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The markets in which we invest are changing rapidly as new technologies
emerge and as applications of existing technologies enable new segments
to appear.
We are most interested in very fast growing emerging markets, where
we can invest in a company that can achieve dominance of its niche.
In addition, we are also interested in new products and services
that address very large existing markets where we can invest in
companies that are taking market share away from established players.
While we realize that a few years hence we will be seeing opportunities
unknown to us now, the following are some examples of the areas
of investment interest we see today:
Nanotechnology and Life Sciences
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We have entered a period during which the combined powers of information
technology, biology and materials science compound the advances
in each formerly discrete domain.
We believe that nanotech exposes the core areas of overlap in the
fundamental sciences. With the digitization of biology, technologists
from myriad backgrounds can decode and engage the information systems
of biology as never before, which in turn inspires new approaches
to bottom-up manufacturing, self-assembly, and layered complex systems
development.
As we race to interpret the now complete map of the human genome,
and embark upon deciphering the proteome, the accelerating pace
of learning is not only opening doors to the better diagnosis and
treatment of disease, it is also a source of inspiration for much
more powerful models for computer programming and complex systems
development. Biology inspires IT, and IT drives biotech.
Information Technology
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We continue to believe that information technology - including web-based
applications and services, software infrastructure (including peer-to-peer
infrastructure), data communications and bandwidth enhancement,
information services, and wireless applications, services and technologies
- represents fertile ground for finding large, fast-growing markets
in which new companies can thrive.
As these markets have developed, the pace of innovation and change
has continued to accelerate, creating a myriad of opportunities
for start-up companies.
As the markets for information technology products and services
become increasingly global and therefore increasingly large, the
potential for building large, highly valuable enterprises increases.
Clean Energy Technologies
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We at A.V.C.F believe that the emerging field of clean energy technologies
represents another attractive growth market for venture investing.
The global demand for finite resources is outstripping the global
supply, resulting in increasing pricing pressure and much more volatility
in the availability and prices of the inputs to many businesses,
including fuels, electricity, water and advanced materials.
In addition, global competition is forcing businesses to look for
efficiency gains in their operations, including the utilization
and optimization of the inputs to their businesses and the management
of the outputs.
Growing environmental concerns have increased the cost of compliance.
The current size of the clean energy market is €13 billion
per year, and it is expected to grow to €92 billion by 2013.
A.V.C.F is pursuing investments in this category that overlap with
our experience in advanced materials and nanotechnology, novel processing
technologies and information technology.
Categories of interest include energy generation, transmission,
utilization and storage, water purification, grid optimization,
industrial sensing and monitoring, and advanced materials and catalysts.
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