View Mobile Site

Partnership announces investment exit

  • Bookmark and Share

Prime Time Specialty Mini Grid WIDGET

Tonight in Prime Time

Enter your ZIP code below to see local listings.

BC News Friends to follow

POSTED: August 7, 2013 7:30 p.m.

Ariel Southeast Angel Partners of Richmond Hill has announced the exit of one of the Angel Business Group’s investments.  
The acquisition of Advanced Liquid Logic by Illumina Inc. has resulted in a significant return for the group’s members, who invested in this North Carolina startup that grew to become a leading provider of liquid-handling solutions.
ALL now is a wholly owned subsidiary of Illumina Inc., a San Diego-based and NASDAQ-listed company that makes genetic-testing tools. ALL’s proprietary “digital microfluidics” was attractive to Illumina for the development of its next-generation gene sequencing.
The financial terms of the Illumina deal were not disclosed.
ASAP made significant investments in ALL during the company’s preferred-stock rounds in 2007, 2008 and 2009. These investments enabled ALL to develop its technology.  The technology electrically segments and manipulates small droplets within a sealed disposable cartridge to perform laboratory protocols on fluids such as blood, sewage, water, chemicals and solutions.
“Obviously we are delighted that one of our largest investments has led to a significant return for our members,” ASAP Board of Managers Chairman Steve Clark said. “Over half of our members chose to invest in ALL, and even those who participated at our minimum level of $5,000 are very pleased with their return on investment. With the upturn in the economy, we are expecting an increase in exits among our 18 portfolio companies in the coming years and continue to screen, recommend and invest in promising start up and early stage businesses.”
ASAP is a member of the Angel Capital Association and an active participant in the Southeast Angel Region with 27 Angel investment groups.

 

Comments

  • Bookmark and Share

Commenting not available.
Commenting is not available.

Most Popular


Please wait ...