Purdue startups raise nearly $25 million
July 1, 2015
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Jessica Huber, professor in Purdue's Department of Speech, Language and Hearing Sciences, speaks with a client about the SpeechVive device. SpeechVive Inc. is one of the companies in the Purdue Startup Class of 2014 that raised almost $25 million between July 1, 2014 and June 30, 2015. (Purdue Research Foundation photo) |
WEST LAFAYETTE - Startups based on Purdue University intellectual property already have raised nearly $25 million in local, state, federal and private funding to advance their companies in the year following their formation.
Nine startups from the Purdue Startup Class of 2014 raised $24,347,978 in funding from private and government sources between July 1, 2014 and June 30, 2015. The startup class is composed of companies that operate in sectors such as engineering, industrial technology, information technology, life sciences, nanotechnology, pharmaceuticals and software. They have licensed innovations from the Purdue Research Foundation Office of Technology Commercialization between July 1, 2013 and June 30, 2014.
The companies that raised the funds are:
* DATTUS, formerly known as Bearing Analytics Inc. - approximately $650,000 from private investors. The company could receive an additional $600,000 in tax credits from the state of Indiana over the next year 10 years. Its technology could predict failure in industrial rotating machinery, reduce maintenance expenditures and improve worker safety.
* Drug Free Therapeutix - $150,000 from private investors. Its technology could increase the quality of life for patients who suffer from chronic pain that cannot effectively be managed through conventional drug therapy. A video is available at https://www.youtube.com/watch?v=5rFXGgEnppk
* KinaSense - $20,000 from the Elevate Purdue Foundry Fund. Its technology could help oncologists see faster than ever which drug therapies will benefit cancer patients and to what extent. A video is available at https://www.youtube.com/watch?v=igR19D_Ym7s
* Mobile Enerlytics LLC - $20,000 from the Elevate Purdue Foundry Fund. Its technology could help app developers identify code that drains smartphone batteries quickly. A video is available at https://www.youtube.com/watch?v=hNyMD8nFnoc
* SPEAK MODalities LLC - $20,000 from the Elevate Purdue Foundry Fund. Its technology could improve communication for children and families affected by severe, nonverbal autism. A video is available at https://www.youtube.com/watch?v=AabR3FV9roY
* SpeechVive Inc. - more than $4 million from private investors and federal grants. Its technology helps people with Parkinson's disease speak more loudly and communicate more effectively. A video is available at https://www.youtube.com/watch?v=ybNZkCk_ex8
* Spero Energy Inc. - $800,000 from federal grants and $140,000 from state and local sources. Its technology could improve the efficiency of alternative fuel production and create high-value, renewable chemicals used in the flavor and fragrance industry. A video is available at https://www.youtube.com/watch?v=90u01yi7pMk
* Symic Biomedical Inc. - $16 million from private investments and $2,335,000 from federal grants. Its technology could improve treatments to people with osteoarthritis, end-stage renal disease and for diabetic or other hard-to-heal skin wounds. A video is available at https://www.youtube.com/watch?v=GrCqAInFKjM
* Vibronix Inc. - $212,978 from federal grants. Its label-free technologies could improve the diagnosis of heart disease, prostate cancer and breast cancer. A video is available at https://www.youtube.com/watch?v=Min7qjanJOQ
Purdue Research Foundation contact: Steve Martin, 765-588-3342, sgmartin@prf.org
