Successfully facilitating and executing startup funding requires a business to be disciplined, organized, and prepared to move quickly at all times. After experiencing what it was like to navigate through major transactions without a virtual data room in place, the team at StabiLux Biosciences knew they needed to implement a dedicated solution to streamline the process and remain in control of their most important corporate documents. When a peer group of investors recommended SecureDocs, the StabiLux team started a free trial and quickly found that the solution met all of their virtual data room needs.
StabiLux Biosciences
StabiLux Biosciences is a Michigan Technological University (MTU) spinoff company that develops proprietary, high-brightness dyes for use in multicolor flow cytometry, a staple technology for biomedical research and clinical diagnostics. Their product provides researchers with the opportunity to detect what was once undetectable, with the goal of helping doctors quickly detect, diagnose, and monitor blood diseases, cancers, and other biomarkers.
As they began the fundraising process, CEO Steve Tokarz knew the importance of being organized and agile, and led the process of researching virtual data room options to store and manage their documents. Steve and his team compared multiple solutions and ultimately chose SecureDocs because it had all of the functionality they were looking for in one, easy-to-use platform.
Challenges
Steve Tokarz is an experienced entrepreneur and knows how challenging it can be to conduct business without having the right tools in place - like a virtual data room to manage critical documentation during a transaction. Before joining StabiLux, Steve was involved with the sale of another company, and had to work through a long, complex process that could have been much simpler if a virtual data room had been used. “We had to recreate everything. It took months and many times working with their legal team to get all the documents they needed so they were comfortable their due diligence was done.”
Based on this experience, Steve wanted to avoid similar complications with StabiLux, and put his team in the best position to succeed.
Results
With their SecureDocs Virtual Data Room in place, StabiLux was able to facilitate a $1 million grant from the National Science Foundation (NSF), which also put them in position to bring in an additional $900k in funding from angel investors and family offices. In addition to using SecureDocs during fundraising and other financial transactions, they also use their virtual data room as a corporate document repository, so they know exactly where all of their most important files are at all times. By using SecureDocs VDR on an on-going basis, StabiLux has created a disciplined approach to document management, and is always prepared to immediately respond to requests for information from vendors, business partners, and potential investors.
Click here to read the full case study and see what StabiLux CEO Steve Tokarz had to say about working with SecureDocs.
