North Shore InnoVentures Announce that Seven Companies have “Graduated” from its Technology Incubator

  FOR IMMEDIATE RELEASE Contacts: Martha Farmer, Ph.D. President & CEO North Shore Innoventures 508-527-1832 Click here to start an email Media: Paul Sagan KCSA Strategic Communications 617-852-0495 Click here to start an email North Shore InnoVentures Announce that Seven Companies have “Graduated” from its Technology Incubator Four Recent Graduate Companies Begin Commercial Operations and Secure More Than $12 million in Venture Funding BEVERLY, Massachusetts, December 4, 2012. North Shore InnoVentures, (NSIV) one of New England’s leading technology incubators and business accelerators, announced today that four of its client companies have “graduated” from the incubator in recent months and have begun commercial operations. Seven companies have graduated from NSIV in total. NSIV also announced that three new companies in the cleantech and life sciences sectors have joined as members, for a total of sixteen. “The transition of client companies from startup to commercial operation is the ultimate measure of success for an incubator organization,” said Martha Farmer, CEO of North Shore Innoventures. “Each of our graduating companies are well on their way to establishing a strong presence in their respective fields.” 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 cleantech and life sciences, 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. NSIV graduate companies include: Akrivis Technologies, LLC, www.akrivis.com – has developed its proprietary Z-TECTTM technology platform for the early detection and diagnosis of cancer, whether with ultrasensitive in vitro tests or by imaging very small tumors. Arctic Sand Technologies, Inc. – is a fabless semiconductor spinoff from MIT, commercializing a revolutionary breakthrough in power conversion chips that cut energy losses by 75% and reduce size by 10x, all at cost parity. CYTOO S.A., www.cytoo.com – provides technology to normalize cell morphology and behavior whereby improving the robustness, sensitivity and quantification capabilities of cell-based assays and High Content Screening (HCS). kWhOURS, Inc., www.kwhours.com – is transforming the commercial and industrial energy auditing industries with its tablet-based data collection and management software, allowing building energy efficiency professionals to collect asset information, record operating conditions, and manage it more effectively. Magniture Systems, Inc., www.magniture.com – guarantees the reduction of energy use in large facilities and transforms utility data into actionable intelligence to reduce power consumption, improve equipment efficiency and help companies manage their energy use. Sharp Edge Labs, Inc., www.sharpedgelabs.com – has developed next-generation biosensors for cellular biology research and high-throughput screening based on Fluorogenic Activating Proteins (FAPs). 7AC Technologies, Inc., www.7actech.com – has developed ultra high efficiency air conditioning systems that use up to 75 percent less electricity compared to conventional heating, ventilation and air conditioning technologies. In addition, North Shore InnoVentures announced that three early-stage companies have joined the incubator to take advantage of its facilities, cost savings, mentoring and collaboration opportunities. They include: Cellanyx Diagnostics, Inc., www.cellanyx.com – is developing in vitro tissue and cell culturing techniques for use in research and in-vitro diagnostics for prostate cancer. Sextant Therapeutics, Inc., http://www.sextantbio.com – is developing technology that identifies combination drug therapies that cause tumors to alert the immune system and recruit anti-cancer immune responses. SolidEnergy  Systems Corp., http://solidenergysystems.com – is developing a battery that dramatically improves both the safety and energy density of rechargeable lithium batteries at temperatures from -40 to 250 C. “The success rate for companies who have participated in an incubator program has been demonstrated to be nearly double when compared with the typical start-up company, according to studies by the National Business Incubation Association,” continued Farmer. “Recently, several of our graduates reported important commercial successes in their operations, including Akrivis Technologies, who reported a strategic alliance with US Biological Corporation; and Sharp Edge Labs, who moved to expanded lab and office facilities near Carnegie Mellon University for the development of their next generation bioassays.  Two others, Arctic Sand and 7AC Technologies, have raised more than $12 million between them in the last year.” “Being part of North Shore InnoVentures during our critical start-up phase proved to be a key success factor in our transition to commercial operations,” said Joel Berniac, Ph.D., MBA and CEO of Akrivis Technologies, whose company graduated this month. “There are many incubator office spaces available throughout the Boston area, but we found that getting quick access to a fully equipped R&D facility on flexible lease terms was a rare commodity, yet a critical necessity for an early-stage biotech company. But beyond the well-equipped shared lab facilities, the collaboration opportunities we received from other members, along with NSIV’s extensive network of mentors, business contacts and investors gave us an enormous early advantage.” “The early success of these promising ventures demonstrates the value that incubation can have for start up companies,” concluded Farmer. “We look forward to their continued progress in commercializing their unique technologies, and welcome our newest client companies as they begin advancing their businesses.” 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. ###

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