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bm|t newsletter Q2 2022

As hope for a quick end to the war in the Ukraine has sadly eva­po­ra­ted, and the pro­found and dama­ging impacts on many levels are being digested by inves­tors, there has been a flurry of forebo­ding and warnings in the startup/venture capi­tal space. There can also be no doubt that in light of the moun­ting direct effects and deri­va­tive effects of this war, inclu­ding of course an incre­ase in inves­tor risk-aver­sion, pru­dence and cau­tion are repla­cing risk and bold­ness as the memes that are cur­r­ently shaping our eco­sys­tem.  Indeed many of the most recent sta­tis­tics show that a slow­down in deal acti­vity is arriving. 

In this Newsletter 

The Times, They Are a Changing

We at bm|t  have also joi­ned the ranks of many (if not all) VCs in com­mu­ni­ca­ting clearly about this chan­ged envi­ron­ment to our Inves­tee-Part­ners and working clo­sely with them to assess appro­priate steps and the best paths for­ward. Howe­ver, we cer­tainly should all remain cognizant not to let fear its­elf pre­vent us from achie­ving impact­ful pro­gress and con­ver­ting on value-crea­ting opportunities.

In many ways we feel some­what (alt­hough cer­tainly not ent­i­rely) insu­la­ted from the immediate dif­fi­cul­ties many are expe­ri­en­cing and believe that the start-up eco­sys­tem in Thü­rin­gen will, for many rea­sons, prove to be quite robust rela­tive to other inno­va­tion invest­ment eco­sys­tems. Firstly, we have not rid­den the big ven­ture wave of the last 10–15 years so high as most of the well-known inno­va­tion geo­gra­phies. The valua­tions and the round sizes never over-exten­ded so that the often exis­ten­tial threat of lar­ger down-rounds is not pro­noun­ced here. Secondly, the Thü­rin­gen inno­va­tion eco­sys­tem is very focu­sed on B2B mar­kets such that large mar­ke­ting expen­dit­ures, that may now prove to have much lower impact than was ori­gi­nally plan­ned, are nearly non-exis­tent. Fur­ther­more, the region´s focus on deep-tech gene­rally has been accom­pa­nied by lon­ger-term plan­ning and con­ser­va­tive, lar­gely tech­no­lo­gi­cal-mile­stone-based cor­po­rate deve­lo­p­ment, so that very few com­pa­nies are caught off-balance by the recent macro developments.

With gene­rally smal­ler finan­cing rounds (due to lower burn-rates) focu­sed lar­gely on value-crea­ting tech­no­lo­gi­cal deve­lo­p­ments, which often have a spe­cial stra­te­gic appeal to lon­ger-term focu­sed inves­tors (inclu­ding family offices and cor­po­ra­tes), we believe Thüringen´s top inno­va­tive com­pa­nies will con­ti­nue to receive the necessary fun­ding to pro­gress and grow in most cases. In fact, as you can read in this News­let­ter, our Inves­tee-Part­ners clo­sed several seven-figure plus rounds in Q2 – a strong vali­da­tion of this view.

We would like to con­clude with an important ack­now­ledgment: no mat­ter the state of the world, and in some cases dri­ven even fas­ter by tur­bu­lence, the need for inno­va­tion in order to con­ti­nue to advance huma­nity and pro­tect the pla­net will remain extre­mely high. In this essen­tial way, the more things change, the more they stay the same!

Your, con­ti­nuing to push for­ward, bm|t Team

Welcome to the Family

Jena based Coach­whis­pe­rer GmbH offers the world’s first live com­mu­ni­ca­tion and moni­to­ring sys­tem for coa­ches and ath­le­tes, con­sis­ting of an inno­va­tive com­bi­na­tion of hard­ware and soft­ware that allows coa­ches to seam­lessly com­mu­ni­cate with any selec­tion of play­ers during live trai­ning while moni­to­ring player vital signs and sta­tis­tics. Due to the company´s highly-inno­va­tive weara­ble sen­sors, in many ways Coach­whis­pe­rer is a com­bi­na­tion of a med-tech com­pany and a sports-tech com­pany. Coach­whis­pe­rer will launch shortly in Euro­pean Foot­ball, where the foun­ders pos­sess an excel­lent net­work, and will then quickly expand to other sports, and com­pel­ling app­li­ca­ti­ons out­side of sports are also part of the plan­ned growth over the com­ing years. bm|t led this seven-figure round focu­sed on fina­li­zing the next-genera­tion tech and initial mar­ket entry.

For more details about this exci­ting invest­ment please read this press release.

Follow-on Investments

Pre­ci­Point has crea­ted a highly-inno­va­tive suite of pro­ducts and ser­vices for digi­tal micro­scopy and is poi­sed for explo­sive growth as it enters the cli­ni­cal labo­ra­tory and intra­ope­ra­tive dia­gnostics mar­ket after per­fec­ting its craft in the rese­arch mar­ket. Ama­zin­gly, today still over 90% 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 bre­akthrough eight-figure Series A invest­ment round was rai­sed from bm|t, mul­ti­ple family offices and busi­ness angels. The capi­tal will fund PreciPoint´s entry into the labo­ra­tory and intra­ope­ra­tive mar­kets and posi­ti­ons the com­pany extre­mely well for rapid growth.

For more details about this bre­akthrough invest­ment please read this press release.

With cli­nics across seven coun­tries, neu­ro­Care group is quickly beco­m­ing a lea­ding glo­bal care deli­ve­rer in the men­tal health space. Through its Digi­tal The­ra­peu­tics Plat­form, the com­pany pos­ses­ses an impres­sive (and in many areas world-lea­ding) hard­ware and soft­ware tech stack, which it also sells to third-party cli­nics. neu­ro­Care is now in an aggres­sive growth phase, on track to dou­ble its owned cli­nics from 20 to 40 this year alone. bm|t led this seven-figure growth invest­ment and was joi­ned by two addi­tio­nal insti­tu­tio­nal inves­tors. The com­pany will use the capi­tal for acqui­si­ti­ons, addi­tio­nal 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.

Nine out of ten strokes are pre­ven­ta­ble.
Pre­ven­ti­cus deve­lops tech­no­lo­gies and mana­ged care pro­grams that make pre­ven­ting these strokes 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 spe­cia­li­zed 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.

This seven-figure round was led by pri­vate inves­tors with par­ti­ci­pa­tion from HTGF and bm|t. This growth finan­cing is focu­sed on expan­ding capa­city to onboard large num­bers of users/patients, as Pre­ven­ti­cus is now fully appro­ved to pro­vide its ent­ire solu­tion set in Ger­many and is rapidly adding customers.

Vision2B has deve­lo­ped the digi­tal health plat­form mebix focu­sed on hel­ping people manage dise­ase more easily and effec­tively by pro­vi­ding valu­able information/feedback, incre­a­sing com­pli­ance with pre­scri­bed regi­mens, and faci­li­ta­ting phy­si­cian-pati­ent inter­ac­tions. The com­pany is initi­ally focu­sed on two large cate­go­ries with high costs for society: dia­be­tes and heart dise­ase, and will be rol­ling out addi­tio­nal indi­ca­ti­ons in the future. The digi­tal health space, aided by new sup­por­tive regu­la­tion and reim­bur­se­ment pathways in Ger­many, is boo­m­ing. Vision2B sets its­elf apart from com­pe­ti­tors through excel­lent cli­ni­cal results in a rigo­rous, third-party admi­nis­te­red trial and the strength of its plat­form, which has been deve­lo­ped over many years. bm|t led this nearly seven-figure invest­ment round focu­sed on fur­the­ring Vision2B´s strong cli­ni­cal data and enab­ling rapid mar­ket entry.

Red­wave Medi­cal is focu­sed on crea­ting medi­cal algo­rithms that improve pati­ent care. The company´s first appro­ved and mar­ke­ted pro­duct is Ant­ares, an algo­rithm that con­verts data glea­ned from the mea­su­re­ment of peri­pheral blood pres­sure to a reli­able esti­mate of cen­tral (aor­tic) blood pres­sure, which is much more rele­vant for a person´s health and tre­at­ment. In this field, Red­wave has ent­e­red into mul­ti­ple com­mer­cial part­ners­hips with blood pres­sure moni­to­ring com­pa­nies. Red­wave also pos­ses­ses a com­pel­ling pipe­line of fur­ther life-impro­ving bio­metric algo­rithms. bm|t led this invest­ment focu­sed on onboar­ding addi­tio­nal top part­ners, mar­ket expan­sion, fur­ther pro­duct deve­lo­p­ment and pla­cing the com­pany in an excel­lent posi­tion hea­ding into its upco­m­ing Series A round.

Heyfair’s vision is to radi­cally improve the use of hand dis­in­fec­tant by making the app­li­ca­tion and coverage visi­ble to the user and others. The com­pany pos­ses­ses strong IP around the addi­tion of a spe­cial dye that makes hand dis­in­fec­tant appear color­fully when app­lied and sub­se­quently the color com­ple­tely disap­pears. Making the com­ple­teness (or lack the­reof) of hand dis­in­fec­tant app­li­ca­tion visi­ble helps to ensure that medi­cal staff suf­fi­ci­ently dis­in­fect bet­ween each encoun­ter with a pati­ent. With the rise of anti­bio­tic-resistant germs, it is impe­ra­tive that medi­cal prac­ti­tio­ners have a tool to visi­bly verify and incen­ti­vize their actions to mini­mize the spread of dise­ase in their hos­pi­tals and cli­nics. With this invest­ment from bm|t and mul­ti­ple expe­ri­en­ced busi­ness angels Heyfair is well posi­tio­ned to achieve its mis­sion of reinven­ting hand sanitation.

Ever­yone knows that you do not make money with prin­ters; you make it with the ink (con­sum­a­bles). Ilmenau-based Lean Plastics belie­ves that the same phe­no­me­non will play out in 3D prin­ting and has con­se­quently focu­sed on opti­mi­zing plastic con­sum­a­bles for 3D prin­ting. The com­pany already has a strong cor­po­rate inves­tor with excel­lent exper­tise in the field of 3D prin­ting, and we are extre­mely opti­mistic that Lean Plastics will play a signi­fi­cant, and highly-pro­fi­ta­ble, role in the addi­tive manu­fac­tu­ring revo­lu­tion. With this invest­ment round Lean Plastics will deli­ver many high-value orders, fina­lize com­mer­cial sca­la­bi­lity, and be well-posi­tio­ned for its upco­m­ing Series A round.

Investor Days Thüringen 2022

This year´s Inves­tor Days Thü­rin­gen (IDT) was a sma­shing suc­cess and for the over 500 par­ti­ci­pants the event felt more like a cathar­tic cele­bra­tion (finally com­ing tog­e­ther in per­son again after three years) than a pitch event.  Since the last live IDT, the num­ber of our valued Inves­tee-Part­ners and Co-Inves­tors has grown over 30%, and it was won­der­ful to wel­come many new and active par­ti­ci­pants to our thri­ving inno­va­tion invest­ment eco­sys­tem here in Thü­rin­gen.  This year for the first time and due to our bur­geo­ning life sci­ence port­fo­lio, we had a dedi­ca­ted life sci­en­ces stream and part­ne­red with Med­ways, the lea­ding asso­cia­tion of med-tech and bio­tech com­pa­nies in Thü­rin­gen, who hos­ted their annual Future Con­fe­rence in com­bi­na­tion with IDT.

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 IDT, you can get a feel for the event (and what will be awai­t­ing you next year) here:

https://investordays-thueringen.de/idt22-pm/

We hope you will join us again next year, as we aim to con­ti­nue to raise the bar with each ite­ra­tion of Inves­tor Days Thü­rin­gen! Save-the-date noti­ces will be com­ing soon!

Foto: Mar­kus Schlevogt 

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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