archangels 2017 8.qxp layout 1 · 6 archangel investors limited annual report 2017 date of first...

Letter from the Chairman 1Portfolio Summary 3Portfolio Companies

Administrate 6Arrayjet 7Blackford Analysis 8CAlCiViS 9Critiqom 10Cytomos 11Fios Genomics 12Indigo Lighthouse 13Lux Assure 14MGB Biopharma 15NCTech 16NetThings 17Optoscribe 18Oregon Timber Frame 19PhysioMedics 20PowerPhotonic 21Reactec 22Trig Avionics 23WaveLIFT 24ZoneFox 25

Executive Team 26

Contents

Investment andexpertise for promising,early stage Scottishtechnology and lifescience companies

Archangel Investors Limited Annual Report 2017 1

Dear Member

It gives me great pleasure to write to you today, enclosing our annualreport and accounts for the financial year ended 31 March 2017.

2017 marks a significant milestone for Archangels: a quarter of acentury at the forefront of early stage investing in Scotland. Weacknowledge the contribution of founders, Barry Sealey and MikeRutterford, for the platform they have built and while we celebrate25 years’ achievement, we look forward to building on this over thecoming years and continuing to invest in exciting, disruptivetechnology companies in Scotland.

2016/17 was another landmark year for Archangels. We arranged£14.7m (2015/16: £13.9m) of investment over 12 funding roundsduring the year, principally into our existing portfolio of companies,but also in two new investee companies, Optoscribe andPhysioMedics. This total included arranging follow-on funding of£3.6m in Edinburgh-based ZoneFox – a record investment round for Archangels and the biggest ever investment round by anybusiness angel syndicate in Scotland.

Archangels’ members committed a total investment of £8.3m during the year, with Scottish Investment Bank pledging £3.4m of investment capital and £3.0m from other partners.

We returned £31.5m (2015/16: £16.0m) to investors, principallythrough the sale of Touch Bionics to Icelandic prosthetic limbspecialist, Össur, and deferred the consideration relating to the sale of CXR Biosciences which was sold in 2015.

This year we also took the decision to discontinue support for threecompanies: Airborne Energy, Ateeda and Sentient (2015/16: 1). Whilstit is difficult to see companies we have supported over a number of years failing, we believe it is right and responsible to ceasesupport where there is no real prospect of a return for investors.

Since the year end, we have invested in one new company,WaveLIFT, which takes our active portfolio to 20 companies.

Letter fromthe Chairman

Directors:

Geoff Ball

Mike MacPhee

Mike Rutterford

Alastair Salvesen

Eric Young

Archangel Investors Limited 2 Annual Report 2017

As you are aware, the Enterprise Investment Scheme (EIS) is veryimportant to Archangels and almost all our investments qualifyunder the scheme. Investors can obtain a reduction in their incometax for qualifying investments and benefit from exemption fromcapital gains tax on exit, providing shares have been held for a three-year period.

Although the Finance Act 2015 set out more limited qualifyingcriteria for EIS, most of our companies fall within the definition of ‘knowledge intensive’ and the majority of the capital we provide is growth capital. Our investments have therefore continued toqualify. However, we do closely monitor the scope of EIS; we liaise with HMRC and consider the impact of any changes onArchangels’ activity.

On a corporate level, I am pleased to report that we have grown our investor base to 85 during the year (2015/16: 70). We have also strengthened the team in the office, with the appointment of a new Investment Executive, Shaolei McKie, who will provideinvestment support to the Investment Directors.

In previous years, we have also enclosed a document summarisingyour personal transactions during the fiscal year. We have not done so this year, as the information is now accessible through theinvestor portal on our website, which launched earlier this year.

However, if you would prefer to receive a hard copy summary of your investments, please don’t hesitate to contact David, or one of the team in the office, who will be happy to oblige.

Our members are our most important asset and without you wecould not continue to provide the significant levels of investment, of time and money, to our companies. I would like to thank you foryour support during the year and look forward to another strongyear of activity ahead.

Yours sincerely

Eric YoungChairman31 July 2017

Letter fromthe Chairman(continued)

There are

20active companies in our portfolio

in which Archangels has invested

£35.4mto date.

The investment team chooses not to report the fair value ofArchangels’ investments. However, it is important to note thatthe underlying fair value of a large number of companies in thecurrent portfolio is greater than the book value.

For purposes of reporting on number of follow on rounds, multitranched investments have been included as 1 investment round.

Portfolio



Date of First Investment: December 2010

Initial Sum Invested: £0.22m

Total Invested by Archangels: £3.0m*

No. of Follow on Rounds: 6

% Held (fully diluted): 50.3%

Last round Price: £0.35

Total Invested by All Shareholders: £4.5m

Archangels observer: Niki McKenzie

Administrate offers a complete training management platform for clients ranging from SMEs to large corporates.

Administrate’s software helps training companies and trainingdepartments manage their entire business. The integrated onlinesystem focuses on making training administration easier, helpsdeliver outstanding eLearning, and assist companies in keeping their websites up to date and taking online course bookings.

Comment:The engineering team at Administrate has increased significantly in sizesince the funding round at the end of 2016 which has enabled a stepchange in delivery of new product features and increase in deal sizefrom new customers. In particular, 2017 features such as new coursetemplate options, integration with Survey Monkey, offering learners theability to pay with vouchers, and making improvements to the API, haveencouraged new large customers to subscribe. The focus on productimprovement will continue over the remainder of the year, togetherwith improved features for large training departments.

Board:

Dee Ward (Chairman, Investor Director)

John Peebles (CEO)

Patrick Flanagan (CCO)

Ed Molyneux (NXD)

* Further Tranche 2 commitmentof £0.75m from Archangels(£1.1m from all shareholders)

Administrate


Date of First Investment: February 2001


Total Invested by Archangels: £3.3m



Last Round Price: £0.20


Archangels Observer: Sarah Hardy

Arrayjet’s platform technology uses unique, non-contact, inkjetprinting of arrays offering unrivalled speed, reproducibility andprecision. With proven and well-established printing know-how and over 75 years’ microarray experience with the laboratory team,Arrayjet delivers high quality microarrays faster than any othertechnology.

The company offers a flexible, customer-focused approach with the provision of Arrayjet Advance™ microarray manufacturingservices in addition to a range of four scalable microarrayinstruments, accessories and consumables.

Comment:Building on the funding round in September 2016, Arrayjet has beengrowing its headcount to drive the expansion of its Arrayjet Advancein-house consultancy service. This will increase the company’s globalcommercial resource and bring new products to market. It hasrecently started the process of designing and developing its nextgeneration bio-printing technological solutions with a new productlaunch scheduled for 2018.

Arrayjet now has clients across 27 countries and recently appointedUS-based biotechnology entrepreneur Dr Joseph Keegan as a Non-Executive Director. The Company believes his knowledge and experience will be transformative for the business.

Board:

Alan Faichney (Chairman, Investor Director)

Iain McWilliam (CEO)

Kirsty Macfarlane (COO)

Martin Ramsay (CFO, Investor Director)

Joseph Keegan (NXD)

Arrayjet


Date of First Investment: September 2012







Archangels Observer: Niki McKenzie

Blackford Analysis is a provider of software products that acceleratecomparison of medical images. By saving clinician time andincreasing capacity, Blackford’s products help to increaseproductivity and efficiency across the healthcare enterprise.

Designed to be integrated directly into any image viewer, Blackford’sproducts work seamlessly within existing systems to enable instantcomparison of multiple image studies with a single click, providing a typical time-saving of 10%-20% for each comparison made.

Comment:Blackford’s software is now being sold consistently in radiologythrough channel partner Intelerad and in ophthalmology throughOptos. The team is currently reviewing the market to identifyopportunities for processing through Blackford’s core server product to support revenue scale up.

Board:

Conrad Chin(Chairman)

Ben Panter (CEO)

David Bowie (NXD, Investor Director)

Rob Mackean (CFO)

Blackford Analysis


Date of First Investment: August 2012








CALCiViS is a medical device company that is focused onrevolutionising the management of dental demineralization byproviding what leading clinicians consider to be the “Holy Grail” of cariology (tooth decay): real-time chair side assessment of thecaries disease process. Its first product would be the world’s firstbiotechnology-based dental imaging system. The CALCiViS imagingsystem allows live visualisation of active tooth demineralisation,enabling a new standard of preventive care. It is a specialised devicedesigned to exclusively image the tooth surface after delivering an application of CALCiViS photoprotein.

Comment:CALCiViS has had a very productive year. The company completed a Clinical Study evaluating the CALCIVIS® Imaging System in generaldental practices in Scotland. The study data will be used to supportthe planned US Premarket Approval (PMA) for the CALCIVIS®imaging system in the second half of 2017. The Company had a successful pre-launch at the Dentistry Show and British DentalAssociation conferences this year and is on track for its UK launchlater this year.

The company raised an interim round of £1.2m in July 2017 to supportthe programme. Efforts to raise a larger round of >£5m to fund thecommercialisation of the CALCIVIS imaging system in the UK and US are progressing.

Board:

James Browning (Chairman)

Adam Christie (CEO)

Peter Rees (NXD, Investor Director)

Bruce Vernon (Director)

Robert Teague (Director)

CALCiViS


Date of First Investment: June 2005








Scotland’s largest independent document management company,Critiqom offers a complete, cost effective one-stop outsourcingsolution for personalised ‘business critical’ documents. This includescreation through the lifecycle of document printing, distribution,postal management and electronic archiving.

Critiqom’s customer base features many blue chip organisations in public and private sectors across the UK, where it has extensivespecialist knowledge and presence, particularly in servicing LocalGovernment and Debt Recovery organisations.

Comment:The new management team has successfully replaced lower volumesin debt recovery with increased local government work. Critiqomnow has c.23% of the UK’s local council annual billing work. Focus ison improving operational efficiencies and building opportunities indifferent sectors.

Board:

John McCoach(Chairman)

Martin Ritchie(NXD, Investor Director)

Charles Sweeney(CEO)

Gerry Crawley (Director)

John McKay (Director)

Critiqom






% Held (fully diluted): 41%


Total Invested by All Shareholders £0.64m


Cytomos aims to revolutionise cell analysis by moving key tests outof the laboratory. Cytomos’ proprietary and patentable technology,which is in early stage development, is low-cost, portable andscalable. It aims to enable non-specialist users to perform real-timequantitative cell analysis for research or clinical diagnostics, in thelab, field, or at the point of care. Its products will get results faster,simplify the logistics of testing and reduce costs.

Comment:Cytomos is in the early stages of commercialisation of its technology,with a wide range of potential application areas being explored.Early prototypes have been tested in the laboratory to demonstratetheir ability to detect live cells. Cytomos now plans to engage furtherwith key opinion leaders to ascertain the full potential of the currentprototypes and develop next generation devices.

Board:

Alister Minty (Chairman)

Keith Muir (CEO)

Ken Fyvie (NXD, Investor Director)

Cytomos


Date of First Investment: July 2011








Fios Genomics provides an extensive range of bioinformatics dataanalysis services to biotechnology, pharmaceutical companies,contract research organisations and academia for drug discoveryand development and applied research across all species.

Fios Genomics offers access to a combined resource of in-housebioinformaticians, statisticians and biologists working together to analyse and interpret data regardless of the platform it wasgenerated on. Its team is specialised in the analysis of high-dimensional, multi-variant datasets and recognising patterns and trends associated with a trait, disease or drug response. Fios Genomics proprietary computer solutions allow the analysis of large datasets to be parallelised, saving processing time andavoiding the complications that can arise when analysing data in batches. By combining robust statistics and pathway analysis,they can reveal the biology of clients’ experiments and turn data into useful, relevant and actionable information.

Comment:The company has had a strong year, with continued growth incommercial sales, increased revenues and profitability. The companyhas focused on its internal structure and has strengthened itsmanagement team by the appointment of Max Bylesjo as TechnicalDirector. The company has also moved office premises this year to help accelerate growth.

The focus for this coming financial year is to continue to increaserevenues and profitability whilst simultaneously continuing to grow thebusiness. The Company is also looking to expand its commercial reachwith plans to expand into further geographies in the next 12 months.

Board:

Alan Johnston (Chairman)

Dr Sarah Lynagh (CEO)

Martin Ramsay (CFO)

Max Bylesjo(Technical Director)

Alastair Strachan (NXD, Investor Director)

David Dalgleish(NXD)

Peter Ghazal (NXD)

Fios Genomics









Archangels Observer: David Ovens

Founded nearly two decades ago, today Indigo Lighthouseempowers companies to convert consumers into loyal subscribers with its plug-and-play outsourcing solution for Subscription Loyalty Programmes. The platform supports the complete customer acquisition and retention journey from deep data analysis to full subscription purchasing, embracing technology like QR codes and specially developed white label apps to directly enrol consumers onto subscription.

Specifically, services include rich data insights to facilitate activity that increases customer annual spend, customer purchasefrequency and customer lifetime value; a sophisticated global multi-currency payments management platform; global supply chain management including warehousing, pick and pack of product and delivery to the end consumer. It also manages all forms of customer communications through a multi-lingual and award winning Customer Communications Centre.

Comment:Trading in 2017 continues positively in line with historic growth andprofitability. The company continues to pay dividends. As well asservicing its two main customer groups, Grand Vision and Boots, the company has been making progress in expanding its businessgeographically, particularly in the USA, where it is in commercial and contractual discussions with several large optical groups.

Board:

Jack Steele (Chairman)

Alan Cox (CEO)

Julia Eynon (Marketing Director)

John Waddell (NXD, Investor Director)

Indigo Lighthouse


Date of First Investment: October 2003








Lux Assure provides technology to detect, measure and monitorchemical concentrations within the oil and gas industry. Lux methods are safe, fast and non-intrusive. They deliver near real-time,cost-effective and accurate results in the field, anywhere in theworld, protecting and extending lifetime of critical assets.

Lux currently delivers two key technologies: CoMic™, a game-changing service to help achieve optimal usage of corrosion inhibitor;and OMMICA™, a simple and accurate inhibitor testing system.

Comment:During the year, Emma Perfect was appointed as CEO. Her focus has been on the requalification of the company’s core CoMic™,technology, in particular in making the deployment of the technologyeasier for users. In addition, the company has put in place a businessdevelopment resource for both product lines. Sales of OMMICA aregrowing and the commercialisation of CoMic is expected in thesecond half of 2017.

Board:

Laurence Ormerod(Chairman)

Emma Perfect(CEO)

Hanne Furberg(NXD, Statoil)

Matthew Pritchard (NXD, Conoco Philips)

Max Rowe (NXD)

Lux Assure










MGB Biopharma is a biopharmaceutical company focused on thedevelopment of its lead novel antibiotic, MGB-BP-3, which has thepotential to become the treatment of choice for Clostridium difficile-associated disease (CDAD). MGB-BP-3 is active against a susceptibleand multi-resistant Gram-positive pathogen. The oral formulation of MGB-BP-3 is being developed specifically for the treatment ofCDAD, caused by a bacterium responsible for the most commoncause of hospital-acquired infectious diarrhoea.

MGB Biopharma acquired rights to the proprietary minor groovebinder (MGB) platform, developed at the University of Strathclyde,Glasgow, with exclusive worldwide licensing rights for all anti-infective fields, providing a unique opportunity to develop a new class of anti-infectives.

In addition to the lead product, the company has a pipeline of assets in the Gram Negative and Gram Positive space.

Comment:Last year MGB-BP-3 was granted Qualified Infectious DiseaseProduct (QIDP) status, gaining additional 5 years’ market exclusivity.Furthermore, the FDA has signalled support for the proposed PhaseII and a single Phase III superiority study protocol. Following the fundraising earlier this year, MGB Biopharma has startedmanufacture and preparation of the Phase II study of MGB-BP-3'soral formulation.

MGB Biopharma continues its campaign to engage with potentialdownstream partners and sources of finance to raise funds to advanceits lead product through Phase II, and to progress intravenous (I.V.)Gram-positive, Gram-negative and anti-fungal programs.

Board:

Ken Fyvie (Chairman)

Miroslav Ravic (CEO)

Raymond Spencer (CFO)

Adam Christie(NXD)

John Waddell (NXD, Investor Director)

* Further tranche 2 commitmentof £0.237m from Archangels(£0.46m total from allshareholders)

MGB Biopharma


Date of First Investment: October 2011








NCTech designs and manufactures leading 360 degree rapid imagingsystems that streamline the workflow of image documentation andcan be used repeatedly, accurately, consistently by anyone anywhere.

Comment:NCTech continues to build and deepen relationships with keypartners including Google and Intel, as well as the largest laserscanning companies in the geo-surveying markets.

As a result of market demand the team has delivered an acceleratedproduct roadmap during early 2017 with strong positive feedbackfrom the market being received on all of their new products. Inparticular the team’s understanding of customer workflows is widelyacknowledged to be ahead of competitors and has resulted in themgetting early access to market leading processing technology.

In addition to new hardware, the business has launched a newplatform ‘OnestopVR’ service which in time will process output from all of the NCTech hardware on a subscription basis.

Board:

Colin McGill (Chairman)

Cameron Ure (CEO)

Neil Tocher (CTO)

Andrew Clifforth (NXD, Investor Director)

John Waddell (NXD)

NCTech


Date of First Investment: August 2010








NetThings has developed an “internet of things” platform thatconnects devices so that they can be monitored and controlled over the Internet. The company specialises in energy managementsolutions and has a particular interest in helping SMEs to becomemore energy efficient. Small and medium sized companies in the UKuse 46% of their energy outside of normal business hours and muchof this usage is simply wasteful. More than half of these companieshave no energy saving measures in place at all. NetThings has setabout designing affordable, uncomplicated and easy-to-use, web-enabled systems that help address this challenge.

Comment:Sales of the core Energy Manager product are in line with theprevious year and the company has continued to focus itsdevelopment resource on monitoring and control products for the small, commercial premises market. The company is currentlyworking with Eon to develop solutions for Eon’s customers, as well as developing its own suite of products. The development work forits own products has taken longer than expected, but the companyanticipates achieving meaningful sales of displays and other productsto the commercial markets during the second half of 2017.

Board:

Gavin Gemmell (Chairman)

George McGhee (CEO)

Mark Crosier (NXD)

Richard Laming (NXD)

Peter Murphy (NXD, Investor Director)

NetThings


Date of First Investment: April 2016








Optoscribe was founded in 2010 as a spin out business from HeriotWatt University. The company has developed unique technology foruse inside communications systems for the data communications,telecoms and mobile phone markets. This potentially disruptivetechnology enables Optoscribe to produce high performance glassproducts that connect optical fibres with arrays of emitters orreceivers where space is limited and high bandwidth connectivity is essential.

Comment: Optoscribe has made good progress during the year, strengtheningits senior management team with the appointment of Mark Heskethas COO, Steve McMahon as Sales Director and Colin Gove as Head of Finance. The company also completed the move to new state ofthe art premises in Livingston, which will provide the capacity itneeds to grow in line with its business objectives

The company recently secured its first volume manufacturing contract,entering into a framework agreement with ADVA. It continues toundertake development work where there is a prospect of near termconversion to volume supply.

Board:

George Elliot(Chairman)

Nick Psaila (CEO)

Graeme Brown (CTO)

Richard Laming (NXD)

Simon Hardy (NXD, Investor Director)

Optoscribe






% Held (fully diluted): 17%




Oregon Timber Frame is one of the UK’s largest independent timberframe manufacturers, specialising in the design, manufacture anderection of timber frame structures for the construction industry.

The company manufactures complete structural platform timberframes comprising wall panels, both open and pre-insulated, androof and floor cassettes.

Oregon is based in Selkirk in the Borders and Burton upon Trent in Staffordshire and can currently manufacture up to 6000 timberframe units per year with further capacity in the planning stages.

The company is registered to quality standard ISO 9001:2000 and carries PEFC™ Chain of Custody certification.

Comment:Oregon had another strong year of trading in 2016 and continues topay healthy dividends to shareholders. The company currently haslarge cash balances and is reviewing the optimal use of these in termsof investment into the business or returning some to shareholders.

Board:

Rod Lawson (Chairman)

Robin Dodyk (Director)

Kenneth Dunkley (Director)

George McKinlay (Director)

Peter Wade(Operation Director)

Michael Jarman (NXD)

Eric Young (NXD, Investor Director)

Oregon Timber Frame


Board:

Kirsten Lord(CEO)

Mark Roger(Director)

Ross Haworth(Investor Director, NXD)

Alan Stewart(NXD)









PhysioMedics™ is a healthcare technology company which providesonline software solutions to reduce costs and improve efficiencies inmanaging musculoskeletal disorders. The first product, for triage andtreatment of low back pain is called “PhysioWizard®. PhysioWizard®has evolved significantly to become a clinically-led, CE Marked,online self-assessment program which triages, assesses, diagnosesand treats low back problems. It is the most comprehensive onlineassessment for back pain on the market.

Comment:PhysioMedics is working on developing self-assessment tools forother areas of the body during the year and plans to release a lowerlimb module (hip, knee and ankle) in 2017. The company has beendeveloping its customer base and plans to focus on expanding itsclient base internationally in the next 12 months.

PhysioMedics


Board:

Clovis Younger(Chairman)

Roy McBride (CEO)

Richard Clarke (CFO)

Julian Hayes (Sales and Marketing Director)

Robert Black (NXD, Investor Director)

David Evans (NXD)

Date of First Investment: November 2007








PowerPhotonic designs and manufactures precision micro-optics for the global laser industry. Its products are used in a wide range of applications, including industrial laser material processing, medicalsystems, optical communications and big science.

PowerPhotonic is a pioneer in the use of laser micro-machining for the manufacturing of precision micro-optics products. Throughits unique capabilities in optical design and fabrication they provideindustry leading innovation, functionality and performance, across agrowing range of products and applications.

Comment:PowerPhotonic continues to grow revenues significantly with CAGRof 66% over the last four years. The profile of revenue continues to move from development projects to volume product. The teamsuccessfully secured a package of debt and grant funding in early2017 which will support the move to new premises and a doubling of production capacity by the end of 2017

PowerPhotonic


Board:

Roger Adcock(Chairman)

Jacqui McLaughlin (CEO)

Eleanor Barnard (CFO)

Tracey Gorman (Director)

Mark Buckingham(NXD)

Mike Rutterford (NXD, Investor Director)

Janice McCann(NXD)

Date of First Investment: April 2004








Reactec, is the UK leader in Hand Arm Vibration (HAV) riskmanagement, providing an automated tracking and reporting system which protects employers and employees. Its core productsHAVmeter and HAVwear, are at the forefront of Health and Safetymonitoring and management.

Leading blue-chip organisations benefit from Reactec’s cloud basedmanagement of the data, building it into best practice processesacross diverse deployments. Reactec applies ingenuity and expertiseto develop solutions continually across a range of industries such asConstruction, Oil & Gas, Local Authority and heavy manufacturing. It is now a valued partner in understanding how to control the mostwidely reported occupational disease within the UK, which isgathering more global notoriety.

Comment:Reactec plans to build on the strong growth achieved since therelease of its wearable product “HAVwear” last year. Fundraisingearlier this year has supported the ongoing development of HAVwearand the reporting technology and platforms. The focus for this year is to bring in additional sales and engineering team members to help support the technology roadmap, industrial diversification and international expansion plans.

Reactec










Trig Avionics is a leader in the design and manufacture of aircraftavionics for general aviation. With an expertise in compact andinnovative technology, Trig provides aircraft owners with transponderand radio communications equipment that is smart, affordable andfuture proof.

Trig manufactures in the UK – sustaining highly skilled jobs workingwith a global network of over 700 Approved Trig Dealers in 42countries around the world.

Comment: Trig has had a solid year of growth following strong uptake of thenew TY96 and TY97 VHF radios, both in the Europe and US markets.Trig has been focussed on delivering ambitious growth plans in 2017,increasing its headcount to deliver new products and internationalsales. The management team continues to develop, and keyappointments include Colin Gove as CFO and Paul Condy as COO.

Board:

Martin Ritchie(Chairman, Investor Director)

Andy Davis (CEO)

Colin Gove(CFO)

Alan Fraser(NXD)

Martin Gray (Director)

Trig Avionics


Date of First Investment: July 2017








WaveLIFT has developed prototypes for a novel pump design which was successful in Shell’s Gamechanger programme. TheGamechanger programme works with businesses on early stage,disruptive technologies which have the ability to impact the future of oil production.

WaveLIFT is a unique positive displacement pump, using a sinusoidal drive system to provide a smooth repetitive oscillation for fluid transfer, even at low frequency.

Comment:WaveLIFT completed its first external funding round in July 2017.

Focus for the next 12 months is on completing product developmentand obtaining test data for industry assessment and development ofcommercialisation strategy.

Board:

Simon Munro (Chairman)

Steve Bruce(CEO)

Hugh Fisher(CTO)

Stuart Brown(NXD)

Hugo Fisher(NXD)


WaveLIFT










ZoneFox is a highly scalable insider data protection software solution that can expand easily and quickly with an organisation’srequirements. Unlike competing products, ZoneFox monitors allactivities providing real-time policy breach alerts and immediateoffline forensic analysis. ZoneFox protects reputation, significantlyreducing the risk of breach and the cost and impact should a breach occur.

By analysing all data centrally, ZoneFox can harness powerful dataanalytics to give clients an insight into whether they are about tosuffer a data leak. ZoneFox supplies reporting capabilities on allevents, not just those triggered by a breach in an organisation’spolicies or standard practices, which means that it is able to reporton anomalous behaviour that may be indicative of an attacker.

Comment:A significant fundraising was completed at the end of December 2016 which has allowed the company to build its sales and marketingresource and expand its commercial activities. The product continuesto perform well and case studies are building which supports thevalue of the product to the customer. A new AI module for thesoftware is being launched in 2017, which has trialled very successfully.

Board:

Steve Davies(Chairman)

Jamie Graves (CEO)

Matthew Little (CTO)

Richard Lewis (NXD, Investor Director)

Paul Yuskaitis(Director)


ZoneFox


Archangels is run by a teamof senior executives, all ofwhom have had many years’of experience in fundinghigh-growth companies.

Executive Team

David Ovens

David is an experienced corporatefinancier, having worked for SamuelMontagu & Company Limited, NobleGrossart Limited and Noble &Company Limited, before setting upInvercap, a corporate advisoryboutique based in Edinburgh. In recentyears, he has advised, invested in andbeen involved operationally with anumber of early stage companies.

David joined Archangels in 2014. Hehas responsibility for the managementof the Archangels’ business, and alsohas direct responsibility for a numberof the portfolio companies.

Email: [email protected]: 0131 221 9876

Sarah Hardy

Sarah has extensive internationalexperience of financing early stageopportunities in the life science and healthcare arena. Sarah joinedArchangels in March 2016 and hasresponsibility for the development of the investment strategy ofArchangels and a number of theportfolio companies.

Before joining Archangels, Sarahworked at the Wellcome Trust, AdventLife Sciences venture team and Parke-Davis Neuroscience Research Centre.Sarah has a PhD in Pharmacology from the University of Aberdeen.


Niki McKenzie

Niki is a Chartered Accountant with a strong background in CorporateFinance. Having trained with KPMG,she subsequently held various seniorroles within Bank of Scotland.

Niki joined Archangels in 2011 and has responsibility for a number of theportfolio companies. During 2015 and 2016 she was involved in the exits of Touch Bionics, Bloxx and CXR Biosciences. She recently led our new investment into WaveLIFT.



Lindsay Miller

Lindsay joined Archangels inDecember 2015. She is responsible for finance, company secretarial andevent management activities as well as the day to day running of the office.She holds an honours degree fromStrathclyde University.

Email: [email protected]

Shaolei McKie

Shaolei is a Chartered Accountant who specialised in leveraged financeand fund investments within Bank ofScotland Corporate Banking division.She was latterly the financial controllerof Corran Properties.

Shaolei joined Archangels in March2017 and has responsibility forinvestment support, includingmanagement of share capital tables, due diligence, legals and the investor portal.

Email: [email protected]

John Waddell

John is a consultant to Archangels,having previously been CEO ofArchangels from 2005 to 2015. He is a lawyer with wide experience inindustry and corporate finance in the UK and abroad. He sits on theboards of three Archangel portfoliocompanies, namely MGB Biopharma,NCTech and Indigo Lighthouse. He is also on the advisory boards of Amadeus & Angels Seed Fund,Seraphim Capital and Northern 3 VCT PLC.


Archangels is a prominent businessangel syndicate, which has been at the forefront of early stage investing in Scotland for 25 years. Our membersinvest in and mentor promising start-up and early stage companiesfrom Scotland’s vibrant technologyand life sciences sectors.

Funding applications:[email protected]

Membership enquiries:[email protected]

Enquiries

archangelsonline.com

Archangel Investors Limited20 Rutland SquareEdinburghEH1 2BB

T: 0131 221 9876

archangels 2017 8.qxp layout 1 · 6 archangel investors limited annual report 2017 date of first...

Documents