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11 companies, including 43North winners, approved for START-UP NY through UB

Release Date: January 28, 2015

“The addition of these businesses to START-UP NY, including the 43North contest winners, illustrates the powerful impact these partnerships are having on our region and state.”
Satish K. Tripathi, President
University at Buffalo

BUFFALO, N.Y. – Eleven additional companies, including six winners of the 43North business plan contest, have been approved for START-UP NY through their affiliation with the University at Buffalo.

The companies, which will relocate to, start-up or expand on or near UB’s campuses, expect to create 164 jobs and invest $8.7 million in Western New York within five years.

Each company has ties to the university’s academic and research strengths, and each will collaborate with UB faculty researchers and students, and offer internships, scholarships or jobs to students.

“I am proud that the University at Buffalo continues to be a leader statewide in this innovative economic development program created by Gov. Cuomo,” UB President Satish Tripathi said. “By leveraging our intellectual capital and infrastructure, we are working with business and industry, community leaders and others to foster a robust and diverse economy in Western New York. The addition of these businesses to START-UP NY, including the 43North contest winners, illustrates the powerful impact these partnerships are having on our region and state.”

43North is the world’s largest business plan competition and part of Gov. Andrew M. Cuomo’s Buffalo Billion initiative. In October, 43North awarded $5 million in cash prizes to 11 companies to help turn their business ideas into reality.

START-UP NY stands for SUNY Tax-free Areas to Revitalize and Transform Upstate New York.  Created by Cuomo, the program aims to spur economic development by enabling universities to identify areas where new and expanding businesses can operate for 10 years without paying New York State business, corporate, income, sales or property taxes, or franchise fees.

Since Cuomo announced the program, 35 companies (including the 11 announced today) have pledged to move or expand in the Buffalo Niagara region and work with UB to further their respective business. The 35 companies plan to create 1,437 jobs while investing $33,365,592 million in the region.

The 11 new companies are:

·         ACV Auctions Inc. – A startup company that develops software for automotive dealerships to better manage their daily operations. The information technology company, which expects to create 23 jobs and invest $50,000, will move into Z80 Incubator Labs. It will offer internships to UB students and hire graduates from UB’s School of Management and the School of Engineering and Applied Sciences. It also plans to collaborate with the School of Management’s Center for Entrepreneurial Leadership.

·         Asana Medical Inc. – A 43North winner that has developed a patent-pending medical device that treats ulcerative colitis without the use of drugs or surgery. The company, which expects to create two jobs and invest $5,000, will expand from Florida to the Thomas R. Beecher Innovation Center on the Buffalo Niagara Medical Campus. It will offer internships to UB students, collaborate with UB researchers and apply to the UB Center for Advanced Biomedical and Bioengineering Technology (UB CAT), which funds research and development projects that leverage the expertise of UB researchers.

·         Cloud62 – A graduate of UB’s incubator site, Baird Research Park, Cloud62 is building a hospitality software platform to help clubs and customers manage their businesses in the cloud. A partner with Salesforce.com, the company expects to create 35 jobs and invest $48,000, and will be co-located at the UB Gateway Building and Baird Research Park. The company has hired graduates of the UB Department of Computer Science and Engineering, and plans to continue to recruit from the department as well as provide internships to UB students.

·         Energy Intelligence LLC – A 43North winner that is developing road-mounted technology that converts wasted kinetic energy from breaking vehicles into electricity. The patented technology is intended for use at parking garage entrances, toll plazas and other slowdown points. The clean energy company, which expects to create 14 jobs and invest $157,000, will move from Massachusetts into the Beecher innovation center. It plans to offer internships to UB students, hire UB graduates and collaborate with researchers from UB’s New York State Center of Excellence in Materials Informatics (CMI) and the engineering school.  

·         Genetesis LLC – A 43North winner that is developing a medical device to personalize drug-based intervention of cardiac rhythm disorders. The medical biotechnology company, which expects to create 11 jobs and invest $70,000, will move from Ohio into the Beecher innovation center. It plans to offer internships to UB students, hire UB graduates, collaborate with researchers from UB’s School of Medicine and Biomedical Sciences, and apply to UB CAT.

·         HemoGenyx LLC – A 43North winner and startup company that is developing a patented new treatment for blood diseases. The treatment leverages cells that generate cancer-free, blood stem cells that increase the efficacy of bone marrow transplants, thus reducing the need for donors. The company, which expects to create 7 jobs and invest $180,000, will move into the Beecher innovation center. It plans to offer internships to UB students, hire UB graduates, and collaborate with researchers from UB’s medical school and the Buffalo Institute for Genomics and Data Analytics. It also has applied to UB CAT.

·         Infonaut Holdings Inc. – An existing health care IT company that automatically gathers evidence on the spread of disease and infections in order to monitor and improve patient safety practices in hospitals, Infonaut plans to invest $139,500 and create 10 jobs. Infonaut will be co-located in the Jacobs Institute and Canada. The company plans to offer internships to UB students, hire UB graduates and collaborate with researchers in the School of Management and School of Engineering and Applied Sciences.

·         KeepUp Inc. – A 43North winner and startup company that has developed a mobile application that aggregates social media channels into one newsfeed. The company, which expects to create seven jobs and invest $75,500, will move into the Beecher innovation center. It plans to offer internships to UB students, hire UB graduates, and collaborate with researchers in the schools of engineering and management.

·         LED Spirit Inc. – An existing company that has developed LED lighting that does not use a printed circuit board, and can be used for indoor and outdoor applications. The company, which expects to create 37 jobs and invest $6,775,000, will move from Nevada to UB’s Gateway Building downtown. It expects to offer internships to UB students, hire UB graduates and collaborate with researchers from CMI and UB TCIE.

·         NE Innovations LLC – A startup company that develops wearable and sensory technology for textiles used to manufacture apparel and accessories for athletics and extreme sports. The company, which expects to create three jobs and invest $38,500, will move into UB’s Baird Research Park in Amherst. It expects to offer internships to UB students, hire UB graduates, and collaborate with researchers from CMI and the engineering school.

·         Raland Therapeutics Inc. – A 43North winner and startup company that is developing an implantable biosensor that utilizes living body cells to improve chemotherapy. The company, which expects to create 15 jobs and invest $1,165,000, will move into the Beecher innovation center. It expects to offer internships to UB students, hire UB graduates and apply to UB CAT.

Media Contact Information

Cory Nealon
Director of News Content
Engineering, Computer Science
Tel: 716-645-4614
cmnealon@buffalo.edu
Twitter: @UBengineering