Ohio Venture - OVA Review Newsletter
News from the Ohio Venture Association meeting on June 28, 2016


OVA's Venture of the Year: Explorys

Explorys, which was sold to IBM last year, emerged from three strong finalists this year to claim OVA's Venture of the Year award, succeeding the previous winner, TOA Technologies. The other finalists were Veritix, an ID-based digital ticketing company recently merged into AXS, and CardioInsight, a medical device company that maps electrical disorders of the heart. It was recently purchased by Medtronic.

To be considered, an organization must have either raised a significant round of professional capital (professional angel, VC or private equity) in that year or had a successful exit, either through a buyout or initial public offering. For the second consecutive year, all three finalists achieved successful exits in the previous 12 months.

Explorys was founded in 2009 as an innovation spinoff from Cleveland Clinic. It leverages big data in healthcare to improve delivery of care, tying disparate data together.

Said OVA's Jim Weisman: "Explorys is Big Data. And the numbers don't get much bigger than these: Their database covers over 50 million unique lives, 315 billion data points, and over $69 billion dollars of care spend. And last year, that Big Data attracted a suitor, as IBM snatched up the company."

At the June luncheon, held in conjunction with Jumpstart's annual Startup/Scaleup conference, OVA also recognized the recent passing of a giant in the venture capital community, David Morgenthaler. After a successful early entrepreneurial career, Mr. Morgenthaler launched Morgenthaler Ventures in 1968 in Cleveland, largely with his own money.

"This was one of the first venture firms ever to be built on the capital of the founder," Weisman said. "Over the next 42 years, David went on to invest in more than 300 companies, serve as one of the founding directors of the National Venture Capital Association, and worked with the U.S. Congress to improve conditions for venture capital and entrepreneurship. I could go on and on about David, but needless to say, he helped to build our modern venture capital industry."

More information:

OVA's Video Archive is Online:

OVA is pleased to offer an archive of program videos to its website. You'll find the full video record of most OVA formal programs since 2008 at www.ohioventure.org/events/video-archives/.

Upcoming Meeting Dates:

  • September 8, 2016
    VentureOhio Gala

See complete details and registration for upcoming events.

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