27 Colorado companies were approved to receive Proof-of-Concept and Early Stage Capital Grants for a total of $6,290,000
Client companies and graduates of Innosphere Ventures’ commercialization and business support program were awarded proof-of-concept and early-stage capital grants by Colorado’s Office of Economic Development and International Trade (OEDIT).
“I want to thank you all for your support in helping Blue Cubed prepare for the OEDIT Early Stage Capital Retention Grant,” said Scott Palo, co-founder of Blue Cubed, LLC in discussing Innosphere’s support of his company and grant application. Blue Cubed is developing small size weight and power (SWaP) satellite communication systems which can be mass produced to leverage the rapidly expanding small satellite market.
Innosphere Ventures operates a venture capital seed fund that has invested in companies like Epic River which received $250,00 in AI grant funding. “We joined Innosphere’s program when we decided to take our technology and apply it to another regulated space, healthcare, to lower the cost of managing patient healthcare loans,” said Jeff Grobaski, Epic River CEO. In 2019, Epic River closed a $1.75 million seed round led by Innosphere Fund.
In addition to the seven Innosphere companies listed below, graduate company of Innosphere’s Artificial Intelligence program, TiLT, received second round of funding when the company successfully met all of their performance milestones and were approved for “transition” funding.
Innosphere would like to thank the Colorado Bioscience Association’s Policy + Advocacy team who worked to preserve the Advanced Industries Accelerator Grant Program for the next fiscal year in the face of massive state budget shortfalls due to COVID-19. Thanks to our partners like CBSA, capital and growth can remain a top priority for our ecosystem, as these grants are a critical source of non-dilutive funding for high-technology and bioscience companies.
“Congratulations to all seven our Innosphere Ventures client companies and those that have participated in our SAGE Advisor program on your approved funding from OEDIT’s Advanced Industries Accelerator Grant Program! You’re building companies and developing technologies that will change the world, and your efforts do not go unnoticed. We’re excited to be working with such dedicated founders,” said Mike Freeman, Innosphere CEO.
View the full list of Colorado startups that received $7.3 million in Advanced Industries grant funding to fuel their growth here: https://choosecolorado.com/7-3-million-advanced-industries-awards-fuel-27-colorado-start-ups/
Innosphere client companies and graduates who received grants from the recent cycle include:
Blue Cubed, LLC- Niwot, CO $250,000
Blue Cubed provides cost-disruptive satellite communications systems through new design approaches. The company’s products span RF and optical links bringing new capabilities and dramatically lowering cost to each. CDMA allows a single ground (or space) station to talk to many satellites at once. A new approach to pointing optical inter satellite links allows much relaxed manufacturing tolerances while retaining the utmost precision required for long distance links.
Epic River – Loveland, CO $250,000
Imagine a scenario where you’re paid in-full at the time your medical services are rendered, your patients are guaranteed low-interest medical financing with reasonable payment terms, and your local bank or credit union is able to remain viable by helping you and your patients with revenue generating loans. Epic River makes this scenario a reality. Their solution enables providers and patients to overcome the challenges that come with the high costs of our healthcare system.
MicroGrid Labs, Inc. — Boulder, CO $250,000
Fleet electrification is both capital intensive and complex. It requires tools for detailed analysis and system sizing. MGL offers software to minimize costs and risks in electrification projects. The software helps develop the right charging strategy and optimize size and operation of vehicle batteries and charging/energy infrastructure. The unique nature of the solution is the joint modeling of transportation and energy. The platform is aimed at fleet operators, consultants, and utilities.
Momentum Optics, LLC – Longmont, CO $250,000
Momentum Optics is leveraging semiconductor processing techniques to develop an innovative manufacturing technology capable of producing optical components about 10X less expensively and 5-10X faster than traditional methods. Momentum Optics, LLC is solving the problem of long lead-times for custom optical lenses, a pain point for many companies as they seek a first-to-market advantage to capture early market share and create brand awareness.
SiVEC Biotechnologies– Fort Collins, CO $250,000
Scientists and doctors can “cure” diseases in a test tube using nucleic acid drugs, however delivery to the patient remains a challenge and biopharma is looking for a delivery solution that works. SiVEC is offering a delivery system for nucleic acid therapeutics which provides a large therapeutic window, long-term payload stability, and tissue targeted delivery with a favorable safety profile. Potential targets are broad and include influenza, cancer, genetic disorders, and diabetes.
University of Colorado Boulder, Researcher Christopher Lowry- Boulder, CO $150,000
Lead compound discovery from environmental mycobacteria strains for treatment of PTSD.
Colorado State University- Researcher Todd Bandhauer- Fort Collins, CO $150,000
Advanced Data Center Cooling System.
About Innosphere Ventures:
Innosphere Ventures accelerates the success of science and technology-based startup and emerging companies and operates a seed stage venture capital fund. As Colorado’s leading incubation program and commercialization expert, Innosphere’s program focuses on ensuring companies are investor-ready, connecting founders with experienced advisors and early hires, making introductions to corporate partners, exit planning, and accelerating top line revenue growth. Innosphere has been supporting Colorado startups for over 20 years and is a non-profit 501(c)(3) organization with a strong mission to create jobs and grow Colorado’s entrepreneurship ecosystem. www.innosphere.org