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UNIVERSITY OF ILLINOIS URBANA-CHAMPAIGN

Research Park

    News

    EnterpriseWorks Graduates News

    EnterpriseWorks Graduate, Revolution Medicines, receives $56M Series B

    EnterpriseWorks graduate, Revolution Medicines, tees up for oncology IND for $56M Series B Venture Capital Investment. The capital has been raised from Nextech Invest, The Column Group, and Third Rock. Current CEO, Mark Goldsmith, said, “We appreciate the strong support shown by our founding and new investors in this significant financing that will fuel the advancement of our exciting SHP2 program and innovative pipeline.” Revolution Medicines began at the University of Illinois in 2014, founded by Professor Marty Burke. Its purpose was to develop a platform to rapidly open chemical space hereto inaccessible for drug development, while enabling Ph.D. chemist to focus on the utility of molecules rather than the synthesis of the molecules. Essentially, Revolution can attack targets that were previously considered undruggable. Since 2014, the company has begun to focus on oncology, and the $56M will help put the SHP2 program into the clinic. The SHP2 program focuses on a molecule that blocks SHP2, a protein that regulates cellular proteins, but also acts as a driver of certain cancers and as a signaling node in various regulatory pathways. Revolution will continue with its discovery and research and expects to test its SHP2 drug as a monotherapy and in combination with other treatments for patients with advanced cancers. “The raise of new capital, expansion of our executive team and board with seasoned leaders, and multiple presentations about progress in our SHP2 program at the recent AACR conference all reflects enormous momentum in our effort to outsmart cancer,” said Goldsmith. Read the full story here.

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    News Research Park

    AXIS Capital and Gies College of Business Establishes the AXIS Risk Management Academy

    AXIS Capital, a global specialty insurer and reinsurer located in Research Park, has partnered with the University of Illinois Gies College of Business to establish the AXIS Risk Management Academy, which will “provide Illinois students who are interested in pursuing a career in risk management with research and professional development resources and experiences to suprport their undergraduate work.” AXIS Capital opened at their research center at Research Park in 2013, and plans on contributing $1.5 million towards the new academy.  Albert Benchimol, President and CEO of AXIS Capital, told Yahoo News that, “We wish to help develop a new generation of professionals within the field in order to bring emerging ideas forward that will ensure the continual and effective management of risk in society…we are very pleased to grow our relationship with the University of Illinois, one of the top finance and actuarial schools and a leader in (re)insurance research and education.” Read the full story on Yahoo Finance.

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    EnterpriseWorks Graduates Media Mentions News

    Tiesta Tea Recognized on Inc’s 2018 30 Under 30 Rising Stars

    Read the full list on Inc.  Tiesta Tea began its journey as a startup in the EnterpriseWorks incubator at the Research Park, founded by Dan Klein and Patrick Tannous in 2010. The company sells affordable loose leaf tea to American consumers in a variety of fun and delicious flavors. Today, they have been recognized as one of Inc.’s 30 Under 30 Rising stars. The company is now based in Chicago, where it has products in 6,500 stores nationwide, including household names such as Target, Costco, and Whole Foods. By the end of 2018, the company is expected to reach $8 Million in revenue, which is up from $4.4 Million in 2017. Research Park residents can find Tiesta Tea in the kitchen at the EnterpriseWorks incubator.

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    EnterpriseWorks News Partnerships & Acquisitions

    PhotoniCare Debuts New Product and Investors

    EnterpriseWorks startup PhotoniCare, a medical device company building a low-cost diagnostic platform for the front-lines of medicine, has secured Series Seed funding to fund their new product. The startup’s new product, Clearview, allows doctors to visualize contents of the middle ear, which will change the way clinicians manage middle ear infections. Middle ear infections are one of the most common diseases in the world, and with the help of the new investors, thier product will, “open a new field for ear infection work-up management, enhance quality outcomes for patients while saving the overall healthcare system from wasteful and unnecessary treatments, and potentially eliminate the abuse of antibiotic prescriptions and accompanying risk of antibiotic resistance.”

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    News Partnerships & Acquisitions Research Park

    Synchrony Opens Emerging Technology Center at Research Park

    SYNCHRONY OPENS EMERGING TECH CENTER AT THE UNIVERSITY OF ILLINOIS TO DEVELOP ARTIFICIAL INTELLIGENCE SOLUTIONS Champaign, Illinois (April 12, 2018) – The University of Illinois today announced that Synchrony (NYSE: SYF), a leading consumer financial services company, has opened the Synchrony Emerging Technology Center at the University of Illinois Research Park. The Emerging Technology Center will focus on advancing Synchrony’s finance and technology capabilities as well as providing real-world skills for students in artificial intelligence, data science, human-centered design and other emerging technologies. Current projects include ‘Ensemble Methods,’ exploring the potential applications of machine learning to credit risk modeling, and the ‘Machine Vision’ project, aimed at transforming the in-store shopping experience by removing the need for the traditional checkout process. “Developments in artificial intelligence and machine learning have the potential to reshape entire industries. The key for the financial services and retail sectors now lies in understanding how to best harness these technologies to solve real-world problems and deliver better hyper personalized customer experiences,” said Greg Simpson, Chief Technology Officer and Artificial Intelligence leader at Synchrony. “By bringing together the sharpest minds from Synchrony and the University of Illinois, we now have the ability to accelerate the development of these artificial intelligence solutions while building our pipeline of technology talent.” The students in the program will work closely with Synchrony technology experts to commercialize solutions for the company’s partners. Projects can range across multiple disciplines, such as basic market and technology research, big data analytics, proof-of-concept creation, data visualization, and software development. Synchrony VP of Technology Ujjval Patel will recruit and train student talent for the Emerging Technology Center. The new partnership builds upon Synchrony’s existing relationships with other educational institutions and complements the company’s four global Innovation Stations. “Synchrony is developing the future of finance, and what better place than the University of Illinois where it can leverage our expertise in data sciences and computing,” said University of Illinois at Urbana-Champaign chancellor Robert J. Jones. “Synchrony’s brand of financial firepower presents interesting opportunities that will engage University of Illinois faculty and students alike.” Press: Business Wire About synchrony Synchrony (NYSE: SYF) is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products. With more than $130 billion in sales financed and 74.5 million active accounts, Synchrony brings deep industry expertise, actionable data insights, innovative solutions and differentiated digital experiences to improve the success of every business we serve and the quality of each life we touch. More information can be found at www.synchronyfinancial.com and through Twitter: @Synchrony.

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    News Research Park

    Research Park Resources Benefit Increased Startup Activity in Illinois

    The Illinois Innovation Index, published by the Illinois Science and Technology Coalition, has been researching innovation activity since 2013 in order to determine the standing of technology startup entrepreneurship in Illinois. Among their overall findings of increased active startups, capital raised, and NSF I-Corps participation, the University of Illinois Research Park is mentioned throughout the Index in a diverse variety of areas. The EnterpriseWorks Incubator, our established entrepreneurial hub, as well as the new Illinois University Incubator, which is the product of a new Illinois grant, work to support startup activity in both Champaign-Urbana and across the state. Research Park is also a member of the I-Corps Midwest Node, a collaboration among Midwest universities that aims to provide additional resources to new entrepreneurs. Keeping with this theme of partnerships, the University of Illinois at Urbana-Champaign and the University of Chicago are also collaborating on a new Hyde Park innovation facility, which would, “develop and commercialize groundbreaking technology.” Two Research Park EnterpriseWorks startups, Amber Agriculture and OceanComm, are spotlighted in the Index for their successful use of entrepreneurial resources. Both startups won prizes at the Cozad New Venture Competition, as well as participated in the NSF I-Corps program. Amber Agriculture received funding from IllinoisVENTURES, a venture capitalist firm that, “provides proof-of-concept funding as well as seed and venture capital for University of Illinois companies.” OceanComm has gained funding support from SBIR grants. The Research Park AWARE program is praised for taking on issues of underrepresentation of women and minorities in entrepreneurship. AWARE works directly with these underrepresented entrepreneurs to provide mentorship, entrepreneurs-in-residence, proof-of-concept grants, and events. To access the full Illinois Innovation Index, click here.

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    News Recognition & Awards Research Park

    2018 Innovation Celebration Winners Announced

    CHAMPAIGN, IL, March 30, 2018 – Over 300 people gathered at Parkland College for the 13th Annual Innovation Celebration on the evening of Thursday, March 29th to recognize those individuals and organizations that have made significant contributions, taken risks, and provided leadership to ensure the continuing economic success of Champaign County, the ongoing success of the University’s economic development mission, and the growth of entrepreneurial talent and energy in our community. Innovation Celebration is not merely an award for accomplishment, but a benchmark of success for those outstanding individuals, organizations and corporations who are nominated and selected to receive this prestigious award. Innovation Celebration is hosted by the Champaign County Economic Development Corporation in partnership with the University of Illinois, Parkland College, and community sponsors. For more information, visit www.innovationcelebration.com. Entrepreneurial Excellence: Social Venture AwardServe as change agents by creating and implementing sustainable solutions to reshape society, benefit humanity, and address social concerns. Salt & Light  Entrepreneurial Excellence: Student Startup AwardFormed by students in the last three years and demonstrates a commitment to continuing success through entrepreneurial talent, creativity and energy. Mesh++: EnterpriseWorks startup  Entrepreneurial Excellence: New Venture AwardFormed in the last three years, and demonstrates a commitment to continuing success through entrepreneurial talent, creativity and energy. SNOOZ: EnterpriseWorks startup  Entrepreneurial Excellence: Paul Magelli Advocacy AwardActively engage, encourage, coach and mentor entrepreneurs in the community, and provide extensive support to help them achieve success. Stephanie LarsonCarly McCrory  Entrepreneurial Excellence: Management AwardDemonstrates expertise in assembling resources, creating an organization, and working to build and implement effective action plans. Cindy Somers – Spherion Staffing  Innovation: Economic Development Impact AwardHas made a significant economic development impact in the community and continues to demonstrate their commitment to Champaign County. Busey  2018 Innovation Transfer Award—University of IllinoisRecognizes an individual or group from the University of Illinois whose research has resulted in either a discovery or a work with the potential for significant societal impact. Dr. Donna Cox – Advanced Visualization Lab at National Center for Supercomputing Applications  2018 Alexis Wernsing Innovation Award—University of IllinoisRecognizes an individual or team from the University of Illinois that has channeled their experience living with a disability into positive change through the creation of new products, environments, or protocols that enhance quality of life. Mark McCarthy – Access Illinois  2018 Innovation in Engagement Award—Parkland CollegeRecognizes an individual or group at Parkland College who has shown support of the college’s community engagement mission. Adam Porter – Perimeter Road Sound Recordings    Press: Businesses, individuals feted at 13th annual Innovation Celebration – The News-Gazette 13th Annual Innovation Celebration held in Champaign – FOX 55/27 Illinois Here’s who won awards at this year’s Innovation Celebration – Smile Politely

    2018 Innovation Celebration Winners Announced Read Post »

    Community News

    Our Deepest Condolences: Tragedy Impacts Research Park Employees, Companies

    Research Park extends its deepest condolences to Common Ground Research Networks on the heartbreaking loss of longtime employee Jessica Weinhold-Brokish, who passed away last week in an auto accident. Ms. Weinhold-Brokish’s husband, Jeff Brokish, survived the crash; he also works in the Research Park, at Riverbed Technology. The accident tragically claimed the lives of their three young children, two school-age sons and a toddler daughter. Our hearts go out to the Brokish family, their friends and colleagues, and the greater community at this time of intensive grief and mourning. We will post information here regarding memorials and services as we receive them. University of Illinois counseling services are available to Research Park employees and their families through the Faculty/Staff Assistance Programs. For more information, go HERE. A GoFundMe donation page has been set up to benefit the Brokish family, please view that HERE. (This is not affiliated with Research Park, we are passing this along as a service).

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    News

    Research Park on Track to Change World with Innovation

    The award-winning Research Park is largely the reason, sited by Reuters, that the University of Illinois was ranked the 25th most innovative university in the world out of 100. Rueters classified the University as an educational institution contributing to “advancing science, starting new markets and inventing new technologies.” The Research Park really began to flourish in the past ten years, after blossoming in 1999. Today, the park consists of 17 buildings with 100 leading companies and employs over 2,000 employees. “Innovation is in this community’s DNA,” associate director of the park, Laura Bleill said. “It’s really part of whom we are and what we do and why we’ve been so successful as an institution and as a community.” The Research Park is really known for student innovation, stemming directly from the University. “It provides opportunities for students to use their skills to develop and apply the ones they’re using in a classroom in an environment where those skills are needed and wanted and valued” Bleill said. This can be seen in EnterpriseWorks, the park’s start-up incubator. Lifefoundry, Inc., is using robotic tools to apply automation skills in an effort to reduce human error in science labs. Photonicare, Inc., another EnterpriseWorks startup, is working on a device that helps physicians quickly and accurately diagnose middle ear infections. These are just a few of the innovations stemming from the park. “It’s really about a continuum so from that first kernel of an idea all the way into making that first sale” Bleill said. “Research Park is for aspiring entrepreneurs to really stir the pot of what their ideas and dreams could be, but it’s also a place where businesses can launch and thrive in the early stages.” Read the full story on Fox Illinois. 

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