bm|t newsletter Q2 2021

In many sports there is an important con­cept of “play­ing to win” as oppo­sed to “play­ing not to lose” (in ten­nis, play­ing pre­do­mi­nantly low-risk shots; in foot­ball, play­ing very defen­si­vely, etc.). The stra­tegy of play­ing not to lose or sim­ply play­ing to stay in the game can some­ti­mes be effec­tive and even appro­priate at times based on the cir­cum­s­tan­ces. Howe­ver, for young inno­va­tive com­pa­nies and for ven­ture inves­tors, play­ing to win is the only stra­tegy that makes sense.

In this Newsletter 

Playing to Win

A her­cu­lean effort is requi­red for a young com­pany to break into an estab­lis­hed mar­ket with a new product/service/solution or to estab­lish a new mar­ket altog­e­ther (perhaps even tougher). Thus, the rewards for those extreme efforts must be immense, and the rewards are only immense for truly win­ning.

In our view, play­ing to win requi­res having a win­ning vision, taking risks to rea­lize that vision, and being honest enough to know when the path and/or vision needs to be modified.

First, having a win­ning vision means ensu­ring that the company’s goal is one that is com­pel­ling and lucra­tive enough to pur­sue with full com­mit­ment. Having a worthwhile and inspi­ring “rai­son d’être” gives a com­pany count­less advan­ta­ges: talen­ted employees wan­ting to join, inves­tors see­ing what is pos­si­ble, and part­ners being moti­va­ted to work tog­e­ther on excel­lent terms, to name just a few essen­tial ones.

We have rarely seen big “wins” when foun­ders sim­ply are engros­sed in their tech­no­logy without an inspi­ring vision of how the tech­no­logy can create mas­sive posi­tive change in the world.

Secondly, play­ing to win requi­res both foun­ders and ven­ture inves­tors making a true com­mit­ment to taking the risks that are necessary to pro­vide a chance to win. Alt­hough this con­cept might sound obvious, it is often dif­fi­cult in prac­tice, pre­do­mi­nantly because it often requi­res relin­quis­hing con­trol. For example, this can mean inves­ting more capi­tal than ori­gi­nally plan­ned when an oppor­tu­nity is spot­ted, making a trans­for­ma­tio­nal addi­tion to the team, enga­ging in a part­ners­hip, or the acqui­si­tion of a com­ple­men­tary com­pany. And it cer­tainly means foun­ders and ven­ture inves­tors can­not sit back and wait for suc­cess to come to them and can­not be con­ten­ted with minor con­fir­ma­ti­ons that they are on the right path – they also have to find ways to sprint down that path.

Finally, while sprin­ting down this path, play­ing to win also requi­res per­se­ver­ance to carry on and being bru­tally self-honest about whe­ther or not one is still on the right path. Ulti­mately it is bet­ter to suf­fer disap­poin­ting set­backs on the road to vic­tory than to expe­ri­ence plea­sing “suc­ces­ses” on a road to nowhere. Com­pa­nies and inves­tors need to con­ti­nu­ally eva­luate if the navi­ga­tion sys­tem is poin­ting toward a win­ning desti­na­tion, and must be decisive in pivo­ting (or pul­ling the plug) if the path is lea­ding to a less than desi­ra­ble result.

Over the last years, we have expe­ri­en­ced signi­fi­cant wins here in Thü­rin­gen, and we and our Inves­tee-Part­ners will con­ti­nue to push our­sel­ves extre­mely hard to create win­ning visi­ons, to take risks when oppor­tu­nity avails its­elf, and to not mistake pro­gress of any kind for pro­gress towards winning.

Now, let’s go out there and win together!

Your bm|t Team

Welcome to the Family

Newly-foun­ded, ROBUST AO, clo­sed an excel­lent seed round with Fraun­ho­fer Tech­no­logy Trans­fer Fund (FTTF) and bm|t. The capi­tal will allow the com­pany to con­ti­nue tech­no­lo­gi­cal and mar­ket deve­lo­p­ment of its extre­mely high-tech pro­duct, the Zwob­bel. The Zwob­bel allows for incredi­bly fast (100x fas­ter than cur­rent methods) refo­cu­sing along the Z axis, which is of tre­men­dous value for indus­trial laser machi­ning com­pa­nies – ROBUST AO’s first tar­get mar­ket. Mid-term, the com­pany also has iden­ti­fied addi­tio­nal attrac­tive mar­kets for its pro­prie­tary tech­no­logy. We are extre­mely plea­sed to wel­come ROBUST AO to the bm|t family and to have a seat on the company’s rocketship!

Follow-on Investments

neu­ro­Care group (nCg) clo­sed over 10 Mio. EUR of invest­ments in Q2 with 7.5 Mio. EUR com­ing from new anchor inves­tor, re:mind, one of Chris­tian Angermeier’s invest­ment firms with an exclu­sive focus on men­tal health. bm|t joi­ned the round with 2.5 Mio. EUR, rai­sing our total invest­ment in nCg to appro­xi­mately 7 Mio. EUR. The com­pany will use the capi­tal for acqui­si­ti­ons, buil­ding green­field cli­nics, and streng­t­he­ning its digi­tal the­ra­peu­tics plat­form in order to add even more effi­ci­ency and capa­bi­li­ties to the company’s lea­ding tre­at­ment opti­ons for men­tal health. nCg was­ted no time in deploy­ing a por­tion of the capi­tal by acqui­ring Mag & More – a lea­ding tech­no­logy player in rTMS (repe­ti­tive tran­scra­nial magne­tic sti­mu­la­tion). The fol­lowing press relea­ses pro­vide fur­ther details on the capi­tal raise and the acquisition:

› full press release april 

› full press release may

rooom AG offers the first com­plete solu­tion for 3D, aug­men­ted rea­lity (AR), vir­tual rea­lity (VR) and digi­tal and hybrid events. With rooom’s user-friendly plat­form, com­pa­nies can easily and cost-effec­tively create, edit, and pre­sent their own 3D con­tent online. rooom clo­sed its series A finan­cing round with a volume of over 4 mil­lion euros with bm|t and other well-sui­ted, expe­ri­en­ced pri­vate inves­tors. The com­pany will use the capi­tal to con­ti­nue sprin­ting on its explo­sive growth path, inclu­ding an important new focus on inter­na­tio­nal expan­sion. You can read more about rooom’s capi­tal raise and plans here.

FBGS Tech­no­lo­gies is a lea­ding deve­lo­per and sup­plier of advan­ced fiber-optic sen­sing solu­ti­ons and com­pon­ents based on Fiber Bragg Gra­tings (FBG) tech­no­logy. The company’s pro­ducts offer many moda­li­ties of moni­to­ring for a wide range of app­li­ca­ti­ons and are cur­r­ently being used in indus­tries such as medi­cal, aero­space, oil & gas, telecom, and test & mea­su­re­ment. Partly dri­ven by the company’s pro­prie­tary shape-sen­sing tech­no­logy, demand for FBGS’s solu­ti­ons is boo­m­ing. Con­se­quently, FBGS made the strong decision to build its own large-scale pro­duc­tion faci­lity. The total capi­tal rai­sed (debt & equity) for this pur­pose was over 7 Mio. EUR. bm|t led the nearly 2 Mio. EUR equity por­tion of the raise and was joi­ned by pivo­tal co-inves­tors X2 Equity and XENICS NV.

Nine out of ten strokes are pre­ven­ta­ble.
Pre­ven­ti­cus deve­lops tech­no­lo­gies and mana­ged care pro­grams that make this goal more achiev­a­ble every day.

The company’s pro­prie­tary, best-in-class tech­no­logy uses pulse signals to screen and moni­tor car­dio­vascu­lar dis­or­ders (e.g. atrial fibril­la­tion) using smart­pho­nes and weara­bles. The com­pany has fur­ther evol­ved into a more com­pre­hen­sive mana­ged care com­pany by uti­li­zing its core tech­no­logy, a com­pre­hen­sive IT eco­sys­tem and con­nec­ted care ser­vices with the invol­ve­ment and con­nec­tion of health insu­rers, tele­care cen­ters, and cardiologists.

bm|t led this growth finan­cing focu­sed on expan­ding capa­city to onboard large num­bers of users/patients, as Pre­ven­ti­cus is now fully appro­ved to pro­vide its ser­vices in Ger­many and is rapidly adding customers.

In Ger­many, hos­pi­tals are legally requi­red to ensure appro­priate con­ti­nued tre­at­ment for pati­ents after a hos­pi­tal stay. Pati­ents are often eit­her directly trans­fer­red to nur­sing homes or to their own homes with nur­sing care visits. For eit­her option Pfle­ge­platz­ma­na­ger’s cloud-based soft­ware enab­les an effi­ci­ent trans­fer of the pati­ent to the best-sui­ted care­gi­vers. Demand for Pfle­ge­platz­ma­na­ger is explo­ding and is recei­ving a turbo charge from new legis­la­tion for the digi­ta­liz­a­tion of hos­pi­tals (Kran­ken­haus­zu­kunfts­ge­setz). The com­pany is also rapidly expan­ding into ancil­lary mar­kets and ser­vices and is incre­a­singly play­ing a cen­tral role in broa­der digi­tal pati­ent manage­ment. bm|t led this seven-figure invest­ment round and was joi­ned by key co-inves­tors with excel­lent indus­try know­ledge and networks.

HAPILA (Highly Active Phar­maceu­ti­cal Ingre­dient Labs) pro­vi­des high-value ser­vices & solu­ti­ons to a broad range of cus­to­mers, 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.

Investor Days Thüringen 2021

This year we were again for­ced to have a digi­tal-only ver­sion of Inves­tor Days Thü­rin­gen (IDT), but that did not stop the event from being well atten­ded with over 500 par­ti­ci­pants from across the globe. Con­si­de­ring the excel­lent and varied pit­ches as well as the great work­shops on day two, there was undoub­tedly some­thing for ever­yone. A huge THANK YOU to all the spon­sors, pre­sen­ters, atten­dees, and orga­ni­zers for their important con­tri­bu­ti­ons to this fan­tastic event, which has become the pre­mier inves­tor event in middle Ger­many. As usual, the pit­chers, pre­sen­ters, and hosts(!) sim­ply stole the show with extre­mely strong and enter­tai­ning per­for­man­ces. In case you mis­sed this year’s event, you can view videos (inclu­ding indi­vi­dual pit­ches in case you want to easily view spe­ci­fic com­pa­nies) here:

We look for­ward to wel­co­m­ing you to Inves­tor Days Thü­rin­gen again next year on June 14th and 15th in Erfurt, where we plan to again enjoy pit­ches, net­wor­king, and brats & beers with you.

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