Duo tries to revive local venture capital scene

TECHNOLOGY

Venture capitalists have always felt more at home in New York City or Silicon Valley, not on Long Island. But that may be changing.

Mike Faltischek, a senior partner at Ruskin Moscou Faltischek in Uniondale, and Russell Artzt, a co-founder of software giant CA Inc., are expanding and restructuring a 3-year-old organization, Long Island Angel Network, which seeks to fund start-up technology and biotechnology companies.

"The goal is to bring Silicon Valley opportunities to Long Island," said Faltischek. "We've got energy centers here, business incubators and business centers. We've got the opportunity to home-grow business that will contribute to Long Island."

There are Angel Networks in New York City and other parts of the country, but they are independent of one another. Those Networks set up forums where investors and start-ups can meet. The Long Island group has funded several companies in the past three years, including General Sentiment, a Port Washington-based software developer, and Tools for Surgery, a medical company in Stony Brook.

Faltischek said the Long Island group's board will be expanded to 15 members from the current nine. Robert Catell, the former National Grid USA chairman, Mark Fasciano, a founder of General Sentiment, Katherine Heaviside, president of Epoch 5 Public Relations in Huntington, and Pat Foye, former downstate chairman of the state Empire State Development Corp., will be joining the board soon. No one has been named yet to the two other positions.

The restructuring involves adding advisory services to the organization's toolbox.