Using philanthropy to support scientific innovation, Breakout Labs, a program within Peter Thiel's "Thiel Foundation" has announced that four new companies have been selected to receive funding for innovations in biomedical, chemical engineering, and nanotechnology. The 2-year program provides up to $350,000 in funding from Thiel investors, but of almost equal importance, participating companies benefit from guidance from mentors, fellow innovators and entrepreneurs.
"We're always hearing about bold new scientific research that promises to transform the world, but far too often the latest discoveries are left withering in a lab," said Lindy Fishburne, Executive Director of Breakout Labs. "Our mission is to help a new type of scientist-entrepreneur navigate the startup ecosystem and build lasting companies that can make audacious scientific discoveries meaningful to everyday life."
Being part of Breakout Labs comes with an array of advantages including an opportunity for many companies to receive funding from an external investor for the first time. In addition to gaining entrepreneurial insight through Foundation-sponsored events, companies have opportunities to receive advice from and a broad and deep network with entrepreneurs, investors, consultants, attorneys and others.
To conclude each 2-year program, an "Unboxing" event is held for grantees to present their business plans to potential investors and strategic partners every October. Grantees also benefit through the foundation's public relations team by gaining constant, effective exposure to the most relevant audience.
The four new companies joining the Breakout Labs portfolio are: nanoGriptech, Maxterial, C2Sense, and CyteGen:
nanoGriptch located in Pittsburgh, PA: a new kind of microfiber adhesive material that is strong, lightweight, and reusable without requiring glues or producing harmful residues.
C2Sense located in Cambridge, MA: brings a sense of smell to the digital world using technology to determine food spoilage, recommend some recipe options and build out the shopping list
MaxterialTM, Inc. located in Richmond, CA: process that potentially creates metallic objects that retain their properties for the lifetime of the object that withstand harsh environments and resist corrosion
CyteGen located in San Francisco, CA: