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bm|t newsletter Q2 2023

As an invest­ment firm man­da­ted with gene­ra­ting returns and play­ing a con­tri­bu­tory role in the deve­lo­p­ment of Thüringen’s eco­nomy, it is pro­ba­bly not sur­pri­sing that we at bm|t think of our­sel­ves as respon­si­ble inves­tors. Due to our extre­mely high mar­ket share of ven­ture invest­ments in Thü­rin­gen, we feel a large respon­si­bi­lity toward the entire inno­va­tion eco­sys­tem in Thü­rin­gen and are dedi­ca­ted to con­tri­bu­ting to that eco­sys­tem in a posi­tive way with every invest­ment we make.

In this Newsletter 

The Responsibility of Venture Investing

In our view, being a respon­si­ble inves­tor means belie­ving that we owe some­thing far bey­ond our capi­tal com­mit­ment to the com­pa­nies in which we are inves­ted. It means we will strive and fight for their suc­cess while always acting with inte­grity. Clas­si­cally, we con­tri­bute more than capi­tal to our Inves­tee-Part­ners by using our net­work and other resour­ces to bene­fit them as much as pos­si­ble. More spe­ci­fi­cally, respon­si­ble inves­t­ing can also mean com­mu­ni­ca­ting cle­arly, trans­par­ently, and honestly with our valued co-inves­tors and Inves­tee-Part­ners and proac­tively informing them of our ability and wil­ling­ness to par­ti­ci­pate in future fundraisings.

Alt­hough some may argue that pri­vate inves­tors have the right to view their invest­ments sim­ply in a tran­sac­tional way, we stron­gly believe that, espe­ci­ally in the early stages, when com­pa­nies are still in the pro­cess of fin­ding their best path and each inves­tor is of extreme importance, all inves­tors should have some sense of addi­tio­nal com­mit­ment to fur­ther assist the com­pa­nies in which they are inves­ted. It is surely true that the best way for an inves­tor to ensure a strong finan­cial return in early-stage invest­ments, where the bulk of value crea­tion lies in the future, is to coope­ra­tively con­tri­bute value to the company.

The defi­nite actions that an inves­tor can take to con­tri­bute to their ven­ture invest­ments vary greatly depen­ding on the com­pany and inves­tor. Howe­ver, at a mini­mum, early-stage inves­tors should have a wil­ling­ness to open their net­work to the com­pany and effi­ci­ently and cor­rectly pro­cess all documentation/voting requi­re­ments wit­hout play­ing any unneces­sary games.

Importantly, being a respon­si­ble inves­tor in a com­pany does not mean that an inves­tor agrees with all of management’s decis­i­ons or that valuable cri­ti­cism is with­held. Exactly the oppo­site is true, because enga­ge­ment is the pre­re­qui­site for con­s­truc­tive con­tri­bu­tion, and enga­ge­ment means sort­ing through the various initia­ti­ves and chal­lenges with a dis­cer­ning eye in order to assist the com­pany in achie­ving its ulti­mate goals.

In Thü­rin­gen we are extre­mely for­t­u­nate to have attrac­ted pri­vate inves­tors who under­stand inves­t­ing is a two-way street. The nature of our high-tech B2B com­pa­nies means that it is clear from the begin­ning of the rela­ti­onship bet­ween com­pany and inves­tor that this is a mar­riage and not just a fling. This mar­riage takes dili­gent work from both sides, as excep­tio­nal cor­po­rate deve­lo­p­ment and expo­nen­tial invest­ment returns are only attainable with con­tri­bu­ti­ons from all.

We are gra­teful to have a clear man­date to be a respon­si­ble inves­tor and we look for­ward to con­ti­nuing to make mutually-bene­fi­cial matches bet­ween other like-min­ded inves­tors and our out­stan­ding Inves­tee-Part­ners for the bene­fit of all involved.

Your bm|t Team

Follow-on Investments

Alt­hough our cur­rent fund man­da­tes did not per­mit us to invest in this capi­tal raise, it is always note­wor­thy when a bm|t Inves­tee-Part­ner rai­ses 46 Mio. USD, as InflaRx did this quar­ter. This capi­tal ensu­res that InflaRx will be able to fund its pivo­tal phase III cli­ni­cal trial for PG through to final data release and bey­ond. We remain a signi­fi­cant share­holder and con­ti­nue to have high aspi­ra­ti­ons for InflaRx and the company’s first-in-class com­pound IFX‑1 across mul­ti­ple dise­a­ses. This quar­ter InflaRx also recei­ved FDA emer­gency use aut­ho­riza­tion for IFX‑1 for the tre­at­ment of cri­ti­cally ill COVID-19 pati­ents, which is an important mile­stone for the company.

For more details please read the full press releases about the capi­tal raise and the FDA aut­ho­riza­tion.

The Organ-on-a-Chip mar­ket remains red hot, and Dynamic42 has deve­lo­ped many uni­que tech­no­lo­gies to improve the results of pre­cli­ni­cal stu­dies invol­ving minia­tu­ri­zed 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 ear­lier in human-like con­di­ti­ons and with signi­fi­cantly lower costs is enorm­ous. bm|t led this mid-seven-figure breakth­rough invest­ment round focu­sed on broa­de­ning the company´s IP port­fo­lio, the deve­lo­p­ment of addi­tio­nal organ models, as well as on inten­si­fy­ing many signi­fi­cant pro­jects and busi­ness links with large pharma com­pa­nies. We were joi­ned by a per­fectly-sui­ted family office with exten­sive expe­ri­ence in the pharma space.

For more details please read the full press release.

Pre­ci­Point has crea­ted a highly-inno­va­tive suite of pro­ducts and ser­vices for digi­tal micro­scopy and is poi­sed for explo­sive growth as it enters the intra­ope­ra­tive dia­gno­stics mar­ket after per­fec­ting its craft in the rese­arch mar­ket. 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 mid-seven-figure Series A2 invest­ment round was rai­sed from a VC fund, mul­ti­ple family offices and busi­ness angels. The capi­tal will fund PreciPoint’s entry into the intra­ope­ra­tive onco­logy mar­ket, for which the com­pany recently achie­ved cer­ti­fi­ca­tion for its inno­va­tive iO:M8 pro­duct in Europe and the US.

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, which greatly enhan­ces the smart­phone and lap­top oppor­tu­nity. bm|t led this seven-figure round focu­sed on mar­ket launch, and we were joi­ned by two new well-sui­ted investors.

Investor Days Thüringen – Recap

This year’s Inves­tor Days Thü­rin­gen (IDT) was a smas­hing suc­cess and was even more inte­res­t­ing due to the mul­ti­ple loca­ti­ons in Erfurt, with Day 2 taking place in the desert and rain­fo­rest exhi­bit at the EGA Park under the motto “Navi­ga­ting the Inves­tor Jungle”. Over 400 par­ti­ci­pants were trea­ted to excel­lent pit­ches from 39 inno­va­tive start-ups and scale-ups during the two-day event. Ano­ther high­light was the key­note address about pro­fi­ta­ble, sus­tainable inves­t­ing from Georg Schuer­mann, Head of Triodos Bank in Ger­many. As always it was won­derful to wel­come many new and active par­ti­ci­pants to our thri­ving inno­va­tion invest­ment eco­sys­tem here in Thüringen.

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. 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 from our 2023 Photo Gallery.

Pho­tos: Tho­mas Müller

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!