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MDC provides venture funding for tech companies

Private Equity Fund Of Funds By WTN News • 06/20/06 Madison, Wis. - Madison Development Corp. has closed on loans to help two Madison technology companies, Extract Systems, LLC, and Universal Separators, Inc., stretch scarce venture capital dollars.

Kunal is a founding member of Lumos Labs and leads the operations and marketing team. Previously he was a Vice President at McCown De Leeuw and Co.(MDC), a $1.2 bil private equity fund making growth equity investments. At MDC Kunal was integrally involved in the strategy, operations and the financial recapitalization of a number of portfolio companies including serving on the board of On Stage Entertainment and USBuild, and the IPO of StoneMor (STON). Prior to MDC, he worked in the Strategic Planning and Development group at the Walt Disney Company, where he worked closely with senior management to evaluate acquisitions, joint ventures and new business opportunities. Kunal graduated magna cum laude from Princeton University with a B.A. in Economics with a minor in Finance.

Curve Equity Exposed Fund The funds are part of a Venture Debt Fund established earlier this year by MDC, a local non-profit development company serving hard-to-finance small businesses.

In addition to growing the business, Olmstead led the company's efforts to secure private equity funding by Constellation Ventures, a Bear Stearns Asset Management Venture Capital Fund in December of 2005. "Vinny has utilized his past experience to successfully guide this company through a tremendous growth phase, " stated Ray Oglethorpe, Chairman of the Board of Broadband National. "For the previous 10 quarters, the company has exceeded its financial expectations and we're confident with Vinny's guidance that we will continue to see strong financial results and sustained growth for years to come."

Equity Income Funds A $200,000 loan to Extract Systems will help the company market its data extraction and redaction software. The company has developed proprietary technology and software that expands optical character recognition (OCR) technology with an enhanced capacity to identify information in unstructured legal, property, or medical documents.

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Capital Casebook Equity Dave Rasmussen, president of Extract Systems, said the funding is important because software companies don't have a lot of hard assets. "Our assets are our people, and that makes it more difficult to find conventional funding sources," Rasmussen said. "There would be a big hole in our business plan if not for MDC."

In return, the Government is entitled to a share of the potential profits to cover the costs of possible failure by the company. However, the US Congress has voted to stop any new commitments to venture capital and private equity funds channelled through a similar scheme because of forecasted losses of around $2 billion (á1.04 billion). A spokesman for the Treasury declined to comment on the future of Mr Brown's proposals, "We keep all areas of policy under review and we will take into account international experience when designing future policy.

Private Investment In Public MDC also provided $150,000 for Universal Separators to market its Smart Skim technology, which consists of systems and components for separating oil and other impurities from cooling and cleaning fluids used in the metal working and fabrication industries. While the systems are considered unique in recycling, the company needs to market the units to gain "first-mover" advantage.

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Equity Mutual Funds Frank Staniszewski, president of of MDC, said the Venture Debt Fund has nearly $1 million still available for tech businesses in Dane County. The fund makes loans at rates from 2-1/2 to 10% over prime depending on risk.

Birmingham Contact Equity Money for the loans comes from MGE Energy, the Cities of Madison and Fitchburg, and participating financial institutions. They include Johnson Bank, Associated Bank, Anchor Bank, State Bank of Cross Plains, Capitol Bank, Middleton Community Bank, and Oak Bank.

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