That headline is a true testament to the power of the cohort based ZeroTo510 startup accelerator in Memphis Tennessee. Five of the six startups in their recently graduated class received $100,000 or more in follow on funding from MB Ventures and Innova Memphis.
Four of the startups received follow on funding to continue acceleration of their businesses. Those four companies were:
- BioNanovations has developed a device that uses bionanotechnology for rapid diagnosis of bacterial infection.
- EcoSurg has developed an environmentally friendly alternative to traditional foam patient positioners used in surgeries.
- Nanophthalmics has developed, through the use of nanotechnology, a surgical device to more effectively treat corneal abrasions.
- Urova Medical has developed a minimally invasive treatment to address feminine stress urinary incontinence.
“In each case, we believe these four companies have shown the progress, the growth and proof-of-concept that were expected to move to the next phase of funding,” said Allan Daisley, director of innovation and sustainability initiatives for Memphis Bioworks Foundation and program director for ZeroTo510. “It is extremely rewarding to us as an organization, because the funding of four companies exceeds what we considered to be a measure of success when this program was launched.”
The fifth startup to receive follow on funding was Restore Medical. Restore Medical wowed the audience when Co-Founder Shawn Fynn announced during their presentation that they had already secured a purchase order valued at $3.75 million dollars pending 510k approval. In the case of Restore Medical, they decided to skip the acceleration investment and went directly to a Series A round. MB Ventures and Innova Memphis are leading that Series A round with an undisclosed investment, assumed to be more than the $100,000 Restore Medical would have received with the acceleration funds.
Handminder, a startup that has developed a rehabilitation device for people who have suffered a stroke, to regain use of their hands, did not receive follow on funding.
With an 80% success rate, by the standard of “follow on funding” Zeroto510 is the most successful accelerator in Tennessee.
Zeroto510 is a joint venture between Memphis Bioworks with cohort based accelerator programming provided by SeedHatchery a product of LaunchYourCity.
LaunchYourCity CEO & President Eric Matthews said: “The results speak for themselves. 35 companies have entered our incubators because of our efforts. EmergeMemphis has a waiting list for the first time. We have invested time and money in 12 promising startup technologies at our research institutions, two of which have started up as new companies. Over 20 companies have received pre-seed capital of $50,000 or less. Of those 8 have received follow-on capital of $100,000 or greater.”.
In addition to Zeroto510 and SeedHatchery LaunchYourCity has a sister program for independent filmmakers called “FuelFilm”. Also the local music incubator, The Memphis Music Foundation, has replicated some of the LaunchYourCity programming into their music resource offerings.
Linkage:
Check out LaunchYourCity at LaunchYourCity.com
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