3 Life Science Startups Make NC IDEA Finals

All three of the life science startups competing in the current statewide NC IDEA competition have made it into the finals.

The three are among the nine finalists chosen from a field of 22 semifinalists. They’re vying for up to $50,000 apiece in the semi-annual fall NC IDEA grant cycle. Two of the three finalists in this 20th biennial grant cycle have already received loans from the North Carolina Biotechnology Center.

They include:

  • Rheomics, a Chapel Hill spinout of UNC started in 2010 by faculty research scientists Richard Superfine, Ph.D., the company’s president and CEO, and Russell, Taylor, Ph.D., vice president of technology systems. The company, which has received $325,000 in Small Business Research Loans from NCBiotech, is developing technologies to measure fluid viscosity and cell membrane rigidity. These technologies will be incorporated into biomedical instruments designed to diagnose clotting disorders and cancer metastasis.
  • Surgilūm, a Wilmington company established by a holding company called MindSkid Labs. Surgilūm designs, manufactures and markets medical instruments for use in cataract and refractive surgery. NCBiotech awarded a $75,000 Small Business Research Loan in 2014 to help in the commercialization of its RoboMarker technology.
  • SeaChange Technologies, a new Raleigh company developing a sustainable desalination process that eliminates polluting brine waste effluent.

The other six finalists are:

  • Brand Assurance – Wilmington
  • Brim – Durham
  • ImVere – Chapel Hill
  •  ProAxion – Apex
  •  Roobrik – Durham
  •  Tom & Jenny’s Candy – Chapel Hill

The finalists are invited to present before a review panel comprised of experienced investors, industry experts and entrepreneurs. Approximately four to six grant recipients will be announced in early December.

The grants, which are up to $50,000 per recipient, support business plan research and development, reduce the risk of early failure and advance projects to the point of suitability for angel or venture capital investment. In addition to the funding, winners will also benefit from mentoring by successful entrepreneurs and experienced investors; use of MBA interns; in-kind services from attorneys, accountants and marketing consultants; public recognition and access to growth capital.

NC IDEA is a private foundation dedicated to providing small early grants to help young startup companies across the state survive to raise more outside funding. NC IDEA judges chose the nine finalists from 130 applications received from N.C.-based startups developing software, IP-based technologies, consumer products and medical device and diagnostics.

Since its inception in 2006, NC IDEA’s grant program has awarded nearly $4 million to 98 companies across the state.

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