This year's 43North business competition had more than 720 applicants. Fifteen semifinalists. Eight finalists.
And on Thursday night, five grand-prize winners.
Agape Wellness, AMPAworks, Mod Tech Labs, Otrafy and Phood each won $1 million in the annual state-funded business competition that seeks to support startups as they build their companies in Buffalo.
Meet the five companies who will make their homes in Buffalo with $1 million to help them flourish as they do.
Agape Wellness
CEO: Kadie Okwudili
Current location: Rochester
Founded in: 2018
What it does: The relationship wellness company created an app, which launched in November 2020, that prompts users with questions to kickstart deep chats. The business received a $75,000 Launch NY investment in 2020 and recently got into Y Combinator, a Mountain View, California-based accelerator, and raised a $1.8 million pre-seed round. The startup employs six and expects to hire four more workers by year-end. | Read more
Why Agape?: It will transform the lives of nearly 60% of Americans who feel lonely every day, said Okwudili: "I like to describe it as a toothbrush for your relationship.”
• • •
AMPAworks
CEO: Bianca Gonzalez
Located in: Santa Monica, California
Founded in: 2018
What it does: The startup builds technology using artificial intelligence algorithms to help hospitals be more efficient and reduce costs. The business has a camera that uses computer vision artificial intelligence to have full inventory visibilities in hospitals, clinics, surgery centers, pharmacies and medical device companies. In 2019, AMPAworks got into the Cedars-Sinai Accelerator, a three-month program that includes $100,000 in funding. The startup also closed a $325,000 pre-seed round in 2019, according to its LinkedIn.
Where's the need?: " 'I love counting inventory,' said nobody ever," Gonzalez joked. More seriously, she said AMPAworks' product stands out in its niche. “We’re so differentiated than other players in the market that we can collab with almost anybody.”
• • •
Mod Tech Labs
CEO: Alexandria Porter
Located in: Austin, Texas
Founded in: 2020
What it does: The startup helps companies by digitizing the real world using photos and videos to create universal 3D content at scale. The platform is artificial intelligence-powered, and the business raised about $507,700 in 2020, according to filings. The startup was part of the MassChallenge accelerator in 2021. As of February, it has raised about $770,000 from investors including Sputnik ATX. | Read more
What's next?: "We see gaming as an easy slide into our next industry opportunity," Porter told the 43North judges.
• • •
Otrafy
CEO: Nhat Nguyen
Located in: Chicago
Founded in: 2018
What it does: The business’ systems-as-a-service platform automates the collection and transfer of food industry data. The goal is to help with real-time food safety, certifications and sustainability information.
What makes them different from their competitors: "“We’ve been data-focused from the beginning. … That’s really our differentiator," Nguyen told the judges.
• • •
Phood
CEO: Alex Parmley
Located in: New York City
Founded in: 2018
What it does: The startup integrates with universities’ card services to create a connection between students’ flex dollar accounts and the gig economy. The business issues a virtual debit card to students which can be used to buy goods and services from third-party vendors. Partners and investors include Techstars, Motivate Ventures, WndrCo, Rarebreed, SideDoor Ventures, UPC Capital, Asymmetry VC, Fresh Technology, SIMULATE, DoorDash, Manifold Group, Qolo, Discover Financial, Gaingels and Sutton Bank, according to LinkedIn.
How did Phood get in with DoorDash?: “I emailed DoorDash 600 times until they took my message,” Parmley told the judges, not as a joke. He was passionate about Phood and about Phood's place in the collegiate world: "We believe food is a form of community."
