Biotechnology/Pharma
Fighting inflammation
o Optimal Anti-Inflammatory Therapy - Small Molecules Targeting GIVA
PLA2
Novel antibiotics
o New chemistry products applied to antibiotics against resistant infectious
bacteria
Novel vaccine technology
o APC targeted vaccine delivery affording potent adjuvant-free prophylactic
and active immunotherapy
Anti-cancer therapy
o Peptide-drug potentiating chemotherapeutic agents through pan-synthetic
lethality
Drug discovery services and anticancer therapy
o First in class anticancer treatments targeting tumour escape and drug
resistance. RNAi-based discovery platform yielding novel Targets for drug
therapy
Anti-thrombocytopenia therapy
o Prophylactic treatment against neonatal platelet-loss caused by
fetus/mother genetic differences
Marine sourced drug
o High-value marine-sourced heparin and/or improved process for current
heparin production
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Portfolio – Medtech/Diagnostics
Pain measurement
o Instrument for objective measurement of pain based on changes in skin
conductancy.
Monitoring respiratory function
o Noninvasive and easily applicable means of evaluating respiratory function
in neonates and infants without need for mask or sedation.
Bacterial infection profiling
o Web based rapid diagnosis of bacterial infections from clinical sources;
based on gene sequencing software technology.
Gene sequencing
o High throughput DNA sequencing technology based on state of the art
molecular biology and low-cost commodity electronics components.
Cancer screening
o Best practice cancer screening tests combined with follow-up systems to
ensure compliance and efficacy .
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What we do
And contribute to the companies
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Active ownership through the Board
• Development of business concept and
business plan
• Establish best possible board composition
for the different phases
• Recruitment of management and key
personnel
• Search for industrial partners and coinvestors
• Financing and applications for R&D
funding
• Assistance in negotiations and contractual
development
• Establish business systems and processes
for execution of plans
• Identify, develop and negotiate Exit
possibilities, i.e. Trade Sale
o Two dedicated partners from Sarsia Seed Management follow each company
o Weekly problem solving and quarterly ranking in Sarsia Seed Management
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The Sarsia Seed Management (SSM) Team
Experience (excerpt)
Education
• INSEAD, Top Management Program,
Telenor
• Master of Int. Management (Siv.øk), HH BI,
1991
• Officers Cand. School Military Police, best
pupil, 1986
Sveinung Hole
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Siv.øk. NHH, 1981
Studfag BHG, 1975
Navy U-båt 75--76
Realartium , Os Gymnas 1974
• 2006-, Partner SSM, CFO, 6 board positions in portfolio companies
• 2005-2006 Project Director, Sarsia Innovation AS
• 1999-2005 CEO Forinnova AS, project development, financing early stage
technology development
• 1986-1999 CFO Chr. Michelsen Research AS
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Siv.Ing ,Off. Eng, Heriot WU 1991
M.Phil, Polar St. Cantab 1992
MBA NHH,MASTRA, 2000
AFA NHH, 2006
Certified Financial Analyst
• 2006-, Partner SSM, 6 board positions in portfolio companies
• 2002-2005, CEO PE&C –Drilling & Well consultancy, advisor drilling technology, field
development and drilling costs
• 2000-2002 CTO NST – responsible for 120 person techn. dev. org.. In 3 countries,
responsible for big partners, IBM, AT&T
• 1995-2000, CEO GexCon- technology spinoff startup, CMR
Erlend Skagseth
Jon T. Berg
2006-, Managing Partner SSM, 6 board positions in portfolio companies
2010 -, Board member NVCA – Norwegian Venture Capital Association
2005-2006, Director Anesthesia & SOP, Haukeland University Hospital
2000-2005, Telenor: Man. Director Nextra N, Strategy Dir. Telenor BS Europe,
Market-/Strategy director all Norway operations
• 1997-2007, Man.Director. Berlitz Nordic region (NYSE), Berlitz GLobalNet, VP
Americas/member of Executive Committee
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• Dr. Scient in micro biology, UiB
• Cand. Scient in micro biology UiB
• Organizational science . ODH
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2009 - Expert panels, Jury Member Venture Cup
2006-, Partner SSM, responsible for bio deal flow and IPR
1997-2006, Project manager – business development Forinnova/Sarsia Innovation
1992-1998, researcher , UNIFOB/førsteamanuensis UiB
• Financing Entrepreneurial Business:
London Business School – 2008
• Postdoc HUS 1992-1994
• PhD University of Edinburgh 1992
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2009 –, Expert Panels Norges Forskningsråd
2006-, Partner SSM, responsible bio/pharma
2002-2005, Forinnova/Sarsia Innovation. Investment Advisor Biotech
1995-2002, Eli Lilly- Team Leader, part of Lilly Medical Nordic Strategy
Group/admin and man respon. /Nordic Point Person & European Clinical Trial
Management Trainer
Øivind Enger
Farzad Abdi-Dezfuli
Sarsia Seed Management AS
Sarsia Seed AS
Postal address:
Visitor’s address:
Thormøhlensgate 51
N-5006 Bergen
Norway
Fax: +47 5559 5948
Vitensenteret (VilVite)
Marineholmen, second floor
Thormøhlensgate 51
N-5006 Bergen
Norway
Phones and e-mails:
Sveinung Hole
+47 47 90 01 11
sveinung@sarsia.com
Erlend Skagseth
+47 90 93 28 72
erlend@sarsia.com
Øivind Enger
+47 90 06 23 03
oivind@sarsia.com
Farzad Abdi-Dezfuli
+47 90 59 72 90
farzad@sarsia.com
Jon Trygve Berg
+47 95 23 76 49
jon@sarsia.com
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