We learned early on in the development of our business incubator that our story would best be told by those businesses in the program. More than the services we provide or the facility that we built, the true measure of success would come from the milestones attained by CEI clients. It would prove that the combination of their unique innovations and hard work - and ultimately our ability to support and develop viable businesses for Phoenix - made a difference. So when three member companies announce major funding in as many days, you can count that as a HUGE win for the incubator that houses them. Indeed it has been a good week for the Center for Entrepreneurial Innovation.
NeoLight closes $1.4 million seed round
When it was announced earlier this year that medical device startup NeoLight had raised $600,000, we all knew it was only a matter of time before they closed even more funding to complete their full seed round. That came to fruition earlier in June when the company scored an additional $800,000 to finalize a total of $1.4 million, primarily from local investors. It was another homerun for a company who has been on relative hot streak of late, gaining significant exposure locally and nationally for its work. In addition to filling important hiring needs, NeoLight plans to utilize the funds to continue to pursue FDA approval of its prenatal phototherapy bed for treating jaundice as well as expand its product line to focus on a broader range of infant-related issues.
SMART Brain Aging named spring Arizona Innovation Challenge winner
A surprise all the way around according to the internal leadership team, SMART Brain Aging was nonetheless elated to be named a Spring 2016 ACA Arizona Innovation Challenge grant winner in June. The company was one of six to earn the coveted prize, part of the Arizona Commerce Authority’s biannual business plan competition, and will take home $250,000 of non-dilutive, milestone-based funding. The health IT startup is currently commercializing a software solution to aid in the prevention and mitigation of early-stage dementia; the funding will allow them to expand to new care facilities and get in front of more and more patients.
Paraffin International Inc. adds $500,000 in capital
It has been an eventful few months for Paraffin International, Inc. Last winter, the company and its gLOVE Treat paraffin wax treatment product were featured as part of Oprah Magazine’s acclaimed O-List, and they haven’t looked back since. In addition to overall sales growth of its flagship product, Paraffin started courting local investors earlier this year looking to capitalize on gLove Treat’s therapeutic and health benefits and begin to commercialize in the medical industry; it paid off recently when it was announced the company had raised $500,000 in capital to do just that as well as add additional marketing staff.
Funding is not the be all or end all for a startup; in many ways, it signals the beginning of a new stage of opportunity as well as more accountability and hard work ahead. That is what makes these funding hits particularly unique - all three companies had a direct purpose for the capital. And it all centers around continued internal expansion (aka hiring) and external growth within their respective markets. Ultimately, that translates to economic impact for the region. Kudos to all of them and their continued efforts.
Are you a technology-based company with high-growth potential? Join the CEI community of entrepreneurs and apply today!