Innosphere Ventures Congratulates the Recipients of OEDIT’s Advanced Industries Accelerator Grants

40 Colorado companies were approved to receive Proof-of-Concept and Early Stage Capital Grants for a total of $9,524,777

Current client companies and graduates of Innosphere Ventures incubation and commercialization program have been awarded proof-of-concept grants and early-stage capital grants through the Colorado’s Office of Economic Development and International Trade (OEDIT) Advanced Industries (AI) grant program.

“Congratulations the three talented researchers and founders from Innosphere’s program who received this early-stage grant funding – your efforts in developing technologies that will change Colorado and the world do not go unnoticed,” said Mike Freeman, Innosphere Ventures CEO. “The State of Colorado’s Advanced Industries Accelerator Grant Program is a critical source of non-dilutive funding for many of the climate tech and life sciences companies that we support in Innosphere’s incubation program.”

“The Innosphere Ventures Team has been fantastic to work with,” said Kris Buchanan, CEO of Red Drop DX, “From helping us organize the company, to refining our product and fundraising strategy, guiding us on which grants would be a good fit for us, to leading our Pre-Seed investment round. We are so excited to bring the RedDrop Dx virtually pain-free blood collection product to market and having the support of Innosphere Ventures has been invaluable.”

“Think Bioscience has benefit greatly from the mentorship of Innosphere” said Jerome Fox, CEO and co-founder of Think Bioscience. “The Innosphere accelerator helped the company define its strategy, secure initial funding (grants and pre-seed financing), and integrate with the broader Colorado ecosystem. We are excited to have the support of the OEDIT Advanced Industries Early Stage Capital Retention grant again and look forward to continuing building Think right here in Boulder.”

“We are thrilled by OEDIT’s award for standing up the nation’s first hydrogen micro-hub for heavier-duty vehicles in Denver’s Globeville-Elyria-Swansea neighborhood — and are eager to help establish Colorado’s leadership role in transitioning heavier-duty vehicles to zero-emissions,” said Seth Terry, CEO of New Day Hydrogen. “We have benefited greatly from support by the Department of Energy and Innosphere Ventures to refine our business model and to build important relationships with partners including the Colorado Energy Office, the Colorado Department of Transportation, Colorado State University, the National Western Center, Drive Clean Colorado, fleet partners, vehicle integrators, and financial partners.  Seeing this project through to success will require lots of coordinated effort and we are so fortunate to have Innosphere in our corner as we continue to build support and capitalize towards that end!”

Innosphere Ventures would like to thank the Colorado BioScience Association’s Policy + Advocacy team who worked to preserve the Advanced Industries Accelerator Grant Program. Thanks to our partners like CBSA, access to capital can remain a top priority for our ecosystem.

View the full list of Colorado startups that received $9.5 million in Advanced Industries grant funding to fuel their growth can be found here. For more information on Innosphere Ventures, contact Betty Cozzolino, at Betty@innosphereventures.org.

Innosphere client companies and graduates receiving Advanced Industries Early Stage Capital and Retention grants include:

New Day Hydrogen – Englewood, CO $250,000:
New Day Hydrogen is bringing green hydrogen solutions to Colorado by designing, building, and operating hydrogen fueling stations for fleets.

RedDrop Dx – Fort Collins, CO $250,000:
RedDrop Dx has developed a low-cost, pain-free, blood collection and transportation system for blood collection at home or by a healthcare professional.

Think Bioscience – Boulder, CO $250,000:
Think Bioscience has developed a drug discovery platform that uses living systems to guide the design and assembly of better medicines.