Event has spurred $21 million in start-up funding
INDIANAPOLIS, Ind., Sept. 26, 2016 — The fifth annual BioCrossroads New Venture Competition, an early stage business competition, has uncovered several promising life sciences and health information technology companies. Six finalists will compete for cash prizes on October 4 during the 2016 Indiana Life Sciences Summit. Over the last four years, the competition has awarded more than $240,000 to 16 start-up companies, which have secured $21 million in follow-on funding.
“Based on the success of several previous winners, we believe this competition is a great boost to budding life sciences and health information technology companies in Indiana,” said David L. Johnson, President and CEO of Central Indiana Corporate Partnership and BioCrossroads. “The competition is a great way for us to gauge the current entrepreneurial activity and gives the BioCrossroads Indiana Seed Fund an opportunity to invest.”
The BioCrossroads New Venture Competition was open to life sciences (biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech) and health information technology companies holding a substantial nexus to Indiana and a high potential for attracting additional investment capital. Out of more than 30 applicants, the following six finalists will compete for cash prizes:
- Daylight OB is a medical device company developing technologies to improve health and safety in labor and delivery units. The company’s first device in development is a disposable obstetrics device, called Daylight, used to reposition a baby for an emergency second-stage cesarean delivery. (Independent)
- Rubicon Agriculture manufactures and operates automated, hydroponic growing facilities, the AgroBox, to provide a reliable solution for growing produce year round. (Independent)
- Rusher Medical is devoted to helping hundreds of millions of people with compromised lung function to breathe easier through the Rusher Valve, a portable positive expiratory pressure therapy device. (Independent)
- Scioto Biosciences develops medicines to support microbiome health through a novel micropartical platform leveraging probiotic biofilms. (Independent)
- VinSense is innovative software that helps wine growers make better decisions based on real-time sensed data to enhance crop uniformity, production and profitability. (Purdue University)
- Xylogenics applies synthetic biology to create valuable and innovative products that enable sustainable chemical production, including yeast optimization for commercial process. (Indiana University)
In addition to a cash prize of $25,000 and exposure to hundreds of influencers at the Summit, the winner of the competition will have access to the Indiana Seed Fund II staff and the fund’s network of resources to provide business planning and early-stage strategic support. They will also have the opportunity to make a presentation to the ISFII investment committee for added exposure. Second and third place companies will be awarded cash prizes of $15,000 and $10,000, respectively, and a Pre-Venture prize of $10,000 will go to a company who has a promising technology that is very early in its development.
All winners will be announced at the Indiana Life Sciences Summit Networking Reception at the JW Marriott Hotel in Indianapolis on October 4, 2016. Taft Stettinius & Hollister LLP, 5AM Ventures, VisionTech Partners, LLC and DeveloperTown sponsored the Competition.
BioCrossroads (www.biocrossroads.com) is Indiana’s initiative to grow, advance and invest in the life sciences, a public-private collaboration that supports the region’s existing research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises (AgriNovus Indiana, Indiana Biosciences Research Institute, Indiana Health Information Exchange, BioCrossroadsLINX, OrthoWorx and Datalys Center), expands collaboration and partnerships among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.