Five local startup founders on June 29 shared the next steps in their quests to revolutionize industries from satellites to investing.
The entrepreneurs pitched their businesses and fielded questions at VentureScaleUp Demo Day, which capped Orlando-based business accelerator VentureScaleUp’s Spring 2021 cohort. Five companies went through the 12-week program, receiving mentorship and training along the way.
Since 2015, 44 startups have completed the program at VentureScaleUp, managed by early-stage investment group SeedFundersOrlando. Those firms have raised a collective $10 million in investment capital.
The growth of innovative early-stage companies is important for the region, as they can create high-wage jobs and new problem-solving technologies for residents and businesses.
Here are each company’s planned next steps to achieve growth and develop new solutions.
Exhalence LLC
Founders: Colin Kelly, Ryan Abronski
What it does: The Winter Park-based firm is working toward development of a “breathalyzer for diabetics,” which monitors blood glucose levels through the breath.
What it's working on: Applying for a federal Small Business Innovation Research grant and using NASA technology to develop the sensors that detect chemicals in the breath
Fluix LLC
Founder: Abhishek Sastri
What it does: The Orlando-company designs and makes liquid-cooling PC hardware that improves performance for gamers and computer enthusiasts.
What it's working on: Negotiating with the second-largest architecture, engineering and construction industry computer workstation manufacturer for a $90,000-per-month deal; raising $600,000 to eventually ramp up production to 450 units per month
IDEM Systems
Founders: David Nash, Terry Pierce, Richard Blair
What it does: The Indialantic-based company is developing hardware, including a handheld spectrometer, and mobile app software to allow law enforcement to identify drug samples accurately in 30 seconds.
What it's working on: Attempting to raise $1 million to fund hardware production; hiring two developers and one salesperson; seeking a new patent for its technology
Miventure Inc.
Founders: Jason Crystal, Luiggi Pera
What it does: The Orlando-based firm’s online platform lets early-stage startups create crowdfunding investment campaigns and allows users to invest in startups for as little as $25.
What it's working on: Miventure aims to facilitate $2 million in startup campaign funds in 2021. The firm is raising $500,000 to grow the platform’s network of accredited investors, who will act as the lead investor in each campaign. Next month, Miventure will allow users to invest from the website as well as the mobile app.
Modularity Space
Founders: Scott Weintraub, Nolan Coulter
What it does: In a bid to create the first reusable satellite network, the Daytona Beach-based company developed technology that allows different components to fit together easily like Legos and make a satellite. Modularity Space will rent these satellites to customers.
What it's working on: In the next 24 months, Modularity Space plans to grow its bookings to $150 million, launch its first three satellites and begin mass production of satellites by 2023. The company also is seeking strategic investors for a large capital raise.
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