Eight companies selected for Purdue Foundry’s new Boost accelerator to be awarded $5,000 grant, opportunity for $25,000 investment

WEST LAFAYETTE – Eight Indiana startups have been selected to participate in Boost, Purdue Foundry’s new accelerator designed to help early-stage startups become ready for and receive outside investment.

“Boost is an important next step in achieving the Purdue Foundry’s mission of improving the world through Purdue startups,” said Bill Arnold, assistant vice president of Purdue Foundry.

Each company selected to participate in the inaugural Boost cohort has proven its solution addresses market needs and is on the cusp of launching a new product. Each will receive a $5,000 non-dilutive grant at the start of the program.

The companies participating in Purdue Foundry’s first Boost are:

  • American Evidence Management from Vincennes; Michial Jacob, CEO. American Evidence Management safely manages digital evidence and optimizes workflows within criminal justice organizations.
  • Araqev from West Lafayette; Arman Sabbaghi, CEO. Araqev advances the capabilities of additive manufacturing by leveraging machine learning to improve accuracy and quality while reducing waste.
  • Dencoda from West Lafayette; Dongwook Kim, CEO. Leveraging proprietary probes to measure disease biomarkers, Dencoda will change the prognosis of osteoarthritis by enabling early detection and treatment.
  • EverTrue from Indianapolis; John Luta, CEO. EverTrue’s handheld paper device offers a faster, safer and more practical path back from COVID-19 and future pandemics through quick, accurate, affordable and convenient detection of the coronavirus.
  • Helthi from West Lafayette. Helthi’s proprietary digital health tool aims to reduce employer health care costs by enabling employees to prevent and manage chronic disease through better micronutrition. Helthi is a startup leveraging Purdue IP and is led by Angela Goldenstein, the Purdue Foundry’s director of growth. Helthi is not a candidate for financial awards or investments.
  • HemaChrome from West Lafayette; Huiri Kim, CEO, and Young Kim, CSO. HemaChrome is a mobile health technology that uses digital images of the eyelid to instantly and accurately provide blood hemoglobin levels.
  • Pluto Aerospace from West Lafayette; Christopher Nilsen, CEO. As the commercialization of space travel continues to expand, Pluto Aerospace will be positioned to help businesses test their products in space.
  • ReproHealth Technologies from Indianapolis; James Donohue, CEO. ReproHealth is improving the efficacy of bovine reproductive technology, enabling farmers to save time and money while growing their herd.

Boost will conclude with business pitches to a panel of early-stage venture capitalists and angel investors from across the U.S. If two panelists decide a team is ready for investment, Purdue Foundry will invest $25,000.

Arnold said Boost programming will help entrepreneurs avoid pitfalls that affect many early-stage startups’ ability to gain traction in their market.

“Each team will prepare for pre-seed or seed-stage funding,” Arnold said. “Participants will test their business model, develop a customer acquisition strategy, create a repeatable sales model, develop or refine unit economics and financials, design a defensible IP strategy, strategize on building a winning team, and develop an equity strategy.”

A panel of judges selected the eight members of the Boost cohort from 36 applicants. The judges were Mike Asem of M25, Sal Daher of Angel Invest Boston, Tony Olivito of Comeback Capital, and Paul Stahura, a serial entrepreneur and angel investor.

Information: Steve Martin, sgmartin@prf.org

Source: Bill Arnold, waarnold@prf.org