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.

"We used SecureDocs to help facilitate a series of 8 Board resolutions to structure the CAP table, make sure the capital stock was where it needed to be, and make sure that everyone agreed with the new investment money. The ability to navigate that process in just a couple weeks brought in a $1 million grant, which set us up to raise another $900k. That would have been extremely difficult and time consuming without SecureDocs."
Steve Tokarz
StabiLux Biosciences
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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.

  • With major fundraising plans in the works, StabiLux couldn’t afford to waste time or appear unorganized at any point in the process.
  • Needed a place to store and archive all human resources information, tax and financial documents, legal documents, and other confidential documents critical to the business.
  • Since multiple business partners and outside organizations needed access to specific documents containing sensitive information, the ability to share documents securely and assign user roles and permissions was of critical importance.
  • Needed a way to quickly and easily distribute corporate documentation to their Board of Directors and investors to add transparency into the due diligence process.


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.

  • Now has an all-in-one solution to store, manage, and sign documents to facilitate fundraising efforts

“We researched other data rooms and what we liked about SecureDocs is that it combines a lot of features into one solution. We like the e-signature, we like the ability to customize user roles and permissions, we like having an archive of our critical documents.”

  • Found a simple, easy-to-use VDR solution that stood out from the competition

“When we compared it to the other data rooms, SecureDocs stood out in functionality and ease of use."

  • Created a system for organizing and archiving their most important documents, even when not actively fundraising

“The data room is great when you need to invest, but inside the organization you have all your HR records, legal documents, investment documents, ownership structure, tax documents, so it’s nice you have that archive.”

  • Can easily share sensitive documents with specific outside parties, without the risk of unnecessarily exposing other confidential information

“Our accountants are using it, so we can give them access to what they need. Our intellectual property guys get access to the patents. The investors get access to the annual reports. It’s all very simple and straightforward.”

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"As soon as you have an employee you need SecureDocs - you don’t want to keep confidential information in a non-secured space.”

Steve Francis

"I wish we had started using SecureDocs much sooner. We went through multiple rounds of financing as a private company and it would have made my life so much easier. "

Ali Bauerlein
Co-Founder, CFO
Inogen, Inc.

"SecureDocs is an efficient, straightforward, secure system that has become a valuable tool for our company as we grow."

Don Stewart
President and CEO
PlantForm Corporation