TRUTOUCH TECHNOLOGIES, INC. CLOSES $2.4M
11/01/2005
Non-invasive alcohol measurement system developer poised for market launch
ALBUQUERQUE, New Mexico—November 1, 2005: TruTouch Technologies, Inc. has announced the closing of a $2.4 million financing round. The financing round, led by Verge ($750,000), included Flywheel Ventures ( $750,000), Fort Washington Capital Partners ($750,000), and New Mexico Community Capital ($150,000).
“I believe that TruTouch’s technology will revolutionize society’s ability to proactively address and dramatically reduce the loss of life and expense caused by drunk drivers,” said Verge General Partner Dave Durgin. “It is without a doubt a disruptive technology in the alcohol detection market and will, in my opinion, become the detection method of choice within five years.”
TruTouch’s products target non-invasive alcohol measurements. Although alcohol testing is typically associated with drunk driving, it also plays significant roles in community corrections, workplace safety, and emergency medicine. Current methods for testing suffer from two key limitations: 1) all require handling of a bodily fluid which gives rise to biohazard concerns, and 2) all require some degree of direct subject supervision from a test administrator.
TruTouch new touch-based alcohol measurement technology overcomes these limitations and thereby offers significant improvements in subject safety and the ability to conduct completely unsupervised testing. The technology is light-based and relies on near infrared spectroscopy to non-invasively measure alcohol through the subject's skin. This creates a rapid, easy-to-use method for determining alcohol concentration in a variety of environments.
“We are excited about leading the way with our breakthrough technology to provide more effective testing tools for law enforcement, workplace safety, and emergency room applications. There is tremendous interest in TruTouch’s revolutionary product as drunk driving remains a tragic problem in US. TruTouch will directly address a significant public safety issue, and this equity investment by four premier New Mexico VC firms integrates well with the support we’ve received from federal and state funding,” said Jim McNally, TruTouch CEO.
“The New Mexico State Investment Council is committed to supporting top-flight New Mexico Companies creating valuable new technologies,” said State Investment Officer Gary Bland. “We’re excited to see a group comprised completely of New Mexico VC funds partnering to invest in promising companies like TruTouch. All of the VC firms in this particular investment round are supported with NM Severance Tax Permanent Fund money, which further demonstrates the Richardson Administration’s dedication to investing in New Mexico’s growing high-tech community. ”
“At Flywheel we’re very excited about our investment in TruTouch. As financial investors, we see great promise in the technology and in the company’s growth prospects. As citizens it is also incredibly compelling to drive the commercialization of a technology that can ultimately help eliminate one of our greatest social tragedies…drunk driving,” said Kim Sanchez-Rael, General Partner, Flywheel Ventures.
About TruTouch Technologies, Inc.
TruTouch Technologies, Inc., located in Albuquerque, NM, has developed and demonstrated innovative testing systems that measure alcohol in people using optical technology. The technology enables completely noninvasive and fluidless alcohol measurements. Our vision is to reduce the devastating impact and costs of alcohol abuse on society through improved testing technologies.
About Verge
Verge is a seed and pre-seed venture capital fund, investing in promising technology opportunities in New Mexico. With over 80 years experience in New Mexico as investors and operators, the six Verge partners work closely with entrepreneurs and technologists to develop promising opportunities in successful commercial ventures. Focusing on technology investments in New Mexico, Verge invests at the earliest stages of a company’s development, typically placing $100,000-$500,000 in first round investments. www.vergefund.com
About Flywheel Ventures
Flywheel Ventures is a seed- and early-stage venture capital firm that invests primarily in the Southwest/Rockies. Flywheel targets ventures based on innovations in information technology and the physical sciences. The firm matches talented entrepreneurs and market opportunities with Flywheel's capital, entrepreneurial experience, and industry relationships to accelerate innovations into profitable companies. Flywheel is based in Santa Fe and also has offices in Albuquerque and San Francisco. For more, please visit www.flywheelventures.com.
About Fort Washington Capital Partners
Fort Washington Capital Partners Group (FW Capital), based in Cincinnati, Ohio, is the institutional private equity division of Fort Washington Investments Advisors, Inc. (FWIA), a registered investment advisor. Fort Washington is the General Partner of New Mexico Co-Investment Partners, a $46 million venture capital fund that invests in promising New Mexico companies. FW Capital’s team has been investing in private equity partnerships since 1984, beginning with investments on behalf of its parent company and affiliates. FW Capital currently offers fund of funds, co-investment funds and private equity advisory services to a wide range of institutional investors including public and state entities, corporations, banks, insurance companies, endowments and foundations. FWIA is a wholly owned subsidiary of The Western-Southern Life Insurance Company (Western Southern), a AAA-rated insurance company founded in 1888, and part of the Western & Southern Financial Group®.
About New Mexico Community Capital
New Mexico Community Capital provides equity capital and management resources to qualifying businesses throughout New Mexico, particularly in under-invested areas. NMCC’s fund objectives are to stimulate job growth, strengthen local economies, generate attractive returns for investors, and enhance the entrepreneurial capacity of business owners. Through targeted financial investments and entrepreneurial support, NMCC seeks to produce two primary results, those being positive social returns in local communities and solid financial returns for investors. For more, please visit www.nmccap.org
For more information contact:
Jim McNally, TruTouch Technologies; 505.272.7405; Jim.McNally@TruTouchTechnologies.com
David Durgin, Verge; 505.843.4235; ddurgin@vergefund.com
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