Writing Next RTP Tech Success Story? That Could Be Mi-Co

Research Triangle Park, N.C. — Mi-Co, a pioneer in the emerging field of electronic data-capture on forms at the point of digital pens, could be on the verge of writing the Triangle’s next high-tech success story.

The company, founded in 1999 by the father-and-son team of Jim and Greg Clary, has a lot of great news to share with its partners as they gather in RTP for the company’s annual user conference on Tuesday and Wednesday. The technology that Mi-Co has patented is establishing a footing in a variety of markets and has received certification from the Food and Drug Administration.

But some bigger news may be in the works.

Mi-Co is seeking its first infusion of venture capital – up to $5 million – and believes the cash will help the 10-person company explode in size, sales and revenue.

“As a startup, we’ve always tried to be a lean organization,” said Greg Clary, Mi-Co’s chief executive officer and the technical genius behind Mi-Co’s electronic forms system. “Also, our initial strategy has been to refer much of our sales and implementation work to partner companies. We’re 10 people now, but with our partner network of more than 50 signed channel partners, Mi-Co feels like we’re a company of 75-100.

“And we’re growing,” he added. “Right now we’re about to seek growth capital to further ramp up our marketing and sales. We’ll be seeking under or up to $5 million.”

Meeting Venture Criteria

Venture capitalists look for firms with stable, established management teams, proprietary technology, existing customers and revenues.

Mi-Co has all those, according to Greg.

Jim Clary, the chairman, is a widely known executive in the Triangle, having worked for more than 20 years at RTI International. Greg worked at IBM for five years.

In terms of technology, Greg, who is a Duke graduate with a doctorate in engineering, holds five patents, two of which he won while at IBM. Four more patents are pending.

More technological advances are in the offing, too, including voice activation.

In terms of customers, Mi-Co is working with a growing variety of firms.

Plus, Greg told WRAL Local Tech Wire, Mi-Co is already profitable. The company already has some investors.

So why seek the money now after so many years of organic growth?

“We believe that the opportunity is so big that we have to take advantage of it,” Greg said. “We would use the funds for additional marketing and to build our own sales organization.”

Initial queries about financing have been positive, too.

“We have some leads, and there are some discussions already,” Greg said. Mi-Co is not at the term-sheet stage, however. “We’re just now starting the process,” he explained.

Mi-Co technology enables users with Tablet PCs and other devices to enter data on electronic forms as if they were writing on paper with a pen. The information can be transmitted wirelessly or ported later into a company’s or organization’s data base.

Field engineers, for example, can report results of inspections instantaneously.

FDA Certified Software

Mobile data is hardly Mi-Co’s total focus, however. Greg pointed out that validation from the FDA for so called CFR Part 11 status means the software can be used for such tasks as clinical trials.

“We made a few jumps that were both technological and customer-centric,” Greg said in reviewing 2007. “In the customer-centric world, we changed the way clinical trials companies can approach their trials.

“The Mi-Forms e-forms system has been validated for compliance with FDA Regulation 21 CFR Part 11 governing software used in clinical trials. What this means is that pharmaceutical firms, medical device manufacturers, drug-testing companies and others involved in clinical trials can now use electronic data-capture through the Mi-Forms system, saving time and effort collecting and managing huge amounts of data.

“Validation for 21 CFR Part 11 means the Mi-Forms software has been developed, tested and documented according to a rigorous methodology, and now paper case report forms can be replaced with an electronic forms solution that accepts handwritten data.”

At their User Days event this week, Mi-Co also will announce a new version – the seventh – of its technology. Features include a wide variety of suggestions that came from partners and customers, Greg explained.

As for venture funding, stay tuned.