Colorado leading incubator Innosphere announces new batch of tech startups to join its cohort of 2018
Venture capital (VC) activity in the United States reached its highest level in 2017. According to a report from PitchBook-NVCA Venture Monitor, VC firms invested a total of $84.2 billion last year in 2017, up 16 percent from 2016 and more than 100 percent from ten years ago. However, the number of completed deals dropped to the lowest level since 2012, a trend that was offset by a steep increase in the average deal size. Last week, we wrote about Plug and Play, the world’s largest startup accelerator, and its second cohort program for insurtech startups.
This week, another leading technology incubator, Innosphere, is announcing a similar program. Today, Innosphere, a Colorado-based tech incubator, announced that it has selected ten startup and scaleup companies to join the first Innosphere cohort of 2018. Innosphere’s program focuses on ensuring companies are investor-ready, connecting entrepreneurs with experienced advisors, making introductions to corporate partners, exit planning, and accelerating top line revenue growth. Once accepted into the program, companies receive ongoing support from experienced advisors, peer-groups, and their Innosphere liaison to ensure they’re getting the know-how to raise the right kind of capital and all the resources to grow.
The ten companies selected for the program include three bioscience, two hardware, and five enterprise software companies. When it comes to geography, two companies are Fort Collins-based, three companies are based in the Boulder area, one in Castle Rock, three in the Denver area, and one company from Tel Aviv, Israel which is being supported through Innosphere’s partnership with the Israel – Colorado Innovation Fund.
Seven of the companies joined the incubator’s Startup Program, while three joined the recently formed Scaleup Program. “For a startup company, a common goal is to become investor-ready to secure the company’s first round of funding,” said Scott Sampl, Innosphere Operations Director “But for a scaleup company, a common goal is to accelerate growth in sales. While this goal can be simple, it often becomes more complex when considering hiring sales talent, investing in product development, and raising the capital needed to scale.”
Nationwide, it is estimated that only 4% of companies that are launched reach startup phase ($1M in annual sales), and only 10% of startups ever reach scaleup phase ($10M in annual sales). Modest improvements in these metrics have a significant economic impact. To address this, Innosphere recently launched their Scaleup Program for companies who have achieved a run rate of more than $500k a year in sales but are seeking to sustain a growth rate in sales of 2-3x per year. “The issues of a startup company and scaleup company are similar but the complexities are different,” said Mike Freeman, Innosphere CEO. “Scaleup companies in our program are starting to think about a dedicated CFO and sales team, and exit strategies are just a few years away. The Scaleup Program focuses heavily on how to grow their top line.”
Below is a full list of the ten companies entering Innosphere’s Spring 2018 cohort:
- AllSource Analysis Inc.
The mission of AllSource Analysis is to give customers more confidence in critical decision making and rapid response planning by delivering on-demand expert geospatial analysis.AllSource uses satellites, airplanes, drones, social media, weather, news feeds and other real-time data services to deliver geospatial Intelligence produced by advanced software and expert analysis. Similar to the business models of Uber, Lyft, Tackl and others, our independent experts are standing by ready to provide key intelligence as fast as possible, near real time, and cost-effectively. AllSource’s global network of analysts are available around the clock and can typically deliver results within 24-48 hours.
Industry: Enterprise Software | Longmont, CO | Charles Herring, CEO |
- BUILD1x Inc.
A Mobile App developed for the construction industry.
BUILD1x + BUILDCoin is a modern solution bringing efficiency, transparency, and a new monetary system to a $10 Trillion Global Industry. In the U.S. alone, the industry supports over 10 million people and represents over 1 trillion in annual spending. The construction industry needed a solution to connect with other professionals, leverage digital currency, transfer money in real-time, and have the ability to use mobile tools to manage at the project level.
Industry: Enterprise Software | Castle Rock, CO | Trac Stephenson, CEO |
- Career Solutions Group
Facilitating employee engagement through automated career development systems.
Since 1998, Career Solutions Group helped talented, motivated workers to define and accomplish career goals through one on one career support activities. In 2012, CSG launched into organizational career development through our partnership with New Belgium Brewing, where Career Solutions Group co-developed a platform to support team members in defining and achieving inspiring career progress. Starting as a video platform for New Belgium, the tool, CareerWow, has since evolved to a software platform in use with some of the most forward-thinking organizations in the country.
Industry: Enterprise Software | Fort Collins, CO | Katy Piotrowski, CEO |
- cycuro LTD
cycuro is a cloud-based mobility data validation platform, with solutions that guarantee data integrity for mobility services such as: use-based insurance; rentals; fleets; and ridesharing companies. cycuro is an Israeli startup company that was founded in 2016 by a group of cybersecurity experts with vast experience in critical operations for the defense, business and government sectors. cycuro has a revolutionary solution for thwarting cyber threats in the mobility space, provides mobility service providers with a cloud data validation, creates trust between mobility peers in the emerging smart mobility ecosystem, and paves the highway to a future of reliable and secure data exchange.
Industry: Enterprise Software |
- Janika Systems
Helping families create beautiful digital legacies.
Janika is an early-stage technology company building consumer driven solutions to simplify the transition from digital life to digital legacy. Building on personal experience, and the understanding that families are forever linked digitally, Janika is leveraging the latest technologies to deliver a platform for families to learn, control, share and collaborate over their digital lives and ensure a lasting digital legacy. Parker, CO | Founder, Tim Colleran | www.janikasystems.com
Industry: Enterprise Software | Parker, CO | Tim Colleran, Founder |
- Respirogen, Inc.
Life Saving Oxygen Therapies Delivered By Oxygen Microbubbles.
Respirogen Oxygen Microbubble (OMB) technology provides solutions for blood oxygenation in critical care scenarios such as Acute Respiratory Distress Syndrome and critical care intubation. OMBs offer an alternative therapy to ventilation and ECMO in lung compromised critical patients, delivering oxygen to the body independent of the lungs.
Industry: Bioscience | Boulder, CO | Bob Scribner, CEO | www.respirogen.com
- SoftRay, Inc.
Biodetection, when time is of the essence.
SoftRay, Inc. is a Fort Collins biotechnology corporation developing tools for detection and identification of bacteria and fungi in bodily fluids, surfaces, and environmental water. SoftRay is currently developing a system for the veterinary diagnosis of bacterial infections, assessment of sterility of the hospital/clinic environment, and determination of the level of bacterial contamination in beach water, as well as for general laboratory use.
Industry: Bioscience | Fort Collins, CO | Dr. Paul E. Johnson, CEO |
- Timberline Instruments
Focusing on analytical solutions to meet your needs.
Timberline manufactures automated instrumentation for detection of low levels of ammonia and nitrate, focusing on applications in agricultural soil fertility testing and water analysis; drinking water and wastewater; and aquaculture. This high-quality laboratory equipment is used by analysts and research professionals worldwide. Timberline also provides OEM manufacturing and consulting services. All products are designed to simplify customer processes while improving their bottom line.
Boulder, CO | Donald K Forsberg, CEO |
Velóce is developing the SmartTab®, an ingestible capsule that contains an electronic receiver, actuator, monitor, and active ingredients. SmartTab is an ingestible wireless remote-controlled delivery and monitoring system that will provide effective targeted drug delivery. This precision digital delivery system can be remotely triggered and monitored via an external device to deliver a range of active ingredients to targeted areas within the GI tract at specific times or in response to a monitored physiological condition. Revenues will be derived from upfront & licensing fees.
Industry: Bioscience | Denver, CO | Robert Niichel, CEO |
Capturing Moments of Movement.
Amateur sports — college, high school, competitive youth clubs and multi-sport facilities — drive the majority of fluid revenue into their respective organizations. These “businesses” rely on healthy event attendance and viewership, which is fueled by winning athletes and teams.Zoptic is designing an innovative sports tech system that allows coaches and trainers to autonomously capture video + metrics of their amateur athletes as they traverse the field of play. The collected data is pushed to a secure cloud-based portal and used to develop & manage a personalized training program for the athletes. With the goal to significantly improve the athlete’s on-field “GameDay” performance and create a competitive edge for the organization.
Industry: Hardware and Enterprise Software | Littleton, CO | Brad Paz, Founder & CEO |