Cortac, Hubble Telemed and venture follow-ons get TNInvestco nods

By Milt Capps updated 7:15 p.m.

Cortac, Hubble Telemed and venture follow-ons get TNInvestco nods | TNInvestco, Innova Fund, iScreen Vision, Edward Chaum, Hubble Telemedical, NEST TN, Relevance Capital, Solicus, Vision INCITE, venture capital, MB Innovation, MB Biomed Ventures Tennessee, CORTAC, Mike Letterman, Cagenix, JS Software Solutions, American Geothermal, Opti-Logic, Tennessee Angel Fund, Nashville Capital Network, NeighborMD, American Hometown Media, Parental Health, Anthem Healthcare Intelligence, Agilum

Edward Chaum, M.D.
Hubble founder

AMONG RECENTLY REPORTED investments by TNInvestco funds, Memphis-based Hubble Telemedical recently obtained a $250K investment from MB Biomed Ventures Tennessee I, the TNInvestco affiliate of MB Ventures.

A recent Hubble report to the SEC indicates the company has been working to raise a total $500K. The nearly 5-year-old company aims to avert blindness by detecting diabetic retinopathy (DR); it was until May 2011 known as Automated Medical Diagnostics (AMDx). Its TRIAD tech solution supports real-time diagnosis of DR. Its founder, president and chief medical officer Edward Chaum, M.D., Ph.D., is associated with the University of Tennessee Health Science Center. MB Biomed's investment closed in December, according to a Hubble report to State Economic and Community Development.

CORTAC, the Hendersonville-based body-armor provider previously known as the Apax Group, secured $50,000 convertible debt from NEST-TN, the TNInvestco fund associated with Tullahoma-based Relevance Capital (earlier, Marcum Capital). Cortac is led by CEO Mike Letterman. (Solidus TNInvestco affiliate Venture INCITE recently completed a licensing agreement with Babcock & Wilcox for commercialization of CERMET technology that can be used in armor other other applications.)

Tullahoma-based NEST-TN and Memphis-based Innova Fund II also made several follow-on investments, augmenting their earlier investments in several ventures:

Innova Fund II apparently increased by $220K its investment in Cagenix, which designs and fabricates devices and components for dental implants. VNC previously reported Innova Fund had at least $570K in commitments to Cagenix.

Innova apparently also put another $100K in iScreen Vision, which has a pediatric vision-screening solution, for a convertible-note agreement, adding to the $255K VNC previously reported Innova had invested in iScreen.

After transactions with JS Software Solutions, which provides software for law-enforcement agencies, NEST-TN reported to the state that it had executed two convertible note purchases in the past 60 days or so, and those deals apparently total $350K. In August 2011, VNC reported a $50K convertible debt transaction between J2 and NEST-TN.

NEST-TN also recently reported a $200K investment in American Geothermal; VNC reported a $300K NEST-TN investment in American Geothermal, in our July 2011 report. AmGeo produces novel heat-pump water heating and cooling systems.

Opti-Logic in December reported it secured $250K in convertible-note transactions with NEST-TN. VNC reported in July that NEST-TN had a $50K investment in Opti-Logic. As previously reported, Opti-Logic produces patented laser range-finders for archery or firearms users.

For the record: The previously reported but unspecified Tennessee Angel Fund investment in NeighborMD was apparently for $750K, according to a recent TNInvestco report by the parties. Similarly, the Tennessee Angel Fund's previously reported but unspecified investment in American Hometown Media (Just A Pinch) was apparently for $750K.

Also, a previously reported but unspecified NEST-TN investment in Parental Health was apparently for $250K, according to a report. A previously unspecified NEST-TN investment in Anthem Healthcare Intelligence was apparently for $300K.

Tracking TNInvestcos' investments accurately is made difficult by many factors. VNC welcomes any comments, corrections and other feedback. VNC