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Alliance of Angels Names 2005 "Startup Company of the Year"
SEATTLE, Wash. - May 26, 2005 - The Alliance of Angels (AoA), the Northwest's largest non-profit angel investment organization, today presented its Startup of the Year award to The Insitu Group, a pioneer in the development of long-range, unmanned, autonomous aircraft. The award, presented at the Technology Alliance's annual State of Technology luncheon, honors and encourages the entrepreneurial spirit of new businesses in the Pacific Northwest. The Insitu Group was selected from a group of more than 200 companies that have presented to AoA members since the organization's inception in 1998, and is the second recipient of this prestigious award.
"I am pleased that the Alliance of Angels is recognizing the promising companies that are making a positive contribution to our state's technology economy," said Governor Christine Gregoire. "The Startup of the Year award highlights the importance of nurturing young, innovative companies in Washington. I congratulate the winner for this great achievement."
A committee of AoA leaders used a comprehensive review process to narrow the field to three final candidates for the award -- Pacific Bioscience Laboratories, developer of the CLARISONIC™ Skin Care Brush; Mobliss, which provides mobile media and marketing services; and The Insitu Group. Each finalist had to have received angel or venture capital funding, made significant and notable high-growth progress based on that funding, and made a positive impact upon the technology economy.
"Startups are the lifeblood of any technology community," said Dan Rosen, chairman of the Alliance of Angels and founding general partner of Frazier Technology Ventures. "The competition for the Startup of the Year award was very intense this year - we had many great companies to choose from. Insitu exemplifies the great startup -- standing out by its vision, persistence, record of constant achievement in meeting its customers' needs, and understanding of the markets for its products. This has been a great investment for the angel investors. The Alliance of Angles is pleased to be part of Insitu's ongoing success."
Headquartered in Bingen, Washington, The Insitu Group was founded in 1992 by Dr. Tad McGeer to develop the miniature aircraft for offshore weather reconnaissance. Together with the University of Washington, Insitu completed the much-publicized first Atlantic crossing by an unmanned aircraft, the Aerosonde Laima, in August 1998. The Laima now hangs in Seattle's Museum of Flight. In 2002, Insitu forged a 10-year strategic alliance with Boeing, and in 2004 the Boeing ScanEagle Uninhabited Aerial Vehicle surpassed 1,000 flight hours in Iraq.
About the Alliance of Angels and the Technology Alliance
The Alliance of Angels is a group of private investors who invest in early-stage technology companies that are based in Washington state or the vicinity. The organization represents the Northwest's most experienced and best-networked private investors, with substantial experience in software, hardware, telecommunications, Internet infrastructure, e-commerce, finance and biotech.
The Alliance of Angels is a non-profit organization, and collects no fees, securities, warrants, or payments of any sort from entrepreneurs. This forum is viewed by the members as a community service that ultimately benefits the general local technology economy. More information on the mission of the Alliance of Angels and its parent organization, the Technology Alliance, can be found at www.technology-alliance.com.