Back to News

 

Press Release

NC IDEA Foundation Crosses $5 Million Funding Mark in Seed Grants; Awards $300,000 to Six NC Startups

Funds to serve as catalyst for young, high-growth startups

 

DURHAM, NC – May 18, 2017 - NC IDEA, a private foundation committed to supporting entrepreneurial business innovation and economic advancement in North Carolina, announced today that it is awarding $300,000 in grants to six North Carolina startups. Since its inception in 2006, NC IDEA’s seed grant program has awarded over $5 million to 120 companies across the state, with these most recent awards being the 23rd cycle of the program.

“This cohort of grant companies illustrates the vibrancy of entrepreneurial interests in the state of North Carolina,” said Thom Ruhe, President and CEO of NC IDEA. “Industries represented include Ed Tech, nanoparticles, 3D printing, IoT and technology solutions,” added Ruhe.

The following six grant recipients were chosen after a four-month competitive application and selection process that drew 173 applications from across the state:

BruVue – Apex, NC
BruVue’s (previously Drrrip) Tab system accurately tracks beer sold at taps in real-time displaying real-time inventory, sales trends and loss patterns for bar and restaurant owners. The user simply drops the Tab sensor onto the tap handle and pours as normal to collect data which can then be viewed on an analytics dashboard from a laptop or smartphone. Learn more at www.beer-tab.com.

Connections for Autism – Durham, NC
Connections for Autism (CFA) is changing special education service delivery by saving teachers time in designing more effective individualized instruction for their students. CFA’s platform addresses the most acute challenges teachers face, providing them with tools to assess student needs, collaborate with colleagues, implement the right interventions for students with challenging behaviors and evaluate student progress – all in one powerful, integrated solution. Learn more at www.connectionsforautism.com.

PT Wired – Greensboro, NC
PT Wired is a physical therapy SaaS product that enables physical therapists to provide better service to patients while saving time in the process. Patients receive a mobile app with videos, notes, and reminders to guide them through their routine. Physical therapists are able to track patient progress/outcomes and save time with documentation. Learn more at www.ptwired.com.

SiNON Therapeutics – RTP, NC
SiNON Therapeutics is dedicated to improving the lives of those who suffer from debilitating neurological diseases by increasing the ability of drugs to cross the Blood Brain Barrier (BBB). Their patented nanoparticle, the Carbon Dot, will enable pharmaceutical companies to encapsulate their drugs in a way, which dramatically improves drug-localization to the brain. This allows for a reduction in overall dose administration to the patient, leading to reduced toxicity and side effects, while improving therapeutic index and cost-efficacy. This unique platform technology can be applied to many different diseases such as Alzheimer's, Parkinsons, or brain tumors just to name a few. Learn more at www.sinontp.com.

Trio Labs – Durham, NC
Trio-Labs’ Digital Manufacturing technology is revolutionizing the way precision parts are manufactured worldwide. Trio Labs’ technology eliminates costs associated with tooling and increases the throughput of established high-volume production processes. Their technology is disruptive to multiple techniques of precision metal and ceramic fabrication. By producing parts faster, with lower cost, lower capital investment, better precision and less post-processing, Trio Labs is fundamentally changing manufacturing. Learn more at www.trio-labs.com.

The Wed Clique – Charlotte, NC
The Wed Clique is a platform for venues to offer 1-Click Weddings, selling packages of vendor services matched to a customer’s unique vision for their event. The Wed Clique takes care of all the back-end contracting and payments, creating a seamless experience for couples, venues and vendors from click to “I do”. Learn more at www.thewedclique.com.

NC IDEA’s seed grant program is a catalyst for breakthroughs developed in North Carolina that have a significant potential to successfully transition into commercially viable high-growth enterprises. The $50,000 grants support a variety of activities for the growth of nascent firms. In addition to the funding, grant recipients will also benefit from mentoring by successful entrepreneurs and experienced investors; use of MBA fellows; in-kind services from attorneys, accountants and marketing consultants; public recognition and access to growth capital.

About NC IDEA
NC IDEA is a private foundation committed to supporting business innovation and economic advancement in North Carolina. Today, the organization fulfills this mission through four initiatives. The Ecosystem Partner Grant program funds organizations across the state that execute creative programs to support entrepreneurs. Over the last decade, the Seed Grant program has awarded over $5M to 120 high-growth companies across the state. Since 2011, more than 130 companies have participated in the Groundwork Labs startup program. SoarTriangle, a program founded in 2012 to address the proven funding gap for female entrepreneurs, formally became a foundation program in August 2016. Learn more at www.ncidea.org.

© 2017 NC IDEA