Kopfbild des bm|t-Newsletters

bm|t newsletter Q4 2021

We strongly believe an investor base that cor­re­sponds well to a company´s evolv­ing needs is an essen­tial ele­ment for suc­cess, espe­cially in early-stage com­pa­nies, which evolve rapidly. In fact, one of the aspects we enjoy most about invest­ing in inno­v­a­tive, growth orga­ni­za­tions is work­ing with entre­pre­neurs and co-investors to estab­lish an opti­mal investor mix to enable the busi­nesses to perform.

In this Newsletter 

An Optimal Investor Mix

The estab­lish­ment of an opti­mal investor mix is indeed a process rather than an achieved state and in many cases is never com­pleted, as the opti­mal investor mix changes as a com­pany pro­gresses through var­i­ous devel­op­men­tal phases. In the early stages of a company´s devel­op­ment, when the enter­prise is rapidly devel­op­ing and fre­quently rein­vent­ing itself, it is absolutely nor­mal and usu­ally quite healthy for the investor base to evolve as well.

To achieve an opti­mal investor mix, one key ingre­di­ent is hav­ing an abun­dance of investors from which to select the ideal part­ners. We are con­fi­dent that our net­work of co-investors and our abil­ity to attract new investors to our Investee-Part­ners is a valu­able asset for founders and entre­pre­neurs who part­ner with us. The vast major­ity of our funds require the par­tic­i­pa­tion of pri­vate investors on a pari-passu basis with our invest­ment, and this require­ment has for­tu­itously led to the devel­op­ment of a var­ied and pow­er­ful net­work of pri­vate co-investors, includ­ing other insti­tu­tional ven­ture investors, fam­ily offices, busi­ness angels, cor­po­rates, etc.

Because bm|t is for­tu­nate to have this broad and diverse set of co-investors, entre­pre­neurs who part­ner with us can gain access to investors who offer a healthy mix of cap­i­tal, expe­ri­ence, advice, addi­tional net­works, resilience and ver­sa­til­ity. We have found that a key ele­ment in main­tain­ing a healthy investor mix is includ­ing investors who have diverse sources of cap­i­tal and vary­ing invest­ment philosophies.

While hav­ing investors with dif­fer­ing under­ly­ing views or man­dates can be chal­leng­ing and stren­u­ous, it is gen­er­ally an advan­tage for a com­pany, espe­cially when the investor mix is struc­tured and bal­anced appro­pri­ately. For exam­ple, we believe it is extremely wise for entre­pre­neurs, even those who are able to attract suf­fi­cient pri­vate cap­i­tal at an early stage, to have an intel­li­gent mix of pri­vate and pub­lic cap­i­tal. Impor­tantly, these two investor groups often have a low cor­re­la­tion in their access to capital.

Gen­er­ally, pri­vate investors are less vul­ner­a­ble to reg­u­la­tory or polit­i­cally-dri­ven changes than pub­lic funds. Con­versely, pub­lic investors are less likely to reduce their invest­ment appetite (and in some instances actu­ally increase it) when broader macro­eco­nomic chal­lenges emerge.

The Corona pan­demic over the past two years has, for many of our Investee-Part­ners, cer­tainly demon­strated the value of hav­ing pub­lic investors, as bm|t was able to access addi­tional cap­i­tal in the form of two new funds (Thüringer Zukun­ft­fonds & Thüringer Zukun­ft­fonds II) in the midst of a cri­sis period. We man­aged these funds with a very sim­i­lar approach to our stan­dard funds, and were active in deploy­ing cap­i­tal to ensure our Investee-Part­ners´ promis­ing devel­op­ments were not unduly com­pro­mised due to the pandemic.

In fact, Q4 was a remark­ably pro­lific quar­ter of invest­ment activ­ity for us and capped off a record-break­ing year, which we detailed in the fol­low­ing press release:

› A record year 2021 for bm|t’s Investee Partners

We look for­ward to con­tin­u­ing to work with all our val­ued Investee-Part­ners and Co-Investors in the impor­tant quest of estab­lish­ing an opti­mal investor mix that cat­alyzes and pro­pels busi­ness suc­cess,

Your bm|t Team

Partial Exit

This excel­lent par­tial exit for bm|t is a per­fect exam­ple of how an investor base should evolve over time in order to best posi­tion a com­pany for ulti­mate suc­cess. bm|t acted as pre-seed investor for Pflege­platz­man­ager, and along with a mix of out­stand­ing and well-suited busi­ness angel investors pro­vided the ini­tial cap­i­tal for the company´s plat­form devel­op­ment and mar­ket launch. Pflegeplatzmanager´s rapid mar­ket suc­cess and strong per­for­mance led to a point where the com­pany had cre­ated so many growth avenues that it needed larger sums of invest­ment to appro­pri­ately address its highly-attrac­tive oppor­tu­ni­ties. In order to enable this fur­ther growth, Deutsche Bal­a­ton AG and a group of other investors invested an eight-fig­ure sum in the com­pany. In the con­text of this invest­ment, and with an eye to achiev­ing this excel­lent evo­lu­tion in the investor base, bm|t real­ized a par­tial exit and remains a key investor in Pflegeplatzmanager.

For more infor­ma­tion about this trans­for­ma­tional trans­ac­tion please see the fol­low­ing press release:

Fur­ther growth secured: Pflege­platz­man­ager GmbH from Thürin­gen closes an invest­ment round in the dou­ble-digit mil­lion range

Welcome to the Family

We are extremely pleased and excited to be a core equity investor in Wein­ert Indus­tries, a newly formed com­pany to con­sum­mate the man­age­ment-led buy­out of Leoni´s fiber optics cable busi­ness. Wein­ert Indus­tries will be a sig­nif­i­cant global player in the fiber optics cable busi­ness and will have its head­quar­ters in Thürin­gen. Part­ner­ing with a highly-expe­ri­enced man­age­ment team to pur­chase a well-estab­lished player in an attrac­tive space with intrigu­ing growth oppor­tu­ni­ties, and hav­ing the epi­cen­ter of the global com­pany here in Thürin­gen, is an ideal con­stel­la­tion for our Thürin­gen Indus­trial fund, with which we invested a seven-fig­ure amount along­side man­age­ment. We look for­ward to being a strong part­ner not only for this trans­ac­tion but also for Wein­ert Indus­tries´ future growth and success.

Wein­ert Indus­tries and bm|t will be pub­lish­ing much more infor­ma­tion about this impact­ful com­pany and invest­ment in the future. Some back­ground infor­ma­tion was already issued by Leoni in this press release:

LEONI AG — Sale of Fiber Optics and j‑plasma

Follow-on Investments

TrophoSYS is devel­op­ing a new inno­v­a­tive method for the gen­der-spe­cific selec­tion of pro­duc­tive ani­mals, which can dra­mat­i­cally improve pro­duc­tiv­ity and enhance food secu­rity, all while mak­ing a sig­nif­i­cant con­tri­bu­tion to the eth­i­cal han­dling of ani­mals. Impor­tantly, the inno­va­tion is based solely on the phys­i­o­log­i­cal dif­fer­ences of the cell sur­faces and allows for gamete sep­a­ra­tion with­out any manip­u­la­tion of genetic mate­r­ial. The sig­nif­i­cant progress that the com­pany has made since our ini­tial invest­ment con­vinced Treuen­burg Ven­ture Part­ners, Sparkasse Jena, and other well-suited pri­vate investors to join bm|t in this seven-fig­ure series A round aimed at enabling TrophoSYS to final­ize its prod­uct devel­op­ment and pre­pare for mar­ket entry.

More infor­ma­tion about this excel­lent Series A round can be found here:

Invest­ment in sus­tain­able live­stock: TrophoSYS GmbH closes a suc­cess­ful 7‑figure financ­ing round

rooom AG offers a com­plete solu­tion for 3D, Aug­mented Real­ity (AR) and Vir­tual Real­ity (VR), with which com­pa­nies and indi­vid­u­als can eas­ily and cost-effec­tively cre­ate, edit, and present indi­vid­ual 3D mod­els and envi­ron­ments online. With this award-win­ning solu­tion, e‑commerce shops can present their prod­ucts in 3D and Aug­mented Real­ity with­out los­ing load­ing time; the real estate indus­try can visu­al­ize real estate con­ve­niently; and muse­ums can archive tem­po­rary exhi­bi­tions and make them per­ma­nently acces­si­ble. rooom AG has recently suc­cess­fully expanded its orig­i­nal capa­bil­i­ties to become one of the lead­ing meta­verse com­pa­nies glob­ally. bm|t was joined by an ide­ally-matched pri­vate investor in this seven-fig­ure invest­ment round focused on turbo charg­ing the company´s already explo­sive growth, includ­ing inten­si­fy­ing internationalization.

Smart­Dye­Liv­ery devel­ops func­tion­al­ized nanopar­ti­cles in which ther­a­peu­tic com­pounds are enveloped and safely trans­ported to spe­cific organs, which the med­i­cines are tar­get­ing. This patented plat­form deliv­ery tech­nol­ogy can be uti­lized in a wide range of ther­a­peu­tic appli­ca­tions and also allows for a unique ther­a­nos­tic use case. Cur­rently, the Smart­Dye­Liv­ery team is devel­op­ing a ther­apy for sep­sis-induced liver fail­ure with the goal of reduc­ing the mor­tal­ity rate of such cases by 90%. With this seven-fig­ure invest­ment from bm|t and a renowned fam­ily office Smart­Dye­Liv­ery is well posi­tioned to take its unique nan­oth­er­apy through phase one clin­i­cal tri­als and have ample time to eval­u­ate part­ner­ship options.

Q‑Sensei orig­i­nally started with a vision to cre­ate faster and bet­ter-indexed query results (faceted search) over large amounts of data.  The com­pany built an excel­lent plat­form for this pur­pose and has won many well-renowned cus­tomers includ­ing Net­flix and Sequans. Recently, Q‑Sensei has greatly enhanced its front-end user inter­face and has inte­grated machine learn­ing and AI aspects into its offer­ing. Q‑Sensei´s tagline is Automat­ing Intel­li­gence and its new ambi­tious vision is to advance ana­lyt­ics and human-data inter­ac­tion with Slack-like usabil­ity and design — all with extremely easy instal­la­tion and admin­is­tra­tion. bm|t and a group of US-based pri­vate investors led this invest­ment round aimed at final­iz­ing the new expanded plat­form  devel­op­ment and accel­er­at­ing sales globally.

LAXXON Med­ical has made excel­lent progress in its devel­op­ment of a unique 3D screen print­ing tech­nol­ogy to develop novel phar­ma­ceu­ti­cal dosage forms. The company´s addi­tive man­u­fac­tur­ing process allows for the pro­duc­tion of mul­ti­lay­ered drugs with novel geo­met­ric struc­tures, enabling a con­trolled release of active com­po­nents. Impor­tantly, the company’s tech­nol­ogy also allows for high-through­put print­ing so that its pro­duc­tion capa­bil­i­ties are almost as inter­est­ing as the tech­no­log­i­cal pos­si­bil­i­ties regard­ing effi­cacy and safety aspects of con­ven­tional drugs. These include opti­miza­tion of drug release by het­ero­ge­neous dis­tri­b­u­tion, improv­ing treat­ment suc­cess and patient com­pli­ance as well as water­mark­ing to com­bat coun­ter­feit­ing. Given the sub­stan­tial med­ical improve­ments and the phar­ma­ceu­ti­cal industry’s strong inter­est in pro­long­ing the patent life of key drugs through tech­nol­ogy trans­fer, it is hard to imag­ine a tech­nol­ogy with more poten­tial than mass-pro­duced 3D-screen-printed phar­ma­ceu­ti­cals. LAXXON recently con­sol­i­dated its share­holder base into its US Corp TopCo and in the process raised an eight-fig­ure sum to advance its mul­ti­tude of devel­op­ment projects, often in part­ner­ship with well-known phar­ma­ceu­ti­cal companies.

Pre­ci­Point has done an excel­lent job cre­at­ing a suite of prod­ucts and ser­vices for dig­i­tal microscopy and is poised for explo­sive growth as it enters the clin­i­cal lab­o­ra­tory mar­ket after per­fect­ing its craft in the research mar­ket. Amaz­ingly, today still approx­i­mately 95% of pathol­ogy slide analy­sis is per­formed ana­log – humans peer­ing through the clas­sic micro­scope, mak­ing an eval­u­a­tion, and record­ing the data. Precipoint´s afford­able dig­i­tal micro­scope starts with high-res­o­lu­tion dig­i­tal image cap­ture, which opens many oppor­tu­ni­ties for addi­tional value cre­ation through algo­rith­mic analy­sis and easy data trans­fer, thus break­ing the restric­tions of phys­i­cal loca­tion for, at times life-sav­ing, inter­pre­ta­tion of the data. This seven-fig­ure invest­ment was ini­ti­ated by mul­ti­ple fam­ily offices and busi­ness angels, and the cap­i­tal will fund the entry into the lab­o­ra­tory mar­ket and posi­tion Pre­ci­Point well for its upcom­ing Series A round.

HAPILA (Highly Active Phar­ma­ceu­ti­cal Ingre­di­ent Labs) pro­vides high-value ser­vices & solu­tions to a broad range of cus­tomer seg­ments, includ­ing medium-sized phar­ma­ceu­ti­cal com­pa­nies, “Big Pharma”, Gener­ics, R&D, Biotech and Fine Chem­i­cals. The com­pany offers extremely high-level exper­tise to solve demand­ing prob­lems in the devel­op­ment and man­u­fac­ture of phar­ma­ceu­ti­cal ingre­di­ents. HAPILA’s ser­vices range from early stage devel­op­ment through to GMP man­u­fac­tur­ing in the fields of syn­the­sis, purifi­ca­tion and design. bm|t led this growth financ­ing focused on expand­ing the company’s unique man­u­fac­tur­ing capa­bil­i­ties and capac­ity in order to meet already con­tracted demand for a key product.

oncg­nos­tics’ Gyn­Tect test allows women who have tested pos­i­tive for HPV to quickly gain valu­able infor­ma­tion regard­ing the degree of seri­ous­ness of their diag­no­sis. Gyn­Tect is able to detect even early stages of DNA methy­la­tion which are the first indi­ca­tors of can­cer devel­op­ment. Ear­lier detec­tion of can­cer devel­op­ment allows physi­cians to treat patients sooner, which can often be life­sav­ing. Addi­tion­ally, and very impor­tantly, most HPV infec­tions resolve with­out pro­gres­sion to cer­vi­cal can­cer, mean­ing unnec­es­sary oper­a­tions, treat­ments, and men­tal stress can be avoided if it can be demon­strated that an HPV infec­tion has not caused DNA methy­la­tion. This invest­ment is designed to allow the com­pany to deepen its rela­tion­ships with well-suited strate­gic partners.

siOP­TICA is a lead­ing devel­oper and sup­plier of switch­able screen pri­vacy-fil­ter tech­nol­ogy with many appli­ca­tions in auto­mo­tive dis­plays, lap­tops, tablets, mobile phones, and pay­ment ter­mi­nals. Data pri­vacy is an extremely impor­tant topic, and siOP­TICA is well-posi­tioned to play an instru­men­tal role in rev­o­lu­tion­iz­ing screen-based data pri­vacy solu­tions. The com­pany recently achieved a sig­nif­i­cant tech­no­log­i­cal mile­stone. bm|t led this seven-fig­ure round focused on fur­ther­ing the indus­tri­al­iza­tion and high-vol­ume man­u­fac­tur­ing of the company’s prod­ucts, as they near mar­ket launch.

Spleen­Lab uses arti­fi­cial intel­li­gence to greatly improve the util­ity of aer­ial vehi­cles. The company´s tagline is: Safe Machine Learn­ing Solu­tions. With drones and city air-taxis as key mar­kets with cur­rent col­lab­o­ra­tions in place, Spleen­Lab is poised to take off and help aer­ial vehi­cles reach level 5 – full route and flight automa­tion. bm|t led this seven-fig­ure round focused on fur­ther accel­er­at­ing the company´s rev­enues and addi­tional tech­no­log­i­cal developments.

APP­solute Mobil­ity’s plat­form enables com­pa­nies to design, cre­ate, and pub­lish their own apps/environments for inter­nal and exter­nal busi­ness process opti­miza­tion. To enable this self-ser­vice, APP­solute Mobil­ity has con­structed a highly-intu­itive and flex­i­ble devel­op­ment envi­ron­ment. The com­pany has had sig­nif­i­cant suc­cess in its orig­i­nally tar­geted ver­ti­cals and is now expand­ing its offer­ing to a wide vari­ety of cus­tomers with a con­ve­nient SaaS offer­ing. bm|t led this seven-fig­ure round focused on deep­en­ing and broad­en­ing the cus­tomer base, which already boasts many top-name clients.

The Organ-on-a-Chip mar­ket remains red hot, and Dynamic42 has devel­oped many unique tech­nolo­gies to improve the results of stud­ies involv­ing syn­thetic organ sys­tems to test drug tox­i­c­ity and potency by bet­ter mim­ic­k­ing real­is­tic human body con­di­tions. The sav­ings poten­tial for pharma and biotech com­pa­nies to test com­pounds in human-like con­di­tions ear­lier and with sig­nif­i­cantly lower costs is enor­mous. bm|t led this invest­ment focused on fur­ther­ing the company´s IP base, the devel­op­ment of addi­tional organ mod­els, as well as the deep­en­ing of projects with large pharma companies.

Dash­fac­tory pos­sesses an inno­v­a­tive prod­uct to help pro­tect bicy­cle rid­ers from hit and run acci­dents. The company’s solu­tion is a rear-mounted cam­era that is GDPR com­pli­ant because it only saves video mate­r­ial when the legally required dis­tance of pass­ing cars has been breached and the risk of an acci­dent is estab­lished. The Dash­bike dash­cam can also gen­er­ate urban and traf­fic data to assist in dig­i­tiz­ing bicy­cle traf­fic for smart infra­struc­ture plan­ning. Through its DASHTRACK prod­uct, Dash­fac­tory part­ners with cities to make a valu­able con­tri­bu­tion to safer bicy­cle mobil­ity and infra­struc­ture by pro­vid­ing data such as crit­i­cal risk spots, fre­quented routes, and road con­di­tions. bm|t lead this round aimed at build­ing on the early suc­cess of both the DASHCAM & DASHTRACK businesses.

More infor­ma­tion about Dashfactory´s devel­op­ments and this invest­ment can be found here:
Green light for safe cycling and smart cities: Dash­fac­tory GmbH closes fol­low-up financ­ing round with bm|t

Jen­et­ric is a bio­met­ric com­pany focused on dig­i­tal fin­ger­print cap­ture. It is the pio­neer and one of few com­pa­nies world­wide able to effec­tively employ TFT tech­nol­ogy for fin­ger­print sens­ing on screens. The company´s core mar­ket is home­land and bor­der secu­rity, and its mobile devices are highly inno­v­a­tive and have opened up many new use cases for mobile fin­ger­print-based secu­rity, such as police forces. bm|t led this invest­ment aimed at con­tin­u­ing to ramp up rev­enues and fur­ther the company´s increas­ing strength in com­ple­men­tary software.

mi2-Fac­tory is one of the deep­est tech com­pa­nies in bm|t’s port­fo­lio. The com­pany is spe­cial­ized on phe­nom­e­nally accu­rate and struc­tured ion implan­ta­tion in sil­i­con car­bide wafers, which dra­mat­i­cally enhances the per­for­mance of the microchips. mi2-Fac­tory already col­lab­o­rates with many of the top chip man­u­fac­tur­ers on cut­ting edge R&D projects. Since our orig­i­nal invest­ment mi2-Factory´s the­sis that sil­i­con car­bide chips will expe­ri­ence extremely high growth has proven cor­rect. Sil­i­con car­bide chips are now being designed into many appli­ca­tions that require high volt­ages, such as renew­able energy and e‑mobility. bm|t led this invest­ment to advance the inte­gra­tion of mi2-Factory´s energy fil­ter into the wafer fin­ish­ing processes and enable the com­pany to con­tinue to deepen its rela­tion­ship with lead­ing play­ers in the semi­con­duc­tor space.

PaketIn has devel­oped a cloud and app-based sys­tem for the man­age­ment of par­cel deliv­ery boxes, which can, for exam­ple, be placed out­side apart­ment build­ings or homes in order to greatly reduce fric­tion in the deliv­ery and receiv­ing of pack­ages, which became even more of an issue dur­ing the pan­demic. Deliv­ery ser­vices and apart­ment or home res­i­dents can sim­ply open or lock the box doors using the app, and push noti­fi­ca­tions and sta­tus updates are eas­ily seen on users’ smart­phones. The vari­ety of appli­ca­tions for PaketIn’s tech­nol­ogy plat­form is exten­sive, and this invest­ment from bm|t will pri­mar­ily fund expan­sion into addi­tional markets.

More details about PaketIn and this invest­ment are avail­able here:
Par­cel deliv­ery for indus­try and local trade reimag­ined ‑PAKETIN closes new six-fig­ure financ­ing round

Save the Date — Investor Days Thüringen 2022

On June 14th and 15th, Investor Days Thürin­gen (IDT), the pre­mier early- and growth-stage pitch event in mid­dle Ger­many, will be wel­com­ing over 500 par­tic­i­pants, with approx­i­mately 60 start-ups pre­sent­ing their inno­va­tions and visions. We are pre­pared for either a live event (our strong hope!) or a fully-dig­i­tal ver­sion like last year. We are look­ing for­ward to see­ing you in June!

If your part­ners or col­leagues might be inter­ested in our reg­u­lar updates,
please don’t hes­i­tate to share this link.

ALSO SEE OUR OTHER NEWSLETTERS

Q4 2021 | Jan­u­ary 25, 2022
Q3 2021 | Octo­ber, 25 2021
Q2 2021 | July, 22 2021
Q1 2021 | April, 15 2021
Q4 2020 | Jan­u­ary, 22 2021
Q3 2020 | Octo­ber, 20 2020
Q2 2020 | Juli, 17 2020
Q1 2020 | April, 17 2020
Q4 2019 | Jan­u­ary, 15 2020
Q3 2019 | Octo­ber, 17 20019
Q2 2019 | August, 14 2019
Q1 2019 | May, 3 2019
Q4 2018 | Feb­ru­ary, 4 2019
Q3 2018 | Octo­ber, 16 2018
Q2 2018 | July, 23 2018
Q1 2018 | May, 24 2018