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OnPoint Technologies:
Overview:
Created as part of the Department of Defense Appropriations Act for the fiscal year 2002, OnPoint Technologies was formed as the venture capital arm of the United States Army to invest in small, early-stage, and growth-oriented companies developing innovative technologies (specifically, new power and energy sources that will assist the Army to develop new technologies to increase the battlefield effectiveness of individual foot soldiers). The Group was created with a total investment budget of up to US$25 million and deal values range from US$500K to US$2 million. Sectors of focus are Mobile Power and Energy Enabling Technologies with specific areas of focus including generation (fuel cells & micro turbines), storage (batteries & capacitors), management (semiconductors & software), controls (control circuits & voltage sensors), distribution (conducting polymers & superconductors), and usage (low power logic & components). Key criteria for investment include having innovative technologies with potential applications for the Army, an exceptional team with unique insights into the dynamics of the markets they serve, innovative problem solving technologies or solutions with a large market potential (both commercial and military), barriers to competition, the potential to capture and maintain a leadership position in large and underserved technology markets, and differentiated business models with the potential for significant returns over the course of several years.
Management Team:
OnPoint is indirectly managed by Arsenal Venture Partners (AVP) , a California and Florida based venture capital firm with commercial and defense orientated investments spread across the communications, software, materials, IT, power & energy, and clean-tech sectors. AVP is also the manager of MILCOM Technologies (which was originally chosen by the Army to manage OnPoint) - a US$600 million seed-stage venture fund founded in 1997.
OnPoint/AVP/MILCOM’s senior management team includes:
Dennis Behm (Principal - Army Integration) maintains an active role throughout the investment process and acts as an interface between the Army and Department of Defense and OnPoint’s portfolio companies. Prior to joining OnPoint, Dennis was the Executive Vice President of Lockheed Martin Western Development Labs and had also spent 25 years in a variety of roles with McDonnell Douglas.
Chris Fountas (Director) is responsible for the Onpoint’s day-to-day operations and has a lead role in the investment process. Prior to joining OnPoint, Chris was a partner with Baker & Hostetler and co-founded several successful start-up companies.
Dr. Henry Huey (Principal - Technology) works closely with the commercial portable power industry to identify technologies that have good commercial prospects and would be useful to the Army. Prior to joining OnPoint, Dr. Huey held various positions with Alidian Networks, Lockheed Martin/Loral Western Development Labs, and TRW.
David Odom ( Principal, Defense Commercialization, and Transitions) identifies and analyzes mobile power and energy sector investments and works closely with Army representatives to facilitate technology transfers. Prior to joining OnPoint, David worked for various early stage ventures and Fortune 500 companies.
Jason Rottenberg (Managing Director) is responsible for OnPoint’s day-to-day operations and acts as an interface with the senior leadership of the Army and Department of Defense. Prior to joining OnPoint, Jason worked for Arthur Andersen in Washington DC and Silicon Valley where his clients included start-up companies to Global 1,000 corporations.
John P. Trbovich (Principal) focuses on investments in power and energy technology companies. Prior to joining OnPoint, John was an interim-CEO for a wireless software developer, co-founder of E*OFFERING, and held various roles with Robertson Stephens, Metzler Corp., and Salomon Smith Barney.
Trustees:
OnPoint Board of Trustees consists of five trustees, two from OnPoint (Chris Fountas and Jason Rottenberg) and the following three so-called Alpha Class trustees who are not affiliated with MILCOM and thus, are independent members of the Board:
Chairman Paul J. “Page” Hoeper served as the Assistant Secretary of the Army (Acquisition, Logistics and Technology) from 1998 to 2001 where he acted as the Army Acquisition Executive, the Senior Procurement Executive, the Science Advisor to the Secretary, and the senior research and development official for the Department of the Army. Prior to this, Paul was the Deputy Under Secretary of Defense (International and Commercial Programs), the President of Fortune Financial, the proprietor of Northshore Consultants, and a consultant to the Department of Defense and the United States Navy.
Trustee Harkley Thorton, an entrepreneur and attorney, is the owner and president of Outlook Media and serves as a Jeb Bush appointee on the Governing Board of the South Florida Water Management District. Prior to Outlook Media, Harkley was owner of The Thornton Company, a real estate attorney, and a commissioned Second Lieutenant in the United States Army.
Trustee Dr. Paul Gompers is a Professor of Business Administration at the Harvard Business School where he specializes in research on financial issues related to start-up, high growth, and newly public companies.
Portfolio:
OnPoint’s current investment portfolio consists of the following investments: Boston Massachusetts based A123 Systems ( advanced Lithium-Ion based cells for rechargeable battery packs), Gwent UK based Atraverda ( advanced bi-polar battery electrodes for rechargeable batteries), Burlington Massachusetts based IFCT ( next generation fuel cell systems for portable devices), Palo Alto California based Nanosolar ( thin-film solar technology for roll-to-roll printing of solar cells on flexible substrates), San Diego California based PowerGenix ( next-generation rechargeable batteries), Herndon Virginia based Power Precise (a fabless semiconductor company specializing in battery management devices), Livermore California based Ultra Cell ( integrated fuel cell systems), Santa Barbara California based Zinc Matrix Power ( high-performance rechargeable alkaline battery technology for commercial and military markets), St Louis Missouri based Akermin ( portable fuel cells based on its proprietary “Stabilized Enzyme Biofuel Cell” SEBC™ technology), and Pasadena California based Superprotonic ( solid acid fuel cell or “SAFC” technology).
The Bottom Line:
Although OnPoint could be considered a much “poorer cousin” to the CIA’s well funded In-Q-Tel, it has a clearly defined focus on finding and developing new power and energy sources for foot soldiers and naturally, such technologies would also have tremendous potential for commercial applications. Hence, it would not be a stretch to suggest that OnPoint may stumble upon the next big breakthrough in the hot alternative energy technology arena.
Contact Information:
OnPoint Technologies
250 Park Avenue South
Suite 360
Winter Park, FL 32789
Phone: (407) 401-7100
Fax: (407) 659-0447
Website: http://www.onpoint.us