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Venture Capital
intersouth.com

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Investments

300

Portfolio Exits

56

Funds

9

Service Providers

1

About InterSouth Partners

Intersouth Partners is a Durham, NC based venture fund founded in 1985. As of 2010, the firm managed $780 million in seven venture capital limited partnerships.<br /><br />Intersouth Partners' Investment<br /><br />Investment Focus<br />Intersouth Partners seeks a broad range of investment opportunities in the technology and life sciences sectors and invests in seed and early-stage companies. It is a regionally focused venture fund that invests across the Southeast, primarily in the corridor from Baltimore through Florida, including: Washington, DC, the Research Triangle region and Atlanta. <br /><br />Initial Investment<br />Intersouth Partners prefers to participate in the first institutional round of a company with an initial investment between $500,000 and $5 million and plans for an average total investment in any single company of $12 million through all rounds of financing.<br /><br />Investment Criteria<br />The firms' investment criteria include evaluating: (1) Quality and Depth of Management Team, (2) Market Size and Access, (3) Revenue Model and Margin, (4) Unique and Proprietary Nature, and (5) Liquidity<br /><br />Intersouth Partners' Fund Size<br />In 2006, Intersouth closed its seventh fund, Intersouth Partners VII, at $275 million. As of 2010, the firm continued to use this fund and had already made 16 investments from it, with about 60% in life sciences and 40% in technology.

InterSouth Partners Headquarters Location

406 Blackwell Street Suite 200

Durham, North Carolina, 27701,

United States

919.493.6640

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Latest InterSouth Partners News

Morrisville animal health firm raises $7M for move into the human diagnostic realm

May 25, 2021

RESEARCH TRIANGLE PARK –  Advanced Animal Diagnostics , a Morrisville diagnostics and data systems company, has $7 million more to explore the human health applications for its technology that was originally focused only on animal health. The funding was led by Mountain Group Partners with new investors, Alexandria Venture Investments and Herbert Group Ltd. The company received additional funding from Burlington-based LabCorp, Durham-based Intersouth Partners, and Wallace-based Murphy Family Ventures. Advanced Animal Diagnostics “Intersouth was our first institutional investor,” says Joy Parr Drach, President and CEO of AAD. This new investment came from reserve funds, since the company ceased first-time investments in 2017. “Then LabCorp and Murphy Family Ventures, all from North Carolina. “They have all been incredibly helpful. North Carolina is fortunate to have their experience and wisdom in our ecosystem.” AAD’s QScout platform profiles a cow’s immune system in less than a minute. Its first product, QScout MLD, measures the milk leukocyte differential, or white blood cell count, in dairy cows to detect subclinical mastitis. This infectious disease is prominent among cattle, impacting the cow’s comfort, the quality of her milk and the producer’s profits. QScout BLD measures blood leukocyte differential, using only a drop of blood, to provide targeted antibiotic usage to each cow. The company’s motto reads, “treat the cow, not the herd.” The simple, portable, cost-effective tests have been active for years, helping farmers maintain the health of their herds. Then, when the COVID-19 pandemic swept the globe, the company  pivoted its disease detection technology  to measure the severity of COVID-19 in humans. Mastitis, like COVID-19, is a zoonotic disease, meaning it can be transferred from animals to humans. Both infectious diseases spread in similar ways, which opened a door for this animal health company. “[QScout BLD] is the animal version and forerunner to QScout RLD,” which is the test used for humans, says Drach. “It’s the only system in human or animal medicine to quantitate an immature cell type that is a marker for human sepsis and predictor of mortality in cattle and people.” In other words, it measures how many cells, when matured, could contribute to the possibility of sepsis. Using a single drop of blood, the QScout RLD test can predict the severity of COVID-19 in humans. Its applications extend past the pandemic, but it could measure white blood cell differential in patients with other contagious diseases. “AAD is a great example of the ‘ One Health’  perspective,” said Nandini Mendu, senior director of agriculture sector development for the North Carolina Biotechnology Center. One Health is a collaborative effort among different disciplines of medicine, including human, veterinary, and environmental. “AAD has been able to extend its platform technology of cow-side diagnostics for mastitis detection and treatment recommendation to patient-side diagnostics for COVID-19 detection,” Mendu says. “The company was initially aided in this endeavor with a $50,000 grant from the Wells Fargo-funded NREL-coordinated  Innovation Incubator (IN2) program , in which NCBiotech is a channel partner. This new $7 million investment will enable AAD to grow the platform for both animal and human health. And it will allow the company to grow to its full potential.” The funding will be allocated toward commercial expansion of the livestock tests and the 510(k) submission to the U.S. Food and Drug Administration for human blood tests. The company plans to submit to the FDA this fall, says Drach. Over the next couple of months, AAD will be busy growing its team with C# software developers, an operations manager and a device engineer, preparing its technology for the next stage of growth. By shifting its technology to treat COVID-19 patients and prepare for future infectious diseases, AAD is not only treating the individual, but ensuring the health of the herd. Human or otherwise.

InterSouth Partners Investments

300 Investments

InterSouth Partners has made 300 investments. Their latest investment was in Edjx as part of their Series A on August 8, 2022.

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InterSouth Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/10/2022

Series A

Edjx

$12M

Yes

1

1/7/2022

Series A - II

MemberHub

$3.25M

Yes

1

1/27/2020

Series C

Lyra Therapeutics

$30M

No

14

11/12/2019

Series C - II

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$99M

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10

6/7/2019

Series B - III

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$99M

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10

Date

8/10/2022

1/7/2022

1/27/2020

11/12/2019

6/7/2019

Round

Series A

Series A - II

Series C

Series C - II

Series B - III

Company

Edjx

MemberHub

Lyra Therapeutics

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Amount

$12M

$3.25M

$30M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

1

1

14

10

10

InterSouth Partners Portfolio Exits

56 Portfolio Exits

InterSouth Partners has 56 portfolio exits. Their latest portfolio exit was Clarabridge on July 30, 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

7/30/2021

Acquired

$99M

7

5/1/2020

IPO

$99M

Public

12

11/12/2018

Acquired

$99M

2

7/10/2018

Merger

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$99M

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10

1/3/2018

Acq - Fin

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$99M

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10

Date

7/30/2021

5/1/2020

11/12/2018

7/10/2018

1/3/2018

Exit

Acquired

IPO

Acquired

Merger

Acq - Fin

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

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Sources

7

12

2

10

10

InterSouth Partners Fund History

9 Fund Histories

InterSouth Partners has 9 funds, including Intersouth Partners VII LP.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/25/2006

Intersouth Partners VII LP

Early-Stage Venture Capital

Closed

$275M

1

2/13/2003

Intersouth Partners VI LP

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$99M

10

5/22/2000

Affiliates V

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$99M

10

5/8/2000

Intersouth Partners V LP

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$99M

10

5/14/1998

Intersouth Partners IV LP

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$99M

10

Closing Date

5/25/2006

2/13/2003

5/22/2000

5/8/2000

5/14/1998

Fund

Intersouth Partners VII LP

Intersouth Partners VI LP

Affiliates V

Intersouth Partners V LP

Intersouth Partners IV LP

Fund Type

Early-Stage Venture Capital

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Status

Closed

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Amount

$275M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

InterSouth Partners Service Providers

1 Service Provider

InterSouth Partners has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Counsel

Service Provider

Associated Rounds

Provider Type

Counsel

Service Type

Partnership data by VentureSource

InterSouth Partners Team

14 Team Members

InterSouth Partners has 14 team members, including current Chief Financial Officer, Kay Burgess.

Name

Work History

Title

Status

Kay Burgess

Chief Financial Officer

Current

Dennis J. Dougherty

Managing General Partner

Current

Mitchell M. Mumma

Managing General Partner

Current

Mitch Mumma

General Partner

Current

Phil Tracy

General Partner

Current

Name

Kay Burgess

Dennis J. Dougherty

Mitchell M. Mumma

Mitch Mumma

Phil Tracy

Work History

Title

Chief Financial Officer

Managing General Partner

Managing General Partner

General Partner

General Partner

Status

Current

Current

Current

Current

Current

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