Winner LIMBER Prosthetics & Orthotics awarded $200,000+ with top three sharing a minimum total of $425K
The San Diego Angel Conference V (SDAC) wrapped up this past weekend by announcing the funding of three startups, drawing from a pool of funds gathered from angel investors prior to the Conference. LIMBER Prosthetics & Orthotics took first place, besting 105 other competition applicants and 5 other finalists, to leave with a minimum of $200K.
Held at the University of San Diego (USD) Knauss School of Business the SDAC is in its fifth year, drawing together accredited angel investors, startups and high potential early-stage companies. With attending angels looking to invest in disruptive solutions, LIMBER Prosthetics fit the bill. The company’s technology makes prosthetic and orthotic devices affordable to the 9 out of 10 people who did not have the means to procure them at current industry prices.
LIMBER emerged from a project in a structural engineering class at the University of California, San Diego that was taught by professor Falko Kuester, PhD students Luca De Vivo and Joshua Pelz, and certified prosthetist and orthotist Herb Barrack.
LIMBER’s CEO Dr. Pelz summed up the impact of winning first place and receiving angel funding that will take the startup into its next stage of growth.
“This seed funding will enable us to move our product development forward. SDAC also provided us with invaluable mentoring and lessons on how to effectively communicate with angel investors, complete the due diligence process, and build a strong network of mentors, investors, and peers,” said Dr. Pelz.
Medical device startup Relavo received $150,000 and sports influencer marketing Athletiverse took home $75,000 (2nd and 3rd place respectively). LIMBER and the two runner ups may receive additional funding when investors elect to invest as individuals, outside the event pool.
SDAC continues to distinguish itself under the helm of founder and Executive Director Mysty Rusk, making substantial investments into startups and early-stage companies at each Conference held in the past five years. In addition to funding, accepted applicants enter a program that is run over seven months during which they attend educational events and receive mentoring that enables them to progress their models and learn how to catch the eye of angel investors.
During the period leading up to the Conference, accredited angel investors are identified and added to the Conference’s investment pool. The collective SDAC V fund is an aggregation of money from accredited angel investors nationwide who invest anywhere from $7,000 to $40,000. The participating angel investors also evaluated applicants over a period of three months to select those for the competition’s final pitch for funding. While other finalists Morari, PumpSpotting, and Wave Therapeutics were not funded at the event, they leave well positioned to pursue funding in the future.
SDAC Founder and Executive Director Mysty Rusk now looks to next year when another group of top startups will vie for angel investor funding. She sums up the key elements necessary for entrepreneurial success that attracts investors.
“Securing an angel investment doesn’t require affluence, education, or wealth. It requires a smart solution to a real-world problem and an entrepreneur with tenacity and a tolerance for risk. SDAC’s main objectives are to activate accredited investors and fund innovative early-stage companies,” said Rusk. “USD’s Free Enterprise Institute, Brink SBDC, and SDAC collaborate seamlessly to provide the infrastructure to ‘Get to yes!’, and USD continues to lead in values-driven free enterprise, enabling an enduring network of entrepreneurs, partners, sponsors, and investors.”
