Medical device maker ProMedix Inc. took the top prize at this year’s Angel Oregon Life & Bioscience but it was not the only startup to receive funds as a result of the program.
ProMedix collected an angel investment of $175,000 from this year’s AOBIO fund. The program is one of several angel investment projects by Oregon Entrepreneurs Network. The AOBIO fund consisted of investments from 15 local investors plus contribution from the state through Oregon Growth Board.
Participating companies have gone through a four-month program to get ready for potential funding. Five finalists were selected to vie for the fund investment:
- ProMedix crafted a device to help identify and treat sepsis.
- Keliomics, is developing a new way to test and identify the best treatment for an individual patient’s cancer tumor.
- Trace Biosciences, is developing targeted imaging agents to highlight nerves in real-time for surgery.
- StoneStable, created silica-coating to stabilize vaccines and avoid the need for refrigeration for transit and storage.
- VitalFlo, created a remote respiratory monitoring system.
“AOBIO has been a tremendous experience, and the ProMedix team was so excited to participate in the process,” said ProMedix’s co-founder Scott Filer in a written statement. “At each step in this journey, we have been encouraged and bolstered by an incredible array of investors, marketplace experts, and frankly, brand new friends. We are a stronger company as a result.”
Saravit Wellness, a nutrition, wellness and health coaching startup, was awarded a $5,000 non-dilutive investment from BFM Fund as part of the Emerge Initiative Award. This program is a partnership between OEN and investor BFM Fund to support founders of color with early stage startups.
In addition to the main awards, the Oregon Nanosciences and Microtechnologies Institute awarded three investments totaling $300,000:
- Trace Biosciences received $125,000
- Keliomics received $100,000
- ProMedix received $75,000
Additionally, Keliomics received a $100,000 investment from Ideaship, a Portland venture fund that invests to help startups with the IP patents and strategy.
“To catalyze a half a million dollars into local life and bioscience innovators is incredible and reflects that power of the OEN network bringing together founders, funders and folks supporting entrepreneurs,” said Cara Turano, executive director of OEN, in a written statement. “Congratulations to all the companies who participated and thank you to the many investors involved in the process.”
OEN's angel programs are meant to work with startups to get them ready for pitching investors as well as a training ground for people who would like to get into angel investing. Investors in these angel funds learn about due diligence and select the winners.
In addition to AOBIO, there is Oregon Angel Food, which backs food and beverage companies, and Angel Oregon Tech, which backs software and hardware startups.
AOBIO is presented by OEN, Oregon Bioscience Incubator, Oregon Health & Science University and Oregon Bioscience Association.
