The Business Review: Angel network makes first investments of
more than $2M fund

The Business Review: Angel network makes first investments of
more than $2M fund

Published:
Tuesday, March 24, 2015 - 10:15
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I wanted to share with you the following article that was published by The Business Review :

 

A healthcare startup out of SUNY Polytechnic Institute has landed a $250,000 investment from the Eastern New York Angels (ENYA).

Glauconix, co-founded by Ph.D student Karen Torrejon, develops a more effective drug screening to prevent glaucoma. It is the first new investment of the member-managed fund's second round, said ENYA co-manager Joe Richardson.

ENYA invests and mentors early-stage technology companies within 75 miles of the Albany area. The group, managed by Richardson and Dick Frederick, invests anywhere from $50,000 to $250,000 per company. For its first fund, the network raised $1 million and invested in seven companies.

Richardson said Glauconix first went on their radar last year when the startup won $100,000 in the New York State Business Plan Competition.

"What’s important to ENYA is who else is in the game? Besides the NYS Business Plan Competition the company has received an National Science Foundation grant that totaled $225,000," Richardson said. "These are grants that we like to see, so that all culminated in approval of the $250,000 investment."

Richardson said ENYA's funding will help the company edge toward commercialization, including investments in 3D printing to enhance Glauconix's technology and efficiency. Torrenjon was not immediately available for comment.

ENYA also has plans for two follow-on investments from the first round. Those include $250,000 to Vital Vio, a startup that manufactures lights designed to kill the bacteria that gathers in hospitals, gyms and hotel rooms. Last year, Vital Vio received $450,000 in a co-investment with SOSVentures and ENYA.

The angel network will close a $125,000 investment with Dumbstruck, an iOS and Android app that records someone's reaction to receiving a digital photo or video. It invested an initial $150,000 in the app last fall.

So far, ENYA has raised $2,175,000 of its goal of $2.5 million for the second round. Richardson expects to meet that goal shortly.

Richardson said other new companies on the short list for the second fund include BESS Technologies and MICROrganic Technologies. BESS is a startup that spun out of the Albany nanocollege to build better lithium ion batteries. MICROrganic is a company that develops technology for wastewater treatment facilities.

Here's a full list of the companies that ENYA has invested in:

  • Glauconix
  • Paper Battery Co.
  • Thermoaura
  • Vital Vio
  • Ener-G-Rotors
  • Dumbstruck
  • Free Form Fibers
  • Hocus Pocus, which is now defunct

Mar 23, 2015, 2:41pm EDT | Chelsea Diana

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