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August 16,2002 THE BUSINESS JOURNAL I twincities.bizjournals.com 9
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<br /> JLT G p utakes "or! y stake in tech startup HiddenMiund
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<br /> St. Paul-based JLT Group trouble attracting new invest- speeds the digital transfers of large images ..
<br /> Inc., the real-estate and ment when the tech market online. Prolatus says its technology helps M���•••
<br /> investment companybacked
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<br /> fell apart. Like many institu- shorten the time needed to polish and color �' Finn:HiddenMind Inc. .
<br /> by Jerry Trooien, has taken * tional investors viewing their correct large picture files,which often are sent City Gary,N.G.
<br /> over as the majority owner of a portfolios with new skepti- back and forth between a company and its Top official:Ken Walters,CEO
<br /> North Carolina-based wire cism,Warburg decided not to production house. Business:Wireless access to business software
<br /> less-technology firm with a put more money into the ven- When the company expanded internation Founded:1999
<br /> $10 million recapitalization ture when HiddenMind ally earlier this year with an office in Leeds ,°: Employees:65
<br /> deal. . sought new financing this England, it expected to generate business I Web site;www.hiddenmind:corn
<br /> JLT Group and Trooien had spring. Trooien, though, kept mostly from the United Kingdom, said Tom
<br /> previously invested about$6.5 k '' his hand in and said he'd fund Stallings,director of marketing for Prolatus In Firm:Prolatus Inc;
<br /> million in HiddenMind Inc.of ,,,,,._,,,,..,S;;,.;,!•,' a„,, t the company going forward, fact, half the customers came from other s' City:Golden Valley
<br /> Cary,which is located in North In Private Kenneth Tyra said. countries. ;Fop official' Hoekstra ”
<br /> Carolina's Research Triangle "We were fortunate to have To take advantage of that interest,Prolatus Business:Pre-production printing software
<br /> Park area. The new round of Mark Reilly a committed investor," said is considering distribution and sales partnerFounded:1999
<br /> funding, made after Senior reporter Tyra, chairman of ships in such markets as Australia, though it i+Web site:www.prolatus.corn
<br /> HiddenMind's institutional w= HiddenMind and now the might not establish actual sales offices. ''
<br /> investors decided to bail out, president of JLT Group. "Because we're primarily a software company l Firm:Bixby Energy Systems;Inc.
<br /> effectively restarts the tech firm as a new corn- He said HiddenMind was reformed as a lim- people can just download our product and J;City:Elk River
<br /> pany,with JIT as the dominant shareholder ited liability company for tax reasons;Trooien install it,"Stallings said. a Top official:Robert Walker
<br /> Founded in 1999, HiddenMind integrates will be able to treat some of his investment as , Business_Biomass-burning'stoves and heaters
<br /> standard business software applications into a passive loss. ,Bixby Energy targeting$2.25M for biomass stove i Founded 1999
<br /> wireless devices,letting a user access compa- Tyra said he's confident in HiddenMind's ' Bixby Energy Systems Inc.,which has devel Web site:www.bixbyenergy.cam
<br /> ny databases and the like on a handheld corn- prospects, noting that the company has oped a highly efficient heating stove that
<br /> puter.Customers include General Electric and begun to see some evidence of renewed tech- burns biomass materials (also see page 14) is , .
<br /> St.Jude Medical Inc. nology spending by corporations."It's certain- working to finish off its latest round of fund-
<br /> The company was founded by networking ly not a big increase,but it's in the right direc- ing. But Robert Walker, Bixby's CEO and the
<br /> consultant Kristopher Tyra and his brother, tion,"he said. The Elk River company hopes to raise founder of Select Comfort Corp., is aiming
<br /> Kenneth, formerly an attorney with roughly$2.25 million from investors. higher.The company plans to introduce a line
<br /> Minneapolis-based Dorsey&Whitney.At the Prolatus thinking global after UK office success The funding will help Bixby continue to of fuel pellets made from other biomass types
<br /> law firm, Kenneth Tyra had advised Trooien Imaging software firm Prolatus Inc.is work- develop its concept of a biomass-fueled heat- —cranberry stems, grape leaves, etc.—and
<br /> on several real estate deals. When Trooien ing to build a global presence after scoring an ing-and-energy system. The company's first develop burners that will power water heaters
<br /> heard about the startup,he decided to invest unexpected hit with its first foreign office in model, the size of a typical wood-burning or even air conditioners.
<br /> in an early round. the United Kingdom earlier this year. stove, bums dry shelled corn at a more effi-
<br /> HiddenMind later raised $25 million from The Golden Valley company, formerly cient rate than either wood stoves or other mreilly@biijoumals.com}(612)288-2110
<br /> New York-based Warburg Pincus, but had known as Colorcentric, sells software that biomass burners.
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