EnterpriseWorks

EnterpriseWorks Investments News

Revolution Medicines Seeks $100 Million IPO

EnterpriseWorks graduate Revolution Medicines filed for an initial public offering of $100 million on January 17, 2020. The company applied for the Nasdaq stock symbol RVMD. This filing comes shortly after Revolution Medicines presented preliminary data from their phase 1 clinical trial which is being conducted under an agreement with Sanofi. Revolution Medicines has a history of securing funds to continue their research to develop more effective drugs that aim to target diseases that have previously been impossible to target. In July 2019, the company secured $100 million to target the RAS pathway; in April 2018, the company raised $56 million to continue their SHP2 program; and in early 2015, Revolution Medicines got a kick start with a $45 million investment from Third Rock Ventures. The company started in 2014 in the Research Park incubator, EnterpriseWorks, under the name Midasyn.  There, they developed technology based on research conducted at the University of Illinois Urbana-Champaign by the company’s founder Dr. Martin Burke. This technology focused on targeting molecules that have been inaccessible for drug development. Essentially, Revolution Medicines set out to drug the undruggable. Since their start, Revolution Medicines has evolved into a precision-oncology company. Learn more about Revolution Medicines by visiting their website here.

Revolution Medicines Seeks $100 Million IPO Read Post »

EnterpriseWorks Features Media Mentions News

EarthSense, Featured on OneZero about Autonomous Tractors

EnterpriseWorks agtech startup EarthSense was featured in an OneZero Article about the regulations on autonomous tractors in January. This article stresses the importance of the freedom to send autonomous tractors over farm fields without much, if any, regulatory interference or risk of injuring humans helps speed the development of better technology. Cofounder Girish Chowdhary says “The challenge with agriculture is that the environment can be very different in different fields.” EarthSense, a company that develops ultra-compact autonomous robots was founded in 2016 by University of Illinois researchers and entrepreneurs Chinmay Soman and Girish Chowdhary. This past month, the company received Phase II SBIR funding from the National Science Foundation. This award will allow the startup to continue work toward large-scale deployment of TerraSentia for agricultural research and product development.  To read the full article by OneZero, click here.

EarthSense, Featured on OneZero about Autonomous Tractors Read Post »

EnterpriseWorks Graduates News Recognition & Awards

EnterpriseWorks Graduate PhotoniCare Announces FDA Clearance for First-In-Class Technology for Imaging the Ear

PhotoniCare, Inc., a company dedicated to revolutionizing healthcare by providing physicians with better diagnostic tools, today announced that the U.S. Food & Drug Administration (FDA) has granted 510(k) clearance for its TOMi™ Scope for non-invasive imaging of the middle ear. Using optical coherence tomography (OCT) high resolution depth imaging, TOMi Scope helps to determine the presence or absence of fluid in the middle ear and to characterize the fluid type. “Current tools can only provide a view of the surface of the eardrum, forcing physicians to make an assessment with very limited information, or to employ invasive surgical procedures to accurately identify middle ear pathologies,” said Diego Preciado, M.D., Ph.D. of the Children’s National Hospital in Washington, D.C., a lead investigator for clinical studies of the device. “TOMi Scope’s advanced light-based technology could dramatically alter the way children with ear problems are evaluated, enhancing our ability to inform optimal treatments.” Middle ear infections are the leading cause of hearing loss, surgery and antibiotic use, especially in children. Affecting more than 80% of children, they are misdiagnosed up to 50% of the time using the current gold standard, examination via otoscope.[i] Children can suffer from recurring ear infections for six to 12 months before they are referred to an ENT specialist, and are often prescribed increasingly potent antibiotics during this time. More than one million tube surgeries are performed in the U.S. alone every year. “Clinicians seeking to be more accurate and confident in their assessment of middle ear fluid and fluid type will find this new technology using light wave detection very helpful,” said Michael Pichichero, M.D., Director of the Rochester General Hospital Research Institute and Research Professor at the Rochester Institute of Technology in New York. “The fact that it works well even in the presence of significant wax build-up is of great value. Wax continues to be a huge problem in middle ear diagnosis.” “At PhotoniCare we set out to solve the massive problem of frequent misdiagnosis of middle ear infections, and the overuse of antibiotics and referrals to surgery in children that result,” added PhotoniCare co-founder & CEO Ryan Shelton. “We thank the FDA for clearing our TOMi Scope under a new product code unique to our technology, and look forward to bringing this innovation to doctors and patients very soon.” PhotoniCare expects to immediately launch the TOMi Scope in a limited release in select U.S. geographies, with a full national launch later in 2020. About PhotoniCare Founded in 2013, PhotoniCare’s mission is to revolutionize healthcare by providing physicians with better diagnostic tools, starting with the TOMi Scope™, the first and only otoscope to provide non-invasive imaging of the middle ear using a novel application of Optical Coherence Tomography (OCT) to directly visualize and characterize fluid in the middle ear, a necessity for the diagnosis of  middle ear infections. PhotoniCare has developed a patented imaging platform technology that provides growth opportunities beyond otology (study of the ear). Peer-reviewed studies show that the same handheld OCT technology can be used to image other areas, such as the anterior and posterior segments of the eye, the skin, and in the mouth. PhotoniCare has been recognized by numerous organizations, winning the 2018 MedTech Innovator Execution Award and the 2018 AdvaMed Accel Virginia Shimer Rybski Memorial Award. The company was also a member of the 2016 Dreamit Ventures accelerator program and recently took first place at the 7th Annual Insight Product Development 2019 HealthTECH Startup Competition. PhotoniCare has received more than $4 million in support from the National Institutes of Health, most recently a Phase SBIR I award for work in artificial intelligence. In 2015, PhotoniCare was the winner of a grant from the National Capital Consortium for Pediatric Device Innovation (NCC-PDI), an FDA-funded consortium led by Children’s National Hospital.   This press release originally appeared on PhotoniCare’s website. This story was also featured by WCIA. See their coverage here.

EnterpriseWorks Graduate PhotoniCare Announces FDA Clearance for First-In-Class Technology for Imaging the Ear Read Post »

EnterpriseWorks News Research Park

Susan Martinis Named Vice Chancellor for Innovation and Research

On November 7, 2019, Chancellor Robert J. Jones announced that Susan Martinis accepted the offer to become the vice chancellor for research and innovation at the University of Illinois at Urbana-Champaign. Dr. Martinis was appointed as interim vice chancellor for research in September 2017. According to Chancellor Jones, “Since taking on the role, Dr. Martinis has provided stellar performance, collegiality, creativity and agility in leading some of the most complex and pioneering activities in the Urbana-Champaign research enterprise. Her accomplishments during this period are impressive, and the addition of ‘innovation’ to the VCR title reflects the breadth of her portfolio and scope of her impact.” Further accomplishments include the transition of the Research Park and EnterpriseWorks back to the Urbana-Champaign campus and supporting the Illinois Program for Research in the Humanities as it moves towards IBHE-approved institute status. Additionally, The Cancer Center at Illinois and the Center for Social and Behavioral Sciences became the 8th and 9th university-wide research centers during Dr. Martinis’ time as interim vice chancellor. EnterpriseWorks and the Research Park thank Dr. Martinis for her support and applaud her for her extensive work at the University of Illinois at Urbana-Champaign. For more information, view the Illinois News Bureau article here.

Susan Martinis Named Vice Chancellor for Innovation and Research Read Post »

EnterpriseWorks Graduates News Recognition & Awards

EnterpriseWorks Graduate SNOOZ Raises $1.35 Million

SNOOZ, an EnterpriseWorks graduate, raised $1.35 million in a seed round led by Serra Ventures. Founded in 2015 by Matthew Snyder and Eli Lazar, SNOOZ  has developed a white noise machine designed to improve sleep. The product is designed for both the hospitality industry and at-home use.  Lazar is an alumus of the University of Illinois, where he studied Mechanical Science and Engineering. “As sleep has emerged as a key focus of the health and wellness space, we think we’re in a perfect position to help improve the bedroom environment for millions around the world. To that end, we’re thrilled to have the support and investment of Serra to help us accelerate our roadmap and continue spreading the good SNOOZ,” CEO and Co-founder Matthew Snyder said. Serra Ventures, located in downtown Champaign, is a venture capital firm that invests in technology companies and works alongside entrepreneurs to develop strategic business development plans. Several of its partners are Entrepreneurs-in-Residence at EnterpriseWorks. Read the original press release here.

EnterpriseWorks Graduate SNOOZ Raises $1.35 Million Read Post »

EnterpriseWorks Graduates Media Mentions News

Personify Named One of Crain’s Chicago’s Most Innovative Companies

EnterpriseWorks graduate Personify landed in the top 10 on Crain’s Chicago’s Most Innovative Companies list. The company was named number 4, but this isn’t the first time Personify has appeared on the Most Innovative Companies list. Crain’s Chicago Business named Personify tenth on the list in 2018. Personify was founded in 2009 by University of Illinois Professor Sanjay Patel and his colleagues Minh Do and Wen-mei Hwu. The company has developed advanced video technology that allows users to have an immersive video experience. Users can use Personify’s “virtual green screen” to blur video background or customize their background. Learn more about Personify’s technology here.

Personify Named One of Crain’s Chicago’s Most Innovative Companies Read Post »

EnterpriseWorks Features Graduates Media Mentions News

EnterpriseWorks Graduate Serionix Featured in NASA’s Spinoff

EnterpriseWorks graduate, Serionix was featured in the NASA’s 2019 Edition of Spinoff, an annual publication that features commerical technologies that have origins to NASA-backed research. Serionix was founded in 2011 by two Materials Science and Engineering PhD students at the University of Illinois Urbana-Champaign. While at EnterpriseWorks, Serionix was awarded multiple SBIR awards from the Johnson Space Center. These awards allowed the company to research and design filters for spacesuits and spacecrafts. However, this technology used to filter space can also be used in the home to improve indoor air quality and reduce pet odors. “All of the challenges that we have here are simply magnified up in space. That’s the environment up there, and people’s lives depend on solving those problems,” he says. “The challenges of deploying the technology in space definitely serve us well in making a more robust product for our customers on Earth,” said Co-Founder and President James Langer in the the Spinoff article. Learn more about Serinox’s partnership with NASA and their filtering technology here.

EnterpriseWorks Graduate Serionix Featured in NASA’s Spinoff Read Post »

EnterpriseWorks News Partnerships & Acquisitions

Veriflow, 2017 EnterpriseWorks Graduate, Acquired by VMware

Ajay Singh, Senior Vice President and General Manager of VMware, announced on August 15, 2019, that the company is acquiring Veriflow, a startup that graduated from EnterpriseWorks in Research Park in 2017. “Veriflow is an innovator in network certification, assurance, and troubleshooting…. Once the acquisition is closed, VMware plans to invest in and integrate Veriflow into vRealize Network Insight to increase our overall network monitoring and troubleshooting capabilities and adding new dimensions of network verification and What-If analysis directly to the platform,” Singh said. In 2016, Veriflow was selected as the Barclays “Innovation Challenge Winner,” beating out over 100 competing companies. It was the first networking company to use continuous network verification to eliminate network outages and vulnerabilities. The startup also announced that they had raised over $8 million in Series A funding that same year. In 2017, their success continued as Brighten Godfrey, co-founder and CFO of Veriflow, was awarded the Bay Area CIO of the Year in the Community Champion category by the Silicon Valley Business Journal and the San Francisco Business Times. The University of Illinois Research Park congratulates Veriflow on its multitude of successes. To read the full article, click HERE.

Veriflow, 2017 EnterpriseWorks Graduate, Acquired by VMware Read Post »

EnterpriseWorks Media Mentions News

Interview with Tushar Pandey, SimBioSys Inc., CEO

Tushar Pandey, Chief Executive Officer at SimBioSys Inc., spoke with The News-Gazette on July 21, 2019, about what he does for the company and what the company is accomplishing. The company’s work focuses on cancer, and the SimBioSys team has “created a platform to computationally simulate tumor response to drug regimens to help oncologists in treatment planning phase.” A patient’s tumor can be made virtual, which allows for deeper understanding that impacts drug delivery, chemical interactions, and metabolism. Essentially, a cancer is modeled in order to monitor its behavior. The company has a complete product for early-stage breast cancer, and clinical trials are already underway. SimBioSys is also working with the U.S. Food and Drug Administration to gain regulatory approval for their device so it can be used in medical settings. The goal of the company is to have a complete suite for all solid tumors within the next few years, and the first cancer targeted will be lung cancer. Initial work was funded by a grant from the National Cancer Institute and from angel investors, and SimBioSys aims to secure another round of funding in late 2019 to speed up their work. To learn more about SimBioSys, click HERE.

Interview with Tushar Pandey, SimBioSys Inc., CEO Read Post »

Energy, CleanTech EnterpriseWorks

Ensaras

Ensaras info@ensaras.com 561-294-0138 60 Hazelwood Dr. Champaign, IL Ensaras, Inc. is providing cutting edge Artificial Intelligence solutions to the wastewater sector through its web platform: The Ensaras AI Wastewater Stack.  The Ensaras AI Wastewater Stack is an AI-as-a-service platform, developed by wastewater process and AI experts specifically for wastewater treatment facilities. The Ensaras AI Wastewater Stack provides wastewater treatment facilities with streamlined data management across varied data streams, automated reporting and visualization, and a suite of AI tools to derive actionable insights. The Ensaras AI Wastewater Stack empowers wastewater facilities to meet and exceed their treatment goals, while saving time and money. ensaras.com Ensaras News Chief Scientific Officer of Ensaras Appointed White House Fellow

Ensaras Read Post »