At the conclusion of Purdue Foundry’s Boost accelerator, three Indiana-based high-tech startup companies with Purdue University ties each received $25,000 apiece.
Seven businesses took part in the initiative, which began with a $5,000 non-dilutive stipend. The businesses took part in several weeks of programming, which included meetings with entrepreneurs-in-residence, mentors, and industry experts. They finished with business pitches to a panel of venture capitalists and angel investors; if two of the panelists thought a team was worthy of investment, Purdue Foundry put up $25,000.
The following companies have received investments:
Arman Sabbaghi, CEO; Araqev from West Lafayette. Araqev improves additive manufacturing capabilities by utilizing machine learning to improve accuracy and quality while minimizing waste.
Christopher Nilsen, CEO of West Lafayette-based Pluto Aerospace. Pluto Aerospace is working on hypersonic and other suborbital launch vehicle platforms that are both fast and affordable.
James Donahue, CEO of Indianapolis-based ReproHealth Technologies. ReproHealth is working to improve the efficiency of bovine reproductive technologies, allowing farmers to save time and money while expanding their herd.
The Boost program’s long-term usefulness, according to Bill Arnold, managing director of the Purdue Foundry, goes beyond the $25,000 investment.
“All seven companies tested their business model, developed a customer acquisition strategy, created a repeatable sales model, refined unit economics and financials, designed a defensible IP strategy, strategized on building a winning team and developed equity strategy,” Arnold said. “The work these entrepreneurs put into their companies has made them more investment-ready, and not just for the Boost program.”
Source: Purdue Foundry invests $75,000 in three high-tech, Purdue-related startups – Purdue University News
