Adranos says its rocket fuel formulation could help with bigger payloads and be less damaging to the environment.
WEST LAFAYETTE -
The Elevate Purdue Foundry Fund has awarded a total of $160,000 in funding to two Purdue-affiliated startups. Adranos Energetics LLC and GeniPhys LLC will use the money to advance their businesses through commercialization, according to the fund.
The startups will each receive $80,000 as a result of attaining "Second-Tier Gold Award" status from the fund, which is jointly managed by the Purdue Foundry and Indianapolis-based Elevate Ventures. GeniPhys and Adranos had previously received $20,000 through the fund's "First-Tier Black Awards" in May and October of 2015, respectively.
"Adranos and GeniPhys both have made great progress during the critical early years of their company development," said Chris LaMothe, chief executive officer of Elevate Ventures. "We look forward to continuing engagement with promising companies like them at the Purdue Foundry through advisory and investment consideration by our other investment funds to support their growth."
Adranos is developing a more powerful and environmentally-friendly rocket fuel for the aviation and aerospace industries. In an interview on Inside INdiana Business Television last November, co-founders Chris Stoker and Brandon Terry said their rocket fuel innovation eliminates the creation of hydrochloric acid, which is harmful to the environment.
GeniPhys is a life sciences company that is developing self-assembling, bioinstructive collagen materials for research and medical applications, according to Elevate Ventures. The company was founded by Sherry Harbin, a professor of biomedical engineering at Purdue.
Since 2014, the Elevate Purdue Foundry Fund has awarded $1.2 million to 44 startups.
"The momentum continues to build for entrepreneurial enterprises coming out of Purdue University innovations," said John Hanak, managing director of Purdue Ventures. "We are pleased with the ongoing success of all the startups that have received support through the Elevate Purdue Foundry Fund and the strong promise of future success in the companies have demonstrated in their respective fields."
By Deborah Daily Co-Owner, Buckaroo Marketing/New Media,
The internet broke down geographic barriers for businesses, making it possible to find lower-cost suppliers around the world. But if companies lack the knowledge and skills to manage those suppliers properly, they may end up spending far more than expected. We’ve worked with companies all over the globe to help our clients meet their advertising and marketing objectives while protecting their budgets. While most of those working relationships have been positive, we’ve had...
As Fort Wayne prepares to christen its latest big downtown project, Mayor Tom Henry says there are no signs of transformational development slowing down in the state’s second largest city. The Landing, a $34 million downtown redevelopment project, is expected to officially open soon, one of an estimated 14 projects that Henry says can help Fort Wayne become a destination city. Since the opening of Parkview Field more than a decade ago, Henry says momentum has...
What do you look for in a community when deciding where to start a family and raise your children? There can be several factors to weigh in making a sound decision. Housing affordability. Unemployment rates. Quality of education. Mortage website Lendingtree.com has released the results of a study pointing to the best places for young families in Indiana.
What was an old eye-sore in Whiting will soon be replaced with a new mixed-use five-story building, attracting new business and residents. The city of Whiting acquired the old Illiana hotel through the Lake County property tax sale process in 2013.
The United Auto Workers union, which totals approximately 49,000 workers at 33 General Motors Co. (NYSE: GM) plants nationwide, went on strike at midnight. The strike affects workers at GM plants in Fort Wayne, Bedford, Marion and Kokomo. The Fort Wayne plant, which assembles full-size pickup trucks, employs about 4,500 UAW workers. Our partners at WPTA-TV in Fort Wayne report several hundred were seen on the picket line throughout the day. In all, about 7,000 UAW...
Three communities in Indiana made the top 100 list of best places to live in the country, but only one made the top 10. Fishers was judged by Money magazine as the third best place to live in the United States, behind Clarksville, Tennessee and Round Rock, Texas.