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IDAHO
DEAL FLOW
REPORT
2017
Presented by: Hosted by:
Capital Connect Conference and Deal Flow Report Sponsors
Presenting Sponsor Hosting Sponsor
Community Venture Sponsors
®
Community Investor Sponsors
Strategic Partners
2 www.idahotechcouncil.org
Table of Contents
Introduction
Introduction – Governor C. L. “Butch” Otter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Introduction – Blake Hansen and Alison Johnson, 2018 Capital Connect Conference
and 2017 Deal Flow Report Co-Chairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Data Findings and Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2018 Capital Connect Conference and 2017 Deal Flow Report Committee . . . . . . . . . . . . . . . . . . . . . . . . 8
Idaho Technology Council Board of Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Articles
TSheets Acquisition Ignites the QuickBooks Ecosystem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
IT Innovations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Idaho’s First Computing Ph.D. Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Perkins Coie . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Access to Capital for Growing Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Up or Out – Successfully Navigating the Three Stages of a Business Life Cycle . . . . . . . . . . . . . . . . . 25
A Part of—Not Apart From—Our Communities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Deals
Public Offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Mergers and Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
2017 Idaho Deal Flow Report 3
C.L. “Butch” Otter
Governor
Dear Friends,
On behalf of the citizens of Idaho, it is my great pleasure to introduce the 2017 Idaho Deal Flow Report,
chronicling investment in Idaho business opportunities during the past year. This report continues
to examine connections between Idaho’s growing industries and their investment partners. A strong
knowledge-based economy features dynamic capital markets and measures growth in capitalization in
terms of correlation to industry demand.
The Idaho Deal Flow Report chronicles the vitality of the relationship between Idaho’s investment
community and those companies experiencing growth in their commercialization of products and
services. The report includes metrics providing important insights on Idaho’s strengths and challenges,
enabling the State to be more strategic in developing responsible public policies that support
sustainable business growth, strong communities, and Idaho’s increasing prosperity.
As you know, capital seeks out deals that will diversify and strengthen portfolios. The Idaho Deal Flow
Report makes clear the important nexus between economic regions and investment dollars flowing into
our state. The report reaches not only Idaho’s investment community but investors beyond our borders.
It has become a great resource for anyone who cares about business and economic growth in Idaho!
I extend my appreciation to the Idaho Technology Council, the organizers, and the volunteers who
contributed to the 2017 Idaho Deal Flow Report. We continue to wish you all the very best as you
continue to innovate, grow and create economic opportunities in Idaho!
As Always – Idaho, “Esto Perpetua”
C.L. “Butch” Otter
Governor of Idaho
State Capital • Boise, Idaho 83720 • (208) 334-2100
Introduction
The Idaho Technology Council is pleased to present the 2017 Idaho Deal Flow Report! This is our fourth
annual report, showcasing many of the companies that are starting, growing, and thriving in Idaho. The
report confirms Idaho is one of the best places in the country to do business!
The secret is out! In 2017, Idaho was recognized as the fastest growing state in the country. Idaho’s
businesses are receiving increased attention and investment dollars from capital providers within the
state and from around the country. As Idaho companies grow, more and more talent is needed, driving
the population growth.
We want to recognize the many capital providers, service providers, and supporters of the Idaho
entrepreneurial ecosystem, and especially the entrepreneurs and innovators who make Idaho such a
great place!
We would like to thank the members of this year’s Deal Flow Committee, and the various sponsors who
supported our efforts, and congratulate the companies whose transactions are featured in this year’s
report.
We look forward to continuing to connect and cultivate these valuable relationships to build and
support innovation and growth in Idaho’s economy.
Sincerely,
Alison G. Johnson Blake J. Hansen
Holland & Hart LLP Alturas Capital, LLC
Deal Flow Co-Chair Deal Flow Co-Chair
2017 Idaho Deal Flow Report 5
Data Findings and Conclusions
Total Deal Flow
Number of Deals $ Total Volume (Billions)
162 166
150 145 144 147
136 $15.80
127
$9.55
$6.51
$3.41 $3.47
$1.97 $2.40
$1.34
2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017
Total Deal Flow by Area
$ Volume (Billions) - Area
$15.69
$3.10
$2.09
$0.35
$0.05
$0.08
$0.04
$0.02
$0.15
$0.15
$1.11
$0.17
2014 2015 2016 2017
Number of Deals by Industry Total Deal Volume by Sector
37 23 19 11.2% 60.5% 13.3%
Materials/ Technology/ Consumer/ Materials/ Technology/ Consumer/
Resources Software Retail Resources Software Retail
5.8% 4.4% 4.8%
14 7 47 Healthcare Agriculture Other
Healthcare Agriculture Other
Other is “Other”, financial services, chemical, manufacturing, communications, education,
energy, engineering and construction, architecture, and food.
6 www.idahotechcouncil.org
Data Findings and Conclusions
Public Markets
Number of Deals $ Volume (Billions)
$2.30
12 12
$1.75
9
$1.40 $1.31
7
$1.10
$0.60
3 3 3
$0 $0.09
0
2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017
Private Placement
Number of Deals $ Volume (Billions)
97
1.46
82
73 76 72 73
70
63
0.8
0.55
0.4 0.43
0.2 0.17 0.22
2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017
Merger & Acquisition Activity
Number of Deals $ Volume (Billions)
80 15.57
69 71
64 66
61 57
54
7.1
4.6
0.9 1.55 0.7
0.54 0.67
2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017
Deal Sizes
Average Deal Size by Region $ Average Size by Deal Type (Millions)
$22.68
$59.00
$16.34
$36.79
$10.02
$3.82
$6.00
South North East Average Private Placement Public M&A
2017 Idaho Deal Flow Report 7
EXCELLENCE
IN EMERGING GROWTH LAW
Holland & Hart offers a full range of Holland & Hart is a proud supporter of the
services to new and emerging growth 2018 Capital Connect Conference.
companies. From business formation
and financing to intellectual property Alison Johnson
208.383.3933 | agjohnson@hollandhart.com
protection and mergers and acquisitions,
800 West Main Street, Suite 1750
our attorneys provide sound, cost- Boise, ID 83702
effective legal solutions to our clients. We
understand your business and legal needs
and are dedicated to helping you grow
and succeed.
8 www.idahotechcouncil.org
2017 Idaho Deal Flow Report 9
2018 Capital Connect Conference and 2017 Deal Flow Report Committee
Blake Hansen Co-Chair, Alturas Capital Laura Squyres Holland & Hart LLP
Alison Johnson Co-Chair, Holland & Hart LLP Benji Mellish Alturas Capital
Jay Larsen Idaho Technology Council Adam Hurd Alturas Capital
Christina Slaughter Idaho Technology Council Jordan Hurd Alturas Capital
Heidi Jarvis-Grimes Idaho Technology Council Beth Beechie Fahlgren Mortine
Idaho Technology Council Executive Committee Officers
Von Hansen Chair, Konexus Mark Willden Idaho Central Credit Union
Alden Sutherland Vice Chair, MWI Melanie Rubocki Perkins Coie
Marcus McDonald Treasurer, Deloitte Mike Lidinsky Power Engineers
Dana M. Herberholz Parsons Behle & Latimer Paris Cole Truckstop.com
Jay Larsen President, ITC Rich Raimondi Bishop Kelly
Amy Lientz Idaho National Laboratory Rich Stuppy Kount
Dan Puga In Time Tec Shauna Della J.R. Simplot Company
George Mulhern Cradlepoint Steve Meyer Parkwood Business Properties
Kelly Anderson Zions Bank Suzie Dustin HP
Kelsie Medel TSheets Tony Lima Melaleuca
Joel Poppen Micron Trent Clark Monsanto
Mark Cleverley Gardner Vern Porter Idaho Power
Idaho Technology Council Board of Trustees
Adam Guyton PayneWest Insurance James Price Clearwater Analytics
Adam Waldron Farm Bureau Insurance Janet Nelson University of Idaho
Andy Scoggin Albertsons Jeff Burges DataSite
Alison Johnson Holland & Hart Jeff Leonnig Involta
Archie Clemins Caribou Technologies Jerry Henley Sorenson Capital
Bert Glandon CWI John Abreu Portneuf Medical Center
Bill Connors Boise Chamber of Commerce John Stiffler Boise Cascade
Blake Hansen Alturas John Zarian Idaho Mediation Group
Bob Lokken WhiteCloud Analytics Jon Bauer Hawley Troxell
Brenda Sherwood City of Meridian Kevin Harbauer Healthwise
Brian Larsen Stoel Rives Mark Rudin Boise State University
Bruce Davidson Wells Fargo Mark Wennstrom Saint Alphonsus
Cameron Arial City of Meridian Matt Klinger Fiberpipe
Celynda Roach CableOne Nic Miller City of Boise
Cheryl Charlton Idaho Digital Learning Academy Reid Stephan St. Luke’s
Chris Taylor Fisher’s Technology Rick Aman College of Eastern Idaho
Cornelis J. (Neels) Stephen Cilley Ataraxis
Van der Schyf Idaho State University
Tammy deWeerd City of Meridian
Darren Schuldheiss KeyBank
Tara Thue AT&T
Earl Sullivan The CORE
Todd Schwarz College of Southern Idaho
Ernie Satterthwait Scentsy
10 www.idahotechcouncil.orgSometimes what you know is who you know
Deloitte Private delivers audit, tax, consulting,
risk and financial advisory services tailored to
the needs of private companies. Giving clients
just one advisor to know for a whole lot of
knowhow. Connect at deloitte.com/us/private.
Copyright © 2018 Deloitte Development LLC. All rights reserved.
2017 Idaho Deal Flow Report 11LAWYERS
WHO
KNOW
HOW TO
ALLOCATE
RISK
Every deal comes with
exciting opportunities
and unique risks. Stoel
Rives’ lawyers work with
clients to navigate and
mitigate those risks to
maximize the outcome
for our clients.
www.stoel.com
12 www.idahotechcouncil.orgArticles 2017 Idaho Deal Flow Report 13
TSheets Acquisition
Ignites the QuickBooks Ecosystem
On December 2017, Intuit
announced its acquisition of Eagle,
Idaho-based time tracking and
scheduling software company
TSheets. Founded in 2006 by
entrepreneur Matt Rissell and
software developer Brandon Zehm,
TSheets was designed to make
time tracking easier and more
accurate for employees, no matter
where they work, and cut costs for
employers who want to track how
time is allocated in their business.
As it stands, TSheets is the
leading time tracking and
scheduling software for payroll
and invoicing. And the company’s
cloud-based mobile app comes
complete with GPS tracking
and facial recognition. Plus, it’s
the No.1 rated and requested
time tracking app on apps.com
boasting over 14,000 five-star Welcoming TSheets by speaking to what makes his team
reviews online. QuickBooks members stand out.
TSheets released their integration
TSheets has been named the with QuickBooks back in 2012. Another part of that special sauce,
Best Place to Work in Idaho for And as they continued to study the undoubtedly, is the company’s
three consecutive years, has QuickBooks model, they realized amazing customer experience
been called Idaho’s startup building meaningful relationships and internal culture, which, Rissell
“darling” by the New York Times, with accounting professionals says, will be positively impacted
and is quickly growing into its could be an incredibly valuable by the acquisition. In his most
lofty ambitions. channel for growth. recent all-company Q&A, Intuit
CEO Brad Smith celebrated
The acquisition means TSheets “It’s very clear that no other Rissell as a world-class leader
becomes part of a much larger company has built as quality or with an amazing team. The
business and finance software as many relationships with the sentiment affirmed Intuit, No. 13
ecosystem. In case you missed accounting industry as Intuit and on Fortune’s Best Companies to
the Super Bowl commercial QuickBooks,” said Rissell. Work For in 2017, is dedicated to
featuring the Intuit Giant, Intuit the unique culture and exemplary
takes pride in powering small Working closely with accountants customer service TSheets is
business prosperity with integral and bookkeepers to build those known for.
software brands like QuickBooks, relationships meant TSheets
TurboTax, and Mint. could earn referrals quickly, but it “Just as we can learn from them,
would take dedicated employees we have things to bring to the
As TSheets transforms into to earn their trust and maintain table as well,” said Rissell.
TSheets by QuickBooks, their those relationships.
story grows from maintaining The Treasure Valley is the
a long-standing partnership to “They truly care about the place to be
operating together to improve accountants, and they care Intuit is excited to hold a location
time tracking accuracy, payroll, about you as a human being, in Idaho and plans to build out
and insights for businesses your life, and they want to build a the new Eagle campus, with plans
worldwide. relationship with you,” said Rissell, to add at least 100 employees
14 www.idahotechcouncil.orgin the next 12 months. As tech of Idaho, Trailhead, and Jack’s best work of their lives.
companies like Intuit settle into Urban Meeting Place offering
the Treasure Valley, the Boise education and inspiration for “Our focus is on making our
area will only continue to attract young people and entrepreneurs. product even more accessible
talent from all over the country. and powerful by leveraging Intuit’s
What’s next for TSheets by platform,” said Zehm. “As we join
TSheets employees who consider QuickBooks? forces with some of the biggest and
themselves transplants are As TSheets continues to double brightest in our field, I’m excited to
excited to take advantage of in size and scope each year, the be part of the team that puts our
Boise’s enthusiastic four-season thought of slowing down has time tracking product in the hands
outdoor recreation scene, the never been an option for the of millions of employees.”
lower cost of living, exciting young, self-proclaimed “scrappy”
nightlife, and events like the company. Even with an acquisition Echoing that sentiment, Rissell
Treefort Music Fest and Jaialdi. like this one, TSheets employees said the team will remain scrappy
still have their eyes on the prize: and energized no matter how
Boise’s small-city charm is quickly to help small businesses succeed. big they get. “Our vision of
turning the City of Trees into TSheets stays the same. This
a burgeoning tech hub. The It has been a wild ride for those just accelerates it. It just makes it
Idaho Technology Council even who’ve seen TSheets grow bigger, faster, stronger,” he said.
reported Idaho is ranked second from a tiny team to being part
among emerging technology of a company as influential as Want to keep up with Idaho’s
states. This is supported further Intuit. Principal Engineer and tech darling? Follow TSheets by
by a small business-friendly co-founder Brandon Zehm says QuickBooks at blog.tsheets.com.
government and institutions like the acquisition has only made the
Boise State University, the College developers more driven to do the
2017 Idaho Deal Flow Report 15We focus on
the egg so
you can watch
over the nest.
The most important thing to us is helping our members
succeed. Maybe that’s one reason the number one credit
union in Idaho became the number one credit union in
the country.*
• 1 in 6 Idahoans are ICCU members
• Helping members achieve financial success for over 77 years
• Full range of both personal and business financial services
• 33 branches throughout Idaho to serve you
• 24/7 access with eBranch Online and Mobile Banking
*As ranked by S&P Global Market Intelligence
Join 300,000+ Idahoans and become a member.
WE BELIEVE being rich has little to do with wealth.
16 www.idahotechcouncil.orgIT Innovations
®
In recent years, Idaho Central this platform, team members can member submitted a proposal of
Credit Union (ICCU) has seen generate ideas and collaborate how Idaho Central uses OnBase
remarkable growth as an organi- with other employees to improve innovatively. Of all the submis-
zation in both membership and operations, whether with a prod- sions, the best three financial ser-
employees. Such growth requires uct, system, or service. By Febru- vices submissions were selected.
the innovative use of technology ary 2018, fourteen of the crowd- Each worked with a partner at
to operate more effectively and sourced ideas were already fully Hyland to create a presentation
maintain excellent service that is implemented. Over 293 ideas had of the proposal, and the propos-
personable, relevant, accurate, been generated with 720 com- als were anonymously presented
secure, and speedy. Idaho Central ments, and over 1/3 of those ideas by a third party so no favoritism
depends on its adept Information deal with IT related topics. All would be shown. In a peer group
Technology (IT) Department of ideas are in some phase of review, of other professionals who also
over 50 team members to provide whether archived and on hold for a utilize OnBase, Idaho Central’s
service to its statewide member- later time, or in review and priori- innovative solution was voted
ship base. tized for possible immediate imple- first place.
mentation. The whole organization
Hiring the right people is key to collaborates for innovative support The extent of OnBase use is no
ICCU’s success. For five years in and services in technology. coincidence. Dedicated team
a row, ICCU has been voted the members focus their attention on
#1 Best Place to Work in Idaho For a company its size, ICCU is OnBase development to help all
out of large corporations and #1 cutting edge in technology pro- departments formulate smoother
Top Performing Credit Union in vided to its members and employ- processes. From home loans to
the nation, two honors reached ees. One level of service is with consumer loans, ICCU efficiently
simultaneously thanks to dedi- eBranch, ICCU’s online banking, and effectively completes process
cated and talented employees. that allows for bill pay, easy trans- forms within the organization in
In January 2018, ICCU hired its fers, and account management at record time. What may take some
1,000 employee and surpassed the members’ fingertips. Recently, organizations days (if not weeks)
300,000 members. CEO, Kent Face ID was added to the eBranch to approve will take ICCU hours.
Oram, began his career at ICCU app and more ideas are in de- Many community partners like to
in IT. It is with his vision that Idaho velopment. Advances are being work with Idaho Central for the
Central has continued to grow made in other online application seamless process and reliability,
its IT department and to move fields while maintaining security not to mention, the great people.
forward with a new data center and privacy for all accounts.
expansion in Chubbuck, Idaho. As of February 2018, Idaho Cen-
This project is scheduled to be An additional service that com- tral Credit Union’s innovative team
completed in 2019. bines internal and external service members designed and built over
is with the use of OnBase. On 114 different OnBase workflows
In 2017, a new Innovations Team October 19, 2017, Idaho Central which are actively used, and 44
within ICCU’s IT department was Credit Union decked headlines more OnBase workflows were
created. Three research engineers across the nation for winning in development. In the first two
and two designers work with the Hyland’s 2017 Financial Services months of 2018 alone, nearly 1 mil-
Director of Innovation to dedi- OnBase Innovation Award at the lion documents were processed
cate their full attention to provide CommunityLIVE user conference through OnBase.
innovative solutions to operational in Las Vegas, Nevada. OnBase is
needs, whether it is in member in- a software program that standard- These are just a few examples
terface and service or with internal izes workflow processes to im- of how Idaho Central is making
processing and effectiveness. prove speed and accuracy, which waves with innovative solutions
consequently improves member in Information Technology. Idaho
One project run by the Innovations experiences. Central Credit Union is proud of
Team is Idea Central, launched in its team members who constantly
September 2017. This proprietary In order to win this award, there work to improve services and build
idea platform promotes innova- were a couple of phases. In the the larger IT community of Idaho.
tions crowdsourced internally. In first phase, an Idaho Central team
2017 Idaho Deal Flow Report 17Idaho’s First
Computing Ph.D. Program
In order to better address the Labor Statistics. Boise State’s the undergraduate education
diverse and rapidly changing new Computing Ph.D. program experience for countless students.
needs of Idaho’s technology is addressing the technology As our research capabilities
community, Boise State sector’s vital and expanding grow, thanks to active faculty and
University’s Graduate College job market head-on with field graduate student engagement,
and Division of Research and emphases in Computational opportunities for undergraduates
Economic Development, are Science and Engineering, to participate in these complex
proud to announce the formation Computer Science, Cybersecurity computational projects and
of Idaho’s first Computing Ph.D. and a forthcoming emphasis in cutting-edge research also grows.
program. This cutting-edge, Data Science. This experiential learning bolsters
interdisciplinary program is student engagement and inspires
designed to encompass expertise In Boise State’s Computing Ph.D. many to consider research fields
and research opportunities program, graduate students and career opportunities they
across a spectrum of computing learn the skill sets required to might otherwise overlook.
fields under a single, high-quality apply principles of computational
research doctorate. mathematics, computer science, At Boise State, we are educating
and domain sciences to invigorate future generations of tech-savvy
The program brings together and advance multidisciplinary data professionals with the
faculty members from science. The program prepares diverse skill sets and confidence
departments across the the growing rank of computational to solve the tech industry’s most
university, including Biological scientists who are critical to the intractable problems. Our vision
Sciences, Chemistry and competitiveness and survival of is to create a workforce that
Biochemistry, Civil Engineering, technology companies. embraces computation and data
Computer Science, Electrical analytics for complex problem
and Computer Engineering, The doctoral students in this new solving in every sector of society,
Geosciences, Economics, program read and learn widely from traditional science and
Information Technology and deeply in order to understand engineering domains to such key
Management, Materials Science complex phenomenon. They areas as national security, public
and Engineering, Mathematics, organize and analyze large health and economic innovation.
Mechanical and Biomedical amounts of information, carry
Engineering, and Physics. Within out complex tasks with minimal
this broad reach lies its strength: supervision, and manage
faculty and students are able complicated projects. This deep
to leverage a unique set of integration of knowledge allows
approaches, skills and expertise graduates to extract insight and
that enable and complement their draw conclusions that produce
research efforts, and will train technological advancements
graduate students to adeptly that go beyond what has been
tackle, from multiple angles, the previously commonplace, or
diverse challenges arising in the sometimes even possible,
field of technology. from within the bounds of most
technology. Upon completion,
This doctoral program is designed our Computing Ph.D. graduates
with future employers in mind. possess the skills and confidence
For instance, demands for highly to lead research and development
skilled data professionals in efforts, versus simply participate
Idaho and across the nation in them.
are dramatically growing. In the
field of cybersecurity alone, the In addition, having a robust
projected job growth for analysts doctoral program like Boise
is 28% over the next eight years, State’s new Computing Ph.D.
according to the Bureau of program on campus enhances
18 www.idahotechcouncil.orgCREATING NEW CONNECTIONS
BETWEEN THE UNIVERSITY AND
THE REGION WE SERVE EVERY DAY
Boise State University’s Graduate College, and Division of Research and Economic
Development, proudly celebrate the new Ph.D. in Computing - a program that
provides interdisciplinary expertise and research with a single doctorate.
computing.boisestate.edu
2017 Idaho Deal Flow Report 19Make your
story great
First VC
Great Idea Business Plan “Bootstraps” IP Strategy Angel First Pitch to Financing
Hatched Written Phase Begins Devised Invests Sale VCs Secured
YOU STARTED HERE. NOW MOVE FORWARD WITH THE RIGHT TEAM. Perkins Coie helps companies
of all sizes make the right
connections to grow their
concepts into great companies.
PerkinsCoie.com Perkins Coie LLP ATTORNEY ADVERTISING
20 www.idahotechcouncil.orgPerkins Coie
Perkins Coie’s IP practice at the USPTO Patent Trial and Joshua is active in Idaho’s
includes more than 250 lawyers Appeal Board. technology community, including
focused on IP litigation, post- the Idaho Technology Council.
grant proceedings, patent and Joshua Nelson, senior counsel He sits on the board of the
trademark prosecution, strategic at Perkins Coie LLP, focuses directors for the Discovery
portfolio counseling, technology his practice on the strategic Center of Idaho and also served
licensing, copyrights, and trade development and monetization as a presenter at the develop.
secret and unfair competition of patent portfolios for idaho conference in 2017.
counseling. Its clients include companies in every stage of
companies in all technologies growth. Joshua has over a About Perkins Coie
and industries around the world. decade of experience counseling Perkins Coie is a leading
Our patent group has filed over clients in all aspects of patent international law firm that
8,400 new patent applications portfolio management, including is known for providing high
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has extensive experience licensing and litigation, and on matters vital to our clients’
litigating patent and trademark portfolio acquisitions and sales. success. With more than 1,000
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disputes, trade secret, and gray a wide variety of industries, the United States and Asia, we
market and anti-counterfeiting including semiconductor provide a full array of corporate,
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online, biotechnology, medical computer hardware, computer property and regulatory legal
products and electronics networking, telecommunications, advice to a broad range of
industries. Perkins Coie’s clients aerospace, software, and image clients, including many of
benefit from its interdisciplinary and video processing. the world’s most innovative
approach to matters, which companies and industry leaders
combines extensive legal Prior to joining Perkins Coie, Joshua as well as public and not-for-
and technical experience served as patent counsel for profit organizations.
with strong corporate and several leading global technology
litigation resources in a leading companies, where he managed Perkins Coie has several cross-
technology law firm. patent portfolios comprising practice industry groups that
thousands of patents and directed focus on emerging technologies,
Perkins Coie was named the the filing of hundreds of U.S. and including Artificial Intelligence,
2018 U.S. News – Best Lawyers® foreign patent applications every Machine Learning and Robotics;
“Law Firm of the Year” in Patent year. He also helped clients to Augment Reality / Virtual Reality
Law, an honor it has received develop and implement intellectual and Mixed Reality; Blockchain
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than any other firm. The Financial for the early identification and and Autonomous Vehicles
Times recently recognized strategic protection of high-value Systems.
the firm’s Patent Prosecution innovations.
Platform, or “P4,” as the most
innovative initiative in the
Business of Law: Technology Joshua Nelson, Senior Counsel
Joshua Nelson focuses his practice on the strategic
category as part of the 2017
development and monetization of patent portfolios for
Financial Times North American companies in every stage of growth. Joshua has over 10
Innovative Lawyers Report. years of experience counseling clients in all aspects of
The firm was also recently patent portfolio management, including the preparation and
recognized as the leading law prosecution of patent applications, patent licensing and
litigation, and portfolio acquisitions and sales.
firm representing America’s
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by Corporate Counsel. Perkins
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2017 Idaho Deal Flow Report 21Access to Capital
for Growing Companies
“Show me the money!” Or This can be a considerable investors typically qualify as
should it be, “Show me your obstacle for companies with little “accredited investors” making
money, please”? For growing or no credit/business history. Also, it relatively easy to qualify
companies, securing outside owners should be prepared to for related exemptions under
funding is often necessary but pledge collateral (business assets applicable securities regulations.
not always easy. Generally, there and/or personal assets) and Unlike traditional borrowing,
are three categories of outside personally guarantee the loan. this capital source will likely
funding: traditional borrowing, Lenders may further require an require giving up some of the
private equity (professional accounting of how the borrowed company’s ownership. The more
investors), and friend/family money will be spent and restrict capital a company requires, the
investors (non-professional what may be done with the more control/equity it may need
investors). A growing company collateral securing the loan. to relinquish. These investors
seeking outside funding should Nevertheless, typically reasonable often command a seat on the
consider all three categories loan terms and the ability to retain company’s board of directors,
as each has its advantages and full ownership of the business implement strategic initiatives
disadvantages. makes traditional borrowing and operational guidelines,
an attractive way for growing set requirements for future
Traditional Borrowing businesses to raise capital. capital infusions, and otherwise
With traditional borrowing, exert control over company’s
companies borrow from banks Private Equity operations. Given this inherent
and capital comes in the form of (Professional Investors) hands-on approach, companies
a loan. The basic types of bank This type of capital generally should carefully pre-qualify
financing include lines of credit, comes from venture capital, their potential investors and
credit cards, business loans angel investors, or private ensure their respective visions
(secured or unsecured, short equity investors. Venture and definitions of success and
or long term), and equipment and angel capital typically value align. Often more capital is
financing. Commercial loans means investments of smaller available through these investors
often offer comparatively low sums focused on early-stage when compared to traditional
interest rates, which allow companies with high growth bank lending and this approach
companies access to capital potential. On the other hand, can relieve the company of debt
while controlling borrowing costs. private equity typically means service obligations. Moreover,
Additionally, the complexities and funds from “private equity firms” these investors may provide
risks associated with securities involving investments of larger managerial and technical
law compliance (discussed sums, often targeted at certain expertise, which can turn the
below) are typically “non-issues.” business sectors. Regardless hands-on approach into a
of the subcategory, this capital positive for all owners – a more
One key reason for companies source commonly involves the profitable business.
to consider traditional borrowing, purchase and sale of securities,
as opposed to private equity, is it which are broadly defined to Friends/Family
allows owners to retain complete include almost every type of (Non-Professional)
ownership of their company. investment structure used by Two examples of non-professional
However, traditional borrowing these investors. capital sources are investments by
is highly regulated at both the friends/family and crowdfunding.
federal and state levels, which Sales of securities are subject Raising capital from friends and
creates certain barriers to entry. to numerous federal and state family may appear straightforward
Qualification for a commercial laws, which generally require any but should be considered carefully
loan of any significant value securities offering to either be and approached cautiously.
typically requires solid business registered with the appropriate Information regarding the business
credit and a convincing proposal regulatory body or qualify for prospects and the nature of the
assuring against business failure. an exemption. Private equity investment should be clear and in
22 www.idahotechcouncil.orgwriting. The company should ensure the personal
Jon Bauer, Partner
relationship can handle the stress of the deal, the
Jonathan R. Bauer is a business attorney
ups and downs of the business, and the potential focusing on general business counseling,
loss of the investment. Most importantly, treat this commercial transactions, estate planning,
source of capital as a real business transaction business formations, corporate formalities,
with all the related formalities (e.g., disclosures, real estate, and financing of capital assets,
equipment, operating loans, lease financing
purpose, repayment schedule, interest terms). In and other forms of financing. He represents
addition, these transactions almost always involve clients from startup and established business
the sale of securities and there is no “friends entities, corporate tenants, developers,
and family” exemption to securities laws. In fact, landlords, sellers and lenders.
most securities laws are designed to protect
investors in this category. Nevertheless, with the
right approach, this can be a very worthwhile and
rewarding source of capital.
Steve Frinsko, Attorney
Crowdfunding typically involves raising smaller Steve Frinsko is a transactional attorney
amounts of capital from a larger number of in the firm’s business and real estate law
(typically unaccredited) investors. As a result, departments. His practice focuses on all
crowdfunding spans both the private equity and aspects of business and real estate law,
including mergers and acquisitions, corporate
non-professional capital categories. Initially,
compliance, entity formation and governance,
there were two general types of crowdfunding, commercial transactions, antitrust compliance,
donation-based and rewards-based, which do and insurance. His M&A experience includes
not involve the sale of securities but rather transactions involving both public and private
donations or cash in exchange for products, etc. companies, and his current client base covers
the gamut from startups to long-established
In 2016 a third type, equity-based crowdfunding, national companies.
was born when Regulation Crowdfunding
(“Reg CF”) became effective. Equity-based
crowdfunding works much like private equity,
capital in exchange for a share of the company,
but Reg CF provides an exemption from certain Christopher Cook, Associate
Christopher Cook is a transactional
registration requirements that may otherwise
associate attorney specializing in business,
apply to securities. Nevertheless, depending banking, and real estate law.
on the crowdfunding method chosen, a
company will still be obligated to make
substantial disclosures to potential investors.
Crowdfunding may also allow companies to
raise capital without surrendering the level of
control common with other forms of private
equity funding. But, while no one investor
may command significant control, more (often
unsophisticated) equity holders does mean
increased complexity in actions requiring
or involving shareholder voting. Ultimately,
depending on the company’s eligibility and
goals, crowdfunding may be an excellent option
for capital funding.
2017 Idaho Deal Flow Report 23T H E H A W L E Y T R O X E L L W A Y
OUTWORK
AND
OUTSHINE
BOISE
BOISE
COEUR D’ALENE
IDAHO FALLS POCATELLO
When your business requires sophisticated legal advice, look to
Idaho’s premier, full service law firm. Our customized approach,
The Hawley Troxell Way, uses a team of attorneys or one-to-one
counsel to meet your specific legal needs. And, best of all, our
nationally renowned legal services come with a local address.
BOISE / COEUR D’ALENE / IDAHO FALLS / POCATELLO / RENO /
Call 208.344.6000 or visit HawleyTroxell.com
24 www.idahotechcouncil.orgUp or Out
Successfully Navigating the
Three Stages of a Business Life Cycle
Building a business can be one of the
most rewarding endeavors you ever
undertake. The rewards take many
forms, including developing a prod-
uct or service that somehow makes
the world a better place, creating
jobs that help feed families, and gen-
erating significant financial returns for
the business owners. However, as
with any deeply rewarding endeavor,
building a business will likely be the profits. While the business may re- revenues or lower costs in order to
most difficult and challenging thing quire a certain level of scale before remain competitive.
you ever do. Having witnessed first- profits materialize, this second stage
hand the development of dozens of of business development is critical Perhaps the most important thing to
companies, I’ve come to appreciate because it ultimately determines if understand about this “Up or Out”
a simple “Up or Out” framework that there is a commercially viable path framework is that different people,
captures three critical stages of a for the business to continue. While practices, and metrics are required
business life cycle. there are rare examples of business- to succeed in each phase of the
es operating unprofitably for years business building journey. It is critical
1. Building Believers (which is only possible because they to understand when you are moving
A business seed is planted by enjoy a very strong foundation of from one stage to the next, and it is
someone having an idea, inventing believers), successfully propelling a paramount to have the right people
a product, or devising a new service. business to profitability is a key mile- in the right positions as you tackle
Before that seed can blossom, the stone in the life of a business. Once each phase. It is the exception rather
entrepreneur must go through the achieved, your base of believers than the rule for founders or exec-
important work of “building be- becomes even more secure, and utives to successfully span all three
lievers.” Those believers include you can now enter the final phase… phases, so astute founders and/or
potential customers, willing inves- board members should take great
tors, supportive family members, 3. Managing for Ongoing caution to ensure they understand
able employees, and necessary Growth and Profitability the phase in which the business is
partners. The process of building With strong believers and a positioned, the key priorities that
believers can happen very quickly, proven business model, you’ve need to be accomplished in that
or take years, and the degree of now earned the right to scale phase, and that the right people are
difficulty of building believers in- the business. This phase will on board and properly directed to
creases depending on the scale and hopefully last for years, decades, accomplish those priorities.
complexity of the concept. Failure to or even centuries. This phase
build and sustain believers ultimately involves refining and optimizing the About Banyan Ventures
results in the business failing, so this business model, and developing Banyan Ventures was formed
is a critical foundation to establish. the organization, systems, and over 15 years ago with a mission
processes that allow the business to provide both capital and lead-
2. Proving the Business Model to consistently operate and ership to high performing growth
If a solid foundation of believers is in continuously improve. The business companies in the Mountain West.
place, the next critical stage of busi- is a “living organism,” operating Banyan helps companies make the
ness development involves proving in a dynamic and competitive critical transitions as they navigate
the business model. Said differently, environment, so constant care between the 2nd and 3rd stages of
you can’t confuse a good idea, in- is needed to course-correct and business development described
novative product, or helpful service adapt. It surely involves enhancing above. Scott Jorgensen is currently
with a good business. The business and refining the original product or leading Banyan’s development in
model is the system behind the service, or developing completely Idaho with plans to build a local
product or service that generates new products or services. It may Idaho leadership team to invest in
revenues within a cost structure that also involve dramatic business and grow Idaho companies.
ultimately is capable of delivering model changes to maximize
2017 Idaho Deal Flow Report 25EXCELLENCE
IN FOOD AND BEVERAGE LAW
Holland & Hart has been a part of Holland & Hart is a proud supporter of the
2018 Capital Connect Conference.
the food & beverage industry for
decades, helping clients address Alison Johnson
208.383.3933 | agjohnson@hollandhart.com
legal issues that arise from farm to 800 West Main Street, Suite 1750
Boise, ID 83702
table and everything in between. We
are proud to have clients from coast
to coast in cities across the nation.
26 www.idahotechcouncil.orgA Part of—Not Apart
From—Our Communities
First Interstate Bank is a
community banking organization
headquartered in Billings,
Montana. Since 1968, First
Interstate has grown from a A part of—not apart
single bank to more than 120
locations throughout Montana, from—our communities.
Wyoming, South Dakota, Idaho, We are proud to support the 4th Annual Capital
Oregon and Washington.
Connect Conference where new ideas are celebrated and
When First Interstate founder, aspiring entrepreneurs, capital providers, and business
Homer Scott, Sr., first purchased leaders come together in one place.
Bank of Commerce in Sheridan,
Wyoming, he envisioned an Find out more at
exemplary bank with roots
that would grow deep in the
community. For Homer, the
formula was simple: take the
best possible care of your
customers, your employees, and
the place you call home. Leading
his bank with disciplined
business practices and a
long-term perspective, Homer
watched the company’s roots
strengthen. Time passed, the
company grew, and a new name
was established, yet the values
Homer instilled stayed the same.
Today, our dedication to
our founder’s values of
customer satisfaction, creative
management, productive
employees, shareholder value
and community involvement
remains unwavering. Driven
by strong corporate and
family values, First Interstate
is committed to providing
exemplary customer service,
exceeding customer
Member FDIC. Equal Housing Lender.
expectations with our products
and services, and supporting the fact, it’s even written into our Offering a full suite of banking,
communities we serve. corporate values. Over the last lending, and business services,
25 years, the First Interstate First Interstate strives to
Giving back through donations, BancSystem Foundation has deliver on the promise to
event sponsorships, and contributed more than $20 provide the right product to
volunteer efforts is something million dollars and 154,000 the right customer at the right
engrained in the ethos of every volunteer hours to the places we time. To learn more, visit us at
First Interstate employee—in call home. firstinterstate.com.
2017 Idaho Deal Flow Report 27Technology Talent and
Recruiting
Boise Roots
Idaho and Utah Market Focus
Cost Effective, Boutique Recruiting for
Technology, Sales and Executive Leadership
Strict Attention to Quality Control and Culture
Deep Local Talent Pools in Boise and Salt Lake
Relocation Reach into Bay Area, Seattle, Portland and Denver Markets
Tim Fitzpatrick, President | 208-559-3660 | tim@asantealliance.com
28 www.idahotechcouncil.orgPublic Offerings 2017 Idaho Deal Flow Report 29
Public Offerings
Bare Metal Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,000,000
Micron Technology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,190,000,000
PetIQ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $115,000,000
30 www.idahotechcouncil.orgBare Metal Standard
Bare Metal Standard Inc. provides commercial kitchen grease exhaust cleaning
services.
Transaction Details
Amount $3,000,000
Company Information Date 18-Jan-17
Description BareMetalStandard raised $3 million in its initial public offering under the ticker
Principal Jeff Taylor, Project Coordinator symbol of BRRM on January 18, 2017. A total of 6,000,000 shares were sold at
CFO James Bedal a price of $0.5 per share. The total proceeds, before expenses, to the company
Founded 2015 was $3 million.
3604 Banner Ave
Boise, Idaho 83709
(208) 898-9379
baremetalstandardidaho.com
Micron Technology
Micron Technology, Inc. provides semiconductor systems worldwide. The
company operates through four segments: Compute and Networking Business
Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business
Unit. It offers DDR3 and DDR4 DRAM products. The company also provides
NAND products, which are electrically re-writeable, non-volatile semiconductor
Company Information memory, and storage devices; client solid-state drives (SSDs) for notebooks,
Principal Sanjay Mehrotra, CEO desktops, workstations, and other consumer applications; enterprise SSDs
CFO Ernie Maddock, CFO for server and storage applications; cloud SSDs; and multi-chip package
Founded 1978 and managed NAND products. The company was founded in 1978 and is
8000 S. Federal Way, P.O. Box 6 headquartered in Boise, Idaho.
Boise, ID 83707
Outside Professionals
(208) 368-4000
Other Advisor JP Morgan Securities, LLC
micron.com
Transaction Details
Amount $1,190,000,000
Date 10-Oct-17
Description Micron Technology raised $1.19B in common stock to retire several debts on October
10, 2017.
PetIQ
Provider of branded and generic pet pharmaceuticals.
Transaction Details
Amount $115,000,000
Date 21-Jul-17
Description The company raised $115 million in its initial public offering on the NASDAQ stock
Company Information exchange under the ticker symbol of PETQ on July 21, 2017.
Principal Cord Christensen
CFO John Newland
Founded 2010
500 E. Shore Dr., Ste 120
Eagle, ID 83616
(208) 939-8900
petiq.com
2017 Idaho Deal Flow Report 31Local Expertise, Local Decision Making.
Chase is committed to helping mid-sized businesses across Boise achieve
their goals. Our commercial banking team offers global capabilities and
specialized industry expertise, all delivered and serviced locally.
To learn more, please contact:
Greg Smith
Market Executive
(208) 608-8611
gregory.d.smith@chase.com
© 2018 JPMorgan Chase Bank, N.A. Member FDIC. “Chase” is a marketing name for certain businesses of JPMorgan Chase & Co. and its
subsidiaries (collectively, “JPMC”). 428833
32 www.idahotechcouncil.orgPrivate Placements
2017 Idaho Deal Flow Report 33Private Placements Ahhhsome Relaxation . . . . . . . . . . . . . . . . . . . . . . . $150,000 Nanobox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650,000 Alertsense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,863,348 NanoSteel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $27,000,000 American CuMo Mining Corp . . . . . . . . . . . . $100,000,000 Natural Intelligence Semiconductor . . . . . . . . . $ 1,085,000 American Ostrich Farms . . . . . . . . . . . . . . . . . . . $1,400,000 New Jersey Mining Co . . . . . . . . . . . . . . . . . . . . . $1,910,000 American Semiconductor . . . . . . . . . . . . . . . . . . . . $350,730 Orflo Technologies (E.I. Spectra, LLC) . . . . . . . . . . $175,000 AppDetex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,500,000 Otis Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,477,951 BannerSolar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,000 Premier Performance . . . . . . . . . . . . . . . . . . . . . . $6,376,745 BiologiQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000,000 Proskriptive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000 Buddy Pegs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $165,159 Prosperity Organic Foods . . . . . . . . . . . . . . . . . $1,650,000 Cauze . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $710,000 RetroLux . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $596,000 Continuous Composites (CC3D) . . . . . . . . . . . . . . $710,000 Safeguard Equipment . . . . . . . . . . . . . . . . . . . . . . . $300,000 Covr Financial Technologies . . . . . . . . . . . . . . . $5,000,000 SmartStory Technologies . . . . . . . . . . . . . . . . . . . . $500,000 Cradlepoint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,031,000 SmartStory Technologies (Transilio Inc) . . . . . . . $1,248,984 Dental Innovations . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 Star Gold Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,079,885 Emmersion Learning . . . . . . . . . . . . . . . . . . . . . . . . $600,000 Sun Valley Gold . . . . . . . . . . . . . . . . . . . . . . . . . . $2,620,600 Forsta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $260,000 Tacsat Networks . . . . . . . . . . . . . . . . . . . . . . . . . . . . $384,000 GenZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $358,029 Tamarack Aerospace . . . . . . . . . . . . . . . . . . . . . . . $7,160,010 Gold Torrent . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,250,000 TapTokens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $55,000 Granatus Septem . . . . . . . . . . . . . . . . . . . . . . . . . . . $175,225 The Car Park . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,750,000 Idaho CuMo Mining Corporation . . . . . . . . . . $103,207,721 The Wylder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $425,000 IdeaRoom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $71,515 Timberline Resources (TLRS) . . . . . . . . . . . . . . . $4,880,000 International Isotopes . . . . . . . . . . . . . . . . . . . . . $3,434,550 Topo Insurance Group . . . . . . . . . . . . . . . . . . . . . . . . $141,960 LeanLaw . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $332,000 Vie Active . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,240,000 Lignetics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,800,000 Visitpay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000,000 Melni Connectors . . . . . . . . . . . . . . . . . . . . . . . . . . $1,700,000 xCraft Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . $1,570,000 MotoTrax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000,000 Amount Not Disclosed Polyphaser and Thorne Research
Ahhhsome Relaxation
Offers massage, red light, and infrared heat therapies to boost relaxation and
improve health.
Transaction Details
Amount $150,000
Company Information Date 7-Jun-17
Description Ahhhsome Relaxation has closed on $150,000 out of a planned $600,000 of
Principal Alyce Jeppesen, Owner & angel funding from undisclosed investors as of June 7, 2017. The funding is
COO intended to be used for location expansion.
Founded 2015
939 South 25th East Suite 115
Ammon, Idaho 83406
(208) 523-1209
ahhhsomerelaxation.com
KONEXUS (Formerly AlertSense)
KONEXUS, formerly AlertSense, provides emergency alerting and critical
communication services.
Transaction Details
Amount $5,863,348
Company Information Date 19-Sep-17
Description AlertSense raised $5,863,348 million of angel funding from undisclosed
Principal Dave Smith, CEO investors on September 19, 2017.
CFO Mark Rawlings
Founded 1999
6149 N Meeker Pl #250
Boise, ID 83713
(877) 840-2041
alertsense.com
2017 Idaho Deal Flow Report 35American CuMo Mining Corp
American CuMo Mining corporation engages in gold mining through its interest
in Calida Gold Project. The Calida Gold Project is managed by Poly Resources,
an Idaho subsidiary.
Transaction Details
Company Information Amount $100,000,000
Date 27-Feb-17
Principal Shaun Dykes, President and
Description Poly Resources LLC received a private placement of $100,000,000 from
CEO
Millenia Minerals.
Founded 1971
638 Millbank Road, Vancouver
BC V5Z 4B7, Canada
604.689.7902
cumoco.com
American Ostrich Farms
Supplier of red meat procured from ostriches.
Transaction Details
Amount $1,400,000
Date 8-Aug-17
Description American Ostrich Farms raised $1.4 million of seed funding from undisclosed
Company Information investors on August 8, 2017.
Principal Alexander McCoy, CEO
Founded 2013
20601 S Pleasant Valley Rd
Kuna, ID 83634
(208) 995-8295
americanostrichfarms.com
American Semiconductor
American Semiconductor, Inc., a semiconductor foundry, provides pure-
play foundry services for various aspects of wafer fabrication and process
development.
Transaction Details
Company Information Amount $350,730
Date 13-Oct-17
Principal Doug Hackler, CEO
Description American Semiconductor raised $350,730 of venture funding from Keiretsu
Founded 2001
Forum and other undisclosed investors on October 13, 2017.
6987 W. Targee St.
Boise, ID 83709
(208) 336-2773
americansemi.com
36 www.idahotechcouncil.orgAppDetex
Developer of a SaaS brand protection technology solution focused on
protecting corporate brand holders across mobile app stores, marketplaces,
websites and domain names.
Transaction Details
Company Information Amount $5,500,000
Date 23-Mar-17
Principal John Rubocki
Description AppDetex raised $5.5 million of Series A1 venture funding from lead investor
Founded 2012
EPIC Ventures on March 23, 2017. The funding will be used to expand its
609 W. Main St. Ste 202 products and accelerate growth.
Boise, ID 83702
(855) 693-3839
appdetex.com
BannerSolar
Provider of a retail marketing platform intended to reduce the negative impact
of carbon-based electricity through creative infrastructure re-use and visible
demonstration of clean energy generation.
Transaction Details
Company Information Amount $50,000
Date 17-Aug-17
Principal Clay Young, CEO
Description BannerSolar closed on $50,000 of convertible debt financing from undisclosed
Founded 2015
investors on August 17, 2017.
950 W. Bannock St. Ste 800
Boise, ID 83702
(208) 366-5065
bannersolar.com
BiologiQ
Creator of plastic and bioplastic materials from renewable resources.
The company produces a type of thermoplastic starch resin pellets that is
recyclable, bio-degradable, and mixable with other types of plastic to increase
sustainability.
Company Information Transaction Details
Principal Bradford LaPray Amount $2,000,000
CFO Dale Brockman Date 1-Feb-17
Founded 2011 Description BiologiQ raised $2 million of venture funding in the form of convertible notes and
warrants from undisclosed investors in February 2017.
2400 East 25th Street
Idaho Falls, ID 83404
(208) 881-2648
biologiq.com
2017 Idaho Deal Flow Report 37You can also read
