MCNC Ventures, LLC, Established to Serve as Catalyst for Technology-based Entrepreneurship in North Carolina; Creates High Tech Jobs for North Carolina

Business Wire, Feb 6, 2003

Business Editors/High-Tech Writers

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Feb. 6, 2003

The MCNC companies today announced the establishment of MCNC Ventures, a new LLC whose mission is to invest over $25 million into early stage companies throughout North Carolina.

In concert with other venture firms, the partnership will seek to invest in emerging companies from the private sector and North Carolina universities. These companies will be North Carolina based and will be developing products with technologies that fall within the sphere of research conducted by MCNC Research and Development Institute (MCNC-RDI).

"Our end-to-end strategy uniquely positions MCNC Ventures as an investment player," states John Cambier, Director of New Ventures. "By leveraging MCNC's scientific know-how, its extensive research facilities and its business formation experience, we believe that our capital investment success ratio will be better than average for venture capital."

MCNC Ventures has established two funds. The Seed Fund will finance pre-institutional investments, while the more traditional Enterprise Fund will be invested in syndication with other venture firms, focusing on first and second rounds. The Enterprise Fund is a partnership between both MCNC companies while the Seed Fund is solely owned by MCNC-RDI.

"MCNC has an impressive track record for working closely with the universities, nurturing new innovations and commercializing the intellectual property to create jobs for North Carolina," stated Steve Nelson, Managing Director with the Wakefield Group, a local venture capital firm, and Chairman of North Carolina's Council for Entrepreneurial Development (CED). "The VC community is excited about the possibilities that MCNC Ventures brings to market for our state."

Fund assets will be managed by John Cambier, who has been with the company since 1994. Cambier has a strong background in operational processes and the coordination of business development activities, including acquisitions and new ventures. He was instrumental in the spin off of both Unitive and Cronos and continues to play a key role in building the new organization. Cambier holds a B.S. degree in international relations from Michigan State University and earned his MBA at UNC's Kenan-Flagler Business School.

About MCNC Research and Development Institute (MCNC-RDI) MCNC-RDI is a private, nonprofit organization that seeks to enhance economic development in North Carolina through applied research and technology development. MCNC-RDI core areas of expertise include advanced networking, microfabrication and sensor technologies.

About MCNC's Networking and Supercomputing Business Unit The networking and supercomputing business unit of MCNC offers information technology services enabling advanced education, research and development. It is comprised of the North Carolina Research and Educations Network (NCREN) and the North Carolina Supercomputing Center (NCSC).

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