Wednesday, July 8, 2015

Ben Franklin: $1.4M for 9 Philly-area startups

Software, media, med firms get state cash

Ben Franklin: $1.4M for 9 Philly-area startups

Ben Franklin Technology Partners
Ben Franklin Technology Partners
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Ben Franklin Partners, the Pennsylvania taxpayer-subsidized early-stage venture firm, says it's put $1.4 million in 9 start-ups. Statement here. Summary:

HealthQx, LLC – Wayne - $150,000 - "uses its software and data analytics to develop a system for... benchmarking" hospitals, clinics and doctors so insurers can target the most cost-effective healthcare providers. CEO: Mark McAdoo

iMomentous, Inc. – Horsham – $250,000 - is building a "scalable mobile technology platform that enables companies to recruit" workers. Co-founders: Mahe Byireddy, Hari Bayireddy

MBF Therapeutics, Inc. – Ambler – $50,000 - Cancer treatments (immunotherapies and small-molecule drugs) for cats and dogs. Founders: Dr. (vet) Travis Meredity, Lorraine Keller PhD. CEO: Thomas Tillett.

Miria Systems, Inc. – Norristown – $200,000. "Enterprise Content Management (ECM) solutions and Energy/Environmental Management applications via cloud computing" for document management, accounts payable, data capture. Martin W. Michael, CEO.

QLIDA Diagnostics – Philadelphia - $250,000 (second investment by BFP). "QLIDA develops next-generation biomarker diagnostic tests... for diagnosis of life-threatening diseases such as cancer and cardiovascular disease, through the use of a nanotechnology-based protein detection" in collaboration with Drexel University. QLIDA = "Quantum-dot Linked Immuno-Detection Assay (QLIDA)". CEO is Michael Boyce-Jacino, Ph.D., CEO, previously of BioNanomatrix, Inc (BioNano Genomics).

Rumble News Ltd – Philadelphia - $150,000 -- "to give newspaper publishers a rapid, low-risk, scalable solution to reach ... mobile consumers." Previously backed by Project Liberty Digital Incubator, which BFP runs for the Inquirer's owner, Interstate General Media. CEO is Al Axoulay.

Solar Grid Storage – Philadelphia Naval Business Center - $250,000 - Developing solar photovoltaic energy storage.  Thomas Leyden, CEO.;

tapCLIQ (Transout, Inc.) – Philadephia - $100,000 - "a user engagement and advertising platform for mobile devices." Another Project Liberty veteran. Chirantan Bhatt, Founder & CEO.

Zaahah (StartUp Productions LLC) – Philadelphia - $30,000 - a toolbar and website that "instantly connects users with shared interests." Another Project Liberty firm.  James Sisneros, Founder & CEO.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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