American Biomass came to us in 2007 when they had 5 employees, were operating in the Amoskeag Business Incubator and were putting the final touches on an internet marketplace for wood pellet fuels supported by proprietary software and systems. They were seeking funds to assure a quick launch of their services, for initial working capital, and to enable strategic purchase of inventory. Since then, they have grown to a 40 employee operation, providing residential delivery of wood pellets in 16 states and truckload service throughout the US and Canada. They have developed a truck delivery and in-home storage and feed system for loose wood pellets that allows consumers to enjoy the benefits of renewable heating without dealing with individual bags. Their ability to quickly achieve a successful launch allowed them to obtain a second round of financing of $4M from .406 Ventures in 2008, which provided financial clout to enable them to take advantage of low prices by securing off-season inventory. A third round of funding totaling $11M was obtained in 2009, with Monitor Clipper Partners leading the round. This latest round allows them to continue the exceptional top line growth in the space they have now come to dominate. This third round also provided an opportunity for a voluntary early exit for some of our investors with favorable returns.
Originally started to supply inspection systems to currency and stamp printers (including the US Bureau of Engraving and Printing). Assets purchased by Apollo to take this technology into commercial markets while continuing to service security customers. The latter market includes label makers and consumer packaging concerns. Apollo has the capability to take inspection typically done off line, and perform the task in line on a real-time basis. They also are able to do both registration and color. The systems enable significant savings for printers in run start-up costs and waste. Sales have been realized in North America and Europe.
Aras Corporation
Company provides low cost, easy to use, enterprise product development management (PLM category) for mid-sized manufacturers. Product is based on proprietary service-oriented architecture (SOA) with international coverage in the US, Europe and the Asia. Aras solutions are web based and provide a seamless, process oriented approach to support Program Management, Product Engineering and Quality Planning. Company is managed by enterprise software veterans with start-up experience and based in Lawrence MA.
EnerTrac 
We met EnerTrac at NH’s first Speed Venture Summit in 2008, where they were seeking funding to build initial inventory of a product that could remotely sense and wirelessly report the amount of heating oil or propane gas that was in the tanks of individual home-owners. This capability would significantly reduce the cost of oil and gas delivery for heating fuel companies, who prior to this invention, were forced to estimate the amount of fuel left in their customer’s tanks by a conservative degree-day formula. By selling the reporting system as a service, EnerTrac assures itself of a substantial longterm revenue stream. The concept was being warmly received in the industry but a large production run of product was needed. We syndicated with a number of other angel groups to provide funding, and in the due diligence process, jointly developed an improved revenue policy. This policy provides more upfront funds from the oil companies to allow a steeper buildup in EnerTrac’s market penetration and, in turn, revenue. The market is embracing the product very quickly and there is reason to believe that with the quick penetration, it will become the industry standard. They are receiving interest for a similar service from other market sectors including the lube oil and cooking oil fields as well as applications in water and electric meter reading.
Mulith
Mulith approached us in 2007 with a theory that upsets the scientifically accepted classical optical diffraction limit. The classical diffraction limit requires a minimum two-point separation for object points that are imaged together. According to the new theory, no such limit is fundamentally imposed. If the new theory could be proven in practice, it would result in the capability to build cheaper and better devices for precise magnified optical images. The science could be applied to a variety of fields including high-resolution microscopy and nanolithography. Our investors devised a two tiered approach that put a small amount of seed money into a work scope to obtain a defining image that would demonstrate that the RIF (reference distribution aerial image formation) theory would work in practice, with follow-on funding to be provided for commercialization once this image was obtained. Mulith has been able to obtain images that verify RIF but have not been able to produce a groundbreaking image. Our investors are continuing to assist the company and direct them to other potential partner companies and scientific grant sources.
VUEWorks
VUEWorks develops, markets, and supports an affordable, Work and Asset Management solution that helps local governments, utilities, corporations, schools, theme parks, and other organizations take in service calls, manage work, track condition, minimize failure risk, optimize expenditures, and estimate project costs for any combination of assets. The VUEWorks management team consists of work and asset management professionals, and seasoned software industry experts formally from Autodesk, Softdesk, and Primavera with over 70 years of industry knowledge and application development history. Northeast Angels members participated in VUEWorks’ funding rounds, and serve on VUEWorks’ board.