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Venture Capital
huronrivervc.com

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Investments

18

Portfolio Exits

6

Funds

3

About Huron River Ventures

Huron River Ventures is a venture fund focused on early-stage Agriculture, Energy, and Transportation technology companies based in Michigan and the Midwest. We back great people with big ideas and pride ourselves on rolling up our sleeves to add value and help entrepreneurs to succeed.

Headquarters Location

38 Fulton Street W Suite 308

Grand Rapids, Michigan, 49503,

United States

616-780-1133

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Latest Huron River Ventures News

SkySpecs proves value of automated drone inspections with at-scale operations; lands $8M investment to accelerate global growth and bring actionable insights to renewable energy industry

Jan 9, 2018

Share this article ANN ARBOR, Mich., Jan. 9, 2018 /PRNewswire/ -- SkySpecs, the leading automated infrastructure inspection company, announces an $8 million Series B financing led by Statkraft Ventures together with UL Ventures and Capital Midwest with follow-on investments from Venture Investors , Huron River Ventures and additional existing investors. Founders and Forbes 30 Under 30 honorees Danny Ellis and Tom Brady along with the SkySpecs team will use the investment to scale the company's international operations and develop world-class inspection software to enable customers to make more information-rich decisions about the condition of their energy assets and infrastructure. "Last year we proved that SkySpecs is the best-in-class at collecting data that can be used to assess the health of energy infrastructure. This year we will enable owners to harness the power of the data collected by our automated drones in a platform that they can use to decide what to repair and when to repair it," said CEO Ellis. Fifteen-minute inspections that require only the push of a button - and no additional human oversight - make a previously laborious and time-consuming task simple, and keeps active maintenance and waiting time to a minimum. "We consider automation and standardization of O&M-related tasks the next big challenge in cost competition after hardware costs for renewable energy assets have dropped significantly over the last years. SkySpecs is the fastest growing inspection company in the wind sector, making rotor blade inspections more precise and safe while keeping operations at a lower cost compared to traditional methods. Their technological expertise combined with scalable operations is the key to grow the business worldwide," says Alexander Kueppers, Investment Manager at Statkraft Ventures. "At UL, we see great opportunity to advance field inspections with the SkySpecs solution," said Simin Zhou, VP and Managing Director of UL Ventures. "Using the automation of drones with the analytical power of machine learning provides efficiencies to the process and less downtime, which benefits owners and operators." SkySpecs combines deep expertise in robotics, artificial intelligence, and machine-based analytics to advance renewable infrastructure inspection. The company's guiding mission is to play a critical role in the smart grid evolution by helping to make renewable energy more accessible and attainable. SkySpecs' automated technology currently solves one of the top challenges that industrial asset owners and service providers face: making timely, informed business decisions that ultimately affect the bottom line. This investment represents an opportunity to capitalize on that momentum. Alvin Vitangcol of Capital Midwest said, "SkySpecs is a great example of the type of investment that we are looking to make. It is a Midwest team that has developed technology to solve a problem in an industrial market—uniquely addressing the inspection challenges in wind energy—and has been proven through rapid adoption by significant customers." Last year also proved pivotal for SkySpecs as they emerged the only fully-automated wind turbine blade inspection solution on the market, completing a record-breaking 3,600 turbine inspections at over 70 unique wind farms in the U.S. and Europe. To further differentiate themselves, they accomplished the technologically complex task of conducting offshore automated blade inspections without the need for human operation. Jim Adox of Venture Investors, one of SkySpecs' original investors, forecasts continued success for the growing SkySpecs' team. "2017 was a great year for SkySpecs. We completed a strong first year of automated drone inspections for customers around the world, and capped off the year with the completion of an $8-million-dollar financing round, with the addition of four new investors. These investors bring relevant and diverse points-of-view on the renewable energy infrastructure inspection and data market to SkySpecs. We begin 2018 with a solid balance sheet, excellent investors, and a long list of customers." SkySpecs enables wind farm owners, ISPs, and OEMs to easily monitor and track the health of their wind turbines with a 15-minute automated robotic inspection. The single push of a button launches a drone, which surveys all sides of three blades, collecting high-resolution images that identify cracks, erosion, lightning strikes, and other anomalies. Data is sent to a web portal for viewing, annotating, and reporting. SkySpecs automates and streamlines the inspection process from the moment the inspection is scheduled to the time the repair crew is hired. SkySpecs is a proud member of AWEA, WindEurope, and the Commercial Drone Alliance. http://www.skyspecs.com/ Statkraft Ventures is a European venture capital firm working with exceptional entrepreneurs driving fundamental change in the energy sector. Current investments include tado°, DEPsys, Greenbird, Limejump and ZOLAR. The company is exit-driven and backed by the Statkraft Group, Europe's largest producer of renewable energy. Statkraft Ventures invests on common venture capital terms. http://www.statkraftventures.com/ UL Ventures is the venture investment and acceleration arm of UL. UL fosters safe living and working conditions for people everywhere through the application of science to solve safety, security and sustainability challenges. The UL Mark engenders trust enabling the safe adoption of innovative new products and technologies. Everyone at UL shares a passion to make the world a safer place. We test, inspect, audit, certify, validate, verify, advise and train and we support these efforts with software solutions for safety and sustainability. UL.com . Media Contact:

Huron River Ventures Investments

18 Investments

Huron River Ventures has made 18 investments. Their latest investment was in SkySpecs as part of their Series D on May 5, 2022.

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Huron River Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/12/2022

Series D

SkySpecs

$80M

No

10

4/2/2019

Series A

ViaLase

$8.14M

Yes

2

1/8/2018

Series B

SkySpecs

$8M

No

4

1/11/2017

Series C

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$99M

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10

3/22/2016

Series B

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$99M

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10

Date

5/12/2022

4/2/2019

1/8/2018

1/11/2017

3/22/2016

Round

Series D

Series A

Series B

Series C

Series B

Company

SkySpecs

ViaLase

SkySpecs

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Amount

$80M

$8.14M

$8M

$99M

$99M

New?

No

Yes

No

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Co-Investors

Sources

10

2

4

10

10

Huron River Ventures Portfolio Exits

6 Portfolio Exits

Huron River Ventures has 6 portfolio exits. Their latest portfolio exit was Sportsman Tracker on September 15, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/15/2021

Acquired

$99M

1

6/16/2021

Acquired

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$99M

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10

4/25/2018

Acquired

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$99M

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10

1/19/2016

Asset Sale

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$99M

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10

11/9/2015

Acquired

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$99M

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10

Date

9/15/2021

6/16/2021

4/25/2018

1/19/2016

11/9/2015

Exit

Acquired

Acquired

Acquired

Asset Sale

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

10

10

Huron River Ventures Fund History

3 Fund Histories

Huron River Ventures has 3 funds, including Huron River Ventures Opportunity Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/8/2015

Huron River Ventures Opportunity Fund

Early-Stage Venture Capital

Open

$5M

2

7/24/2012

Huron River Ventures Feeder

$99M

10

4/12/2011

Huron River Ventures I

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$99M

10

Closing Date

5/8/2015

7/24/2012

4/12/2011

Fund

Huron River Ventures Opportunity Fund

Huron River Ventures Feeder

Huron River Ventures I

Fund Type

Early-Stage Venture Capital

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Status

Open

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Amount

$5M

$99M

$99M

Sources

2

10

10

Huron River Ventures Team

1 Team Member

Huron River Ventures has 1 team member, including current Founder, Managing Partner, Timothy Streit.

Name

Work History

Title

Status

Timothy Streit

University of Michigan, HSBC, J.P. Morgan Chase & Co., and martec group

Founder, Managing Partner

Current

Name

Timothy Streit

Work History

University of Michigan, HSBC, J.P. Morgan Chase & Co., and martec group

Title

Founder, Managing Partner

Status

Current

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