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.
“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.”