New Tech Firm Founded With $25M Commitment
AUBURN HILLS -- The private investment firm Quantum Ventures of Michigan LLC Wednesday announced the launch of ClearTech Ventures LLC.
Initiated by a $25 million commitment from Quantum, ClearTech will operate as a technology commercialization firm that invests in disruptive emerging technologies. Specifically, ClearTech will focus on technologies across the defense, security, energy and advanced outdoors markets.
Mike Toribio, who has over a decade of operational and leadership experience implementing cutting-edge weapons systems, avionics, sensors and optics technologies while serving as an F/A-18 Super Hornet combat aviator in the United States Navy, will lead ClearTech in his role as Managing Director.
"ClearTech's vision is to use our collective expertise to develop and deliver technologies a different way while making a positive impact," Toribio said. "That means either filling a technological 'gap' in-line with preexisting design intent or transposing technology to enhance people's lives in different markets."
Toribio believes the partnership between Quantum and NorthTech Partners puts ClearTech in a unique position to leverage relationships with industry experts housed in an expansive network of laboratories, engineering firms, defense contractors and academic institutions.
"Both companies have a great history of commercializing technology," said Toribio, who earned his MBA from the University of Chicago Booth School of Business. "Quantum's dedication to nurturing its businesses and helping them grow and be successful, combined with NorthTech's intrinsic technical expertise, credibility and network of relationships is the right fit for our technology commercialization philosophy. I could not be happier."
Toribio also holds degrees in aerospace engineering from the Massachusetts Institute of Technology and mechanical engineering from the United States Naval Academy.
ClearTech has made its first investment in EOS (www.3eos.com), a leader in 3D visualization and 4D simulation technologies. Working with technology partners and clients, EOS has developed unique solutions for risk mitigation and technical documentation in a variety of industries. Originally developed in conjunction with the US Army Research Lab, EOS' 3D visualization technology is finding rapid acceptance in the aerospace as well as the oil and gas industries. EOS' 4D simulation solutions allow clients to simulate complex environments in order to validate and even optimize plans and schedules.
"We are very excited about EOS," said John W. Welch, CEO of NorthTech and 35-year veteran of the entrepreneurial energy industry. "Their 3D visualization technology can help clients cut their maintenance and repair costs dramatically, while their 4D simulation solutions have proven to be a powerful risk mitigation tool on large-scale energy projects."
Based in Auburn Hills, ClearTech will invest in technologies developed either via private sector small businesses or via federally-funded sources.
"ClearTech will engage federal agencies through government mandated technology transfer programs," said Toribio. "We believe the commercialization process we execute will benefit the United States wholly via an increase in human capital, job creation, tax revenues and an ongoing innovation stream to spur the process itself."
More at www.ClearTechVentures.com, www.qvmllc.com or www.NorthTechPartners.com.
