The University of Chicago Innovation Fund announced two healthcare startups and one agriculture IT startup will receive $550,000 total in the most recent round of funding.Navipoint Genomics LLC will receive $175,000, Praedictus Climate Solutions will receive $125,000, and RiMO Therapeutics will receive $250,000, the Fund announced Thursday.These startups were chosen from five that presented to the Fund at an event in December. Twice per year, the Fund takes applications, hears pitches, and decides to invest in emerging technologies and startups out of the University.With this round of funding, the Innovation Fund, which is managed by the Chicago Innovation Exchange, will have invested over $3.6 million in 38 startups.
Navipoint Genomics LLC $175,000
This startup out of Argonne National Lab and the Computation Institute is developing a genomics analysis platform, which the CIE described as a “significant advancement in the rapidly evolving frontier of personalized medicine.” The platform can transfer and analyze full human genomes 50 to 100 times faster than competitors. They plan to use the funding to build a HIPPA-compliant proof-of-concept that can be used in clinical practice.
Praedictus Climate Solutions $125,000
This agriculture tech startup out of the Computation Institute developed tools to provide exact and timely projections of crop yields. They plan on using the funding to validate the system with additional crops and new types of geographies.
RiMO Therapeutics $250,000
This startup has created a scalable cancer treatment. It uses nanotechnology to administer low dose X-ray treatment, and has been highly effective in eradicating solid tumors. They plan on using the funds to complete pre-clinical trials and launch the first in-human study by summer 2016. RiMO therapeutics was also the first startup licensed through the UCGo! program, which streamlines the licensing process for promising technologies out of the university.
Source: UChicago Healthcare, Agtech Startups Funded Through Innovation Fund | Chicago Inno
