Technology Start-Up Investment Analysis

early-stage technology investment sectors
Version A3 Angels-1.0 © Venture Concept 2011
Summary
This document is contributed for discussion for training on early-stage technology investment. It
compares investment sectors , in Switzerland and neighboring Europe. We have indicated some relevant
trends and investment structures. The document was prepared Venture Concept internal research from
publicly available sources. None of the information represents an endorsement or a recommendation to
invest. Readers are encouraged to verify the facts and complement with their own updated research.
Summary................................................................................................................................................................. 1
Investigation of investment sectors ..................................................................................................................... 4
Summary of sectors............................................................................................................................................ 4
Telecommunications .......................................................................................................................................... 5
Technologies .................................................................................................................................................. 5
Opportunities ................................................................................................................................................. 5
List of start-ups ............................................................................................................................................... 6
Software for security and finance ...................................................................................................................... 7
Technologies .................................................................................................................................................. 7
Opportunities : ............................................................................................................................................... 7
Experts ............................................................................................................................................................ 8
List of start-ups ............................................................................................................................................... 8
ICT for travel & transport, hospitality ................................................................................................................ 9
Technologies .................................................................................................................................................. 9
Opportunities ................................................................................................................................................. 9
List of start-ups ............................................................................................................................................. 10
Experts .......................................................................................................................................................... 11
Industrial technology ....................................................................................................................................... 12
Experts .......................................................................................................................................................... 12
List of start-ups ............................................................................................................................................. 12
Cleantech ......................................................................................................................................................... 14
Opportunities ............................................................................................................................................... 14
VC Investments overview ............................................................................................................................. 15
Technologies ................................................................................................................................................ 17
Experts .......................................................................................................................................................... 17
List of start-ups ............................................................................................................................................. 17
Medical devices ............................................................................................................................................... 19
Technologies .................................................................................................................................................... 19
Experts .......................................................................................................................................................... 20
p.1
Medtech sub-sectors ........................................................................................................................................... 21

Medtech is 30% of life sciences industry ........................................................................................................ 22
Medtech devices is a 300 B$ market .............................................................................................................. 22
Growth : up to 8% in early stage ................................................................................................................ 23
Valuations : 13 to 20 P/E .............................................................................................................................. 23
VC investment : stable, 25% of total ............................................................................................................... 23
VC investment in Switzerland : 50M CHF in medtech .............................................................................. 24
VC investment in neighbouring France : 35M$ in medtech ...................................................................... 24
Overview of sectors ......................................................................................................................................... 25
Cardiology ............................................................................................................................................................ 26
Opportunities : 84B$, 66B$ interventional ..................................................................................................... 26
Epidemiology ............................................................................................................................................... 26
VC deals : over 500M$ in cardiology .............................................................................................................. 27
M&A : over 5B$ at 6 X revenues...................................................................................................................... 28
Regional start-ups seeking finance in 2010 .................................................................................................... 29
Industry structure : top 20 make 32% of industry ........................................................................................... 30
Orthopaedic ......................................................................................................................................................... 31
Opportunities : 43 B$ growing at 7-17% ........................................................................................................ 31
Epidemiology ............................................................................................................................................... 32
VC investments : 280M$ .................................................................................................................................. 32
M&A : 70% of volume, over 6B$...................................................................................................................... 33
Industry structure : top ten = 62%................................................................................................................... 35
Imaging ................................................................................................................................................................ 36
Opportunities : 16B$ and 7% growth ............................................................................................................. 36
VC investment .................................................................................................................................................. 37
M&A .................................................................................................................................................................. 37
Industry structure : top 3 = 75% ...................................................................................................................... 39
Diagnostics ........................................................................................................................................................... 40
Opportunities : 50B$, 6% growth .................................................................................................................... 40
VC investment around 250M$ ........................................................................................................................ 41
M&A .................................................................................................................................................................. 42
Industry structure : top 3 = 44%, top 10=80% ................................................................................................ 43
Surgical, Ophtalmo, Neuro, Urology .................................................................................................................. 44
p.2
Opportunities : 16B$ ........................................................................................................................................ 44

VC investment : >200M$ ................................................................................................................................. 44
M&A .................................................................................................................................................................. 45
Healthcare information systems ...................................................................................................................... 49
Technologies ................................................................................................................................................ 49
Opportunities: .............................................................................................................................................. 50
Transaction history ....................................................................................................................................... 51
Experts .......................................................................................................................................................... 51
List of start-ups ............................................................................................................................................. 52
Sources ................................................................................................................................................................. 53
Events ............................................................................................................................................................... 53
p.3
Investigation of investment sectors
Summary of sectors
In the following pages, we have performed a 1st pass analysis of several sectors. We analyze
opportunities around Switzerland. For each one the approach includes :
• Elements of macro analysis such as relevant trends and technologies.
• Bottom-up information such as sample of start-ups met during recent events.
Sector Attractiveness Regional expertise Competition

IT security ITC segment has been selected to narrow down the Good technology High EU, US, Asia
overall IT segment. and access to
domestic market.
IT tourism, Logistics, travel & transport, hospitality and recreation : Switzerland has the Fragmented except
transport this is a somewhat unusual grouping of specialized niches mix of business and US.
benefiting from similar cloud, mobile, embedded tech advisors. There
electronics, image processing technology innovations. are also industrial
players.
Telecom Attractive but not best-in-class as other countries Existing industry High, Nordic, Asia,
(Nordic, UK, France, Germany). Good Swiss and French contacts and US. Corporate VC
M&A players on adjacent telecom markets (consumer expertise. Low Swiss and dedicated VCs.
entertainment, industrial). expertise except
niches.
Cleantech Growing segment WW. Regional catch/up public Electricity and Very high China,
incentives and a few niches. The domain has increasing power expertise USA
VC investment investments.
Life sciences Medical devices segment excluding biotech. Option exist Leverage regional High, consolidation
to narrow down to areas like interventional cardiology or science know-how of corporate,
orthopedics. Also enabling technologies. The domain has and manufacturing established VCs.
increasing VC investment. Subsector are described in expertise
more details in this section.
Industrial Generalist approach can be narrowed down to Modest. Can be
technology expertise in micro-tech, electronics and executed in synergy
embedded software. with another sector.
p.4
Telecommunications
Mobile and fixed broadband telecommunication services are being re-shaped :
• Universal mobility, growing towards 4 billion users is expanding worldwide, especially Asia and
BRIC.
• All eyes are on Apple and Android. User experience is driving consumer demand, offering new
multimedia content, smartphones, tablets and even reshaping telephony
• More than applications but access to services. Cloud and mobile applications business is
approaching the size of the content business.
• A global move of telco infrastructure to lean cloud-based operations drives the consolidation
and cost of services down
• Industry players attempt to re-invent themselves with new service business models
Technologies
We look for innovation that helps face these challenges.
• New mobile applications and media offerings, personalization using customer and social
intelligence,
• Wireless applications enabled by NFC, RFID, machine to machine
• Underlying technologies : micro-projectors, sensors, new displays, systems on chips (SoCs)
• Telco software for massively scalable business processes improvements to generate
efficiencies, simplification of service delivery to end-users.
• Telco software for payment, billing, and operations support.
Opportunities
• EU VC investments in communications and networking were 184 M€ / 47 deals in 2010 and 64
M€ / 22 deals in Q1-3 2010 (Thomson)
• Growth of smart-phones: 55% smart phone shipments as a percentage of total mobile handset
shipment (IDC 2010).
• Mobile applications and content business (10B$ ?). 350K apps (Apple 250K, Android 70K)
reaching 1.8B$ (Gartner)
• Augmented reality emerging as a basis for new user experiences combining multimedia,
image processing, 3D movement and feedback (haptics).
• 3G wireless, 4G LTE technologies
• Broadband and fiber-to-the-home/premises networking.
• Telecommunications public stimulus plans boost service providers and equipment
manufacturers.
p.5
List of start-ups
The list is a indicative sample.
Name Description Opportunity Information
Apprupt Enables mobile app developers to market their apps on 5B app download. 250K www.apprupt.com
a on a pay-per-download basis to specific target groups Apple + 100K Android
of users within its network of publisher partners. apps. 25 B$ mobile app
Competes with admob, mobclix, getjar. Investor DT, market
Neuhaus. Hamburg.
Axelprod Data transmission using the GSM network for industrial
applications. CH
Decentlab Monitoring solutions based on wireless communication
GmbH technology. CH
DigiComCore Software simulation for telecom systems
SA
Fonapp Application and development framework for mobile Founded in 2004 by
devices. CH Esmertec co-founder
Gbanga Mobile, location-aware story-telling engine that blurs 250K€ e www.gbanga.com
the boundary between your reality and the virtual world.
Zurich
Getjar Mobile appstore with 75K apps for 26M unique visitors 12.5 M€ raised www.getjar.com
serving 350K developers. Second to Apple appstore. Profitable since 2004
Investor Accel. 300% CAGR
17B$ app market in 2012
25% marketshare for
Getjar
Insightsip Bluetooth low energy system-in-package module. 2M€ on 860K€ www.insightsip.com
Wireless video transmission in 5GHz RF band.Product 2010 sales 350K$,
ready with industry customers. cashflow + 2011
SiP market growth 15%
Layar Augmented reality browser with 1M users, 5K 1.2 B AR capable www.layar.com
developers producing 1.5K apps. Investors Prime phones in 2013
Technology Ventures, Sunstones
Les Interconnecting call centers. CH www.les-
Alchimistes alchimistes.com
Multibo Radio hood is an audio-enabled podcast targeting 800K€ @ n/a 38M€ www.multibo.com
social networks. Start-up Munich and London 2013e
plista Mobile web advertising for local advertisers. 3M€ on 1.25 M€ www.plista.com
Recommendation and video ads + white label self- 5M€ revenue 2011
service ad booking. Expansion. HQ Berlin Serial entrepreneur
p.6
Software for security and finance
This segment of the industry is facing the following changes:
Security
• Increased internet security challenges (7% of consumers victim of fraud, 32% of NA SMBs hit by
cybercrime several times)
• Protection required on PC but also within internet
• Legislation on cyber security and privacy
Financial software
• Fragmented IT back-end due to financial sector mergers and acquisitions
• Front-end applications to due to acquisition of new customers particularly SMB and affluents,
• Demand for on-line products (25% consumer usage of electronic banking, 21% Gen X-Y interest
in mobile payment, 3.6% of users of financial social networks)
• New players entering the banking market : nimble entrepreneurial cultures, offer specialized
services and exploit profitable niches, such as monoline lending based solely on quantitative
credit scoring.
• Financial governance and compliance requirements ( Sarbanes-Oxley, Basel II, BSA, ARC,
Check 21.)
Technologies
We will help identify opportunities for relevant technologies :
Security
• Endpoint security, authentication, digital signatures
• Security services for the cloud and virtualization infrastructure
• Information-centric security such as in-device encryption
• Business process security and policy management (entitlement management)
Financial software
• Electronic trading tools, single-dealer portals
• Data integration middleware.
• Low-latency transaction processing.
• Electronic invoice presentment and payment (EIPP)
• NFC contactless payment
Opportunities :
• Security software market 16.5 B$, 10% growth (Gartner 2010).
• Consumer security software market 4.2 B$,
• End-point (enterprise) software market 3 B$,
• network services spending 9.1B$
• UK SMB spending on managed security 42 B$ (2007)
p.7
• Appliance-based security for e-mail CAGR 25%

• Appliance-based security for SIEM and secure Web gateway CAGR 20%
• Chinese video surveillance market483 M$.
Experts
• Olivier Trancart, A3, former VP Finance Oracle, System Access
List of start-ups
The list is preliminary and reflects opportunities currently available in our network.
Adeya mobile security solution, user-friendly and compatible with www.adeya.ch
most existing mobile phones
Amalto Business document exchange in the cloud, mainly active in 2M€ on 2M€ www.amalto.com
oil and gas industries in GCC but expanding in other 5B$ procurement www.b2een.com
verticals. Competition Ariba, GXs, ADP. HQ Paris. Investors processes in www.onget.net
Bas and Success Europe oil&gas
Axionics Digital identity in your pocket www.axionics.com
Clear2pay Open Payment Framework (OPF) enables financial 50 M€ on 110M€ www.clear2pay.com
institutions to improve internal payments processing in last round.
efficiencies whilst at the same time providing their clients 43M€ revenue
with better payment services that are faster, with richer 2010
payments related information. Competes against ACI, Tier 1-3 financial
Fundtech, IBM. HQ Belgium. Investors Intel, Iris capital, institutions.
PMV, Quest for growth, …
Commonit Entreprise web security and mobility. Browser sessions 500K€ on 500 K€ www.commonit.com
running on a server access internal or external resources. 2010 sales 200K€
The user accesses sessions using remote display
technology. F Rhone Alpes
e24 AG Mobile payment and transaction management
IRIS Internet Risk security monitoring and management platform, with www.swissiris.com
Insurance correlation
Services SA
KeyLemon SA Innovative and convenient services based on biometric www.keylemon.ch
identity authentication, based on face and speech
recognition, for all Internet users with a webcam.
Khamsa SA email and mobile phone security
NetGuardians IT monitoring platform, for companies seeking to improve www.netguardians.ch
their IT operational governance. and protect from data
leaks, forbidden access and unauthorized use of privilege.
Secu4 Protection of people and valuables based on wireless BAS /Jade www.secu4.com
technologies investment
Sensometrix SA contactless biometric terminal based on palm vein Nicolas Rebetez www.sensometrix.ch
recognition
Sopima Online contract management moves negotiations on-line www.sopima.com
and supports collaboration between parties. Sopima is built
very secure and the environment is constantly audited – as
safe as a bank.
Sysmosoft Mobile security solution, with cloud and device software www.sysmosoft.com
Visiosafe Social network enabled video surveillance network. Market www.visiosafe.com
Abnormal behaviors detection and sharing them with USA 20M homes
network of interest. 150 CHF Wifi IP Pan/tilt Infra-Red with surveillance,
camera ; 15 CHF / month Saas management service . 2M burglaries
competition: alarm systems (500-15K CHF) or Saas without (CH 100K, 70K)
all features.
p.8
ICT for travel & transport, hospitality
Challenges in these industries include:

• Worldwide competition in the airline industry resulting in revenue drop and refocusing to
specialized markets
• Increased requirements for security and safety in public transportation
• On-line recommendation, location, reservation systems driving customer purchasing creating
numerous marketing channels.
• Need to target new customer segments and customer engagement products in hospitality
• Complex and costly human resource management of part-time flexible workforce
• Changing patterns of entertainment and recreation
Technologies
• Integrated reservation systems covering lodging, multimodal transport (airlines, car, train, bus)
recreation and overall customer self-service.
• On-line marketing services including mobile, location, social networking recommendations.
• Hospitality management solutions including POS, headsets, inventory, payment, employee
training/scheduling
• Transport and logistical process management :bulk inventory (sorting / repackaging goods),
order fulfillment (labeling, pricing), supply chain integration
• Just-in time shipping : RFID tracking, warehousing automation, fleet location management.
• Technology for media distribution : lighting, display, sound
Opportunities
• International tourist arrivals fell by 4% in 2009 to 880M.
• Tourism in EU is expected to grow 3% in 2010 and accelerate in 2011, when 2008 levels will be
regained. EU tourism industry generates 5% of EU GDP, with 1,8 million enterprises employing
5,2% of the labor force (9,7 million jobs). Including related sectors it indirectly generates 10%
of EU GDP.
• In June 2010, 100 million Americans visited the travel site sub-categories. Travel transactions
sites, 32 percent to 5.2 million ( Viator.com #1 in with 1.1 million). Hotels/Resorts sites with 36.6
million (Marriott #1 with 6.5 million).
• "Sheraton Hotels & Resorts announced the launch a website with Facebook Connect to their
friends and family for 2-way dialogue about travel experiences.
• (POS) technologies : tableside payment options can manage forecasting, financials, marketing,
customer loyalty and inventory control are cited by operators as most important.
• In-room innovations: rich user interface, flat panel display, touch screen at the bedside,
greeting at the door, automatic lighting and curtains, RFID-enabled door locks, message
indicators sent to the TV television, room settings for every guest ( "good night" button let's
guests turn off the lights, TV and music, close the curtains, and enable the privacy notification)
p.9
• Mobile development is occurring within the pizza segment, as Pizza Hut and Domino's both
continue to tap next-gen customers through iPhone apps and on-line ordering respectively.
• 300 hotels are now involved in a potential legal action against TripAdvisor, concerned about
alleged defamatory reviews appearing on hotel pages on the site.
List of start-ups
The list is preliminary.
Abonobo Restaurant guide with single-click access to Self-funded http://abonobo.com/
restaurants' images, menus and notably special
offers. Exposing these offers attracts users and
makes the application an ultimate tool to capture
the undecided audience.
Arxit FoxyTour Intelligent city, museum and trip guide. It http://www.arxit.ch/
is remarkable of its geolocalization technologies,
decision support system (the world's top) and
virtual tagging.
Aviq Digital media distribution, over the topo TV for 33B$ 2013 market www.aviq.com
consumers and hospitality solutions. TipTV IPTV for IPTV
device. Zurich equipment, 290 M
householdes
BMOB On-street sensor-enabled automatic parking Seed www.bmob-park.com
management and payment system. Seed. Lugano
CityOnline.net e-guide access on the web with any mobile device. www.cityonline.net
CH
EverdreamSoft / Simple, ergonomic and innovative products to a
Moonga public that values mobility
Food Arena Geolocalization –enabled ordering , deployed for http://www.foodarena.ch/uk/
more than 250 Swiss restaurants, pizzerias and
kebab shops.
Frogbus Virtual low-cost bus service.On-line sales and 1.5M€ on 750K€ www.frogbus.com
ticketing across intercity and airport bus operators. Market 500M€ in
Competition Eurlines, National Express internal FR, users <25 >55
services. Fleet tracking under development. airport users
Development phase . Ireland and France.
GAB Gestion de véhicules pour le transport routier. Seed www.gabtechnologies.com
Geoguides GeoGuides is a provider of mobile, location-based http://www.geoguides.ie
software products and services. Development
using GeoVector’s patented directional search and
augmented reality technologies. World Surfer
location browser on mobile markets worldwide.
GetYourGuide Online platform for tours, attractions & activities www.getyourguide.com
for local suppliers of sightseeing tours, excursions
or outdoor products.
Horizon Info Promoting remote resorts for online booking www.resortroute.com
Solutions through a portal.
HouseTrip SA Online marketplace for holiday rentals. Property http://www.housetrip.com/
owners will be able to auction short-term rentals of
their properties and correlatively users will be able
to bid for a stay.
Ingecom Sàrl ACTIVE TAG to track & trace & streamline
logistics.
iTaste iTaste makes choosing a restaurant fun and easy. www.itaste.com
This is second generation Web2.0 applied to
mobiles, it's always available, it's interactive, it's
relevant and fun. CH
MadeInLocal Social network for local life. Keep in touch with Seed http://www.madeinlocal.com/
your friends, merchants and events near you.
Moonga Simple, ergonomic and innovative products to a
(EverdreamSoft) public that values mobility
p.10

NeuroPie Airport operation intelligence software. Provides Jürgen Weder www.neuropie.com
Solutions AG in-depth information on key processes such as
passenger flows, baggage sorting, security
controls, check-in and car park capacity utilization.
Airport Performance Management (APM) and
Collaborative Decision Making (CDM) software.
Zutich.
Palisis GmbH Portable business solutions for passenger www.instantticketing.com
transportation companies, tourist businesses and
others.
Red carpet Web-based hotel property management system www.redcarpetsoftware.com
10€/room. HQ .
routeRANK routeRANK finds and ranks the travel routes, based www.routerank.com
upon preferences such as price, travel time and
CO2 emissions, combining rail, road and air.
Spoil Me Websites for wealthy consumers Seed www.spoil-me.com
YoureUp Car pooling software solution. 500K @ 1.6M CHF
50K users over 5
years
2012e 3.6 MCHF
revenue
Wazzup SaaS for realtor sector. 2500 current real estate 500K€ on 600K€ www.wazup.com
customers. Adverting revenue model. Profitable in 2010 sales 1.2M€
2010.
Provatis SA Fleet management for enterprise and consumer Seed www.provatis.com
security solution for cars.
Experts
Example of regional business advisors :
• Prof. Lukas Ritzel, IMI, Luzern
• Prof. Ray Iunus, EHL
• Prof. Antoine Wasserfallen, EHL
p.11
Industrial technology
Manufacturers are generally facing the following issues:
• increased global competition

• changing patterns of customer demand
• escalating business costs
• problems in implementing new technologies
• competitive business pressures
Opportunities include innovation and systems that addresses these issues:
• SCM Supply Chain Management – Suppliers oriented

• ERP Enterprise Resources Planning – Production oriented (flexible production planning,
inventory tracking, work orders tracking, logistics and operations)
• Micro technology
• Robotics
• Sensors and actuators
• Embedded software as part of manufacturing automation
Experts
We have industrial contacts.
• Alen Ugnat, Macdal International (microtechnologies)
• Luc Olivier Bauer, Nano dimension (nanotechnologies)
• Marie-Laure Berthié, EPFL (software, electronics and sensors)
List of start-ups
The list is preliminary.
AgoraBee SA AgoraBee provides a complete platform for active RFID Wayenberg
(Radiofrequency Identification) and location-aware WSN Alexandre
(Wireless Sensor Network).
Attolight Measurement tool for nanostructures with very high spatial Samuel
and time resolutions. Sonderegger
Canatu Printable electronics and photovoltaic, patented carbon 5 M€ @ X 12.4 www.canatu.com
based material for energy and electronics industries. Espoo, M€ 4B€ touch
Finland sensor market
38% CAGR
Celeroton AG Ultra-highspeed electrical drive systems for renewable Dr. Martin
energy generation Bartholet
Dacuda Document scanning with handheld devices. Dacuda's Alexander Ilic
technology bases on real-time feedback, video-stream
stitching, and workflow integration. Dacuda's strength and
competence is software which can stitch together hand-
scanned content. This technology is used to build the world's
first scanning computer mouse.
p.12

Dacuda AG Technology based on optical sensors for use in computer Dr. Alexander Ilic
mices.
Dectris Next generation x-ray detectors Christian
Broennimann
Femto Tools Design and fabrication of high quality measurement and Nagy Zoltan
handling instruments for the micro and nanodomain.
Future System for transforming any surface into a touch sensitive Greg Kellum
Instruments interface.
Greenteg Thermoelectric generators (TEGs) and cooling elements www.greenteg.com
(TECs) in a totally new manner, resulting in flexible and low
cost thermoelectric devices. Zurich
Imina Micromanipulation solutions. The extreme simplicity of the Benoît Dagon
Technologies miBot, an ultra compact mobile micro-robot with nanometer
resolution motion, enables to significantly reduce the
preparation time for setting-up an experiment and makes
complex manipulations at nanoscale very easy to perform.
iNoCs Semiconductor modeling software Federico www.inocs.com
Angiolini
Lemoptix AG Development of next generation optical MEMS (micro- 500K$ over www.lemoptix.com
electro-mechanical systems) 1.5M$ @ 7M$
2010 sales 600K$
cash flow
positive 2012
LFCM Fluorescence microscopy is a widely used technique in life Seed
sciences. However, high performances in detection come
with a limitation on the area to be observed, slowing down
large scale studies. Parallelization is a key to increase the
throughput and the Large Field Confocal Microscope (LFCM)
provides such a solution in the fluorescence imaging domain.
The time needed to perform biochemical analysis or tissue
studies is therefore substantially reduced. Furthermore,
former impractical studies become possible.
Nanograde Custom production of nanoparticles and the development of Halim Samuel
products by the use of such nanoparticles.
NanoInc Nanoparticle based printed electronics for flexible and Cédric
disposable RF identification (RFid) tags Dockendorf
Nanolytix Detection of nano-particles performing in-house and mobile Christopher
service analysis of samples as well as the development of Latkoczy
innovative technologies to produce and distribute validated
turn-key
Piezosens Piezoelectric resonators for high-performance sensors in bio Milyutin Evgeny
and medical applications.
Senseor Surface acoustic wave sensors for temperature, pressure and 1.5M€ on 2.3M€ www.senseor.com
stress measurement. Investors Vizille capital, Sudinova, Revenue 2010
Success Europe. 20 industrial customers in energy, 1.8M€ cash flow
transportation, automation, healthcare. <<competes with positive 2011
thermocouples and strain gages. HQ Mougins, France.
Senseplus 3D image sensors ICs for the consumer market Paolo Orsatti
Microelectronics
Simplysim Saas software tools for building 3D and virtual reality and 1M€ over 70K€ www.simplysim.net
augmented reality. Applies to simulation, marketing. Initially raised from SBA,
corporate R&D customers, 700 beta users. Competition 135 170K€ sales 2010
suppliers including Unity3D, Dassault/Virtools. HQ Sophia
Antipolis
Spectralus Periodically poled nonlinear crystals and laser products. 15M€ over 6M€ www.spectralus.com
PPMgOLN is used for conversion of infra-red laser into investors S-
wavelengths such as blue, green and yellow (400~600nm) . Group V.
Applications include instrumentation, laser displays, 9Me sales 2011e
biomedical, scientific. Competes with Corning, Osram,
Novolux. Production Armenia, HQ Russia and USA
p.13

Spinomics Automated and miniaturized systems enabling extraction, CEO Funded
manipulation and detection of biochemical substances. Tomas Svoboda
CTO
Amar Rida
YanaCo Magnetic nanobeads for protein separation and purification Robert Grass
Cleantech
Cleantech covers many different segments such as : energy, air, water, waste and sustainability. Value
creation requires multi-disciplinary approaches with solid engineering, scientific and business
background.
Opportunities
The investment opportunities are driven by the following trends
• Favorable public policies such as 150B$ stimulus investments in energy-efficient infrastructure,

climate change programs ( USA 56B$, China 47B$, SK 28B$, EU27 ~23B$). However public
intervention can bring unpredictable distortions in this market segment.
• US VC investment in cleantech declined 59% in Q3 2010 to 625M$ into 58 deals. The decrease
in Clean Technology investments was driven by a lack of large rounds, which has been seen in
previous quarters. (Thomson)
• Cleantech EU investment 155 B$, 5% growth (2008) of which 51B$ in wind, 35B$ in wind. EU VC
investments in renewable energy were 383 M€ / 122 deals in 2010 and 64 M€ / 33 deals in Q1-3
2010 (Thomson)
•
• Innovation from 2000 cleantech start-ups worldwide, the #100 global cleantech 2010 includes :
USA 55, GB 11, D 7, ISR 5, SE 4, FR 3, CH 1(Landys & Gyr smart metering solutions have raised
250M$ VC funding).
• 6B$ VC-funding of 600 deals (2009) supported by IPO market. In 2002-05 clean tech attracted
6% of total VC in NA - in 2006-09 up top 18% of VC investments. Specialist clean tech investors
include Braemar Capital, Chrysalix Energy, Climate Change Capital, DFJ Element, Emerald
Technology Ventures, EnerTech Capital Partners, Environmental Technologies Fund, Expansion
Capital Partners, Global Environment Fund, NGEN Partners, Nth Power and Rockport Capital.
• Compared to North America, Europe (except Germany) is still lagging behind, as part of the
innovation comes from private SMEs which are not open to private equity. In VC investment
was 360M$ in 56 deals in 2007 and 1.8B$ in 2009.
• Swiss investment activity funds ( Pictet 650M$ + water 2.4B$, Rotschild cleantech 400M€,
Sustainable asset management) and VCs (17+5 MCHF Swiss VC investments in 2008+09,
5.2.5% of VC investments, Emerald cleantech 300M€+150M€ 46 deals, Index est. 30M€
cleantech- below EU and US investments)
• A boom-and-bust scenario looms in energy especially in by solar and biofuels. Swiss energy
funds 1-year/3-year returns are ~-15% / -50% returns in 2010. Solar prices drop -40% in 2009
and 0% market growth. Global investment in renewable energy 600B$ by 2020.
p.14
• Innovation gap in air, water, and waste technologies. (126 M$ cumulative VC investment in
waste since 1995)
• M&A market from corporations making clean tech venture investments (70 B$ in 1995-2004)
include: BASF, Boeing, Chevron- Texaco, Eastman, GE, HB Fuller, Honda, Intel, Norsk Hydro,
Mitsubishi, Motorola, Royal Dutch Shell, Schneider Electric, Siemens, Suncor and Unilever
• Cleantech public catch-up initiatives in Switzerland (Geneva, SECO, Private)
• Swiss market leaders examples : Meyer-Burger/3S and HCT silicium manufacturing equipment
for solar hold 80% market share. Oerlikon solar thin film solar technologies.
• Until 2008, London’s AIM was favored as IPO market 124 amongst clean tech companies, over
NASDAQ and Frankfurt exchanges (solar IPOs include the Norwegian Renewable Energy
Corporation (REC) raising 1B$ on listing, valuing the company at 8B$)
VC Investments overview
p.15
p.16
Technologies
Based on regional industry and academic expertise we can monitor and support opportunities such as
• Smart grid, storage, energy measurement, regulation systems and related device / software
• Cleantech technology enablers : materials and manufacturing equipment
• Industrial cleantech : waste and CO2 management
• Transport optimization, fleet management, hybrid cars/public transport
• Renewable energies technologies : PV, solar/geo thermal, pumps
• Water treatment
Experts
Network of specialists include :
• 160K Swiss employees, 3% GDP (Swiss cleantech association)
• E4tech, François Vuille
• Cleantech Alps, Eric Plan
• Swiss Biotech, Thierry Schwitzguebel
List of start-ups
The list is preliminary. Some start-ups listed in transport software section.
Alertme Home energy monitoring. Web and mobile 15 M£ on 13 M£ www.alertme.com
home energy management . Investors Good 50 M€ revenue 2012 e
Energies, Index, Vantage Point, SET. HQ 1B€ equipment in home
London. energy market 28M users
by 2015.
Avantium Ccatalytic process to convert biomass 15 M€ F on 78 M€ www.avantium.com
feedstock into YXY molecule to make 11 M€ revenue 2010
materials and fuels. Investors DFJ, Aescap,
Capricorn, ING.
Belair biotech Waste Water treatment research and 3MCHF on 400KCHF
Development. Geneva
Domteknika Softcars Clean and high performance urban http://www.domteknika.ch
vehicles with sustainable life cycle (production
- use - recycling)
Ecospeed internet-based software tools for calculating
energy consumption and greenhouse gas
emissions
Enairsy Sustainable energy storage solutions, based Seed http://www.enairys.com
on the innovative hydro-pneumatic and power
electronic technologies (HyPES) .
Enecsys Micro-inverters and grid management for PV 20M€ @ X 13M€ 2 B€ 7 www.enecsys.com
panels with 25 yearsw lifetime (vs. 10yrs with GW market 30% CAGR
string inverters) . Competition Enphase, SMA,
Fronius. HQ Cambridge
Eotheme
Generation Disposable / washable diaper for babies. New 500K€ on 270K€ @ 2.5M€ www.hamac-paris.com
plume textile and industrial design to reduce costs 185K€ sales 2010
and waste. Competition : Pampers, Huggies Target 1.5% of 725M€
and 4 other eco-brands Paris market in France
Gerocco Solution helping people managing their home Seed www.geroco.ch
energy consumption. Based on electronic
devices and web interface, this solution
provides simple advices. Geneva
p.17

Hop-Cube Retail and manufacturing environmental label 500K€ on 100K€ www.hop-cube.com
and on-line information system. Seed. Brand value on FR
Competition Greentext, Quantis, MyCO2. HQ market
Paris
Iland Consumer solutions integrated in the field of BAS investment http://www.iland-solar.com
systems and solar technologies. Applications Estimated 200K CHF
for leisure, expeditions, isolated
environments, island situations
INDEOtec Systèmes automatisé de dépôt R&D par autofinancement www.indeotec.com
procédé PE-CVD/PVD pour applications
photovoltaïque, pour les producteurs de
cellules/modules silicium couches minces
Innotech Repowered non-prime solar cells (defects). 35 M€ on 18 M€ www.innotechsolar.com

Solar HQ Oslo, office Zurich, Shanghai. Investors 37 M€ revenue 2010,
Northzone Ventures, Investinor, Sustainable cash flow positive PV
technologies fund. market CAGR 30%
Kebony Alternative to tropical wood using proprietary 12M€ @ 45 M€ www.kebony.com
wood modification. Investors HQ Oslo 5 B€ tropical wood
market, 2B€ preservative
wood market, 5B€
decking market
Metalysis Electrochemical reduction technology 25 M £ investment to www.metalysis.com
changing titanium and tantalum production, date. 4 B$ Ti production,
replacing 70-years old Kroll process, reducing 800M$ Ta
pollution and increasing production ratios.
Investors : DFJ Esprit, Cambridge Capital, …
HQ Rotterdam.
Mygreenlife Information program on lifestyle that in tune low
with the environment.
NeoCarbon Patent pending industrial high throughput 5MCHF www.neocarbons.com
CO2 remediation and biomass production
project seeks investors
Nheolis Small wind turbines, 20K€. Early stage. 5M€ on 2.8M€ www.nheolis.com
Investors . SBA, Success Europe, Garlaban 2010 sales 1.6M€ cash
Holding, ITI group.Aix en Provence, JV in flow +
China with Kehua #1 UPS manufacturer 14B€ market by 2020
Nolaris Solar thermal modules for artificial circular Investor Jade Invest www.nolaris.ch
island of large dimensions, up to several
kilometers in diameter. It consists of an outer
torus and a membrane.suring the load of the
solar panels.
Pragma Fuel cells manufacturing at less than 1K€/kW 3M€ on 900K€ www.pragma-industries.com
Industries (50% of competition) for <200W segment 300K€ sales 2010
(remote sensors, UPS for telecom, traffic 1.5 M€ sales pipeline
regulation). Investors Finaqui, XMP angels,
Herriloa, Sebadour. HQ Biarritz, France 64
SensorScope Environmental monitoring sensor and cloud www.climaps.com
Sàrl software
Smixin Hand washing system offers a new sensitivity Creaholic spin-off www.smixin.com
to water and hygiene: it reduces water ~500KCHF
consumption by 90% .
Sustainable B2B and consumer supply chain management No clear model. 200K€ www.sustainablereference.com
reference and directory focused on sustainability. Spain 3F funding
Syneola Small to medium size vertical axis wind Seed www.syneola.com
turbines for building integration and hybrid
applications large charging stations for
electric vehicles.
Vela Solaris Simulation Software for the Renewable Energy
AG Sector
VirVe Precise range estimator to deliver valuable
information to electric vehicles.
p.18
Medical devices
The healthcare industry is adapting to the following changes :

• Demographics trends and emerging markets as a source of future growth for the medtech
industry
• Increase the longevity and quality of life of the elderly population
• expectation for personalized, patient focused, care delivery
• Growing chronic diseases prevalence.
• Minimally invasive procedures, biotech solutions provides solutions for cost containment.
• Further industry consolidation and M&A will accelerate growth.
Technologies
Switzerland has a mix of expertise : bio, pharma, nano/micro and ICT to exploit the bio convergence
technology trend. Bio convergence is seen as a general driver for changes. Essentially converged
medical technologies fall at the intersection between sectors.
• Device drug delivery : drug eluting stents, implantable insulin pumps

• Nano-biotechnology : controlled release, nanotech coatings such as antibiotics, silver,
• Nano-sensors for diagnostics
• Smart devices : implantable insulin pumps with glucose levels monitoring, controlled
prosthetic limbs.
p.19
• Stem cell research, and in particular the use of human embryonic stem cell-based (hESC)
therapies is a controversial topic
Experts
• Example of regional business advisors :
• Jacques Essinger, PhD
• Benoit Dubuis, PhD, Eclosion
• Prof. Thierry Berney, A3 HCUG
• Prof. Nikos Stergiopulos, EPFL
p.20
Medtech sub-sectors
The opportunity :
• Medtech sector amounts to 30% of the life science business with a growth of 8%.
• VC investment in EU is 700 M$ (55M$ in Switzerland + neighboring France, 25% of all VC ).
Sector Attractiveness Regional strength Competition

Cardiovascular 500M$ VC investments and 80B$ market, 3% average Switzerland has the Fragmented
growth up to 50% in specialties (stents). M&A at 5X mix of business except US and 6
revenues. Most attractive sector due to size and growth, and tech advisors. companies above
particularly in interventional cardiology, Top industrial 1B$. Local VC
players present. competition (MDS)
Orthopaedic 280 M$ investments and 43B$ market growing 7%, 28% Some market Consolidated
in some specialties (spine, orthobiology, extremities). leaders in industry. Top
6B$ M&A market at 5X revenues. Most attractive sector Switzerland. 7=60%
due to size and growth. Access to
expertise.
Imaging Estimated less than 100M$ investments in a 16 to 19B$ Modest. Highly

market, 6% growth. There are niche applications consolidated
emerging. PACS segment still growing. More mid- industry. Local VC
market opportunities. competition (Ares)
Diagnostics 250 M$ investments 50B$ market, 6% growth, up to 68% Significant Hyper

in cancer diagnostic. The new developments are at the expertise in consolidated
frontier of biotech. B$ M&A activities at 5Xsales Switzerland with industry top 3
valuations. 10XM$ follow-on round investments market leader =44%.
required make the sector capital intensive. (Roche).
Surgical Around 50 M$ investment, 7 B$ market growing at 9 % Manufacturing

expertise in
Switzerland,
Ophtalmo Around 50 M$ investment, 6 B$ market growing at 5 % Example :

Sensimed.
Neuro Around 50 M$ investment, 2 B$ market growing at 19 % Significant

expertise in
Switzerland
Urology Around 50 M$ investment, 1 B$ market growing at 12 % Low
e-health Recent trends open opportunities in e-health and m- Modest. Leverage High EU, US
health but innovation has been slow in hospital and Swiss life science because the
clinical ITC. Possibly a catch-up due to public policies. expertise. market leaders are
in large countries
p.21
Medtech is 30% of life sciences industry

This study excludes on purpose the Pharma and biotech sectors as the size and timeframe of
investments make them unsuitable for our strategy. The following definitions and statistics allow a
comparison.
• Medtech : development and marketing of equipment (medical devices) and procedures with
which diseases may be prevented, diagnosed and treated.
• Pharmaceuticals : research, development and marketing of new and innovative therapies.
These large pharmaceutical companies often co-operate with smaller biotech companies or
eventually acquire them.
• Biotech : focus on research and development based on biological processes, genomics,
recombinant protein engineering, and molecular targets. Typically use biochemistry,
microbiology and process engineering to find new therapies and diagnostics to treat diseases.
Sector # listed Market size Growth

companie B$ %
s
Medtech 200 300 9%
Pharma 20 600 7%
Biotech 400 70 15%
Medtech devices is a 300 B$ market
The medical device sector has historically been one of the most attractive with 8% CAGR since 1990
and close to 300B$ revenues 1. The industry’s results were good in 2009, especially net income for non-
conglomerates in EU but also in US. Europe has a track-record of innovation in this field : the first
implantable pacemaker was developed in 1958 in Sweden, the first coronary balloon angioplasty in
1977 in Switzerland, the first total disk replacement occurred in 1989 in Germany, and the first
percutaneous valves in early 2000's in France and in the UK.
World USA Europe Switzerland

(2009) (2008)
Companies 11’000
Revenues 294B$ 136 B$ 94 B$ 2500 M
(incl. supplies CHF
35B$)
Employment 422’000 530’000 40’000
R&D 5.8 B €
Products 100’000 FDA
approved
1
Sources : McKinsey Group, Espicom , others
p.22
Growth : up to 8% in early stage

For publicly traded medtech 2010 companies revenues were below the 11% growth in 2008.
CAGR 2009 non- Public

conglomerates
EU US WW
Revenues 8% 1% 0.3%
Net income 29% 11%
R&D investment 4% 1
Valuations : 13 to 20 P/E
Healthpoint Capital Index P/E PSR

(2010)
Medical Technology 13.6 2.6
Orthopedic Companies 19.6 2.8
Cardiovascular 18.1 2.4
Dental 3.9 18.5
VC investment : stable, 25% of total
VC funding has remained relatively stable, although not to the level of the 2006-7 period, and is
expected to grow in 2010. Medtech is the second largest investment sector, behind information and
telecommunications, approximately 24% of EU VC investments. In 2009, 87 medical device deals
totalled $ 719 million and average deal size was 8.5 M$.
• Worldwide VC funding 3.4 B$ (2009), 2.4 B$ (1H 2010), $517 million 61 deals (1Q 2010)
• Europe 701 M$ (2009), 2.8B$ including biotech (2007-2008)
o Switzerland : estimate of 50M$
o France : rough estimate of 100M$ and 35M$ in Rhône-Alpes/Sud
• US 2.7 B$ (2009)
• Worldwide capital raised in 2009 13.1 B$
• The National Venture Capital Association (NVCA) has formed the Medical Innovation and
Competitiveness (MedIC) Coalition to lobby in favour of medtech innovation in the course of US
healthcare reforms .
p.23
Financement biotech mondial B$

30
25
20
15
10
0
2003 2004 2005 2006 2007 2008 2009 2010
IPO Augmentation de capital VC
VC investment in Switzerland : 50M CHF in medtech

On average of 260MCHF/year is invested in life sciences 2 and we estimate that 20% of this goes to
medical devices ( approx 50 MCHF). The list of sector-focused VCs is indicated later in this document.
VC investment in neighbouring France : 35M$ in medtech

On average of 733 M€/year is invested in life sciences in France. We estimate that 35M$ is invested in
neighbouring France for medical technology. A sample of French and European medtech focused
VCs is indicated later in this document.
• Centre-est & du Sud-est et Rhône-Alpes (Rhône-Alpes, Provence-Alpes-Côte d’Azur,

Auvergne, Bourgogne)
• Life sciences : 21 deals, 52 M€ in 1H 2010 3
• Medtech estimate 2010 35M$ ( 25 % of medical and biotech, 2X)
2
SECA biotech as asset class Booklet No.5 p.160, 2003-2005 average
3
Source : www.afic-data.com
p.24
Overview of sectors
For reasons of growth and profitability, the most attractive segments are orthopaedics and
cardiovascular.
Sector VC Revenue US Growth

investments (B$ ) revenue (%)
(M$) ( B$ )
Orthopedics 280M$ 16.5** 43* 7% ,
2008 15%**
Cardiovascular > 525 M$ 16.2** 77* 2.8% *,
tracked 24%**
Ophthalmology 5.7** 5%**
Surgical 865+ 7.7** 33* 9%**
Neurology 2.2** 19%**
Urology 0.8** 12%**
Diagnostics 440+ 22.1** 4%**
Imaging 16+, 6.8+ 5%**
18.9**
(B$ 2010e, 2009+, 2008*, 2003** )
p.25
Cardiology
Opportunities : 84B$, 66B$ interventional
Growth in cardiology has varied across segments. The market for interventional cardiology has been
growing with increasing drug-eluting stent (DES), bio-absorbable and bifurcated stents, intravascular
ultrasound (IVUS) equipment and vascular closure devices. European market is growing with rising
number of percutaneous transluminal coronary angioplasty (PCTA) procedures. Price erosion is
important in the more mature product areas, such as angioplasty balloons and bare metal stents. Unit
growth rates in IVUS and vascular closure devices are also expected to fall over the long term.
Sector Revenue Growth

(B$ ) (CAGR %)
Interventional 66, 60* 2.4% *
Stents (DES) 3.4* 50%
4.5 (EU)
Catheters 7.1, 6* 10.2%*
Accessories 1.2** 12%
Rhythm management
Pacemakers 3.1** 6%
Defibrillators 2.5** 12%
Congestive heart failure 1.6** 60%
Surgical, valves, aneurysm, 2.5** 17%
closure
Diagnostic 13* 2.6%*
Other 1.1** 8%
Total 84 2.8%, 1.6%*
40 (NA 2011)
(B$ 2010e, 2008*, 2003** )
European markets :
• interventional cardiology market 648M$ (2009)
• Germany 24% of market (2009)
• France increase at a faster rate.
• UK cardiovascular devices market $1.3bn, growth 4.7% (2009)
Epidemiology
• Heart disease and strokes account for 21.7% of deaths worldwide,
• cardiovascular disease accounts for 30%.
• in 2015 20 million people will die from a cardiovascular-related condition.
• (WHO statistics 2007)
p.26
VC deals : over 500M$ in cardiology

Recent financing rounds in 2008-2009 (523M$)
Company VCs Amount Comment

(M$ )
Advanced NBGI Ventures 5B Cardiac ablation technology
Cardiac
Therapeutics
BMEYE 8B Dutch noninvasive cardiovascular monitoring company
CardiAQ Valve 6A Trans-catheter mitral valve implantation
technologies
CardioInsight Draper triangle 6B Electrocardiography mapping technology
Technologies ventures, Case
technologies
ventures
CardioMEMS 38 Wireless sensing
Cardiovascular 27 A Distribution Agreement With Asahi Intecc, Agreement
Systems 11 B With Invatec - Revenues Of $56.5 Million
Carmat, F Public grant 46 total artificial heart system
CircuLite 32 C Micro pump to help circulation in severe heart failure
patients
CoAxia Sofinnova 21 D NeuroFlo technology for acute ischemic stroke,
Partners
Coherex 16 B Hole in heart
Medical 22 A
Embrella BioStar 7B Embolic protection tech firm
Cardiovascular Ventures,
MedFocus
Fund, Edwards
Lifesciences
Endoscopic NBGI Ventures 8 Cardiac surgery device manufacturer
Technologies,
Estech
Endosense 36 Swiss cardiac arrhythmia treatment developer is to step up
European commercialisation of its TactiCath force-sensing
ablation catheter.
Micell 5 bridge rapid absorption polymer drug-eluting stent (DES)
Technologies loan
Nobita BA 1 Heart implant
Therapeutics
Replidyne 40 B
62 D
Stentys Crédit Agricole 22 B
Private Equity
Sofinnova
4A
Partners
Stentys, F 23M€ Euronext listing, stent specialist
IPO
Svelte Medical 6 Balloon expandable stent
Systems
Symetis, CH Endeavour 25 B Transcatheter aortic valve replacement (TAVR) system
vision, NGBI Former J6J
Ventures,
36 C
Wellington
Partners
TriVascular 30 B Stent graft developer for treating abdominal and thoracic
Veryan Seroba Kernal, 5.4 Biomimics 3D stent
Oxford Capital,
NESTA
p.27
M&A : over 5B$ at 6 X revenues

Examples of M&A activity growing since 2009
Acquired Acquirer Amount Comment
(M$ )
eV3 Covidien 2600 5.2× sales of $500 million, a 20% premium over market
price. eV3 product line includes stents, catheters, and
other endovascular and minimally invasive vascular devices
to treat clogged veins and arteries. eV3’s devices
complement—without overlapping—the products of VNUS
Medical Technologies, which Covidien acquired in 2009.
The purchase of eV3 also broadens Covidien’s product
offerings and new product pipeline in the high-growth
vascular market.
AGA Medical St. Jude 1100 6.5× 2009 revenues of $199 million, 41% premium over
Holdings Medical market value prior to announcement of the transaction.
Products provide diversification into the structural heart
defect treatment segment beyond SJM its maturing core
product lines of cardiovascular implantables. The structural
heart defect market is estimated to be a $2 billion market
in the early stages of development. AGA Medical produces
a comprehensive line of devices to treat structural heart
defects and vascular abnormalities through minimally
invasive transcatheter treatments. The company’s
Amplatzer products have strong brand name recognition
for being safe and effective as well as easy to use. AGA
was the only significant medical device company to
complete an IPO in 2009, and it has grown at a compound
rate of 19% since 2005.
Flowcardia C.R. Bard 1100 $80 million cash from PE Glide Healthcare Partners.
Flowcardia has innovative technologies to facilitate the
crossing of totally occulated coronary and peripheral
arteries. Chronic total occulusions (CTOs) are one of the
last clinical challenges in interventional therapy. The
absence of safe and effective devices to treat CTOs and
the high incidence of restenosis when metal stents are
used has been one of the major reasons CTO patients
undergo bypass surgery. Flowcardia’s Crosser
recanalization catheter, steerable support catheters, and
guidewires compose a family of tools that enables
physicians to quickly cross CTOs, allowing for subsequent
balloon angioplasty, atherectomy, and stent placement.
ATS Medical Medtronic 370 4.9× 2009 sales of $76 million. ATS loss of $6.3 million in
2009. ATS’ product lines overlap two segments where
Medtronic wants to expand—structural heart valve disease
and cardiac arrhythmias. Medtronic has catheter ablation
technologies using radio frequency and cryoablation
energy. ATS brings surgical cryoablation procedures for
the treatment of cardiac arrhythmias. With ATS under its
wing, Medtronic now has grown its cardiovascular
operations, which generated sales of about $2.5 billion in
2009
Invatec SpA Medtronic na Invatec manufactures stents, angioplasty balloons, and
accessory products. Medtronic expects the acquisition to
accelerate the growth of its cardiovascular business by
adding new coronary and peripheral vascular products to
its product offerings. It is estimated that more than 20
million people in the United States and Western Europe
have peripheral vascular disease; the market is $2 billion
and growing 10% annually.
p.28
Regional start-ups seeking finance in 2010

ACT advanced Heat mapping microwave 10M€ C @ www.actmed.com
cardiac radiometry for atrial 15M€
therapeutics ablation AF. Clinical Pre
CE. HQ Dresden.
AF market
1B$ +25%
Acutus medical Cardiac electrical activation n/a www.acutusmedical.com
visualization
Bmeye Non invasive beat to beat 1.5 B€ cardio, www.bmeye.com

CV monitoring of BP and anaesthesia,
cardiac output. Competes ER markets
with FMS, Uscom (echo),
Chettah (impedance)
Early-stageHQ Amsterdam
Miracor Pressure controlled B @ 10 M€ www.miracormedical.com
coronary sinus occlusion
increases the venous
circulation of the hearth,
redistributing flow and
washing metabolites post
stenting. Vienna, Austria
Persona 12-lead ECG with 2M€ @ 1.5M€ www.personamedsystems.com
medical interpretation for MI
systems patients in rehabilitation
23 M CHD
centers. Berlin.
patients
Qvanteq Stent technologies to Arik Zucker
address and overcome the
adverse effects of today's
available coronary artery
stents.
Sabir medical BP monitor based on 1M€ @ x5M€ www.sabirmedical.com
pulseoxymetry and
machine learning.OR,
BP market
OB/CYN, ambulatory,
445M$
home segments.
Competes against
Pulsoximeters Masimo,
Nellcore, Nonin. HQ
Barcelona. Investors Ysuis
Capital.
VueKlar Cardiovascular implants n/a www.vueklar.com
Cardiovascular and interventional devices
that are compatible with
high quality MRI. The
technology benefits the
following devices: sStents ,
valves, septal occluders,
vena cava filters
Xeltis Tissue engineered Tom Sulzer
cardiovascular implants
such as heart valves,
Funded
arteries and patches.
H2AD Twittoo Medical gateway 500K€ http://www.twitoo.org seeking
for home care monitoring
of patients, particularly for
p.29

cardiac diseases or after VC round in
hospital discharge. Based 2011
on Bluetooth and GSM
communications and
hosted medical record.
Engineering only in
Porrentruy.
Industry structure : top 20 make 32% of industry

FY 2009 Company 2009 Notes
Ranking Cardiology
sales (US$
million)
1 Medtronic 7451.00
2 Boston Scientific 6430.00
3 St Jude Medical 4350.51 Cardiac rhythm management, Cardiovascular
and Atrial fibrillation segment sales
4 Johnson & Johnson 2679.00 Cordis division sales
5 Terumo 1453.39
6 Edwards Lifesciences 1321.40
7 Sorin Group 940.40
8 CR Bard 681.50 Vascular segment sales
9 Greatbatch 305.35
10 Thoratec 279.97
11 Merit Medical Systems 257.46
12 AGA Medical Holdings 198.71
13 Abiomed 84.77
14 AngioDynamics 83.46
15 ATS Medical 75.71
16 CONMED 70.98
17 Teleflex Medical 70.80
18 Vascular Solutions 66.73
19 Cardiovascular Systems 56.46
20 AtriCure 54.53
p.30
Orthopaedic
Opportunities : 43 B$ growing at 7-17%
Growth from 1999–2004 reflected solid gains in procedures, combined with price increases that
averaged 5 to 6%. New technologies such as materials, biologic products for orthopedic surgery, and
new products for spine surgery contributed to industry growth during this period. Orthopedics stocks
performed well in the late 1990s and early 2000s but have struggled somewhat in recent years.
Sector Revenue Revenue Growth Opportunities

(B$ ) (% WW) (2009)
Spine 2.8 19% Attract investment despite crowding (200
companies offering some form of spine
treatment)
(740 M$
minimally
invasive)
Hips and knees 6 28%
(2009)
Extremities, small 15%
bones and joints
Trauma 13%
Sport 8%
Biologics, bone graft 4.2 (2007) 7% 17% Orthobiology is one of the new advances
(2.2 M bringing the inclusion of biology and
procedures) biochemistry in the development of
bone and soft tissue replacement
materials for skeletal and tissue
healing.Stem-cell therapies are forecast
to be the fastest-growing category, with
a CAGR of 53.9% over the next five years.
Powered instruments 3%
Casting 3%
Total 43, 26 (2007), 7%
3(EU 2007)
p.31
Epidemiology
• 50% of all chronic conditions in people over the age of 50 in developed countries,
• The aging population is vulnerable to deteriorating bones and joints.
• 20% of all visits to outpatient clinics are for musculo-skeletal conditions,
• Orthopedic physician practice statistics 4 5
• Elective surgeries (76%)
• Joint replacements (55%) (364,000 hip and knee arthroplasty procedures in Germany in 2008)
• Sports medicine (27%)
• Spine (19%)
VC investments : 280M$
• VC deals in orthopedics were $280 million (2008, -42% compared to 2007). In 2009, the third
largest VC funding was for Small Bone Innovations Inc. It raised more than the $100 million
each raised by Twitter and Facebook during the same period. Spine fundings included
Apatech, Vertiflex, Paradigm and Spineology
• IPOs $51 million (2008, -70% 2007). Examples : NuVasive, less-invasive system for spine
surgery, and Kyphon, treatment vertebral compression fractures.

(M$ )
Axiomed Spine 14
Amedica Corp. 30 ceramic implant technology
Apatech 3i Group; 35 spine
HealthCor
Partners
Baxano Kaiser 30 C Surgical technology for restoring spinal function
Permanente ,
Affinity
BioCeramic 2 tissue regeneration products developer
Therapeutics
Implanet, F Auriga Capital, 17 Orthopaedic implants for various surgical markets.
Edmond de
Rothschild
Investment
Partners ,
Wellington
Partners
OrthAlign 5 A2 KneeAlign system for total joint replacement
Ortho 3 spine motion analysis technology
Kinematics
Orthox, UK Public grant 0.6 Silk based orthobiologic biomaterial
Relievant 20 Intracept minimally-invasive treatment for chronic low back
Medsystems pain
Resoimplant, D Bavarian 3 New fixation system for shoulder and ankle surgery
5
Source : Viscogliosi Bros December 2008.
p.32
Investment,
High Tech
Grunderfonds,
S-refit
Small Bone Olympus 108 STAR total ankle replacement system. This is the largest
Innovations single financing in orthpaedics.
(SBi)
12
Spinal 27 C spinal cord stimulation system
Modulation
Vertos Medical 15 D minimally-invasive lumbar decompression (mild)
technology
M&A : 70% of volume, over 6B$

42 mergers and acquisitions with joint reconstruction, spine, and orthobiologics companies accounted
for 70% of the deal volume (2009).
(M$ )
Nexa Tornier products in the extremities (small bone and joint)
Orthopedics, market.
BioProfile, DVO
Extremity
Solutions, and
Axya Medical
Osteotech Medtronic 123 Processor of aseptic bone allograft tissue, and
Medtronic is hoping that the company’s successful
product line positions its biologics business for
significant growth over the next few years. 1.3×
sales of $96 million, and a 63.5% premium over the
market value prior to the announcement.
Osteotech produces bone graft, bone matrix, and
biocomposite products used in muscloskeletal
surgery. Medtronic has been positioning itself at the
intersection of medical devices and biologics, where
a biologic product is delivered by a medical device.
Medtronic‘s focus has been on spine and
orthopedic trauma, and Osteotech’s products
represent an expansion into joint reconstruction,
foot and ankle surgeries, and sports medicine.
Life Cell Kinetic 1700 leading provider of biological products for soft
Concepts tissue repair (2008)
Kyphon IPO, Medtronic 3900 Treatment of vertebral compression fractures
Apatech Baxter 330 Bone graft materials . Price based on achievement
International of milestones (5.5× sales of $60 million) Apatech’s
biologically active trophic glass product ACTIFUSE
has the ability to grow bone. Baxter has a proven
surgical biologics technology platform and sales
exceeding $500 million for surgical biologic
products for orthopaedic, cardiovascular, and many
other segments. Baxter can increase it biologics
product sales with Apatech’s proprietary bioactive
silica products, and do so in orthopaedics and many
other medical specialties.
p.33

Crisalix 3D simulation based on physical properties of Jaime Garcia Giraldez
the patient for plastic, aesthetic and
reconstructive surgery
Delta 3 dimensional plotter for manufacturing Marc Thurner
Robotics biocompatible bone implants
Facet Anatomic facet reconstruction device 20M€ @ 38 M€ 850 www.facetsolutions.com
designed to provide patients with lumbar M$ lumbar stenosis
spinal stenosis and facet degeneration a market EU
motion preservation alternative to fusion.
Implatente in 30 min, allows L3-S1 treatment.
Developing Investors De Novo, Spray
ventures. HQ Wiesbaden.
iStar Ophthalmic implants n/a www.istarmed.com
medical
NaviSwiss Intraoperative measurement for orthopaedics 4M CHF
surgery. HQ CH 2014 e sales 22 MCHF
1.3 M hip
replacements, 16%
CAGR
p.34
Industry structure : top ten = 62%

Seven large companies account for more than 60% of the orthopedics industry which counts 70
publicly-traded companies. In total more than 1700 companies are involved in orthopedics. Small to
medium-sized companies ($100 million to $1 billion in sales) include Alphatec Spine, ArthroCare,
Exactech, Integra Orthopedics, NuVasive, Orthofix International, and Wright Medical. Most of these
companies concentrate on market niches.
FY 2009 Company 2009 Notes

Ranking Orthopaedic
sales (US$
million)
1 Johnson & Johnson 5372.00 DuPuy division sales has market strength in
hips, knees, and extremities, but also
participates in virtually all areas of
orthopedics
2 Stryker 4119.70
3 Zimmer 4095.40
4 Medtronic 3400.00 Medtronic Sofamor Danek focuses entirely on
the spine and remains the market leader in
this area.
5 Synthes 3394.65
6 Biomet 2504.10
7 Smith & Nephew 2135.00
8 DJO 946.13
9 Orthofix International 545.64
10 Wright Medical 487.51
11 NuVasive 370.34
12 Symmetry Medical 365.94
13 Integra LifeSciences 262.17
14 Exactech 177.31
15 Alphatec Holdings 132.16
16 Greatbatch 113.90
17 Osteotech 96.68
18 Orthovita 92.85
19 Corin Group 63.51
20 Kensey Nash 29.79
p.35
Imaging
Opportunities : 16B$ and 7% growth
Medical imaging is one of the developments that changed clinical medicine during the last century. In
the last two years, 40 companies in this field have received investment. Coupled with the advances in
hardware, there have also been substantial developments in software applications, primarily related
with Computed Tomography (CT) and Magnetic Resonance Imaging (MRI). Another area where
software is playing a role is planning of therapies and surgeries.
The European cardiology PACS Market earned revenues of US$73 million in 2005 and estimates this
will reach US$200 million in 2012 6.
Sector Revenue 7 Growth

(B$) (% CAGR)
X-ray 2.1 3%
Computed 3.3 10.5 %
tomography
Ultrasound 1.8 5%
Nuclear imaging 3.2 6%
Radiation therapy
Magnetic resonance 2.9 9%
imaging
Imaging information
systems
PACS 74 (EU 48 %
cardiology
2005)
Total 16 6.8 %
6
Frost & Sullivan
7
Fredonia group estimates
p.36
VC investment
Recent financing rounds in 2008-2009

(M$ )
U-system ID softcapital, 10 Automated breast ultrasound system (ABUS) combined
Sycamore with mamography
Crospon 3 EndoFlio gastro-diagnostic imaging device. Received 510k
clearance.
Visiopharm NorthCap Provider of advanced software for quantitative microscopy
Partners for life sciences, analysis software, hardware integration,
automation, and quality inspection.
Surgix Maayan Israeli-based company is developing a visual based
ventures
system for image guided surgery primarily focused
on orthopaedic trauma, was awarded the Ernest and

Young
Entrepreneur of the Year in Israel in 2006

EOS (former Wellington, 15 C Founded by Nobel Prize winner Georges Charpak to
Biospace Med) Auriga provide researchers in biology with innovative imaging
tools based on his discoveries in high-energy physics and
particle detection. Still seeking funding see below.
M&A
(M$ )
Orbatech GE Healthcare 14 produces the cadmium zinc telluride (CZT)
Medical detectors used in GE’s Alcyone nuclear cardiology
Solutions technology. GE’s system produces views of cardiac
anatomy and functionality quickly and with high
clarity, with exposure time as short as three minutes.
Sentinelle Hologic 85 leading provider of innovative magnetic resonance
Medical imaging (MRI) breast cancer detection and
intervention products. (5.7× sales of $15 million,
plus contingency payments)
SenoRx C.R. Bard 200 Producer of x-ray– and MRI-guided breast biopsy
systems. (3.6× 2009 sales of $55.6 million). Expands
Bard’s diagnostic imaging business beyond
ultrasound-guided procedures to include breast
biopsy devices that are also designed to operate
also in x-ray and MRI imaging modalities.

Aïmago Development of medical diagnostic imaging Friedrich Raised capital
instruments to visualize microcirculation, the Michael
capillary blood flow. Real-time, non-invasive and
contact less. Very large application potential incl.
reconstructive surgery, intensive care,
dermatology, neurosurgery, ophthalmology and
metabolic imaging.
CAScination Navigation system for surgery on soft tissues. Matthias
Similarly to the navigation system in a car, the Peterhans
surgical navigation system displays a map (of the
p.37

patient) and guides the user to a desired target
location (treatment area). This guidance
information is displayed in a 3D augmented reality
scene and allows for highly precise treatment of
tumors. Navigated surgery has the potential to
enable surgery on patients which cannot be
treated with conventional surgical techniques.
EOS With EOS, radiologists and orthopedists can now 12M€ round http://www.eos-
Imaging for the first time, have a full view of their patient’s C imaging.com
skeleton: life-size, naturally weight-bearing, in 3D, 2B$
from all angles. Company in Paris. Investors orthopaedics
Wellington, Auriga,… market
Mindmaze Neuro-imaging solution enables objective Tej Tadi
measurement of performance through brain
activity patterns recorded while patients interact in
different virtual environments.
PearlTec Positioning device for Computed Tomography Fischer 1.1MCGF ZKB, Berner
and Magnetic Resonance Imaging that allows a Patrizia Partners
higher patient throughput, significantly increased
image quality and improved patient comfort.
Supersonic Ultrafast US imaging for breast lesion screening. 30M€ @ www.supersonicimagine.fr
Shear wave ultrasound allows tissue stiffness 53M€ Market
assessment. Competes with GE, Phillips, Siemens. size 5.3B$,
Developing. Investors Auriga, NBGI, Bioam, CAGR 5%.
Edmond Rotschild, Wellington. HQ Aix-en- 2012e sales
ProVence 27 M€ 2010
10 M€
VirtaMed Surgical simulators for minimally invasive Start Angels
endoscopic surgery with unprecedented realism, Network
using proprietary technology in combination with Zürich
current computing hardware. Kantonalbank
Generated
1.3 MCHF
Tuchschmid
p.38
Industry structure : top 3 = 75%
General Electric (GE), Siemens, and Philips dominate the medical imaging market, with approximately
75% share of the worldwide market. GE remains the undisputed leader of medical imaging.
FY 2009 Company 2009 Imaging Notes
Ranking sales (US$
million)
1 GE Healthcare 10682.00 Imaging equipment, imaging agents and service
2 Siemens Healthcare 9974.39
3 Philips 4158.79
4 Olympus Medical 3752.66 Medical Systems & Life Sciences segments
5 Fujifilm 2823.73 Medical Systems & Life Sciences segments
6 Carestream Health 2318.68
7 AGFA Healthcare 1642.87
8 Hitachi Medical 1169.92 No breakdown available. Estimated as 12.59% of
total electronic systems and equipment segment
(as for FY2008)
9 Covidien 1147.00
10 Konica Minolta 1116.55 Medical & Graphic segments
11 Carl Zeiss 984.61 Medical Systems segment
12 Hologic Inc 619.66
13 Shimadzu 540.23
14 Guerbet 467.87
15 Aloka 346.36
16 Varian Medical Systems 331.00 X-ray products segment
17 Analogic Corp 325.19
18 SonoSite 227.39
19 Sirona Dental Systems 226.73 Previously Schick Technologies
20 Mindray Medical 162.47
p.39
Diagnostics
Opportunities : 50B$, 6% growth
Diagnostics include biotechnological-based testing as well as medical devices. Star performers of the
IVD industry segment are clinical chemistry and immuno-assay systems.
• Clinical chemistry products benefit from the sales of personal blood glucose monitoring
systems and testing-strips,
• Immunoassay will be driven by drug and infectious disease testing. With the rising volumes of
blood glucose monitoring among diabetic patients, endocrine condition testing is one of the
most popular IVD application. The total diabetes burden is forecast to be 11.5% (25.4 million)
in 2011, 13.5% (32.6 million) in 2021, and 14.5% (37.7 million) in 2031.
• Hemostasis tests for D-dimer and other cardiac parameters offer bright opportunities among
IVD blood testing systems. The reason for this is their ability to quantify heart attack and
embolism risk prior to a cardiac emergency.
• Overall demand for IVD testing is increasing because of an increasing interest in personalized
medicine. Biomarkers helps in predicting the outcome of therapies for an individual patient.
Sector Revenue EU 27 Revenue Growth

(B$) (B€) (%)
in vitro diagnostics 50 (2009) 10.2 (+3%) 6.7%
(IVD) 38 (2007)
molecular 2.6 (2005) 14%
diagnostics
Cancer diagnostics 15 (2009) 68%
point of care 12 (2005) 7.8%
diagnostic (POC)
p.40
VC investment around 250M$

Recent financing rounds in 2008-2009 (208M$). In 1H 2010, 18 companies in the MDx space attracted at
least $235.4 million in investments 8.

(M$ )
AdvanDx 8C molecular diagnostic tests for bacterial infections
CancerGuide Hatteras 10 A Genomic based cancer tests for personalized medicine.
Diagnostics Ventures,
Cardioinsights
Curetis, D 27 A Dosepro molecular diagnostic
Exosome NGN capital, 20 TB test
Diagnostics Forbion capital
Foundation Third Rock 25 A Clinical laboratory test that analyze genomic in individual
medicine Ventures patients cancer top personalize treatment
Freedom A Noninvasive ophthalmic devices for monitoring glucose
Meditech levels in diabetics
Lab901 4 ScreenTape laboratory analysis automated diagnostic
instruments
Microvisk 3 SmartStrip POC blood coagulation monitor to launch in
technologies, UK 2011
Molecular 3C Rapid tests for infectious diseases
Detection Inc
(MDI)
mtm laboratories, 45 C Cervical cancer diagnostics specialist
D
Myconostica D diagnostic
PharmaDiagnostics 3B label-free screening technology
PrimaDiag Angels 0.5 robotic platform designed to automate biological
processes for lab
Rheonix Cayuga 12 A Molecular diagnostic, CARD chemistry and reagent system
Venture,
Saladax Excel Venture, 8C Mycare blood test measuring drug levels to treat cancer
biomedical Golden Seeds, and nervous disorders
Ben Franklin
technology
partners,
T2 Biosytems Physic Ventures 15 C Next generation diagnostic using nanotechnology,
miniaturized MRI
Tethys Bioscience 25 Diabetes risk test, PreDx
Biocartis 41 B
Veracyte 28 B molecular cytology tests
Epigenomics 44
Cyntellect 3
8
GenomeWeb Daily News
p.41
M&A
(M$ )
Clarient GE Healthcare 580 7.7× estimated sales of $75 million, and a 33.7%
premium over the market value. Clarient is a leading
company in the rapidly growing area of molecular
cancer diagnostics, with systems that provide
doctors with precise information about a patient’s
cancer and help them prescribe appropriate
treatment. GE Healthcare moves towards its goal of
integrating imaging and clinical molecular
diagnostics to both diagnose and monitor cancer
and other diseases. The combination of imaging
and molecular testing is the Holy Grail in the
diagnostics spaces.
Standard Alere 224 South Korea–based manufacturer of rapid
Diagnostics diagnostic products. The acquisition increases
offerings for hepatitis, infectious diseases, tumor
markers, and urine and protein strips. Acquisition
for a 75% interest 5.6× sales of $40 million.
Epocal Alere 257 Canadian producer of blood testing equipment with
wireless transmission capability, complements
Alere’s Triage technology for wirelessly relaying
point-of-care (POC) bedside test results to patient
files.
Genzyme Corp. Laboratory 925 2.5× 2009 sales of $371 million. provider of a broad
Corp. of range of diagnostic products
America
p.42

Abionic Fast and low-cost screening tests for Nicolas Durand www.abionic.com
portable medical diagnostic use. As there
are currently over 100 million people in
Europe suffering from allergies, Abionic will
firstly develop a novel personalized allergy
diagnostic test that will allow patients to take
the optimal medication.
Ayanda Blood-based test for gynaecological (ovarian 500K – 3M CHF www.ayanda-
biosystems and breast). BARD1 protein biomarker has biosys.com
demonstrated specificity, can be used with
standard assays, such as ELISA. Pre-clinical.
Lausanne
Mendor Web based management software for self 6 M€ www.mendor.com
monitoring blood glucose (SMBG) and self
care for patients with diabetes. Software
8 B€ SMBG market
implements IDF pair measurement. Glucose
monitor and test strips for T1 and T2
diabetics. Competition Roche, Lifescan J&J, 10% CAGR
Abbott, Bayer. HQ Helsinki
Motilis Portable mobility recorder for whole GI tract, 3MCHF www.motilis.com
Medica accurate and detailed transit monitoring.
Competes with Pillcam, bravo given
Functional troubles - such
imaging, smartpill. Lausanne
as constipation,
gastroparesis, dyspepsia
and IBS - affect up to 20%
of the population , results
in 4% of consulting, 350 M
CHF market
Sense Sport technologies company specialising in Alexandros Giannakis
biomedical monitoring tools for professional CSEM, negotiating
athletes, teams, as well as clinics and
rehabilitation centres.
Sensimed Personalized 24 hour intraocular pressure 1M€ @ 13M€, M&A (17M€ www.sensimed.com
monitor for glaucoma management. raised)
Investors Blue Ocean Ventures, Wellington,
Vinci, Agate. Pre-sales. HQ Lausanne.
Industry structure : top 3 = 44%, top 10=80%

The global IVD market is quite consolidated with the top ten market players owning about 80 percent
market share.
FY 2009 Company 2009 sales (US$ Notes

Ranking million)
1 Roche 20% market share
2 Siemens 12% market share
3 Abbott 12% market share
p.43
Surgical, Ophtalmo, Neuro, Urology
Opportunities : 16B$
We are discussing here various other subsectors :

• Surgical
• Ophtalmology, sector receiving a noted amount of venture capital interest (Sensimed)
• Neurology
• Urology
Growth rates are indicated below.
Sector Revenue Growth

(M$ 2003 ) (2003)
Surgical 7.7 9%
Ophthalmology 5.7 5%
Neurology 2.2 19%
Urology 0.8 12%
VC investment : >200M$

(M$ )
Activaero, D BioMedPartners 16 A inhaled drug delivery technologies
Athena Feminine vSpring 2 incontinence tech firm, female incontinence treatment
Technologies
BeneChill HealthCap 13.5 C non-invasive cooling devices for treating hypothermia
Blue Belt Pittsburgh Life 2A Smart surgical instruments
Sciences
Greenhouse
DFine Orbimed, Split 36 E RF kyphoplasty system
Electrical Brain 4B Treatment of neurological deficits and stroke and brain
Syncronization, D trauma.
Eyetechcare, F SHAM 9.4 Ultrasound technology for treating glaucoma
Inspire Medical Synergy Life 17 Sleep apnoea treatment
Systems Science
Partners,
Medtronic
Lumenis 15 laser, light-based and radiofrequency devices for surgical,
aesthetic and ophthalmic applications
p.44
MicroTransponder Angel 7B Wireless neurostimulation technology. SAINT device for

+ grant treating chronic pain.
2
Neuronetics New Leaf 30 D anti-depression treatment using magnetic pulses
Venture
Partners
NiTi Surgical 18 F CE-marked and FDA-cleared ColonRing wound closure
Solutions device
Ocutec Discovery 0.7 Polyethylene glycol PEG for use in contact lenses
investment fund
Quanta Fluid NBGI Ventures, 12 home haemodialysis system
Solutions Seroba Kernal
and Wellington
Partners
TransMedics Foundation 36 Organ care systems product for solid organ
Capital, Kleiner transplantation. Financing to support commercialization.
Perkins Caufield
& Byers,
Flagship
ventures
Novagali Pharma 58 all innovative products for all segments of the eye (up to 2008)
rounds
Sensimed 4A Glaucoma diagnostic
20 ? B
M&A
(M$ )
Micrus Johnson and 480 Pproducer of catheters and other minimally invasive
Endovascular Johnson devices for treating stroke-related brain problems
such as aneurysms and arterial thickening. (5.2×
sales of $91 million and 36× EBITDA of $13.3
million)
Somanetics Covidien 250 Leader in cerebral and somatic oximetry, (5× 2009
sales of $50 million, and a 32% premium over
market value ). Somanetics’ patient monitoring
technology continuously measures blood oxygen
levels in the brain and body of patients who are at
risk for restricted blood flow so that clinicians can
detect and correct various complications. The
company’s Invos system is the only commercially
available cerebral-somatic oximeter shown to
improve patient outcomes.
Covidien PH Invest continuous positive airway pressure (CPAP) sleep
therapy business
BioControl Medtronic 350 to 550 Proprietary implantable nerve stimulation devices.
Medical If BioControl fails to complete the clinical trials of its
devices or obtain FDA approval for them, Medtronic
can acquire the company for $350 million.
p.45

Ophthalmo.
Neurology
Surgical
Urology
Other
X X Stereotools Stereotactic surgery guides 500K CHF @ www.stereotool

compatible with MRI. s.com
Ultrasound imaging
300K procedures,
adapter.
900 M CHF
market
Seed. Lausanne
2M CHF sales
2013e
X Crisalix 3D simulation based on Jaime Garcia
physical properties of the Giraldez
patient for plastic,
aesthetic and
reconstructive surgery
X Aleva Micro DBS technologies 450 M€ market www.aleva-
Neurotherapeutics including probes. Lausanne neuro.com
X EBS Non invasive brain 1.5 M€ @ na www.ebstech.d
stimulation. Early stage. e
Berlin
15 M patients
aphasia, visual
deffects
X NeMoDevices Diagnosis and treatment of Emanuela Keller
patients with stroke and
brain injuries .
Technologies are based on
near infrared extinction and
provide two single-use
products: a minimal
invasive probe (NeMo
Probe) and a non-invasive
patch (NeMo Patch), which
allows monitoring brain
blood flow and
oxygenation in the
Intensive Care Unit.
X Nextstim Navigated brain n/a www.nexstim.c
Stimulation devices for om
clinical use (presurgical
mapping) and scientific
research. FDA approved.
HQ Helsinki, Finland
X Sapiens DBS providing directional 12M€ @ na www.sapeinssb
stimulation through cranial s.com
implanted MR safe (image
Neurostimulation
guided therapies) 64
market 1500 M€
electrode probe. Philips
16% CAGR; DBS
spin-off. Competition
400M€
Medtronics, St Jude,
Boston Sc., J&j,
Neuropace. Seed. HQ
Eindhoven. 3 VCs
X StrokeLab Treatment of brain Luca Augsburger
aneurysms. and Rafik Ouared
p.46

Ophthalmo.
Neurology
Surgical
Urology
Other
X Vigisense Mobility tracking of 500K€

Alzheimer elderly patients
for prevention of accident,
Serge Grisard
better monitoring of
conditions, assistance to
care. Based on radio and
hosted medical records for
care centers.
X 3Brain In-vitro high-resolution Kilian Imfeld www.3brain.co
electrophysiology. Enables m
dense electrical activity
monitoring of electrogenic
cell cultures and provides
researchers access to
unique spatio-temporal
details of network
information. Current
applications include both
neuroscience and high-
throughput drug discovery.
X Cequr Diabetes drug delivery. 9M diabetes T2 www.cequr.net
Disposable patch for 3days patients. 2 B$
physiological insulin insulin IDD device
delivery. Development. market
Investors BMC ventures,
Endeavour, Schroeder,
Orion, HQ Montreux
X InSphero Biological microtissues to Jan Lichtenberg
test drugs more efficiently.
These microtissues
Business Angel
resemble human native
funded
tissue in terms of structure
and function much better
than conventional tests.
Therefore, they give
pharmaceutical developers
more insight into the
efficacy of new drugs or
into potential negative side
effects.
X MedDrop Local pain therapy by Hahn Friedrich
Technology transporting active
substances directly through
the skin using a special
application system that
empowered by oxygen.
X Nanopowers Artificial muscle technology 100 M CHF UI www.nanopowe
for urinary incontinence. for artificial rs.com
male (post rpatatectomy) sphincters. 600 M
and female. CHF total market.
X Nebion AG Online analysis system for n/a
researchers facilitateS
biological discovery and
diagnostics by high quality
data curation and the
development of innovative
analysis systems and
algorithms.
p.47

Ophthalmo.
Neurology
Surgical
Urology
Other
X Powersens Electronic shoe-insoles for Marc Rocklinger

diabetic people. These
insoles are worn daily and
measure foot plantar
pressure continuously. They
enable to prevent
apparition of diabetic foot
ulcers, which are
responsible for more than
half of lower limb
amputation in the world !
These innovative and
practical insoles will
improve the quality of life
of many, and reduce
significant health care
costs.
X Primequal Injector that fills the market Weill David
gap between standard
disposable syringes and
multi use injection pens.
p.48
Healthcare information systems
While healthcare has been slow in changes and in particular IT adoption, there are driving mega-
trends :
• increase the longevity and quality of life of the elderly population, requiring continuum of care
• expectation for personalized, patient focused, care delivery
• budget reductions and pressures from insurers and regulators, requiring productivity enhancing
solutions.
• advances in information technology providing improvement on patient care, emerging
electronic health records,
Technologies
We anticipate growth of technology-based solutions in many areas.
• Electronic health records: enabling the communication of patient data between different
healthcare professionals (GPs, specialists etc.); healthcare information systems software
supporting continuum of care operations or managed care programs.
• Consumer health informatics: use of electronic resources on medical topics by healthy
individuals or patients; Patient self-management : remote consultations, testing, medication
• mHealth or m-Health: includes the use of mobile devices in collecting aggregate and patient
level health data, providing healthcare information to practitioners, researchers, and patients,
real-time monitoring of patient vitals, and direct provision of care (via mobile telemedicine)
;Information devices such as mobile tablets or home monitoring gateway for capturing patient
information
• RFID sensors for management of mobile assets.
• Management of chronic diseases, mental health
• On the rise
o Advanced disease management support
o Patient Decision Aids — Healthcare Provider
o Patient Throughput and Logistics Management (PTL)
o Personal Health Management Tools — Healthcare Providers
o Perioperative Charting and Anesthesia Documentation Within the CPR
o Integrated Clinical/Financial BI Systems
o Personal Health Record
• Sliding Into the Trough
o Video Visits
o Patient Self-Service Portals (Scheduling/Billing)
o Home Health Monitoring
o Emergency Department Information Systems as Part of a CPR System
o Next-Generation Enterprise Patient Financial Systems (U.S.)
o CPR-Integrated Critical Care IS
o Patient Self-Service Kiosks
o Remote ICU
o Rounding Robots
o Patient Portals (Clinical)
p.49
• Climbing the Slope

o Generation 3 Computer-Based Patient Records
o E-Visits (Healthcare Provider)
o Ambulatory Electronic Medical Records
o E-Prescribing (Healthcare Provider)
o Wireless Healthcare Asset Management
o ERP (SOA)
o Remote Hosting
o Computer-Based Physician Order Entry
o Disaster Recovery and Business Continuity
Opportunities:
• EU VC investments in medical software and IT were 18 M€ / 11 deals in 2009 and 9 M€ / 6 deals
in Q1-3 2010 (Thomson)
• Governments programs for health information exchange (USA 20B$ healthcare IT + 140M$
investment in NHIN, France : telemedicine, UK Telecare + connecting for health 10B€ until
2010, F: EHR in 2008, D: E-health card since 2007)
• Healthcare vendor consolidation.
o HIS vendors Cerner, iSoft, Cerner, Eclipsys, McKesson, Siemens
o PHR vendors : BlueCross, Microsoft HealthVault, Google Health, Dossia, Tolven.
o Mobile health vendors : BodyMedia, CardioNet, eCardio, Epocrates, GreatCall
(Jitterbug), and Masimo
p.50
Transaction history
Here are recent transactions in wireless, m-health 2009-2010
Name Description Amount Information
InTouch Remote presence telemedicine $ 10.0 Bringea, Galen Partners, InvestCare Partners, Twenty
Technologies solutions One East Victoria
Imperative Online fitness coaching system $ 4.0 New Venture Partners, Unilever Ventures
Health (MiLife)
MicroChips Monitor and control implanted $ 16.5 InterWest Partners, Polaris Venture Partners, Flybridge
drug dispensing chips Capital Partners, Novartis, Medtronic
Proteus Wireless, adhesive sensor $ 25.0 Novartis, Medtronic, ON Semiconductor
Biomedical technology
Wireless Bed sensors $ 0.5 Carilion Biomedical Institute, Optimum Sensor
Medcare Holdings
WellAware Wireless remote monitoring $ 7.5 Valhalla Partners, .406 Ventures
systems
TelaDoc Primary care physicians network $ 9.0 HLM Venture Partners, Cardinal Partners, Trident
Capital
GymFu Motion-detecting iPhone fitness $ 0.2 Channel 4’s 4iP
apps
Echo Wireless blood glucose monitor $ 3.6 Cotswold Foundation
Therapeutics
Myca Health EMR, admin system, $ 5.0 BlueCross BlueShield Venture Partners, Sandbox
communication tools Industries
CardioMEMS Implantable wireless sensors $ 22.1 Arcapita Ventures, Boston Millennium, Foundation
Medical
BL Healthcare Bluetooth-based wireless $ 3.0 Undisclosed
medical device monitoring
BiancaMed Wireless monitoring devices $ 9.8 Seventure Partners, ePlanet, Enterprise Ireland,
ResMed
eCardio Remote cardiac monitoring n/a Sequoia Capital
Zephyr Physiological and n/a Motorola Ventures
Technology biomechanical monitoring
Autonomic Implantable device to soothe $ 20.0 Kleiner Perkins, InterWest Partners, Polaris Venture
Technologies severe headaches Partners, Caueld & Byers, The Cleveland Clinic
Monica Expectant mothers and babies $ 1.6 PUK Ventures, Catapult Venture Managers, University
Healthcare monitoring of Nottingham
Phreesia Automatic patient check-in $ 11.6 BlueCross BlueShield Venture Partners, Polaris
device Venture Partners, HLM Venture Partners, Long River
Ventures
MiLife Online fitness coaching system n/a New Venture Partners, Unilever Ventures
Experts
Example :
• Jean-Claude Mouly, A3, former director Unisys healthcare
p.51
List of start-ups
The list includes a sampling of Swiss, EU and US start-ups.
Implanet Beep n Track RFID tracking of equipment and Round D 25 M€ www.implanet-com
orthopedic implants. Implant division to be split @ 33M€
from implants . Bordeaux, France 5 M€ SW sales ,
15M€ implants
2012e
Monitor it sa Home monitoring solutions for CHF patients www.monitor-it.lu
H2AD Paramedical products, 24 hours medical tele- 500K€-2M€ www.h2ad.ne t
assistance for old aged people and for the hospital 3M€ sales 2013e www.twitoo.org
discharged patients at home. Saint-Etienne et Marché 400K
Health solutions participations in Porrentruy. gateways, >
Developing. 500M$ EU +US,
Dybuster AG Dyslexia management and education software, n/a www.dybuster.com
that trains correct writing and spelling skills
Nhumi Nhumi Technologies builds software components www.nhumi.com
Technologies and solutions for business partners, pharmas and
GmbH care delivery organizations to organize, search,
summarize and visualize biomedical or healthcare
data using a virtual 3D model of the human
anatomy.
Avalis Large scale remote management of chronic BAS investment,
Healthcare diseases by providing mobile (telemedicine and still looking for
Systems selfcare) disease technology to improve and investors
transform the delivery of healthcare. CH
Cinterion Telehealth, Telemedicine, Remote patient Benchmark http://www.cinterion.com/
monitoring, Mobile Fitness Monitoring.. Spun off information
from Siemens in 2008 after a LBO. Market share of
33% for GSM based M2M wireless modules, well
established company USA
E Medicis Web-mobile platform to help patients and 240K€ in 2008 http://www.e-medicus.com/
healthcare professionals improve the adherence to
treatments. Plan a MVNO, complete a portfolio of
pathology specific compliance systems integrating
sensors. US
MedApps Collects and transmits data from patients’ health 5M$ over 5M$ http://www.medapps.com/
monitors in order for medical professionals, care raised; 125
management companies and others to monitor, million people
analyze and respond as needed. USA in the U.S.
targeted
Mobidarm Mobile access to patient records from existing R&D grant http://www.mobidarm.com/
EHR systems e.g. lab results, medication, should cover
diagnosis. Workflow and billing support for home trials in first half
care of 2010
Self-care support for e.g. diabetes patients
Initial focus on Symbian OS, expansion to other
platforms (Android,iPhone) . Open web service
standards (SOAP and XML payload). Security
features, user certificates on SIM cards or in other
secure storage elements, mobile VPN, WS Security,
XML Digital Signatures, and SSH. Helsinki Finland
Patients Know Patient-controlled medical records, integration 1 M£ over http://www.patientsknowbest.com
Best into mobile phones of patients and clinicians. 200K£
2009/11 – BusinessWeek cover story as one of the
world’s 25 most intriguing companies. Integrated
with the NHS secure network .Mobiel features :
health diary integration with patients’ smartphones,
integrated messaging with patients’ and clinicians’
mobile phones, online consultation software
subscriptions to US physicians. UK
p.52
Sources
Events
Date Event Information
29 June 2010 EVCA Private Equity Earlybird Ventures,
8 September 2010 CTI Invest venture day GetYourGuide, Motilis, Peraltec, Anergis, Cultwork
29 September 2010 Medtech summit Meeting 20 medtech start-ups
14 october 2010 Innovation Xchange Apprupt, multibo, clar2pay, plista, canatu, metalysis, avantium,
tobii, Getjar, Stylight, Layar, Innotech, Keybonys, Enecsis,
Alertme
27 October 2010 CTI CEO day Hirschfactor, Creathor, Naviswiss, stagend, Ni3, Bmob,
Visiosafge
1 November 2010 HBS Private Equity and venture capital Meeting US VCs
17 November 2010 A3 Angels medtech Antlia, Stereotools, Ayanda
18 November 2010 EBAN Winter university Meeting SBA, start-ups
29 November 2010 Mobile Monday Switzerland HouseTrip, MadeinLocal, iTaste, routerank, Abonobo, Arxit,
hospitality Food Arena, L'avenue digital media
1 December 2010 Cleantech investing Meeting cleantech start-ups at EPFL
p.53

Technology Start-Up Investment Analysis

Diunggah oleh

Informasi Dokumen

Judul Asli

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Technology Start-Up Investment Analysis

Diunggah oleh

Hak Cipta:

Format Tersedia

early-stage technology investment sectors

Version A3 Angels-1.0 © Venture Concept 2011

Medtech sub-sectors ........................................................................................................................................... 21

Opportunities : 16B$ ........................................................................................................................................ 44

Investigation of investment sectors

Sector Attractiveness Regional expertise Competition

Mobile and fixed broadband telecommunication services are being re-shaped :

Software for security and finance

This segment of the industry is facing the following changes:

We will help identify opportunities for relevant technologies :

• Appliance-based security for e-mail CAGR 25%

ICT for travel & transport, hospitality

Challenges in these industries include:

Name Description Opportunity Information

Manufacturers are generally facing the following issues:

• increased global competition

Opportunities include innovation and systems that addresses these issues:

• SCM Supply Chain Management – Suppliers oriented

Name Description Opportunity Information

Name Description Opportunity Information

• Favorable public policies such as 150B$ stimulus investments in energy-efficient infrastructure,

Name Description Opportunity Information

Innotech Repowered non-prime solar cells (defects). 35 M€ on 18 M€ www.innotechsolar.com

The healthcare industry is adapting to the following changes :

• Device drug delivery : drug eluting stents, implantable insulin pumps

Sector Attractiveness Regional strength Competition

Imaging Estimated less than 100M$ investments in a 16 to 19B$ Modest. Highly

Diagnostics 250 M$ investments 50B$ market, 6% growth, up to 68% Significant Hyper

Surgical Around 50 M$ investment, 7 B$ market growing at 9 % Manufacturing

Ophtalmo Around 50 M$ investment, 6 B$ market growing at 5 % Example :

Neuro Around 50 M$ investment, 2 B$ market growing at 19 % Significant

Urology Around 50 M$ investment, 1 B$ market growing at 12 % Low

Medtech is 30% of life sciences industry

Sector # listed Market size Growth

Medtech devices is a 300 B$ market

World USA Europe Switzerland

Growth : up to 8% in early stage

CAGR 2009 non- Public

Net income 29% 11%

Healthpoint Capital Index P/E PSR

Orthopedic Companies 19.6 2.8

Cardiovascular 18.1 2.4

Dental 3.9 18.5

VC investment : stable, 25% of total

Financement biotech mondial B$

IPO Augmentation de capital VC

VC investment in Switzerland : 50M CHF in medtech

VC investment in neighbouring France : 35M$ in medtech

• Centre-est & du Sud-est et Rhône-Alpes (Rhône-Alpes, Provence-Alpes-Côte d’Azur,

Sector VC Revenue US Growth

Sector Revenue Growth

VC deals : over 500M$ in cardiology

Company VCs Amount Comment

M&A : over 5B$ at 6 X revenues

Regional start-ups seeking finance in 2010

Bmeye Non invasive beat to beat 1.5 B€ cardio, www.bmeye.com

Name Description Opportunity Information

Industry structure : top 20 make 32% of industry

Sector Revenue Revenue Growth Opportunities

Recent financing rounds in 2008-2009 (257M$)

Company VCs Amount Comment

M&A : 70% of volume, over 6B$

Regional start-ups seeking finance in 2010