February 4, 2004 – Capricorn Venture Partners and European research consortium IMEC are collaborating to help raise 40-60 million euros to identify and support high-tech initiatives in the Flanders region.

The two hope to pull in 20-25 million euros in capital by 3Q04 in an initial round of fundraising to support the IMEC Technology Fund (ITF). IMEC will act as an incubator, coaching the candidates through a pre-seed phase with a completed business plan, defined IP, and a management team, and presenting the businesses to the ITF for investment consideration, including third-party partnership opportunities. The ITF will be assisted by an advisory board of “respected national and international scientists and industrial experts,” according to IMEC.

“The current economic situation has almost completely eroded the supply of venture capital, a state of affairs that is significantly slowing down technological entrepreneurship in Flanders,” said IMEC CEO Gilbert Declerck. Capricorn managing partner Jos Peeters added that the fund would help with “bringing IMEC’s technology to the market and in contributing to the economic prosperity of our region.”