The Austin Technology Incubator (ATI), in the IC2 Institute at The University of Texas at Austin (UT), and its companies have had a very successful start to 2013, highlighted by capital raises in excess of $35 million. In addition, ATI member companies and alumni continue to receive widespread media coverage for their impact on the development of emerging technologies across several industries, earning several accolades in Q1.
Over the past five years, including the “Great Recession,” ATI members and alumni have raised more than $250 million of investor capital.
ATI members and recent graduate companies have carried that momentum into 2013 with the following fundraising events:
- Spredfast, the leading independent social marketing software provider, raised $18 million in venture capital. OpenView Venture Partners led the funding round, with follow-on investment from existing investors InterWest Partners and Austin Ventures.
- Savara Pharmaceuticals, received a $7.4 million second tranche of its $16 million Series B financing in addition to being awarded a $4 million grant by the National Institutes of Health. Savara develops innovative pulmonary drugs for the treatment of Cystic Fibrosis.
- Xeris Pharmaceuticals raised $1.7 million in venture capital and $1.9 million from the Texas’ Emerging Technology Fund (ETF) for the commercialization of its Glucagon Rescue Pen (G-Pen) ™ and G-Pen Mini™, which provide patient-friendly injectable treatments for the
management of diabetes. Xeris’ product reduces the current standard of care treatment from nine steps to two.
- Admittance Technologies received $2 million from the ETF for the development and commercialization of CardioVol™, their first platform technology, which enhances the performance of existing cardiac devices and the detection of early signs of heart failure. Admittance’s core technologies are licensed from The University of Texas.
- WheelInnovationz received $868,000 in seed funding to continue the development of its mobile-device management software.
“Our number one job is to get ATI companies funded. We accomplish this by surrounding them with talent they couldn’t access otherwise, especially at their early stage,” said Isaac Barchas, director, Austin Technology Incubator. “Q1 2013 delivered on this, and we congratulate our portfolio and alumni companies on their momentum.”
In addition to funding, ATI companies have earned extensive attention and acclaim through successful participation in numerous startup events around Austin and beyond.
Four of the five companies chosen as finalists for the Austin Startup Fast Pitch Competition (held during SXSW Interactive, in March) were either members or residents at ATI. AuManil, founded by a former Incubator staffer, took home first place and earned complimentary admission to a Central Texas Angels Network funding cycle. AuManil uses player analytics to provide insights that help gaming companies proactively manage and engage players.
Seismos, a company that uses a combination of C02 and sound waves to free up incremental oil deposits left behind after drilling, earned $135,000 for winning the Texas Venture Labs Investment Competition. Seismos also won the $10,000 Shell Energy Ventures Award at this year’s Rice Business Plan Competition. Seismos was founded by student associates at the Incubator.
Beyonic, another company founded by ATI associates, won first prize at the Longhorn Startup Showcase during SXSW Interactive. Beyonic offers a mobile payment solution targeted at humanitarian and development organizations.