It’s been just over a year since we crowned our Year 3 Winners at 43North Finals and about 10 months since they joined us in Buffalo. These 8 startups have been hiring employees right here in Western New York, building partnerships with companies locally and nationally, and raising funds to take them to the next level.
We last updated you on them back in July, but boy has a lot changed in just a few months! Since then, Asarasi has seen its highest revenues to-date, HigherMe was selected as the winner of $400,000 in follow-on funding, and UltraCell Insulation is close to fully financing a large-scale manufacturing facility in Buffalo.
Check out their recent accomplishments and what they have coming down the pipeline as we wrap up 2017.
Asarasi tripled its revenues in Q3 vs. Q2, which includes re-orders from 7 distributors and retailers just last month alone. They participated in the New York State Fair this September, sampling to over 10,000 people, and presented at the Natural Products Expo East to engage with potential investors and retailers – including Coca-Cola, Walmart, Vitamin Shoppes, and Whole Foods. A supermarket chain received their orders of Asarasi water and 86 of their stores now carry the product. They hope to raise approximately $1 million in the next 3-6 months, and have begun discussions with several corporate venture arms.
Bounce Imaging won a $120,000 cash award from the Miller Lite Tap the Future business competition. Revenue continues to climb, and they have a potential deal in the works with a federal agency for 40-60 units, as well as large opportunities in the pipeline in New York and internationally – which should result in continued increases in sales for Q4. They continue to focus on fundraising efforts for a $1.5 million seed funding round.
Formarum is raising funds to finance the production of units for their upcoming 2018 purchase orders. They have identified appropriate manufacturing space in Buffalo, and plan to set up their manufacturing space, have their parts delivered, and begin production by the end of Q4. They have renegotiated their first purchase order to increase their margins in 2018.
HigherMe was announced as the winner of $400,000 in follow-on funding during 43North Finals. They have hired 8 account executives to join their Buffalo-based sales team. HigherMe has also created a partnership with ZipRecruiter that is generating additional revenue on top of their traditional programs, and have seen success implementing the WOTC tax credit program for many of their existing clients and new customers.
Oncolinx’s newest hire Dr. Shan Zhao, their VP of Research, has begun his systems pharmacology work in Dr. Shah’s lab at the University at Buffalo. They continue to need hiring support and appreciate any referrals to help them expand their team in Buffalo. Initial testing is in progress with the NCI as well as UB.
Oncolinx is doing work in the labs in Buffalo to prove that their technology can create an immune-response within the body – a major differentiator from similar therapies from competitive platforms.
PathoVax has begun a research collaboration with Roswell Park Cancer Institute in Buffalo. They also presented at the Chinese-American BioMedical Association Investment & Entrepreneurship Symposium. China is an important market for their product and they’ve begun efforts to penetrate that market.
UltraCell has identified nearly all the funds needed to finance their large-scale cellulose insulation production plant in Western New York. They have already purchased the equipment they need for their pilot plant and have started identifying equipment for their large-scale plant. Assuming they can close this financing soon, they expect to hire 30-35 employees locally in 2018.
Over the last quarter WeDidIt has signed 13 new customers, including a handful from the Western New York area. They have also worked through a couple of product improvements that will make it easier for fiscal sponsors to sign up, and easier for non-profits to start fundraising campaigns. WeDidIt recently pitched in front of the National Network of Fiscal Sponsors in New Orleans.
Learn more about what our Year 3 Winners are up to in the video below! If you’d like to be connected with any of the companies, please contact Brian Straka at [email protected]