Last year, the University of Oregon and University of Oregon Foundation created the Launch Oregon incubator program, an outfit geared toward “accelerating the translation of research and innovation at UO into commercial ventures” and supporting entrepreneurship on campus.
To do this, Launch Oregon offers its startup portfolio the necessary tools they need to take an idea to market, including everything from support with sourcing vendors to contributing funding as investors.
Fast-forward to today and Launch Oregon has its first startup hitting the pre-seed funding round circuit. UO spin-out Penderia was founded in 2020 by members of the UO’s Phil and Penny Knight Campus for Accelerating Scientific Impact — professors Keat Ghee Ong, Leona DeArmond, Executive Director Bob Guldberg, and research associate Salil Karipott — along with Ken Gall from Duke University.
The company is an orthopedic implant technology startup aiming to use real-time data to better monitor injury and healing progress. Penderia is set to announce their pre-seed round soon.
Penderia is one of the first tenants in the Knight Campus’ Papé Family Innovation Center, which offers meeting spaces, wet lab benches, procedure rooms and other resources that researchers need.
I met with Penderia CEO Stephen Laffoon and Launch Oregon Director Nate Costa to learn more about what it was like to take Penderia through the program, the company’s plans to continue their collaboration and what to expect next from Penderia.
Laffoon, a mechanical engineer with nearly two decades in the biotech industry with two startup exits, joined the Knight Campus founders of Penderia to integrate sensors into orthopedic implants.
“When you look around the room, sensors are becoming increasingly ubiquitous. However, they’re not necessarily integrated into orthopedics. We think there are reasons why sensors haven’t been used up to this point, but those hurdles are mostly ready for our research and development to address,” said Laffoon.
This is where Launch Oregon came into the picture and got on board as one of Penderia’s initial investors.
"Our top priority is supporting entrepreneurs coming out of the university, making Penderia a natural fit for us. Our role with all our startups is to get involved early and support transformational technology," said Launch Oregon’s Costa.
Launch Oregon’s main imperative is to help founders cross what Costa calls “the valley of death,” or the “red tape that researchers encounter at a university when it comes to financial investment.”
While Launch Oregon is participating in Penderia’s funding round, the collaboration between the two entities is more than just financial. “It wasn't just about pitching to them; it was about crafting the pitch together and getting the guidance needed to appeal to additional investors,” Laffoon said.
Aside from monetary support, Launch Oregon provides valuable resources, including access to vetted vendors for essential services like banking, legal, and human resources, saving startups the headache of trying to find these services on their own while simultaneously developing their product.
With the pre-seed round ending, Penderia is now looking ahead to milestones that will enable future funding via fundraising and revenue.
In addition to private investment, Penderia recently received a SBIR Phase II Award for $1.74 million from the National Institutes of Health for continued development of the implantable wireless sensor technology.
"We have the vision and the plan; now it's about execution," Laffoon said.
Penderia's success could pave the way for more startups from the University of Oregon, showcasing the potential of university-led innovation to translate into commercially viable business. "We hope to create a playbook that can be replicated," Costa said.
