1. technology and computing

Uniseed
Overview and Investments
November 2014
1
Uniseed
• Commercialisation fund
• Total commitment over $60 million
– $20m proof of concept fund 2000-2005
– $40m commercialisation fund 2006-present
• Shareholders
– Top tier universities in Queensland, NSW and Victoria
– AustralianSuper – one of the largest and best performing
industry superannuation funds in Australia
• First look right at technology arising from 3 university
partners
2
Uniseed Timeline
Fund 1: $20m; 24 Investments
(Proof-of-Concept Fund)
Uniseed
formed
(UQ/UM)
UNSW
Join
(UIIT 3)
Fund-1 Model
•Managed by TTO
•Fees to TTO
•$250k - $500k
•Fill gap - No Follow-on
•Investment Decisions by TTO
2001
Fund 2: $40m; 19 Investments
(Commercialisation Fund)
2002
2003
2005
Vintela
Sale
•Pargenex
•Myalgen
•Calibre
•Colocare
•QRxPharma
•Dentil
•Genedimmer
•Chirogen
•Vintela
•Fultec
•Combinomics
•Vacquel
•Hatchtech
•Cryptopharma
•Adipogen
•Hepitope
•Thrombostat
•Radical
Fund-2 Model
•Expanded Management Team
•Reduced Management Costs
•↑Investment Limit (~$2m)
•Follow-on / Co-Invest (AFSL)
•IC Restructured
W’Scheme
Join
(UIIT 2)
2004
AusSuper
replaces
Westscheme
2006
2007 2008
QRx
Float
2009
2010 2011
2012 2013 2014
Fibrotech
Sale
Fultec
Sale
•Intelliguard •Audio Nomad •Tenasitech •BPT
•ProGel
•Spinifex
•Hydrexia •Polyvacc
•Dendrimed •Lightanate •Otifex
•Neurotide
•Pepfactants •Fibrotech
•OPAL
•BT-Imaging
•Velacor
•Verva
•Active Torque
•Xerocoat
•Smart
Sparrow
•QSera
•Nexgen
•OccuRx
3
Uniseed Today
• Up to $2 million / investment from Uniseed
– Capacity for a further direct investment from individual
shareholders
• 16 active investments in portfolio
• Seed fund, but Uniseed invests beyond seed
– Now to Series F with some investments
• Often able to bring in co-investments up-front
• Relationships with Australian and International VCs
4
Benefits to Shareholders
Pre-Seed
Steady and
substantial flow of
research income
Leverage of
government grants
and external
investment
Balance licensing and
spin-out
commercialisation
strategies
Seed
Follow-On
Follow-On
Feed aspirations of
entrepreneurial staff
Preferred access to
deal flow
Develop
commercialisation skills
Recommendation of
follow-on
opportunities
Value generated from IP
Revenues to
commercialisation
companies
Return on Investment
Return on Investment
Universities
AustralianSuper
Protects seed investment
5
What Uniseed Has Achieved
• Distributions + Portfolio Value > Shareholder Funds Contributed
• External capital committed over $450m (leverage 13:1)
• More capital returned to universities in research funding from
Uniseed start-ups than contributed collectively by universities
• 3 trade sale exits
– Fibrotech – fibrosis drug – sale to Shire Pharmaceuticals 2014
• US$75m up-front plus contingent milestone payments
– Wedgetail/Vintela – IT security – sale to Quest Software Inc 2005
• AVCAL best early stage deal of year 2005
– Fultec Semiconductor – surge protection – sale to Bourns Inc 2008
• 1 IPO
– QRxPharma, May 07 @ $150m post
– More than funds invested returned at time of IPO
• Investment history with 20 local and 15 International VCs, plus 4
local angel or high net worth groups
• Excellent record on grants (federal and state)
• Well regarded externally (benchmark for other funds)
6
Uniseed Scorecard
7
Exits
Fibrosis drug - sold to Shire Pharmaceuticals
IT security software - sold to Quest Software
Surge protection - sold to Bourns Semiconductor
Pain therapeutics - shares sold from listing on ASX
8
Acquired by
Drugs that target fibrosis of kidney and other disorders
•
•
•
Acquired by Shire Pharmaceuticals for US$75m plus future contingent payments
based on developmental and regulatory milestones ($14m to Uniseed)
Shire responsible for future trials in focal segmental glomerulosclerosis and
diabetic nephropathy
AVCAL “Best early stage deal of year 2014”
9
Single sign-on security software for enterprise systems
•
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Formed in 2000 - Spin off from CRC-DSTC in Brisbane
2001 - Co-investment - Uniseed with A&B ($3.3m)
2004 - Wedgetail merged with Vintela Inc, a Utah based security company
2005 - Acquired by Quest Software Inc., a NASDAQ-listed global company, for
~$100m (Postscript: Quest sold to Dell for $2.4bn in 2012)
Substantial return for its founders, staff and foundation investors
– AVCAL “Best early stage deal of year 2005”
10
Acquired by
Devices which significantly improve the protection
of vital telecommunications equipment from
lightning strike and power surges
– Co-Investors: Allen & Buckeridge; Mayfield Ventures
ComVentures (USA); Crescendo Ventures (USA)
– Relocated on US West Coast after US VC investment
– First sales 2008 including ‘Top 4’ modem customers
– Asset Sale to Bourns Semicinductor Inc. November 2008
(USA);
11
Initial Public Offering
opioid pain drugs
– The company listed on ASX in May 2007
• largest ever biotech IPO on ASX
– More than funds invested returned at time of IPO
12
Leverage (13x)
Other Investors
Investment
Uniseed
Start-Ups
$499m
Grant Funding
IP
Research Funding
Equity & Exits Uniseed
Equity & Exits Direct
People Employed
Publications Funded
Patents Supported
Impact on Society
Reputation Enhanced
13
Investment Partners ($388m)
Australian
International
14
106 Commercial Grants ($76m)
15
Impact:
Beyond the start-up
16
Impact:
Awards & Recognition
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•
•
•
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Fultec – Most Outstanding Research Commercialisation Opportunity in
ICT/Mathematics 2003 (Commercialisation Forum & Fair of Ideas, Sydney)
Vintela - Best Early Stage VC Deal 2005 (AVCAL)
QRxPharma - New Product Innovation of the Year 2010 (Frost & Sullivan)
Spinifex (EMA-401) - Named one of the five most promising drugs in Phase
2 trials 2011 (Thomson Reuters).
Hydrexia - Queensland’s Engineering Excellence Awards 2012 (Engineers
Australia)
Smart Sparrow - 2012 Best in Class at Tech23 (Slattery IT)
TenasiTech - Brisbane Innovation Scorecard 2012 (Deloitte, Brisbane City
Council, Queensland Government).
Spinifex - Emerging Company of the Year 2012 (BioSpectrum Asia)
Hydrexia - Asia Pacific Company of the Year 2013 (Cleantech Group’s
Global Cleantech 100 Awards)
Smart Sparrow - IMS Global Learning Impact Award 2013
Fibrotech - Best Early Stage VC Deal 2014 (AVCAL)
17
Impact:
Drugs Trials in Man
Stage at Uniseed’s initial investment
18
Impact: Products to Market;
Industry Engagement
• IT Security – sold to Quest Software; acquired by Dell
• Surge protection semi-conductor - sold by Bourns Inc.
• Solar cell manufacture – Revenue $20m+; Applied Materials
• e-Learning - Australian & US university customers
• Plastics and acrylics - Commercial collaborations
• Hydrogen storage - Air Liquide as investor & customer
• Novel surfactants - collaborations with oil & gas majors
• Food additives - collaboration with major food manufacturer
• Virus-resistant plants - collaboration with agriculture major
• Improved blood tube - collaborations with market leaders
19
Impact:
Patents, Publications, People
• Over 800 patents have been supported by Uniseed investee
companies (over 100 patent families);
• Over 300 people have been employed through the support
of Uniseed investee companies, with many of these
employed at our partner universities;
• Over 130 journal articles have been published on research
projects funded by these companies;
– Over 2000 citations; Equivalent h-index 29
• Over 600 media releases and news articles have been
published on Uniseed investee companies; and
• Over 200 presentations have been made at conferences or
industry seminars, or in industry magazines, based on
research funded by Uniseed investee companies.
20
Top 30 Uniseed Company
Publications by Citation
139 publications; h-index 29
Rank
1
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5
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7
8
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20
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28
29
30
Company
Verva
GeneDimmer
Calibre
Adipogen
Velacor
Chirogen
Radical
Radical
BTi
Radical
Combinomics
Cryptopharma
Cryptopharma
Adipogen
Radical
Opal
Adipogen
QRxPharma
BTi
Myalgen
Cryptopharma
Neurotide
Velacor
BTi
Chirogen
Calibre
BTi
Calibre
Verva
Pepfactants
Citations
115
89
87
83
79
72
68
65
63
50
44
43
39
39
39
38
37
37
37
36
36
35
35
35
33
33
33
30
28
28
Impact
6.31
8.808
4.6
8.474
3.753
n/a
6.018
4.99
3.515
5.339
4.621
5.964
4.12
5.48
4.012
8.057
4.088
4.088
2.343
1.409
8.193
2.951
1.318
2.185
2.165
1.862
5.03
4.6
4.544
3.856
Author(s)
Tital
Year Journal/Book
K. Bozaoglu, D. Segal, K. A. Shields, et al.Chemerin Is Associated with Metabolic Syndrome Phenotypes
2009 Journal
in a Mexican-American
of Clinical Endocrinology
Population
& Metabolism
X. Q. Wang and J. A. Rothnagel
5 '-untranslated regions with multiple upstream aug codons
2004 can
Nucleic
support
Acids
low-level
Research
translation via leaky scanning and reinitiation
P. D. O'leary and R. A. Hughes
Design of potent peptide mimetics of brain-derived neurotrophic
2003 Journal
factor
of Biological Chemistry
L. Hutley, W. Shurety, F. Newell, et al. Fibroblast growth factor 1 - A key regulator of human adipogenesis
2004 Diabetes
N. M. Corcoran, M. Najdovska and A. J. Costello
Inorganic selenium retards progression of experimental
2004
hormone
Journal
refractory
of Urology
prostate cancer
J. Beckmann, D. Dakternieks and C. H. Schiesser
Asymmetric free-radical reductions mediated by chiral2006
stannanes,
Handbook
germanes,
of chiral
and chemicals
silanes
A. A. Miller, G. R. Drummond, A. E. Mast,Effect
et al. of gender on nadph-oxidase activity, expression,2007
and function
Stroke in the cerebral circulation - role of estrogen
K. A. Jackman, A. A. Miller, T. M. De Silva,
Reduction
et al.
of cerebral infarct volume by apocynin requires
2009pretreatment
British Journal
and of
is absent
Pharmacology
in nox2-deficient mice
H. Kampwerth, T. Trupke, J. W. Weber, et
Advanced
al.
luminescence based effective series resistance
2008imaging
Applied
of silicon
Physics
solar
Letters
cells
T. M. Paravicini, A. A. Miller, G. R. Drummond,
Flow-induced
et al. cerebral vasodilatation in vivo involves activation
2006 Journal
of phosphatidylinositol-3
of Cerebral Blood Flow
kinase,
and Metabolism
nadph-oxidase, and nitric oxid
J. M. Keith, P. Adams, D. Bryant, et al. A simulated annealing algorithm for finding consensus2002
sequences
Bioinformatics
T. E. Sutherland, R. L. Anderson, R. A. Hughes,
2-methoxyestradiol
et al.
- a unique blend of activities generating
2007 aDrug
new Discovery
class of anti-tumour/anti-inflammatory
Today
agents
R. A. Hughes, T. Harris, E. Altmann, et al.2-methoxyestradiol and analogs as novel antiproliferative
2002agents:
Molecular
Analysis
Pharmacology
of three-dimensional quantitative structure-activity r
F. S. Newell, H. Su, H. Tornqvist, et al. Characterization of the transcriptional and functional effects
2006 ofFaseb
fibroblast
Journal
growth factor-1 on human preadipocyte differentiation
A. A. Miller, G. R. Drummond, T. M. De Silva,
Nadph
et oxidase
al.
activity is higher in cerebral versus systemic
2009 arteries
American
of four
Journal
animal
of Physiology-Heart
species: Role of nox2
and Circulatory Physiology
R. De Rose, C. S. Fernandez, M. Z. Smith,Control
et al. of viremia and prevention of aids following immunotherapy
2008 Plos Pathogens
of siv-infected macaques with peptide-pulsed blood
C. H. Widberg, F. S. Newell, A. W. Bachmann,
Fibroblast
et al.growth factor receptor 1 is a key regulator of2009
early adipogenic
American Journal
events in
of human
Physiology-Endocrinology
preadipocytes
and Metabolism
Y. Sulub, B. Wabuyele, P. Gargiulo, et al.Real-time on-line blend uniformity monitoring using near-infrared
2009 Journal
reflectance
of Pharmaceutical
spectrometry:
and Biomedical
A noninvasive
Analysis
off-line calibration a
T. Trupke, J. Nyhus and J. Haunschild Luminescence imaging for inline characterisation in silicon
2011 photovoltaics
Physica Status Solidi-Rapid Research Letters
D. J. Torpy, A. W. Bachmann, M. Gartside,
Association
et al.
between chronic fatigue syndrome and the2004
corticosteroid-binding
Endocrine Research
globulin gene ala ser224 polymorphism
T. E. Sutherland, M. Schuliga, T. Harris, et2-methoxyestradiol
al.
is an estrogen receptor agonist that
2005
supports
Clinical
tumor
Cancer
growth
Research
in murine xenograft models of breast cancer
Y. Koda, M. Del Borgo, S. T. Wessling, et Synthesis
al.
and in vitro evaluation of a library of modified
2008
endomorphin
Bioorganic
1 peptides
& Medicinal Chemistry
N. M. Corcoran, D. Martin, B. Hutter-Paier,
Sodium
et al. selenate specifically activates pp2a phosphatase,
2010dephosphorylates
Journal of Clinical
tau Neuroscience
and reverses memory deficits in an alzheimer's d
B. Mitchell, T. Trupke, J. W. Weber, et al.Bulk minority carrier lifetimes and doping of silicon bricks
2011fromJournal
photoluminescence
of Applied Physics
intensity ratios
D. Dakternieks, V. T. Perchyonok and C. Single
H. Schiesser
enantiomer free-radical chemistry - lewis acid-mediated
2003 Tetrahedron-Asymmetry
reductions of racemic halides using chiral non-racemic stannanes
J. M. Fletcher and R. A. Hughes
Novel monocyclic and bicyclic loop mimetics of brain-derived
2006 neurotrophic
Journal of Peptide
factorScience
B. Mitchell, J. Greulich and T. Trupke Quantifying the effect of minority carrier diffusion and2012
free carrier
Solarabsorption
Energy Materials
on photoluminescence
and Solar Cells bulk lifetime imaging of sil
J. M. Fletcher, C. J. Morton, R. A. Zwar, etDesign
al. of a conformationally defined and proteolytically
2008
stableJournal
circular
ofmimetic
Biological
of Chemistry
brain-derived neurotrophic factor
V. C. Foletta, M. J. Prior, N. Stupka, et al.NDRG2, a novel regulator of myoblast proliferation, is 2009
regulated
Journal
by anabolic
of Physiology-London
and catabolic factors
A. P. J. Middelberg, L. He, A. F. Dexter, et
The
al. interfacial structure and Young's modulus of peptide
2008
filmsJournal
having of
switchable
the Royalmechanical
Society Interface
properties
21
Management
Brisbane
Melbourne
Peter Devine
CEO
John Kurek
Investment Manager
BSc; PhD; MBA; Grad Dip
Appl. Finance; GAICD; FAICD
4 Australian start-ups
Products to market
Start-ups to successful exit
Centenary Medal
BSc; PhD; Grad. Dip. Drug
Eval. & Pharm Science; GAICD
2 Australian biotechs
Preclinical & Clinical Drug
Development
22
Portfolio
Drug Development
Other Biotech
Other Tech
23
Portfolio
Drug Development
Other Biotech
Other Technologies
Obesity & Diabetes
Verva Pharmaceuticals
Medical Consumable
Q-Sera
Hydrogen Storage
Hydrexia
Human Headlice
Hatchtech
Crop Protection
Nexgen Plants
Novel Surfactants
Pepfactants
Pain Therapeutics
Spinifex Pharmaceuticals
Drug Delivery
Bioparticle Technologies
In-line QC for Solar Cells
BT Imaging
Kidney Disease
Fibrotech Therapeutics
Encapsulation of Active
Ingredients
ProGel
Novel Plastics & Acrylics
Tenasitech
Otitis Media with Effusion
Otifex Therapeutics
Adaptive e-Learning
Smart Sparrow
Diabetic Retinopathy
OccuRx
24
Drug Development
Obesity & diabetes
Human Head Lice
Neuropathic pain drug
Kidney disease
Otitis media
Diabetic retinopathy
25
Stage of Drug Development
26
Hatchtech is developing a new treatment for human
head lice that kills both adult lice and their eggs
•
Status – Phase 3 clinical completed
– Phase 1 and TQT study completed
– Phase 2a clinical trial on human head lice successfully completed in India
– Phase 2b clinical trial successfully completed under IND with U.S. FDA
– Phase 3 pivotal studies met primary & secondary end points; efficacy superior to
marketed products
– Ovidical activity confirmed in phase 3 study (100% efficacy)
•
Co-Investors:
•
Contact:
Hugh Alsop, CEO
[email protected]
+61 (0)439 080 353
27
Spinifex is developing a drug for the treatment of
neuropathic pain based on a novel target
•
Status – Phase 2a clinical trials completed
– Single and repeat dose phase I studies successfully completed
– Phase 2a study in post herpetic neuralgia completed
• Statistically significant primary and secondary endpoints achieved
– Chemotherapy induced peripheral neuropathy open label trial
• Reduction in spontaneous pain and sensitivity to cold touch
– Raised US$45m for expanded Phase 2 clinical program
•
Co-investors:
•
Contact:
Tom McCarthy, CEO
[email protected]
+1 203 321 7130 (USA)
28
Verva Pharmaceuticals is developing diabetes and
obesity therapies
•
Status – Phase 2a clinical trial completed
– Phase 2a clinical trial of insulin sensitizer (VVP808) in diabetic patients with or
without metformin medication successfully completed:
• Statistically-significant reduction in average plasma glucose concentration
from baseline after 24 weeks treatment
– Obesity target partnered with ISIS Pharmaceuticals – Phase 1 completed
•
Co-investors:
•
Contact:
Vince Wacher, CEO
[email protected]
+61 (0)448 871 479
29
Fibrotech is developing drugs that target the fibrosis of
kidney and other disorders.
•
Status – Phase 1 clinical trial in progress
– Orally available lead NCE FT-011 selected for development
– Novel drug target identified
– Phase 1b trial in progress
– Deal with Shire Pharmaceuticals
•
Co-investors:
•
Contact:
Darren Kelly, CEO
[email protected]
+61 (0)416 088 824
30
Otifex is clinically repositioning the histamine
agonist betahistine for the treatment of Otitis Media
with Effusion (OME)
•
Status – Phase 1a trial completed
– Betahistine has a long history of safe use in adults
– It is proposed to complete preclinical studies and progress the drug into
human clinical trials in OME.
– Formulation development of a nasal spray completed
– Phase 1a trial completed; Phase 1b trial to start
•
Co-investor:
•
Contact:
Chris Wraight, CEO
[email protected]
+61 (0)438 544 321
31
OccuRx is developing drugs that treat the cause of
blindness in diabetic retinopathy.
•
Status – New Investment (Fibrotech team doing it again)
– IP from Fibrotech not acquired by Shire
– Preclinical lead selection and optimization
– Novel drug target identified
– Lead molecules have shown efficacy in animal models using intra-ocular injection
– Series A funds will be used to develop a lead compound through preclinical
development and a phase I clinical trial
•
Co-investors:
•
Contact:
Darren Kelly
[email protected]
+61 (0)416 088 824
32
Other Biotech
Improved blood collection tubes
Virus resistant plants
Drug delivery via pulmonary route
Encapsulation of active ingredients
33
Q-Sera is developing a new blood serum collection
tube using a clotting agent from snake venom
•
Status – proof of concept
– Initial development has demonstrated rapid clotting of all patient blood types,
including patients on anti-coagulants.
– Series A investment is being used to develop a prototype tube, demonstrate
clinical utility and superiority against existing commercial tubes and partner the
project
•
Co-investor:
•
Contact:
Michael Grant, CEO
[email protected]
+61 (0) 477 358 623
34
Nexgen is developing a technology that disrupts plant
viruses and re-instates viral resistance into plants
•
Status – proof of concept
– The technology has application for viruses across a number of economically
significant crops including sugarcane, soybean, corn/maize, rice, potato,
wheat, cotton & tomato.
– Partnership with Syngenta - a number of virus resistant plant varieties in
development.
•
Co-investor:
•
Contact: Brian Ruddle, CEO
[email protected]
+61 (0)407 169 979
35
BioParticle Technologies has developed a
technology known as ARISE: Atomised Rapid
Injection for Solvent Extraction, allowing pulmonary
delivery of drugs
•
Status – Proof of Concept:
– The ARISE process can be applied to proteins as well as small molecules, and
laboratory proof of concept has been demonstrated with insulin and
tobramycin.
– BPT IP licensed for use in ARC Linkage grant with UNSW and Indonesian
generics company Soho Group investigating pulmonary therapeutic delivery for
the treatment of irritable bowel syndrome
– Open to new collaborative partnerships
•
Contact: John Kurek, +61 (0)400 551 431, Email: [email protected]
36
ProGel is developing a revolutionary method of
encapsulating active ingredients for inclusion in
foods, cosmetics or pharmaceuticals.
•
Status – product prototyping and scale-up
– In certain applications ProGel allows for the first time encapsulated high value
additives small enough to remain undetectable by the consumer (improved
stability, delivery and taste masking), whilst still being cost effective to the
manufacturer of the ingredients.
•
Co-investor:
•
Contact:
Cameron Turner, CEO
[email protected]
+61 (0)437 448 773
37
Other Technologies
In-line QC for solar panels
Hydrogen storage
Novel surfactants
Adaptive e-Learning
Superior plastics and
38
BT Imaging is developing an in-line quality control
(imaging) technology for photovoltaic cells
•
Status – product revenue
– Sales of R&D and in line tools, with over 50 tools and modules sold
– Investment from Applied Ventures, USA – venture arm of Applied Materials
•
Co-investors:
•
Contact:
Ian Maxwell, CEO
[email protected]
+61 (0)414 606 334
39
Hydrexia is developing a cost effective hydrogen
storage alloy
•
Status – product revenue
– First sale of industrial hydrogen storage and delivery unit to Air Liquide
– $9m investment from ALIAD (venture arm of Air Liquide) and Southern Cross
Renewable Energy Fund (SCREF) closed March 2013
– Business development activities ongoing
•
Co-investors:
•
Contact: Chris Reid, Executive Chairman
[email protected]
j
40
Pepfactants is developing a new biological
surfactant which will provide reversible control of
emulsions and foams
•
Status – proof of concept in different applications
– Strong customer interest in industrial emulsions and water, oil recovery,
agrochemical and cosmetics.
– Co-development projects in progress
•
Co-investor:
•
Contact:
Richard Marshall, CEO
[email protected]
+1 (518) 572 8572
41
Smart Sparrow is driving the future of
online education with its adaptive, intelligent tutoring
and e-learning platform
•
Status – early customer adoption
– $13m raised from Series A & B investment and grant funding
– Deployed solution, offered as a service (hosted in the ‘cloud’) used by more than
40 academics and 10,000 students at UNSW and five other universities including
one in the US.
– Focus on accelerating platform development
and uptake in key university accounts.
•
Co-investors:
•
Contact:
David Rowe, Commercial Manager
+61 (0)419 226 417
[email protected]
42
Tenasitech is a nanotechnology company
developing better plastics and acrylics
•
Status – proof of concept in different applications
– Scaling-up the production of the nanocomposite enhanced additives
– Joint development projects with commercial partners
•
Co-investors:
•
Contact:
Richard Marshall, CEO
[email protected]
+1 (518) 572 8572
43
Disclaimer
Uniseed Management Pty Ltd (Uniseed) is Authorised Representative of UIIT Pty Ltd, a holder of an
Australian financial services licence #299900. This license and authority allows Uniseed to:
•Provide general financial product advice only for securities; and
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•To wholesale clients only.
•Uniseed will not provide personal financial product advice under any circumstances.
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situation and needs.
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situation and needs, you should speak with your financial adviser, accountant, stockbroker, lawyer or
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•Only wholesale clients may invest in any company that we present to you. If you are not a
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•As wholesale clients, Uniseed is not required to provide you with a financial services guide.
•We notify you that Uniseed and/or its related parties may have or will have an interest in the
companies being presented. As such, Uniseed and/or its related parties may obtain an advantage
from your investment.
•Uniseed staff may be remunerated, in part, on the basis of their success in assisting start-up
companies to raise funds.
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