Commons Capital's Portfolio

Apex Learning, Inc., Seattle, WA
Apex Learning is a leader of online instruction in K-12 education. Apex provides online courses, classroom tools and exam review materials to middle and high schools through an ASP model. Its products expand access to educational opportunities in Advanced Placement (AP), Foreign Language and General Studies. Now in its sixth year of operation, Apex has supported students from 3,600 school districts in all 50 states with more than 250,000 enrollments. Commons Capital joined a Series E financing that was led by Warburg Pincus in December of 2003.

CellTech Power, Westboro, MA
CellTech Power is a developer of an advanced high temperature fuel cell using modified solid oxide technology. The first CellTech products will be targeted at stationary distributed generation and co-generation applications. Because they require no fuel reformer, the systems are expected to be far simpler, more reliable and less expensive than other fuel cell technologies. Commons Capital joined a consortium of venture funds in a first round financing, including Arete, Nth Power, and Zero Stage.

Claros Diagnostics, Woburn, MA
Claros Diagnostics is a medical device company developing low-cost, rapid, point-of-care diagnostics. Using proprietary chemistry and microfluidic technology from Professor George Whitesides’ lab at Harvard University, the company’s initial product will be a handheld urological cancer diagnostic testing system for point-of-care use. Claros is also exploring ways to use its platform to develop affordable, appropriate diagnostics for global health applications. Commons Capital joined Oxford Bioscience Partners, BioVentures Investors and Accelerated Technologies Partners in the company’s first institutional financing.

CodeRyte, Bethesda, MD
CodeRyte is a healthcare software company that uses natural language processing to determine reimbursement codes for hospital and physician insurance claims. Using clinical information contained in the transcribed patient medical record, CodeRyte’s product automatically assigns the appropriate billing codes, resulting in significant cost and time savings for healthcare providers. Commons Capital’s co-investors include: Venrock Associates, Polaris Ventures, Cardinal Health Partners, Solstice Capital, Washington Technology Partners, Maryland Department of Business and Economic Development and New Vantage Partners.

Combinent BioMedical Systems, Cambridge, MA
Combinent BioMedical Systems is an early-stage medical device company developing a transvaginal polymer drug delivery platform. This novel platform promises to greatly improve treatment of a number of women’s health diseases with large markets and high unmet needs, including those prevalent in the developing world. The company’s founders are Dr. Robert Langer, Professor of Chemical Engineering at MIT, and Dr. William Crowley, Chief of the Reproductive Endocrine Unit of the Department of Medicine at Massachusetts General Hospital. Commons Capital joined VIMAC Ventures and Cytyc Corporation (Nasdaq: CYTYC) in the first closing of this financing which will be used primarily to fund clinical trials.

H2Gen Innovations, Alexandria, VA
H2Gen Innovations is developing a new, low-cost and compact hydrogen generation system for industrial and transportation applications. The company’s proprietary technology is designed to produce high purity hydrogen on-site from either natural gas or propane, providing the optimum fuel for either stationary or mobile fuel cell systems. Commons Capital participated in a first round investment led by the Micro-Generation Technology Fund that included Nth Power Technologies, Hydrogenica Partners, Chrysalix Energy Limited Partnership, and Air Products & Chemicals, Inc.

Medical Metrx Solutions, Inc., West Lebanon, NH
Medical Metrx Solutions, Inc. (formerly Medical Media Systems) is a medical technology and services company providing diagnostic quality 3-D virtual models of patient anatomy built from CT and MR scan data using the company’s proprietary modeling software. The company’s models — which contain more precise quantitative measurement information than competitors’ offerings — are provided to interventional radiologists and vascular surgeons who use them for pre-operative planning and post-operative surveillance of their patients’ conditions. Commons Capital joined a Village Ventures syndicate and Peninsula Equity Partners in a Series B financing round.

Niman Ranch, Oakland, CA
Niman Ranch is a natural food company building a national brand of high quality beef, pork, and lamb from animals raised by a network of family farmers who treat their animals humanely, treat their farms as a sustainable resource, and follow strict growing protocols forbidding the use of artificial growth hormones and sub-therapeutic antibiotic. The company sells through specialty and natural food retailers, high-end restaurants and through e-commerce using its new web site. Commons Capital joined two Bay Area venture groups, W.R. Hambrecht and Silicon Valley Community Ventures in an expansion round.

OutStart, Inc., Boston , MA (formerly Quelsys, Inc.)
OutStart, Inc., acquired Quelsys, Commons Capital's original portfolio company, in 2004. OutStart develops customizable learning platforms for organizations and corporations needing an online training solution. OutStart's applications address the way people learn through a combination of on-demand formal training, knowledge sharing and expert collaboration. Commons Capital holds Series C Preferred Stock with other investors including Sigma Partners, General Catalyst Partners, Grandbanks Capital, Solstice Capital and Boston University Community Technology Fund.

Ocean Power Delivery, Edinburgh, UK
Ocean Power Delivery is a wave energy systems development and manufacturing company located in Edinburgh, Scotland. The company makes the Pelamis wave generator, the first commercially available wave generating system. Commons Capital joined several co-investors, including SAM Private Equity, Norsk Hydro, 3i, Carbon Trust, GE, Merrill Lynch, Sustainable Performance Group, Tudor Group, Signma Technology Atmos SpA, New Energies Invest Ltd, PUK Equity, Partnerships UK, Impax Environmental Markets plc, and Vantania Holdings.

Passport Systems, Inc., Acton, MA
Passport Systems is an early stage company with a proprietary technology, developed at MIT, for non-invasively scanning large cargo containers for dangerous and undesirable materials, thereby enhancing public safety and security. The company estimates that its systems, when perfected, will be able to examine a shipping container in several minutes with a high degree of accuracy, offering a significant improvement over current x-ray technology. Commons Capital joined Topspin Partners, Shiprock Associates and Critical Technology in a Series A financing.

Powerzyme, Inc., Princeton, NJ
Powerzyme is an early stage company developing a micro-fuel cell based on proprietary technology from Sarnoff Labs. The company’s first product is targeted to laptop computer battery applications for significant extensions of operating time. The development team is headed by a woman scientist with long and successful experience in managing development projects both at Sarnoff and for government. Commons Capital joined a Series A round led by Rockport Partners, a venture firm located in Boston focusing on materials, resource efficiency and energy.

Protonex, Inc., Marlborough, MA
Protonex, Inc. is a developer of PEM (proton exchange membrane) fuel cell stacks and systems, with unique, proprietary designs and manufacturing methods. The company’s technology increases the useable stack volume, dramatically reduces the stack size and cost, and virtually eliminates the problem of leakage faced by other manufacturers. The company is targeting a variety of low-power portable and remote applications, and has won several government R&D; grants. Commons Capital joined a Series B financing that included Conduit Ventures, Solstice Capital, and Silicon Alley Seed Investors.

Solstice Capital II LP, Boston, MA
Solstice Capital II is a $60 million socially responsible venture capital fund intending to invest 50% or more of its assets “pro-actively” in high growth companies promising significant, positive social or environmental impact in industries similar to the ones Commons Capital is targeting: energy/environment, healthcare/medical and education/training. The fund will invest the remainder of its assets in companies primarily in the information or telecommunications industries that are “neutral” and at a minimum “do no harm” socially or environmentally. Solstice’s successful first fund had a similar social and environmental mission. Solstice is affiliated with Village Ventures, Inc., a proprietary nationwide network of early-stage venture capital funds focused on non-traditional geographic markets.

Sun & Earth, Inc., Philadelphia, PA
Sun & Earth, Inc., is a Philadelphia-based maker of natural household cleaning products, including laundry detergent, dish and hand soaps and all-purpose cleaner. Sold primarily through the grocery store channel where they are often the only “green” alternative, the products are hypoallergenic and biodegradable with comparable performance to leading non-natural makes. Its manufacturing plant is located in a low-income community where it provides needed jobs. Commons Capital joined Barred Rock Fund, Sustainable Jobs Fund and The Reinvestment Fund in a Series B financing round.

Teladoc, Inc, Dallas, TX
Teladoc is a national leader in providing low-cost primary health care to patients located remotely from the treating physician. With the assistance of an electronic medical records (EMR) database, board-certified physicians can provide non-emergency, non-interventional primary care over the phone, reducing unnecessary trips to the doctor or the emergency room. Commons Capital joined New Capital Partners in a Series A financing in April 2006.

Valeo Medical, Inc., Burlington, MA
Valeo Medical, Inc., is an early stage biotech company that is developing a non-invasive serum diagnostic for endometriosis, which is a painful, chronic disease that affects 10% of child-bearing aged women. Currently the only reliable diagnostic available to patients and clinicians is laparoscopic surgery - a $2,000 invasive procedure. Valeo's non-invasive, inexpensive diagnostic will address a large and underserved market opportunity in women's health. Commons Capital joined Tullis Dickerson, Healthcare Capital Partners, Discovery Life Sciences, Cytyc and Vanderbilt University in a Series B financing round.