HIGH-TECH
GRÜNDERFONDS
IP management challenges from an
investor´s and startup partners perspective
Dr. Philipp Rittershaus
Ingolstadt, 13.03.2018
2
Number of Seed investments
HTGF in a nutshell:Rational - HTGF serves seed market with approx. 40% market share
94
272
10395
28 26 20
6174
111
71
96
75 73 7561
77 82
4 52 40 42 34 46 44 43 38 46 40 320
50
100
150
200
250
300
1999 2 0 0 0 2 0 01 2 0 02 2 0 03 2 0 0 4 2 0 05 2 0 0 6 2 0 07 2 0 0 8 2 0 09 2 010 2 011 2 012 2 013 2 014 2 015 2 016
Seed-Investments Total Davon HTGF-Investments
31.01.2017
*Source: BVK = German Private Equity and Venture Capital Association
*Reference: BVK = Bundesverband deutscher Kapitalbeteiligungsgesellschaften
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HTGF in a nutshell:Key Facts HTGF III
2017Founded
304 mio.€
Volume
(100 mio.€ by
corporate investors)
Terms
Focus
6-year investment phase, 7-year divestment phase
Seed phase (operative start <3 year)
Investment Typ Up to €3.0 million per company
Value Add Hands-on operational support provided by experts and networks, as well as strategic
support from investment managers
Corporate Investors / LP
4
HTGF in a nutshell:Seed investments, know-how and a broad network
Capital for investments
Know-howfrom 1,831 transactions
Largest active networkin the industry
€886macross three funds
Financingfrom the seed phase
Know-how inall life cycle phases
Full access toan extensive network
0
500
1000
1500
2000
Total Seed Series A,
B…
Exit
Nu
mb
er
of
tra
nsa
ctio
ns
1,831 489
1,253
89
Experts
Investors Industry
Recruitment
pool
Portfolio
6
HTGF in a nutshell:Portfolio & Follow-up financing
489Technology firmsfinanced
With an
external total
volume of
€ 1,620.2bn
1,207Rounds of
follow-up financing
79% Private
Capital
€ 597.6Million from
foreign investors
in 126 firms
Stand: 31.12.2017
7
HTGF in a nutshell:Exits
77% HTGF HTGF as lead for exit
€330 million of capital invested through
HTGF (I & II)
Real
Millionaires
73Partial Exits
(including two
in Fund II)
5
Stand: 31.12.2017
Millionaires
on paper
102
(23 in Fund II)
89 Exits
9
Who we invest in
HTGF investments: Seed stage high-tech startups with strong teams and innovative business models
High-Tech
startups
Strong
teams in seed
stage *
Innovative
business models
Across industries
from hardware, automation,
energy…
… through life sciences,
healthcare & chemistry
… to digital applications &
software …
* Founded not more than three years ago, „small businesses“ according to EU definition based in or with independent branch office in Germany
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HTGF investments: Tailored to the individual financing requirements
Flexible investment size
• 0,6 € Mio. average size of initial HTGF
investment (up to 1 € Mio.)
• Accumulated investments of up to 3 €
Mio. over all financing rounds
Joint investments welcome
• HTGF welcomes joint investments with
other private and/or public investors
Suitable investment types
• Equity funding based on a valuation or
• Convertible loans without valuation
(incl. purchase of shares at nominal
value)
Ø 0,6 € Mio. variable
HTGF as lead investor
Other investors
Depending on financing requirements higher
(up to 1 € Mio.) or lower
Typical Start-Up Investment
11
Commitments in % by technological field
HTGF investments:For approx ½ of the portfolio companies valid patents are essential
Stand: 01.01.2018
12.4%
10.2%
9.3%
7.1%
6.3%
6.3%
5.9%
5.3%
5.3%
4.7%
4.6%
4.6%
4.2%
4.1%
3.6%
3.6%
2.7%
software as a service (saas)
medical technology
application software
embedded software
Internet solutions
mechanical engineering & automation
pharmaceuticals
electrical engineering
biotechnology
media
diagnostics
E-commerce
optical technology
energy
chemistry / materials sciences
healthcare & services
communication technology
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IP during investment and follow-on:Origin of Seed-Companies & Assets
IP-Ownership & Transfer of Assets Start-Up Type & Origin of Kow-How
- Direct IP-transfer from institutes or TT-Offices.
- Exclusive licencing agreement ideally with call option (<5%)
- Partly minority stake held by institutes (<10/25%)
- Team & Asset found newCo as “free agents”
- Opportunistic Spin-Out process due to strategy change (typical)
- Active process with team build up, minority stake and CV
investment
- IP & Assets are owned by founding team
- IP was filed based on own resources
Spin-Off from Universities or
research institutes
Spin-Out from industry
Self driven (&financed) development of
founders.
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Situation at the start and goals of a seed-phase
Goals of the Seed-PhaseSituation at investment
Proof of Concept, Technical De-Risking
- Prototype
- Clinical Studies
- Market Access - CE Certificate
- Build-Up of IP-Portfolio
- (Inter)nationalization phase
- IP-Validation (FTO, Search)
- Execution of Call option planned for Series A-phase
Build up of Team and Administration
- IP Management
- Successful Fundraising
Technical:
Proof of principle or MVP
IP:
- External DD / IP-check
- Licencing Agreement with Institute
Organisational:
(Nearly) complete and capable Team (Mngmt DD)
All competencies available
14
Major issues / de-valuation due to IP
Common IP-issues during DD
- Elder IP (filed at the beginning of research)
- Suboptimal filing strategy (e.g. Hardware vs Biotech)
- Small Area of IP (Technical and Regional)
- Rather weak process patent
- Early ramp up of fees
- Suboptimal licensing agreement
- Nonspecific and unfavorable conditions
- Bad Conditions
- Timeline of licensing payments
- Unequal de-risking
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Logistics
• Cubical
Automation
• Cevotec
• Cuciniale
Software
• cloudplan
• EcoIntense
• WeSustain
Hardware | Automation | Optical Technologies |Energy | Industrial Software
Virtual
and Augmented Reality
• 4tiitoo
• Enscape
• ImmerSight
• Inreal
Illumination|
Projection | Audio
• Eyefactive
• VIOSO
Access
• Baimos
• Jenetric
Industrial
Software
• Fodjan
• Sablono
• SE.M.LABS
• SimScale
• Soley
• Yatta
Mobility
• Autoaid
• Blue Inductive
• CoModule
• FAZUA
• Orbital Express
• Predict.io
• Blickfeld
akvola Technologies | Saperatec
ALL3DP | IQ evolution | Notion Systems | Print2Taste
Adlatus Robotics | Automatic Logistic Solutions | Blue Inductive | Cevotec | Revobotic | Synapticon
Cuculus | enercast | Enexion | NEXT Kraftwerke | NOVUM | Oneshore | Permundo | Solandeo
ALS | ATC Aluvation | Böhner-EH | Cevotec | Compositence | eGym | Multiph. Optics |Notion Systems | PicoLAS | Pulsar Photonics
Sensornetworks
• Micronet Automation
• Viamon
Semiconductor
• Extoll
• Interposers
• Multiph.Opt
• SciEngines
• CommSolid
Energy Generation|
Storage
• Heliatek
• Smart Hydro Power
• Subitec
• Volterion
Optical Metrology
• Cycle
• Enoware
• Blickfeld
• Fos4x
• HiperScan
Metrology
Luceo Technologies
Security
• Jenetric
• SciEnginesTech
/In
fra
stru
ctu
reA
pp
lica
tio
ns
Seed |Early Stage| Later Stage
Production
Additive Manufacturing
Robotics
Recycling
Energy Management
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BiotechnologyMedical Technology
Life Science | Healthcare
Cardiac Devices
Coramaze technologies | CryoTherapeutics | NovaPump
Aesthetics
GME | Natural Dental
Implants
Neuromodulation
CorTec | EBS Technologies
WISE
Orthopedics
MeCuris1 | Rimasys1
Synoste | stimOS1
Emergency Care
Pentracor | ReActive Robotics1
Seiratherm
Patient Monitoring
Capical | Dolosys | Humedics | Implandata |Photonics Healthcare
Imaging und Navigation
Eyesight&Vision | Fiagon | medineering | micro-dimensions
Scopis | SurgicEye | whitesonic1
New Materials
Intelligent Fluids| Heppe Medical |JeNaCell Medovent | multiBIND
Personal Health und e-Health
Advanova | Bomedus| Desino | Exelonix | HRTBT | Newsenselab1
perora | PMS | Preventicus | Sonormed
Small Molecules, Peptides and Proteins
AdvanceCOR | Algiax | Atriva1 | AudioCure | Cardior1 | HepaRegeniX1
Immunic1 | MYR | Omeicos | Zedira | Zimmer BT1
Immuno- and Gene Therapy
4 Animal Alsterscience | Amal Therapeutics | GeneQuineImmunservice | SciMab1 | TolerogenixX1
In-vitro Dx
Abviris | KSK-Diagnostics1 | LophiusonCGnostics | Predemtec
R&D Tools, Biomarker Discovery, Biosensors
Ayoxxa | Biametrics | Chromotek | CuneSoft | cytena | PEPperPRINT
PreOmics1 | SciPio1 | Sierra Sensors Signatope1 | Venneos
Enzymes and Manufacturing
c-LEcta | Cysal |Hapila |m2p-labs | Numaferm1
Green Biotech
Oaklabs | Subitec
Computomics
Drug Delivery
Lipocalyx | Rodos
Sirion| Thermosome
Too
ls/P
latf
orm
sTh
era
py
Dia
gn
ost
ics
1 New since 2016
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Publishing
Gravit | Locr | make.tv
Pressmatrix
3D-Printing
ALL3DP | Print2Taste
Mobility
coModule | flynex
Predict.io
Digital Applications | Software | Infrastructure Solutions
Human Resources
Recruiting
Jobleads | MoBerries
MobileJobs
Support
Clickworker | Loopline
Maxment
e-Commerce
Marketplaces
99chairs | JUNIQE
Makerist | Rebelle
Shops
Dormando | Mister Spex
Outfittery | Yorxs
FinTech
Bitwala | Figo
FundFlow | Givve
Mobilversichert
SE.M.LABS
Health and Lifestyle
Asanayoga | eGym
evalu | FooBoo
mobilebits | selfapy
Skoove
Tools
Productivity Tools
Conceptboard | Filestage
Userlane | Veodin
virtualQ
Developer Tools
Codetrails | Yatta
IT-Security
Baimos | deviceTRUST
Graylog | Hornetsecurity
ondeso
Protected Networks
SciEngines | SSP Europe
VMRay
Cloud Infrastructure
cloudplan | cubical
Eddyson | Grandcentrix
Incapptic Connect
gridscale | Quobyte
RAIDBOXES | Replex
Tixel | tocario
tracekey
AI
Enercast | Everybag
Predict.io | Pylba
Big Data/Analytics
Data Analytics | 5Analytics
AltusInsight | ConWeaver
Data Virtuality
Business Analytics
Implisense | Wetransform
Tech
/In
fra
stru
ctu
reA
pp
lica
tio
ns
Seed |Early Stage| Later Stage
Travel
Bookingkit | Customer
Alliance | HQ Plus
PropTech/LegalTech
Casavi | Coredinate
Iplytics | Sablono
Retail Intelligence
Itembase | Inventorum
metoda | minubo
POSpulse | Stocard
Marketing
Crossvertise
Trackscale
uberMetrics
Search
SEMKNOX
UrgeIO (Versus)
Communication
CommSolid | NFON
Smoope
Sustainability
EcoIntense | Flowtify
WeSustain
Social
Altruja | FamPlus
AdTech
Adbonitas | Adtriba
Crealytics | linkbird
Simplaex |Semasio
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Chemistry-related Portfolio
Energy
and Cleantech
Bio-based
Economy
UrbanizationNew Materials
related Technologies
Agriculture
Processes
and Software
Energy-Generation/-Storage
Heliatek | Volterion1
Enzymes-Plattforms
and Specialties
c-LEcta | Numaferm1
Water
akvola Technologies
Dust Biosolutions
Enabler
EcoIntense | Hapila
Feed und Nutrition
Cysal | Fodjan | PerformaNat1
Recycling
saperatec | subitec
Surface-Technologies
Intelligent Fluids| i3 Membranes
Notion Systems |stimOs
Composite materials
and fibers
Jenacell | WPX
Breeding-
and Protection-Solutions
Computomics | multiBIND
Oaklabs
3D-Printing/
Lithography-Technologies
IQ evolution | MeCuris1
Multiphoton Optics
Sensors und Simulation
somonic solutions | We Sustain
Animal health
PerformaNat1
1 New since 2016
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Relationship Management, Marketing/Communication, Office
Controlling/IT
Hardware, Automation, Optical Technologies, Energy, Ind. Software
HTGF-Team
Qualifications
• 52% have a scientific background
• 41% have a commercial background
• 17 different degrees (incl. science, engineering,
economics, law, humanities and many more)
Investment Team
31employees, 32%
of whom are women
45%founders
183 years of investment
experience
317years of professional
experience
Managing Directors
Life Science, Materials Science, Healthcare, Chemical
Telecommunications, Software, Media, Internet, e-Commerce
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Happy risk-taking!
Dr. Philipp Rittershaus
Investment Manager
High-Tech Gründerfonds
Schlegelstraße 2
53113 Bonn
+49 228 82300 133
high-tech-gruenderfonds.de
Twitter: @HTGF
Facebook: @HTGF.VC
YouTube: HTGF. VC
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Join the HTGF team!And support start-ups from start to exit
5 good reasons to work for us
Looking for an extraordinary job, major challenges and varied tasks?
Market leader
• Top deal flow
• Top investments
• Top network
Professional
• High standards
• Continuous optimization
• Wealth of experience
Values
• Openness and
transparency
• Respect and cooperation
• Independence
Team
• Diversity and tolerance
• Flat hierarchies
• After-work and
team events
Extras
• No need to clock in
• Modern working
environment
• Training
We are looking to fill the following positions
• Senior/junior analyst
• Senior/junior investment manager
• Senior/junior HR manager
Interested? Send your application to:
?