BEVERLY, Mass.--(BUSINESS WIRE)--North Shore InnoVentures, (NSIV) one of New England’s leading technology incubators and business accelerators, announced today that three of its portfolio companies, Akita Innovations LLC, InsomniSolv, Inc. and MCC Global Laboratories Inc. have each received Milestone Achievement Program grants from the Massachusetts Life Sciences Center. A total of $2 million was awarded to twelve early-stage companies to help them complete essential value-creating milestones and attract additional outside funding.
“This is a further validation of the strength of our incubator’s approach, with 25% of the awards from this important new grant program going to NSIV client companies,” said Martha Farmer, CEO of North Shore InnoVentures. “The North Shore of Massachusetts is home to a rapidly growing life science cluster and we are especially pleased to see our three client companies making important progress on their way to commercial success.”
“Together with these grants, NSIV startup companies have collectively raised more than $100 million in grant and equity funding since we opened in 2009,” continued Farmer. “This compares with the business and financial results of some of the nation’s leading business accelerator programs and bodes well for the ultimate commercial success of our clients.”
“The Massachusetts Life Science Center’s Milestone Achievement Program is designed to fill a gap in the availability of funding to help young companies achieve milestones and position them for success in attracting private capital, while further strengthening our life sciences ecosystem here in Massachusetts,” said Angus McQuilken, MLSC Vice President for Communications & Marketing. “We were pleased to receive strong applications from the growing life sciences community on the North Shore, and we congratulate both NSIV and these three companies on their success in competing for these grant awards.”
North Shore InnoVentures operates technology business incubators to nurture innovative early stage companies and support sustained economic growth in the North Shore region. NSIV focuses on life sciences and cleantech, two of the strongest technology clusters in Massachusetts, and provides creative business acceleration services that increase the success rate for early-stage companies and their investors.
The three NSIV companies receiving these Milestone Achievement Program grants include:
Akita Innovations LLC – which develops chemicals and materials for commercial and government customers including synthesis of small molecules and polymers, membranes & coatings, chemicals and materials with tuned optical absorbance and luminescence, and chemical and biochemical sensors. Akita’s MAP award will fund the company’s IP development and filings on voltage-sensitive fluorescent dyes being developed for the neurology and cell biology communities.
InsomniSolv, Inc. – which is developing a unique wearable medical device that improves sleep without drugs. It uses a rhythmic stimulation, which has a hypnotic effect on the brain, allowing you to fall asleep naturally. It senses your sleep state and turns itself off and on automatically to help you stay asleep. Proceeds from the grant will be used to run an initial clinical trial at Mass General Hospital.
MCC Global Laboratories – which manufactures and distributes ElephantTM De-Con Tech, a simple, low-cost and highly effective infection control solution that eliminates biological threats in critical healthcare environments. Using technology developed in French hospitals and laboratories, MCC’s “Terminal Cleaning” solution reduces the risk of infection by providing >6-log reduction of viruses, bacteria, bacterial spores and fungi in the air and on exposed surfaces.
“In relocating our company to the United States from France, we were looking for partners that could best support our growth,” said David Bertoni, CEO of MCC Global. “NSIV’s incredible incubator network of mentors and business contacts, along with the support and financial help we’ve received from the Mass Life Sciences Center, has given us a strong start to success here in the US, the largest healthcare market in the world.”
“Membership in NSIV has been critical to our general success and to our MAP award in particular, as NSIV has provided invaluable mentoring along with business development opportunities that would be difficult for a startup to create on its own,” said Larry Takiff, president of Akita Innovations. “This has enabled Akita to increase its Massachusetts employment and bring in nearly $2 million in R&D contracts to date.”
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is an investment agency that supports life sciences innovation, research, development and commercialization. The MLSC is charged with implementing a 10-year, $1-billion, state-funded investment initiative. These investments create jobs and support advances that improve health and well being. The MLSC offers the nation’s most comprehensive set of incentives and collaborative programs targeted to the life sciences ecosystem. These programs propel the growth that has made Massachusetts the global leader in life sciences. The MLSC creates new models for collaboration and partners with organizations, both public and private, around the world to promote innovation in the life sciences. For more information, visit http://www.masslifesciences.com.
About North Shore InnoVentures
North Shore InnoVentures (NSIV) is a non-profit 501(c) (3) business incubator headquartered at the burgeoning cluster of more than sixty life sciences and cleantech businesses at the Cummings Center in Beverly, MA. NSIV is dedicated to accelerating the growth of innovative early-stage life sciences and cleantech businesses and supporting the economic growth of Boston’s North Shore. Its management, board of directors, advisory board, and mentors bring a wealth of entrepreneurship experience in addition to business development and technical expertise. Further support comes from sponsors who contribute marketing, legal, operational and educational services. http://www.nsiv.org.
