A local engineering and hardware startup is closer to bringing its new concepts to market with recent funding from the North Carolina Biotechnology Center.
Cornelius-based Phase Inc. makes 3D-printing medical devices for microfluidics, a science based on systems that manipulate small amounts of fluid, with channels typically having the same diameter as a strand of hair. The startup also develops organ-on-a-chip devices, a technology that allows researchers to mimic the function of tissues and organs.
Phase landed a small business research loan from NC Biotech, a life science economic development organization. That NC Biotech program provides investments of $100,000 to $250,000 to support early-stage life science companies across the state. Phase received the maximum loan amount, bringing the company's total non dilutive funding to $2.3 million, a spokesperson at the startup confirmed to CBJ.
The loan program was created to help businesses become better equipped for early-stage funding or partnering. It also provides proper research to advance the development of commercially viable technologies and products, according to NC Biotech's website.
Phase, founded in 2018, said the loan will boost the commercialization of its research. “We are extremely grateful for the support of NC Biotech, which will help us not only bring our product to market, but also allow us to grow our economic footprint in the Charlotte region," said Jeff Schultz, co-founder of Phase.
Phase utilizes its 3D printing technology to create organ-on-a-chip solutions for drug development and custom medicines. Organ-on-a-chip technology can also better emulate how human cells respond in certain interactions.
“I’ve been following Phase’s growth for the last two years and continue to be impressed by their innovative technologies that are going to bring next generation organ-on-a-chip platforms to market,” said Mark McDowell, a venture capitalist, founder and board member of Launch Charlotte. “This is exactly the kind of company that will help spur the growth of biotech in our region.”
The recent funding from NC Biotech follows other investments and support Phase has landed from scientific and economic development organizations. Phase snagged a National Institutes of Health grant in January 2022 to pursue a 3D-printing project with the Virginia Tech-Wake Forest University School of Biomedical Engineering and Sciences.
Phase said it recently completed stage one of the NIH grant, which was used to develop a 3D-printed blood brain barrier.
The startup was also granted support from the One North Carolina Small Business Program. The program, founded in 2005, offers state grants to companies that are seeking or have won federal funds through the Small Business Innovation Research and Small Business Technology Transfer programs. Both programs, also known as America’s Seed Fund, support startups that have a high chance of being marketable.
