Innosphere Ventures Celebrates the Remarkable Success of Cleantech Energy Companies Emerging from the REACH Program
Innosphere Ventures, a leading technology proudly announces the extraordinary achievements of the startup companies that participated in its recent cleantech energy program, the Regional Energy Accelerator for Commercializing Hardtech (REACH). This comprehensive incubator program provides unparalleled support to founders, entrepreneurs, and university faculty, helping them transform technically proven prototypes into groundbreaking products and services with global impact.
Throughout the program, the teams received invaluable resources and expert guidance from Innosphere Ventures, attaining remarkable milestones and cementing their position as rising leaders in the cleantech energy industry.
Key highlights from the REACH program include:
- Capital Raised: A total of $10 million was raised by the participating companies, demonstrating the strong investor confidence in their innovative technologies and business models.
- Grant Funding: An impressive $2.6 million in grants was secured, further validating the companies’ cutting-edge solutions and their potential for societal and environmental impact.
- Revenue Generation: The program participants collectively generated $3 million in revenue, underscoring the commercial viability of their products and services in the ever-evolving energy sector.
- Job Creation: Over two dozen new jobs were created, showcasing the program’s commitment to fostering economic growth and employment opportunities within the cleantech energy space.
- Product Launches: The companies successfully launched a range of new products, including 11 prototypes, 2 minimum viable products (MVPs), 8 fully commercialized products, and 4 demonstration/pilot projects. These innovations represent significant steps toward addressing the pressing challenges of sustainability and clean energy.
- Intellectual Property: Throughout the program, participants filed a total of 6 patents, safeguarding their cutting-edge technologies and strengthening their market position.
- Corporate Traction: Out of the 12 participating companies, an impressive 9 are on track to receive corporate traction by the program’s completion, indicating substantial interest from industry leaders and potential strategic partnerships.
- Diversity and Inclusion: Innosphere Ventures is proud to highlight the growing diversity within the program. The 2022 cohort showcased a commendable 38% of companies with a BIPOC (Black, Indigenous, and People of Color) representative on their founding teams. Building upon this achievement, the 2023 cohort demonstrated significant progress, with an increased representation of 64% BIPOC among the startups’ founding teams. Innosphere Ventures celebrates this positive shift towards a more inclusive and diverse cleantech energy ecosystem.
“Innosphere Ventures is thrilled to witness the remarkable success achieved by the cleantech energy companies that participated in the REACH program,” said Mike Freeman, CEO at Innosphere Ventures. “These milestones are a testament to their unwavering commitment, combined with the invaluable support and resources provided by Innosphere Ventures. We are proud to have played a role in their journey and are excited to see their continued growth and positive impact on the energy sector.”
The accomplishments of the REACH program participants underline the effectiveness of Innosphere Ventures’ accelerator model and its commitment to fostering innovation, entrepreneurship, and sustainable solutions. With its deep expertise, extensive network, and tailored resources, Innosphere Ventures continues to drive economic growth and transform the cleantech energy landscape.