SmartForest Ventures, an early-stage, venture-capital firm targeting the best new technology companies in the Pacific Northwest, was formed in 2000 to develop successful, fast-growth companies by providing capital as well as expertise and mentoring. The objective: to nurture the ideas of innovative, high-tech entrepreneurs and accelerate their development by offering much more than just funding as one of the first incubators in Portland. SmartForest was formed by Hugh Mackworth and Debi Coleman.

Based in Portland, Oregon, the first fund was started in July 2000 with capital from both individual and institutional investors, including the Oregon Growth Account, a state investment fund to develop startup businesses and venture capital in Oregon as well as IBM, Silicon Valley Bank, Madrona Venture Group, and others.

After collaborating for many years, the original SmartForest combined with PacRim Venture Partners in 2004 and was licensed by the SBA as a Small Business Investment Corporation (SBIC) bringing total investment funds to $100M. By SBA regulations, the portfolio took too long to mature, so they took control in 2011, then hiring SmartForest to be its board representative for the portfolio companies.

Of the 18 investments made by SmartForest, 12 have been acquired, 4 are still independent, and 2 have closed. SmartForest is not making any new investments.

SmartForest Ventures
P.O. Box 9085
Portland, OR 97207

Phone: (503) 943-0904
Fax: (503) 222-2834

Portfolio Investments

Providing users with the right information, at the right time, in the right context has been the holy grail for IT organizations. At the same time, users have been frustrated with either too much information, too little information, information that isn't timely and information that isn't relevant. Attensa gets the right information to the right people at the right time and controls the flow by prioritizing and filtering Web feeds and articles so you get the most relevant, timely information anywhere, on any device.

IPextreme is leading a revolution in the semiconductor industry by bringing high-value, silicon-proven intellectual property (IP) from large semiconductor companies to System-on-Chip designers worldwide.

Phoseon Technology is the leader in providing UV LED lamps used in material transformation for many applications worldwide such as curing of inks, coatings and adhesives.

Teseda Corporation is the leading provider of comprehensive scan-based diagnostic and debug solutions. The system provides a unifying software environment that allows multiple engineering disciplines to accelerate the delivery of first silicon and shorten time to volume production products.

Past Investments

Apache is a market leader in dynamic power sign-off and Silicon Integrity Platform solutions for low-power, high-performance SoC designs. Apache's innovative platform considers all sources of noise that impact the design performance. Apache enables designers of leading semiconductor and fabless companies to detect, fix, and prevent design weaknesses that can result in reduced yield or failed silicon.

Acquired by Ansys (NASDAQ: ANSS) for $314M during Apache's IPO process.

ConceroGroup is a leading provider of customer-facing technology for online sales, fulfillment and servicing to distributors of employee benefits insurance. Concero focuses on association, affinity group and Taft-Hartley markets where efficiency and service improvements provide a genuine value and differentiation for distributors.

Closed 2014.

iMove is the leading developer of immersive visual solutions for mission-critical security and surveillance applications. Immersive imaging is quickly becoming a key component in security operations requiring timely, accurate, actionable decisions. iMove delivers comprehensive solutions for capturing, processing and displaying wide-area, immersive video in an intuitive manner that anyone can comprehend.

Acquired by Immersive Media; the combined companies have been the market leaders in shaping 360°-interactive video for the situational awareness, geospatial and entertainment sectors for the past decade.

Kryptiq is the leading provider of interoperability and workflow connectivity solutions for healthcare. Kryptiq streamlines healthcare communications among patients, providers, pharmacies and health plans with secure messaging, electronic prescribing, disease management and contract management technologies. By integrating these solutions with existing systems and applications, Kryptiq enables the trusted transport of health information where and when it is needed. Kryptiq’s fast-growing customer base includes many of North America's top 100 integrated health networks, spans 48 states plus Washington, D.C., and includes well-known providers and payers such as Providence Health System, Capital Region Healthcare, MeritCare Health System, Eastern Maine Healthcare, BlueCross BlueShield of Minnesota, and Northwest Permanente.

Acquired by Surescripts, the nation's largest e-prescription network, a joint venture owned by NACDS, NCPA, CVS Caremark, Express Scripts and Medco Health

Lambda OpticalSystems is committed to the development of next-generation all-optical solutions to transform transport networks. The company’s family of all-optical switches with integrated DWDM and GMPLS control plane lets telecommunications carriers, government agencies, and research and education networks deliver high-bandwidth services while maximizing network management efficiency and affordability.

Closed 2009

MyHealthBank provides insurers with an interlocking suite of enterprise-class software products for their member, employer, broker and care-provider constituencies.

Acquired by Quality Care Solutions, Inc; since acquired by TriZetto (NASDAQ: TZIX).

Natural Messaging is the innovation leader in ubiquitous message-driven application solutions. Companies can use Natural Messaging to exploit the power of their existing IM network to interact with enterprise applications and data, combining patented natural language technology with open standards in IM and Web services.

Acquired by Akonix, in San Diego; since acquired by Quest Software (NASDAQ: QSFT).

NexPlanar builds the next generation of chemical mechanical planarization (CMP) pads for the semiconductor device industry. Their proprietary nano-domain technology coupled with patented molded grooves and the unique ability to tune the pads results in dramatically improved yields and lower cost of ownership with extended pad life. (Formerly named NeoPad)

Acquired by Cabot Microelectronics (NASDAQ:CCMP) for $142M.

Sentilla delivers unified data center visibility for a comprehensive, granular insight into all assets including physical/virtual IT systems and facilities equipment using a unique Manager of Managers approach: Continuous performance analysis, resource capacity intelligence, cost management, capacity management, and what-if planning:

Acquired by Ericsson (NASDAQ:ERIC)

SignaCert is a software measurement company focused on whitelist signature and meta data collection and delivery, providing a standards-based, neutral, trusted third-party reference platform that will act as a verification proxy for the software industry.  SignaCert’s Enterprise Trust Services measures, verifies, and maintains the state of enterprise infrastructure using a known, trusted reference. SignaCert’s software and services provide true 100% enterprise integrity verification by creating a trusted reference that combines our Global Trust Repository with a company's unique software.

Acquired by Harris Corp (NYSE: HRS).

Developing a graphical environment for exploring, documenting, analyzing and modifying large semiconductor designs, Stelar Tools facilitates collaboration and project management for increasingly large and geographically dispersed design teams.

Acquired by Lattice Semiconductor (NASDAQ: LSCC).

TechTracker is a comprehensive, cross-platform technology support network that enables millions of computer users and IT professionals each month to keep their computing environments up-to-date and running smoothly.

Acquired by CNET Networks (NASDAQ: CNET); since acquired by CBS (NYSE: CBS).

Teja Technologies delivers the industry's first advanced network processor software development platform. Teja has a development-platform product for multiple embedded processors in fixed architectures or multiple soft cores in reconfigurable silicon.

Acquired by ARC International (LSE: ARK).

Upright Systems is a technology and managed-service provider specializing in building ASP's for software companies.

Acquired by Fortix Corp; since acquired by ViaWest.

Mt Hood image
Copyright © 2015, SmartForest Ventures, LLC