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News about our members
News about incubators that are Members or Supporting Members of the BIA/NYS, posted by the member or through the site administrator.
NYU's Polytechnic School of Engineering recaps graduations, funding events, and acquisitions for 2014 at all three incubator sitesSubmitted by admin on January 25, 2015 - 3:44pm
Graduations, funding rounds and acquisitions are the focus of a 2014 review of incubator operations released by NYU Polytechnic School of Engineering. The news release highlights the following developments at all three incubator sites (Varick Street, DUMBO, and the Urban Future Lab at MetroTech Center, which houses the NYC ACRE incubator):
- $87.7 million in company revenue at both resident and graduated companies;
- acquisitions of TapCommerce (by Twitter) and FileMobile (by Newzulu), bringing the number of acquisitions to eight;
- graduations of CourseHorse, Vettery, Two Lines and a Dot, and KISI;
- rapid growth by 2013 graduate Bounce Exchange, which now rents 30,000 square feet in Times Square; and
- funds coming to incubator companies from competitions, crowd-funding campaigns, and the federal SBIR program.
The full report is here.
Agronomic Technology graduates from Cornell's McGovern Center incubator, following Series A financingSubmitted by admin on January 23, 2015 - 10:03am
Agronomic Technology Corp., which sells Adapt-N software to help farmers model and optimize nitrogen fertilization, graduated from Cornell University's McGovern Family Center for Venture Development in the Life Sciences, according to a news release by the university. The company is the McGovern Center incubator's first formal gradaute, and a licensee of technology developed in the laboratory of Prof. Harold van Es. Cornell President David Skorton attended the graduation ceremony.
The company's Series A venture round last October included participation from two upstate firms — Cayuga Ventures of Ithaca and Armory Square Ventures of Syracuse — and a North Dakota Fund (Arthur Ventures) that brought deep expertise in agribusiness. More background here.
Submitted by admin on December 31, 2014 - 1:53pm
The last batch of companies approved during 2014 for tax-free status under the state's START-UP NY program again includes several growing, expanding, and relocating companies that will collocate with our member incubators. Several approved campus-based START-UP NY Zones include space inside incubator buildings. You can search our member database by this or other important attributes here. According to the latest announcement from Governor Cuomo, companies approved for tax-free status while residing at our member incubators include:
- Gradfly, Inc., which offers a platform for STEM students to showcase their work for schools and employers, to the Thomas Beecher Jr. Innovation Center at the Buffalo Niagara Medical Campus. Gradfly is also benefiting from a loan from the Seed Capital Accelerator program operated by BNMC in conjunction with First Niagara bank;
- Illuminating Diagnostics, LLC, developing rapid diagnostics for hospital-acquired infections, to SUNY University at Buffalo's downtown Biosciences Incubator;
- Nuenz, Inc., producing advanced materials, to the UB Technology Incubator at Baird Research Park in Amherst;
- FlightPartner, providing software as a service to air-charter transportation, to the CEWIT Incubator at Stony Brook University's Incubator Programs;
- UTS, LLC, developer of an ultracapacitor-based energy storage system for electric and hybid vehicles, to the AERTC Advanced Energy Incubator at Stony Brook's Incubator Programs;
- ProGen Life Sciences, developing diagnostic biomarkers, to Stony Brook's flagship incubator, the Long Island High Technology Incubator (LIHTI);
- Zuznow USA, Inc., an Israeli company developing a mobile-adaptation system for Web-based enterprise applications, to the CEWIT Incubator;
- NomoCan Pharmaceuticals, LLC, developer of cancer diagnostics, to the SUNY Downstate Advanced Biotechnolgoy Incubator.
Our member incubators gain Innovation Hot Spot status and major capital awards in the state's fourth Regional Economic Development Council competitionSubmitted by admin on December 28, 2014 - 1:58pm
Four of the five regions winning state-designated Innovation Hot Spots in the latest round of the Regional Economic Development Council competition went to our member incubators or consortia involving them. These awards carry the ability to grant certain tax-exemptions to qualifying incubator tenant/clients, and also $250,000 operating grants from the NYSTAR division of Empire State Development. For the full list of awards, see the booklet here. Here are the awards that involve our members:
- In the Mohawk Valley, our member thINCubator, a project of SUNY's Mohawk Valley Community College, won the award;
- In the Mid-Hudson Valley, our member BioInc@NYMC, a project of New York Medical College, won the award;
- In the Capital Region, a consortium coordinated by SUNY Albany and also involving our members CEG Innovation Center and RPI Emerging Ventures Ecosystem won the award, and we expect the Hot Spot itself to join us as a member;
- On Long Island, the Long Island High Technology Incubator (LIHTI) at our member the SUNY Stony Brook Incubator Programs won the award; and
- In New York City the award went to the CUNY Innovation Hub, which we expect shortly to join our membership ranks.
The REDC process also resulted in major capital awards to our members the Ceramics Corridor Innovation Centers ($300,000 for a manufacturing-oriented facility in Chemung County), and High Tech Rochester ($5 million for consolidation in downtown Rochester of its regional Finger Lakes Business Accelerator Cooperative). Here is some news coverage of that awards:
- Governor Andrew Cuomo's news release, which describes the funding that will permit HTR's accelerator actitivites to occupy the top floor of the renovated former Sibley's department store;
- Coverage in the Rochester Business Journal, which adds detail on the facility: a 68,000 square-foot incbuator with space for both "tech" and biotech startups, a 100-seat auditorium, and a roof deck; and
- News release and fact sheet from HTR itself, which also discuss plans for HTR's existing Lennox TEC incubator in Henrietta and the new incubator's connection to the growing Rochester Downtown Innovation Zone.
Warmest congratulations to all our members who did well in the fourth REDC round, welcome to our planned new members, and thanks to the State of New York, the Governor, and the Legislature for renewed strong support of business incubation and related activities.