EnterpriseWorks

CHAMPAIGN, Ill.– Phi Optics, Inc., a company that develops imaging solutions for life sciences and bio-pharma researchers, has secured $250,000 in seed funding from venture capital funds. The seed series was led by Champaign-based Serra Ventures and includes New Jersey-based Newport Holdings LP and Champaign-based Illinois Ventures LLC. The funding will support development of optical microscopes designed for faster and more sensitive imaging of live cells and tissues using Phi Optics patented technology, Quantitative Phase Imaging (QPI). Phi Optics also has received a Phase 1 SBIR (Small Business Innovation Research) award from the National Science Foundation (NSF). The SBIR funds were used toward a feasibility study for translating QPI technology from university lab to commercial product. Phi Optics also has developed strategic partnerships with Agilent Technologies and Carl Zeiss Microscopy. “Phi Optics products empower bio-pharma and life sciences academia researchers to explore deeper, discover more, and ultimately cure better,” said Dr. Gabriel Popescu, Co-Founder and CEO of Phi Optics, Inc. About Phi Optics: Phi Optics designs and manufactures devices based on Quantitative Phase Imaging (QPI), a label free and quantitative imaging technology with nanoscale sensitivity. QPI-enabled devices have applications in life sciences, diagnostic pathology, and nanotechnology markets. Founded by Drs. Gabriel Popescu and Catalin Chiritescu, Phi Optics is commercializing technology initially developed in Prof. Popescu’s laboratory at the University of Illinois at Urbana-Champaign. The company is a graduate of the NSF Innovation Corps program (March 2012 cohort) and is located in the EnterpriseWorks incubator in the University of Illinois Research Park. For more information visit the Phi Optics website. About University of Illinois Research Park: The Research Park at the University of Illinois Urbana-Champaign provides an environment where technology-based businesses can work with faculty and students to take advantage of opportunities for collaborative research. Located on campus, the Research Park is home to more than 90 companies, employing 1,400 people in high-technology careers. Major corporate operations in the Research Park include: ADM, Abbott Laboratories, Anheuser Busch InBev, Caterpillar, Citrix, Deere & Company, Dow, Littelfuse, Neustar, Raytheon, Riverbed, Sony, State Farm, and Yahoo. The Research Park is also home to 30+ startup companies that are commercializing technology. For more information, visit the Research Park website.

EnterpriseWorks is creating a new entrepreneur kick-start program to help launch more companies out of the University of Illinois. EnterpriseWorks is developing the I-Start program to encourage more University of Illinois inventors to pursue start-up formation and commercialization of their research and technology. Working alongside proof-of-concept funding programs, I-Start will help facilitate the administrative and professional service work related to forming a new company, which can seem overwhelming and time consuming to new entrepreneurs. I-Start will offer a suite of first year startup services for new University of Illinois entrepreneurs including business development, business plan writing, legal setup, SBIR application, financial statements, marketing assistance, and human resources/payroll assistance. The I-Start program is designed to complement participation in the EnterpriseWorks incubator, which provides a supportive environment for new entrepreneurs to locate with other new startup companies. EnterpriseWorks will be offering the I-Start program through a cost sharing model, with funding provided on a competitive basis and awarded based on the potential of the faculty member (or qualified entrepreneur) and technology to have commercialization success. EnterpriseWorks would support funding for the program as a part of its incubation program. Funding provided by EnterpriseWorks, would overtime be considered “repaid” through rent, accounted by crediting half of future rent towards pay-off of I-Start services provided upfront to the new company.  The Illinois Department of Commerce and Economic Opportunity (DCEO) has generously awarded a grant to EnterpriseWorks at the University of Illinois to provide additionally funding to allow the program to support more entrepreneurs from the University of Illinois. With new funding provided by the grant from DCEO, combined with funding from the Research Park, it is anticipated that 15 new startup firms can participate in the program over an 18 month launch period. There will be two levels of funding available for I-START program. The first option is 90% upfront funding by EnterpriseWorks and DCEO and the remainder of the cost paid by the entrepreneur. This will include a competitive selection process to qualify for the program with input from the Office of Technology Management and EIR advisors. The second option is for the company to fund 50% of the services while EnterpriseWorks and DCEO fund the other 50%. This will also include an internal application process with input from OTM, but will be less restrictive. Additionally, a company may elect to fund 100% of the program upfront, requiring no repayment and qualification through EnterpriseWorks application.  Applications and service agreements are being developed for the new I-Start Program. If you are interested in being considered for the program please contact Laura Frerichs or speak with a Technology Manager at the UI Office of Technology Management.