MRO Magazine

10 Indiana Startups Receive $200,000 Through Elevate Purdue Foundry Fund

May 20, 2015
By Business Wire News


Ten Purdue-affiliated companies each received $20,000 in the newest round of funding of the First-Tier Black Awards from the Elevate Purdue Foundry Fund to support startup growth.

“We had 23 applications for this second round of support since this fund was created last year. The selection process was highly competitive, and this caused our committee to recognize the need to remain focused on the charter of the fund – that is to provide seed funding to startups commercializing Purdue-developed intellectual property, that the startup is either owned by Purdue students or staff or based on IP patented through the Purdue Research Foundation,” said Greg Deason, executive director of the Purdue Foundry. “The applications this round, just as the last round, were impressive but, given the relatively small size of the fund, awards were again limited to 10.”

The Elevate Purdue Foundry Fund is operated jointly by officials from the Purdue Foundry and Elevate Ventures.

“Indiana is rich in innovation and entrepreneurial activities, and our collaboration with the Purdue Foundry on the Elevate Purdue Foundry Fund is already creating jobs and helping to further diversify our state’s economy,” said Chris LaMothe, Elevate Ventures CEO. “That is evident in the variety of economic sectors represented in this round including life sciences, information technology, education, pharmaceuticals, biomedical engineering and electrical engineering.”

The companies selected to receive funding in this round of First-Tier Black Awards were chosen by a six-person Elevate Purdue Foundry Fund Investment Committee and based on the strength of company plans and teams.

The startups and their sectors receiving the funding are:

The First-Tier Black Award is in the form of a nonrecourse convertible promissory note, and the promissory note agreements will be finalized directly with Elevate Ventures. The First-Tier Black Award also qualifies the startups to apply for a Second-Tier Gold Award that is available in amounts up to $80,000 through a convertible debt or equity investment, upon reaching pre-established milestones determined jointly between the startup and the Purdue Foundry.

The funding is part of a three-year, $2 million targeted investment program through collaboration among the Purdue Foundry, Elevate Ventures and the Indiana Economic Development Corporation.

The next application period for the Black Award will be announced in the summer.

For more information, entrepreneurs can contact an entrepreneur-in-residence at the Purdue Foundry or John Hanak, Purdue Foundry venture funding relations officer, at 317-616-1860,

Purdue Foundry
Cynthia Sequin, 765-588-3340