As part of a three-year, $2 million targeted investment program, Purdue Foundry Elevate Ventures and the Indiana Economic Development Corporation awarded ten Purdue-affiliated startups $20,000 each in the most recent funding round of the First-Tier Black Awards.
“We had 23 applications for this second round of support since this fund was created last year. The selection process was highly competitive, and this caused our committee to recognize the need to remain focused on the charter of the fund – that is to provide seed funding to startups commercializing Purdue-developed intellectual property, that the startup is either owned by Purdue students or staff or based on IP patented through the Purdue Research Foundation,” said Greg Deason, executive director of the Purdue Foundry. “The applications this round, just as the last round, were impressive but, given the relatively small size of the fund, awards were again limited to 10.”
Based on the strength of business pans and teams, the startups chosen to receive funding were evaluated by six members of the Elevate Purdue Foundry Fund Investment Committee. These selected companies included:
*BioKorf LLC, a pharmaceutical company specializing in research for 3D integrated pharmaceuticals, Particle Engineering and Cocrystals.
*VinSense, LLC, a software development, creating simpler and more affordable web, marketing and business development.
*CommSense, LLC, “an early stage research and product development company targeting smartphone makers with ASIC solutions.”
*Kyepack, LLC, a digital delivery platform offering “smarter textbook replacement”.
*Concordance Health Solutions, a medical assistance company providing products and services to improve patient medication adherence.
*CPrecisely, Inc., a computer technology company creating images that eliminate the need for corrective eyewear.
*SmartGait, LLC, an information technology company creating a smartphone that could potentially reduce elderly falling.
*Mimir, LLC, computer technology company building tools to enhance education.
*GeniPhys, LLC, a lie sciences company that specializes in the commercialization of the first polymerizable collagen solutionsto enhance drug discovery, toxicity, basic cell and tissue research and more.
*PurSpec Technologes, Inc. a biomedical engineering company.
“Indiana is rich in innovation and entrepreneurial activities, and our collaboration with the Purdue Foundry on the Elevate Purdue Foundry Fund is already creating jobs and helping to further diversify our state’s economy,” said Chris LaMothe, Elevate Ventures CEO. “That is evident in the variety of economic sectors represented in this round including life sciences, information technology, education, pharmaceuticals, biomedical engineering and electrical engineering.”
Applications for the next Black Awards will be available this summer. For more information, contact an entrepreneur-in-residence at the Purdue Foundry or John Hanak, Purdue Foundry venture funding relations officer, at 317-616-1860, jmhanak@prf.org.
