EnterpriseWorks

EnterpriseWorks News Recognition & Awards Research Park

Reconstruct Named One of Crunchbase’s 50 Hot Tech Companies in 2019

Crunchbase published a list of the 50 Hot Tech Companies Globally in 2019, featuring Reconstruct, a Research Park startup. The companies were filtered based on Crunchbase data. Each of the companies listed has raised between $10 and $30 million in the last six months and has not exited via IPO or acquisition. Reconstruct has raised $10.1 million in total funding from investors, including Cultivation Capital, Serra Ventures, and Harbor Street Ventures. Reconstruct’s AI and digital twin capabilities help project stakeholders by providing indoor/outdoor views, enabling them to track and resolve issues in a virtual environment before actual impact on cost and schedule, revolutionizing construction management.

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EnterpriseWorks News Research Park

Board of Trustees Votes to Transfer Research Park Oversight

CHAMPAIGN – The University of Illinois Board of Trustees today transferred oversight of the University of Illinois Research Park from the U. of I. System to the University of Illinois at Urbana-Champaign. Trustees approved the Research Park in 1999 and authorized the University of Illinois Research Park LLC in 2000 as the formal entity to develop and operate research parks in support of the university’s economic development mission. On the endorsement of President Tim Killeen and Urbana campus Chancellor Robert Jones, the limited liability company’s Board of Managers voted in October to recommend that the Board of Trustees change the legal entity’s scope to focus solely on the Research Park in Urbana-Champaign. With its vote today at its bimonthly meeting on the Springfield campus, the board of trustees completed the transfer. “This will make our campus an even stronger contributor to the economic well-being of our community, and help to fulfill the missions of the Illinois Innovation Network and the Discovery Partners Institute,” Jones said. “We look forward to more deeply integrating activities of the campus faculty members, students and staff with those of the Research Park and EnterpriseWorks.” Susan Martinis, the interim vice chancellor for research at the Urbana-Champaign campus, said the total workforce at the Research Park represents the third-largest employer in the community. “Aligning the Research Park more closely with our campus strongly supports our research, teaching, public engagement and economic development missions,” Martinis said. “It’s a powerful pipeline for students to connect with companies for experiential learning, and for companies to connect with students to harness cutting-edge skills.” The Board of Trustees also approved four new members of the UIRP LLC Board of Managers, Wilbur Milhouse and Scott Rose from the private sector and Gies College of Business Dean Jeff Brown and College of ACES Dean Kim Kidwell to fill two faculty board positions. Read the entire news release HERE. News coverage:The News-Gazette

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EnterpriseWorks Events News Recognition & Awards Research Park

TellTail Honored with 2019 Edwin Moore Family Agriculture Innovation Prize

Champaign, IL — TellTail, a startup that uses predictive and forecast algorithm technology to improve the management of pig production systems, is the recipient of the 2019 Edwin Moore Family Agriculture Innovation Prize. The award, generously funded by University of Illinois alumni and their families, rewards University of Illinois entrepreneurs focusing on agricultural innovations. Members of the Moore family presented the award to TellTail co-founders Angela Green-Miller, Andy Miller, and Chris Harbourt during the Agriculture Technology Innovation Summit on March 6 in Champaign. TellTail’s primary goal is to improve pig management in a way that reduces mortality, encourages desirable production traits, and increases profitability of production facilities. Its technology directly addresses its customer’s desire to produce more pork with fewer resources; its algorithms improve efficiency as well as animal welfare. The team who developed TellTail’s includes Green-Miller, an associate professor of Agricultural and Biological Engineering at the University of Illinois Urbana-Champaign. The company just moved into its own office at EnterpriseWorks, the technology incubator in the Research Park. The Edwin Moore Agriculture Innovation Fund was established in 2016 with a generous gift to EnterpriseWorks, the University of Illinois at Urbana-Champaign’s technology incubator. Its goal is to encourage startup companies engaged in development of new innovative technologies that may lead to increased productivity and/or efficiency in farming, or to create new agricultural opportunities, including new processes, new crops, and new food production systems. Previous winners include EarthSense (2018) and Soil Diagnostics (2017). In addition to the prize given at the AgTech Innovation Summit, a second Edwin Moore Agriculture Innovation Fund award is at stake as part of the Cozad New Venture Competition, the university’s signature competition for student startups. It will be awarded in April. The award honors the legacy of Edwin E. Moore (1924), who graduated from the University of Illinois College of Agriculture and began farming in Will County. Throughout his agricultural career, he and wife, Iva, used innovative farming practices for both crop production and livestock management. Two of their four children became farmers, Edwin and Thomas (1953, College of Agriculture), and continued use of innovative farm practices. Subsequent generations of Edwin Moore’s family have continued to pursue farming and ag related careers capturing the same innovative spirit.

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EnterpriseWorks News Partnerships & Acquisitions Research Park

A Vision for “Research Park Commons” and EnterpriseWorks Incubator Expansion

The University of Illinois at Urbana-Champaign’s recently released campus strategic plan includes several references to increasing investments in the University of Illinois Research Park and the EnterpriseWorks incubator with the express goal to grow the entrepreneurial ecosystem and support economic development in the region. The Research Park Master Plan, adopted in September 2018 by the University of Illinois Board of Trustees, aims to double its size and continue attracting more companies, employees, and private development. At Monday’s University of Illinois Research Park LLC Board of Managers meeting, members discussed a vision toward those goals, called the EnterpriseWorks Expansion and Research Park Commons. This vision is a concept for a new building that would address two known factors impacting the future growth of the Research Park: 1) a lack of adequate lab facilities for growth-stage startup companies, in the community and throughout the state of Illinois; and 2) the need for additional Research Park community spaces providing an environment for creative collisions between the companies, employees, and faculty. No formal action was taken by the UIRP LLC Board of Managers. The study was commissioned by the University of Illinois Research Park LLC and completed by Clark Enersen Partners, a firm out of Kansas City that specializes in scientific buildings on college campuses.

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EnterpriseWorks Media Mentions News

EarthSense One of 8 Ag Tech Start-ups Worth Watching in 2019

EarthSense, a company that develops ultra-compact autonomous robots for crop breeders, agronomists, and growers, has been featured in Successful Farming’s 8 Ag Tech start-ups worth watching in 2019. The company was founded by University of Illinois entrepreneurs, Chinmay Soman and Girish Chowdhary. Their headlining agricultural robot, TerraSentia, provides field phenotyping from the ground level up. The creation of TerraSentia was inspired by the recognition of the fact that most of the important events on a field start under the canopy. The start-up sold out of its 2018 Early Adopter Program, where they sold 25 robots. In the feature, Soman talks about the three key problems that EarthSense aims to tackle, which include promoting the creation of the more sustainable next generation crop varieties and resolving issues posed by herbicide-resistant weeds with the use of robots performing mechanical weeding. Read more on the feature here.  

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EnterpriseWorks Graduates News Recognition & Awards

EnterpriseWorks Graduate Runtime Verification Thrives in Urbana

It’s not rare for a University of Illinois deep-tech startup to fly under the radar. One such startup — founded by a University of Illinois computer science faculty member and a graduate of the EnterpriseWorks incubator –received a bit of notoriety from online tech magazine Chicago Inno. Runtime Verification is now located in downtown Urbana, and has grown to have 30+ employees. Founded by Grigiore Rosu, uses runtime verification-based techniques to improve the safety, reliability, and correctness of software systems. “Runtime Verification, based in Urbana, has developed tools to improve the safety and reliability of software systems. Its technology can automatically detect bugs that are lurking in a company’s software, and identify problems before a program crashes. Runtime’s customers include a handful of high-profile clients—such as Boeing, NASA, Toyota and the National Science Foundation—who use the startup to make sure their code is error free.” For the entire article, please visit Chicago Inno.

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EnterpriseWorks Graduates News

EnterpriseWorks Graduate CU Aerospace Launches Satellite for Deep Space Missions

The EnterpriseWorks graduate, CU Aerospace, launched their satellite into space for the first time on December 12, 2018. Over a decade in the making, CU Aerospace along with University of Illinois engineering students developed the small CubeSail satellite. At 10PM, this satellite launched from New Zealand, hitching a ride on the Electron rocket from the commercial space company, Rocket Lab. This technology was developed when CU Aerospace lived inside the EnterpriseWorks incubator at the University of Illinois Research Park. Considered extremely unique in its field, CubeSail has a new technique for steering a “solar sail” with a solar-powered satellite propulsion system. In 2005, David Carroll of CU Aerospace wrote a proposal to NASA to test the CubeSail funding. Soon after in 2008, CU Aerospace won funding and contracted the University of Illinois to develop it. The CubeSail team watched Rocket Lab’s video livestream from a classroom at Talbot Lab. The team then headed to their ground station north of Urbana with hopes to communicate with CubeSail about five hours after it deployed from the rocket. The beginning of the mission was useful for testing the satellite itself, first developed at the University of Illinois Research Park. This was the first space mission for the team and the radio, powersystem, software and electronics were all tested by the team. If the CubeSail mission is deemed successful, CU Aerospace can commercialize the technology as an alternate propulsion system that can be used for deep space missions. “What’s unique about what we do at the university is that everything, all the designs, all the structures, are all put together and designed by our students. We start from scratch,” says Michael Lembeck, associate professor in the Department of Aerospace Engineering and director of UI’s Laboratory for Advanced Space Systems. The University of Illinois lab has four other missions lined up in the near future. The next will carry a spectrometer to measure different kinds of chemicals in the upper atmosphere, which will help future spacecraft engineers design better materials for re-entry. To view the full story, click here.

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EnterpriseWorks Features Media Mentions News

The 21st Broadcasts Live From Enterpriseworks

Illinois Public Media made a very special trip to the Research Park on Tuesday, September 25 to broadcast their radio show, The 21st, live from the EnterpriseWorks incubator. The broadcast discussed startup culture in the Champaign-Urbana area, focusing on promising innovation from student entrepreneurs and startups within the incubator. Host Niala Boodhoo spent the morning at the EnterpriseWorks incubator speaking with Director Laura Frerichs. Frerichs said the Research Park “is a hotbed of startup activity. There’s so much science happening at the University and ample opportunity to bring that to the market through the ingenuity of students, faculty, alumni that see an opportunity for new products and new technologies that can truly be disruptive.” They talked all about the startup workforce in Champaign-Urbana and how it contributes to technological growth. Boodhoo also spent some time speaking with Research Park startup owners and iVenture entrepreneurs about their companies. She began with EarthSense founder Chinmay Soman and later interviewed Petronics co-founders Michael Friedman and Dave Cohen about the future of their businesses. She also spoke with iVenture participants Teresa Yang of PhantomCor and Kendall Furbee of Cut To The Case about their experience as student entrepreneurs. To listen to “this very special 21st, live from EnterpriseWorks at the Research Park,” access the entire broadcast online here.

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EnterpriseWorks News Recognition & Awards

Revolution Medicines Makes $50mil Deal

EnterpriseWorks incubator graduate, Revolution Medicines, sold the sharing rights to one of their leading drug candidates to Sanofi for $50million. Revolution Medicines started in the Research Park incubator in 2014 as the company “Midasyn” and have since graduated and relocated to California with their new name. Before moving to California the company launched as Revolution Medicines based on technology created at the University of Illinois. The medicine that was sold to Sanofi will help fight cancer and inhibit the SHP2, which is an enzyme associated with many common types of cancer. Before being able to create this medicine they first had to create and utilize technology to probe and research the enzyme. This will be the first time Revolution Medicines will be testing a drug on humans. Click here to read more on this news.

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