The Elevate Purdue Foundry Fund is a joint venture between Indiana’s Elevate Ventures, the Purdue Foundry and the Indiana Economic Development Corporation. The program, now in it’s second year, seeds early stage startups with some early stage funding. The program is part of a $2 million dollar initiative spread out over multiple years.
10 startups were chosen out of a large pool of applications. They will all receive $20,000 in a nonrecourse convertible promissory note with the chance to get up to $80,000 more in convertible debt or equity based follow on funding after each startup reaches predetermined milestones.
“We had 23 applications for this second round of support since this fund was created last year. The selection process was highly competitive, and this caused our committee to recognize the need to remain focused on the charter of the fund – that is to provide seed funding to startups commercializing Purdue-developed intellectual property, that the startup is either owned by Purdue students or staff or based on IP patented through the Purdue Research Foundation,” said Greg Deason, executive director of the Purdue Foundry. “The applications this round, just as the last round, were impressive but, given the relatively small size of the fund, awards were again limited to 10.”
The companies came form a wide range of industry:
- BioKorf LLC, pharmaceuticals. Watch video at https://www.youtube.com/watch?v=oEEBiK2BsLs.
- CommSense LLC, information technology.
- Concordance Health Solutions, a medical assistance.
- CPrecisely Inc., computer technology. Watch video at https://www.youtube.com/watch?v=vXH1KmwHSC4.
- GeniPhys LLC, life sciences.
- Mimir LLC, computer technology.
- PurSpec Technologies Inc., biomedical engineering.
- SkyePack LLC, information technology.
- SmartGait LLC, information technology. Watch video at https://www.youtube.com/watch?v=oLXnTx6Rb6A.
- VinSense LLC, software development.
You can find out more about the Purdue Foundry here at prf.org