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Centice, Backed by Aurora Funds and Fulcrum Financial, Raises $2.3M - cbl
Posted May 30, 2011
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Scott Albert
By Julie Armstrong
MORRISVILLE, N.C. -- Centice Corp. has raised $2.34 million from two investors in its $4 million equity offering.
In a filing with the SEC, the Morrisville, N.C.-based maker of chemical verification devices named as principals Chairman and CEO , who is also managing general partner of Durham, N.C.-based Aurora Funds Inc.; co-founder and Chief Technology Officer Prasant Potuluri; and the following directors:
* Matt Nelson of Fulcrum Financial Group, Raleigh, N.C.
* Tom Scholl of Novak Biddle Venture Partners, Bethesda, Md., and
* Vladimir Yakushev and Aidar Gabidullin, both of Moscow's S-Group Capital Management.
All of those firms are investors in Centice, as well as Innovation Ventures LP, with headquarters in Wilmington, Del., and an office in Lancaster, Pa.
Centice previously raised $2.34 million this year -- $1.24 million through an equity sale and the rest from selling debt, as citybizlist reported. In April 2010, the company raised $1.85 million from an equity sale, and in October 2009 secured $6.1 million in Series C funding.
Centice was founded in 2004 to commercialize patented and patent-pending computational sensor technology originally developed at Duke University. The company uses Raman spectroscopy and computational sensor technology to provide chemical verification and identification. Its technology is used, among others, to improve the verification process for dispensed medications, with the goals of increasing patient safety, reducing human error and streamlining the pharmaceutical dispensing process.
Reg D filing: http://tinyurl.com/3usop44
Also at citybizlist, see:
Morrisville-Based Centice Sells Most of $1.5M Debt Offering - cbl
2010 CEO and Board Announcements in Charlotte|Raleigh - cbl
Centice Corporation Finalizes Advisory Board of Leading Pharmacy Experts
Centice Verifies Most of $1.2M Equity Offering - cbl
Bios from Centice's website:
Prasant Potuluri, Ph. D.
Co-Founder & Chief Technology Officer
Dr. Prasant Potuluri co-founded Centice and led the role of CTO since its inception in 2004. He also serves on the board of directors for the company. At Centice, Dr. Potuluri has helped the company commercialize the technology licensed from Duke University and create multiple products including analytical Raman Spectrometers, PASS Rx and PINPOINT Rx. In addition, he has helped the company generate $3 million in revenues from federal sources. He continues to evaluate new technology and provides strategic vision to the company.
Prior to forming Centice, Dr. Potuluri was a graduate research assistant at Duke University and developed the company's core computational sensor technology platform. His PhD work on compressive sampling was the first demonstration of a revolutionary concept and an actively pursued topic of interest at several academic labs. In 2004, he was awarded John T. Chambers Fellow for demonstrating excellence at Duke. Dr. Potuluri obtained a PhD from Duke University, an MBA from North Carolina State University, an MS from University of Illinois at Urbana Champaign and a bachelor's degree in Engineering Physics from Indian Institute of Technology, Bombay. He is a member of the Optical Society of America, SPIE and Phi Kappa Phi.
Directors
Tom Scholl
General Partner, Novak Biddle Venture Partners
Tom is a successful entrepreneur and investor with experience sitting on both sides of the boardroom table. He has over twenty-five years experience in communications systems, equipment, chipsets and software, and has been active in the high-tech start-up scene in the Washington metro area for over 15 years.
In 1990, Tom founded Telogy Networks, a leader in providing embedded communications software products for wireless and IP networks. Telogy's award-winning products were proven market successes with world-class customers such as Cisco, Motorola, Samsung, Nortel, Alcatel and NEC. In 1998, Motorola purchased Telogy's digital cellular technology and development team for over $40M, and in 1999, Texas Instruments purchased Telogy as the leader in embedded VOIP software for over $700M.
Prior to joining Novak Biddle, Tom co-founded and was chairman of Cognio, a developer of spectrum management and MIMO antenna technology for wireless applications. Cognio was acquired by Cisco in October 2007. Tom has also served as a Director of Torrent Networking, acquired by Ericsson, and Integrated Telecom, acquired by PMC Sierra.
Tom has patents relating to software, the Internet, and digital telephone systems, and he is the author of "Packet Switching" in McGraw Hill's Electronic Communications Handbook. He's a member of IEEE and ACM, and he is an alumnus of Purdue University and the Executive Management (non-degree) program at MIT Sloan School.
Aidar Gabidullin
Partner, S-Group Capital Management
Aidar Gabidoullin is a Partner of S-Group Capital Management, with responsibility for financial and high-growth technology companies. He has extensive experience both in acquisitions and in strategic and operational management of high-growth companies in the financial and high-tech industries.
Prior to joining S-Group Capital Management, Aidar worked for Andersen Consulting in London, McKinsey & Co. in Russia and Capital One in the United States. Aidar is on the board of directors of five companies located in Russia, the US and Europe.
Mr. Gabidoullin graduated from the Moscow Institute of Physics and Technology and holds an MBA degree from the INSEAD Business School (France).
Vladimir Yakushev
Managing Partner, S-Group Capital Management
Vladimir Yakushev is the Managing Partner of S-Group Capital Management. Prior to joining S-Group in 2007, Vladimir Yakushev served as executive director of OAO Severstal-Resource, where he oversaw management and development of mining assets of the company since 2003. In 1998 he joined McKinsey and Co. where he served industrial and FNCG clients; he was elected an Associate Partner of the company in 2002. Vladimir started his career in FMCG sector and worked for companies such as Wrigley, Mitsubishi and Mars.
Vladimir is the Chairman of the Board of Directors of Metallurgical Commercial Bank, a U.S. laser-optical company Spectralus and American optical company Nano-optic Devices, as well as a member of the Board of Directors of OOO "Innolume", Centice and is a member of the Supervisory Board of TUI AG.
Vladimir graduated from the Moscow Institute of Physics and Technology and holds an MBA degree from the INSEAD Business School (France).
Matthew Nelson
Vice President, Fulcrum Financial Group
Matthew Nelson is Vice President of Fulcrum Financial Group and for the past eleven years has provided asset management and consultation services to private investment companies and charitable organizations.
Previously, Matthew held various positions at Redwood Trust and the Capital Markets Division of CoreStates Bank. He has experience as an Analytics Manager structuring secondary market transactions and as a Programmer Analyst building technology infrastructure.
Matthew graduated from the University of Miami with a Bachelor of Science degree in Systems Analysis and holds an MBA degree from Florida Atlantic University.
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