Texo Ventures Snags $15.4 Million  
2/9/2012 7:59:47 AM

Austin Business Journal by Christopher Calnan, Staff Writer

Life sciences-focused investment firm Texo Ventures has raised $15.4 million of a planned $25 million fund.

The Austin-based firm collected the capital from 30 investors, according to a Wednesday filing with the U.S. Securities and Exchange Commission.

Texo Ventures, which was launched in 2010, operates as a hybrid of the angel investor and venture capital models. Founders Randall Crowder, Jerry DeVries and Dr. Phil Sanger established the firm to generate revenue from portfolio company milestones instead of relying on the conventional management fee model used by most VC firms.

Texo Ventures lists 12 portfolio companies on its website. Active investments include Wenzel Spine Inc., an Austin-based medical device manufacturer, Waldo Networks, an Austin developer of remote patient-monitoring systems, and Alafair Biosciences Inc., an Austin company that last month reported receiving $702,000 of a planned $1.5 million financing.