Upstate Deals and Doings – December 18, 2017

Deals, news and events for the investment community across Upstate New York

RIT RECEIVES LARGEST DONATION EVER - $50 MILLION FROM ALUMNUS AUSTIN MCCHORD

Datto, an information technology company founded by RIT alum Austin McChord, was acquired by Autotask after raising over $100M. The deal closed on December 11, and 32-year-old Austin immediately announced a $50M donation back to RIT.

Deal Highlights:

Early/Growth

  • Formarum, a Buffalo, N.Y.-based development company offering swimming pool and spa solutions that integrate new technologies to improve water quality, closed on a venture investment from OneTen Capital in early December, the 2nd for OneTen investor Jenae Pitts in Buffalo this year.

  • HigherMe, a Buffalo, N.Y.-based HR solutions company, that raised an additional $400k from 43North in October, has raised additional angel investment from UpVentures, Martin Babinec's investment arm, and other investors.

  • Cypherworx, a Rochester, N.Y.-based e-learning solutions company, raised over $800k in early stage venture financing.  Excell Partners and the Rochester Angel Network are both invested in the company.

M&A/Buyout

  • ICardiac, a Rochester N.Y.-based healthcare services company, was acquired by EResearch Technologies.  The company received early stage growth capital from Brian Model and Stonehenge, among other investors.

  • US Salt, a Watkins Glen, N.Y.-based salt products company, was acquired by Kissner Milling for $225M.

Industry News

  • More than $755 million in economic and community development funding has been awarded through Round VII of the Regional Economic Development Council initiative. Central New York, Mohawk Valley, Capital Region, Mid-Hudson and Long Island Named 'Top Performers', and awarded $425.9M in total funding.
  • Genius NY announced the six finalists selected to take part in the second round of one of the world's largest business competitions focused on unmanned systems, cross-connected platforms and other technology-based sectors. The six finalists are Dropcopter, Fotokite, Precision Vision, Quantifly, TruWeather and UsPLM.
  • M&T Bank Corporation announced that Chairman and Chief Executive Officer Robert G. Wilmers died suddenly and unexpectedly at home on December 16. He was 83. In accordance with its succession plan, M&T's Board of Directors named lead outside director Robert T. Brady, former Chairman and CEO of Moog. Inc., as M&T's Non-Executive Chairman, effective immediately. M&T's three Vice Chairman, Richard S. Gold, René F. Jones and Kevin J. Pearson, maintain responsibility for the bank's day-to-day operations.

Upstate Capital Events

  • Buffalo - January 18 - Investing Upstate: 2017 Trends & 2018 Challenges Upstate Capital is hosting an event to review 2017 investment trends in Upstate New York. Pitchbook is confirmed to participate. Register today! Prices go up January 5.
  • Ithaca - February 7 - Starting Up and Staying Here: Highlights and Challenges for Immigrant Entrepreneurs. Featuring immigrant founders pitching their startups and conversation with John Hill, VP of Network at Techstars, and Stephen Yale-Loehr, immigration law expert, Attorney of Counsel at Miller Mayer LLP and Professor of Immigration Practice at Cornell Law School. Register today! After January 19, prices will go up.

Community Events

  • BACC Academy Pitch Day - December 18 - Latham. Celebrate biomedical innovation as Siena College spotlights the Capital Region's newest biomedical entrepreneurs.

  • Findings from New Angel Research Could Improve Your Investing - January 10 - Webinar. What makes an angel investor successful? That’s one of the many questions answered in The American Angel, an in-depth study of 1,659 angels and how they invest. Hear report authors talk about angel investing today on this ACA Webinar Series.

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