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."