I like this very much! My only concern is that "innovations" is very small. If it was a smallish logo on a letter head or brochure the "Innovations" would be unreadable and is an important part of the name (there are quite a few Malvern branded companies in this area) - having said that, I really like the look - great!
We really like the bird badge logos - but have just found that another new company in the area, called Malvern Labs has a logo with the same bird except in a yellow/red design (http://www.malvernlabs.com/). Could you try same kind of high-end badge look but with something else instead of the phoenix? We still like your first design best I think with the black writing but just with the innovations text larger? Great work!