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Innovation Space Marks $1 Billion Milestone

Portfolio companies have now raised over $1B in funding to support world-changing innovations

Wilmington, Delaware — The Innovation SpaceTM today announced that its portfolio companies have now raised more than $1 billion in funding since its launch as a not-for-profit organization six years ago.   The Innovation Space is one of the largest science-based entrepreneurial ecosystems in the world and has worked with over 100 startups from across the country and internationally to accelerate their trajectory to market and commercialize their world-changing innovations. The Innovation Space supports startups via virtual programs as well as in its 130,000 ft2 of state-of-the-art laboratories and office space equipped with cutting edge scientific equipment.

“This is a defining moment for the Innovation Space and our community of inspiring innovators,” said Bill Provine, Innovation Space founder and CEO. “From entrepreneurs in clean tech working to curb climate change to those in healthcare endeavoring to cure cancer to others developing advanced materials that will improve the way we live in the future; these visionaries are progressing forward innovations that will improve the quality of our lives while simultaneously making our existence on earth more sustainable.  At the Innovation Space, we are so proud to play a critical and enabling role in the growth and impact journey of these startups.”

Innovation Space has supported science-based startups across a broad spectrum of industries such as healthcare, innovative ingredients, agriculture, advanced materials, clean tech, and advanced manufacturing.   Its portfolio of companies includes healthcare startups like now-public Prelude Therapeutics (NYSE:PRLD), NiKang Therapeutics and Synnovation Therapeutics; agriculture biotechnology company Napigen; renewable hydrogen company and University of Delaware spin-out Versogen; and innovative ingredient companies such as Adesis, which grew rapidly as a business unit of Universal Display (NYSE:OLED) with the enabling assistance of the Innovation Space.

“Innovation is critical to creating jobs, opportunity, and prosperity for our state,” said Delaware Governor John Carney. “In 2017, we partnered with DuPont and the University of Delaware to create the Innovation Space, to offer what many startups cannot afford on their own: state-of-the-art laboratories, premium lab equipment, and quality office space. This partnership has yielded strong results, assisting over 100 startups, including Prelude Therapeutics. The Innovation Space will continue to lead the way for entrepreneurs and changemakers for years to come.”

The foundation of the Innovation Space was built from a strong partnership between DuPont, the University of Delaware and the State of Delaware. Together, this collaboration contributes resources such as financial support, a pipeline of expertise and talent derived from a rich and prolific legacy of innovation that helps startups get off the ground and rapidly grow and scale their impact.

“Reaching this milestone is a remarkable achievement for the Innovation Space,” said Alexa Dembek, Chief Technology and Sustainability Officer at DuPont and Innovation Space Board Member. “Since day one, DuPont has been a proud partner in supporting the Innovation Space’s pursuit of scientific entrepreneurship, and I look forward to many more years of progress from our collaboration. This partnership will help unleash the pioneering spirit of discovery that contributes to our quality of life and fuels a thriving economy.”

“At the University of Delaware, research, innovation and entrepreneurship have always been part of our DNA. We are proud that the partnership we founded with DuPont and the State to launch the Innovation Space has been so successful in transforming discoveries into innovative companies, and ultimately the economic development of our entire state and region,” said Dennis Assanis, President of the University of Delaware and Chair of the Board of Directors of the Innovation Space. “We look forward to continuing our work together to realize the limitless possibilities ahead.”

With a multi-industry mix comprised of 55% healthcare, 30% industrials and 15% clean tech startups, the Innovation Space supports companies innovating solutions to humanity’s challenges in energy, agriculture, the life sciences and engineering.

“This is a great example of cooperation by Delaware’s universities, business partners like DuPont, government at all levels, and philanthropy. I am grateful for the federal funds that helped make this possible, and particularly proud of the $2.5 million in congressionally directed spending I helped secure last year to keep their momentum moving forward”, said U.S. Senator Chris Coons.

Innovation Space has already supported over 700 jobs nationally, including over 450 onsite at the historic Experimental Station campus in Wilmington, Delaware since 2017.

“The Innovation Space continues to inspire science-based startups and support entrepreneurship while showing tremendous success,” said U.S. Senator Tom Carper. Along with Delaware’s Congressional Delegation, Sen. Carper helped secure a grant from the U.S. Economic Development Administration to support the early days of the Innovation Space. “This is a great example of what can happen when all levels of government, private organizations and higher education partner to help continue Delaware’s strong legacy of innovation in the sciences.”

“What helps drive innovation in the First State is our entrepreneurial spirit, and the Innovation Space has become a critical partner in fostering that spirit through its critical support of science-based startups,” said Representative Lisa Blunt Rochester. “I’m proud to be a long-time supporter of the Innovation Space’s work, having secured federal funding alongside Senators Carper and Coons for it to expand its footprint in Delaware and across the country. Simply put, the Innovation Space represents the best kind of partnership that we must continue to utilize and leverage to help our state reach its full entrepreneurial, innovative, and economic potential, and I am excited to see what comes next.”

About The Innovation Space™:

The Innovation Space™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, the Innovation Space™ is comprised of 130,000 ft2 of state-of-the-art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all the Innovation Space™ programs and funding opportunities.

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Innovation Space Welcomes 11 New Startups to Science Inc. Accelerator Program 

Fall cohort includes companies specializing in advanced materials, therapeutics, and clean technology. 

Wilmington, Delaware — The Innovation Space™ today announced that it has accepted 11 companies, for its Fall 2023 Science Inc.™ Accelerator Program, a virtual, cohort-based accelerator for early-stage science-based startups. With the support of expert coaches (Entrepreneurs-in-Residence), Science Inc.™ participants will work toward major milestones to quickly and successfully ramp up their businesses. 

Science Inc.™ gives companies access to industry and investment experts who can advise participants on decision-making in the critical early stages of their development. Through the connections with experts and their cohort, participants cultivate a network of potential investors and collaborator partners.   

Eligible participating startups also have an opportunity to apply for up to an additional $200,000 in support through the First Fund™ investment program. 

“We’re excited by the growth potential in all members of this cohort,” said Bill Provine, Innovation Space founder and CEO. “From repurposing food waste to developing medicines and technologies that will improve health outcomes, these startups are creating new solutions to some of world’s most important and pressing needs. Our role at The Innovation Space and through our Science Inc. accelerator program is to help these startups magnify their impact and speed their trajectory to market.” 

Companies participating in the Fall 2023 cohort include: 

Cyta Therapeutics is developing a therapeutic to treat obesity and associated cardiometabolic diseases. 

Edulis Therapeutics is developing a minimally-invasive bioresorbable implant for localized drug delivery in patients with inflammatory bowel disease (IBD). 

EndoShunt is a developing medical device that aims to end preventable deaths from abdominal bleeding by giving trauma surgeons the gift of time so they can give trauma patients the gift of life. 

Foogly is a cleantech startup that uses food waste to make bioplastics and biopolymers through a one-step, eco-friendly process. 

Graftable is developing oxygen microspheres to improve graft survival after reconstructive surgery. 

Margik is the world’s first low-cost high-volume Organic LED platform that is enabling automotive lighting to become efficient and sustainable. 

NKA Bio is developing therapeutic, temperature stable antibodies for critical care. 

PriZm is a clinical-stage pediatric rare disease company developing a platform that comprises small molecule, oral therapy for treating MCT8 deficiency in pre- and post-natal babies. 

RecurX has developed a microfluidic based diagnostic technology platform that informs the seriousness of the disease, the standard of care needed, and drug treatment options. 

Serentrix is developing non-addictive medicine for pain management. 

Sindri Materials is an advanced materials company committed to bringing the absolute highest quality graphene into the highest impact applications through novel and proprietary manufacturing methods. 

To date and including the current cohort, Science Inc.™ has supported 61 startup participants from 15 states and four countries, including the U.S. 

“The Innovation Space entrepreneurs-in-residence are fantastic, and extremely experienced in all aspects of startup management,” said Jason Winder, CEO of Sonogen Medical, a Science Inc. alumni company. “They helped me improve my pitch deck, enhance my financials, and refine my fundraising strategy in ways that I never would have expected.”    

The Science Inc.™ Accelerator program accepts companies twice per year, in the fall and spring. The selective program receives applications from across the United States and beyond, with special consideration given to startups who are located or interested in locating within the Mid-Atlantic region.  

Eligible industries include: aerospace, agriculture, biotechnology, chemicals and chemical products, therapeutics, diagnostics, clean technology, electronics/instrumentation, food and beverage, healthcare services, industrial/energy, marine and blue technology, medical devices and equipment, nanotechnology, oil and gas, renewables/renewable energy, semiconductors, telecommunications, therapeutics, and transportation.  

Science Inc.™ is among a suite of Innovation Space programs funded by a $1.5 million U.S. Department of Commerce grant, which is designed to build regional economies by supporting the growth of technology-oriented startups. 

About The Innovation Space™: 

The Innovation Space™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space™ is comprised of 130,000 ft2 of state-of-the-art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space™ programs and funding opportunities. 

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The Innovation Space Chosen to Host NASA’s ClimateTech Startup Studio Showcase Event

Concepts by teams of entrepreneurs supported by FedTech and enabled by cutting edge NASA technologies will be showcased

WILMINGTON, Delaware — The Innovation Space™ will host the first NASA Climate Tech Startup Studio showcase, powered by FedTech, this fall. Planned for October 4, 2023, the showcase will feature pitches from a cohort of entrepreneurs who are applying existing NASA technologies toward new commercial climate-focused solutions. Entrepreneurs are currently engaged in curriculum through the Startup Studio to create new climate tech businesses.

“As an accelerator of clean-tech startups ourselves, we at Innovation Space could not be prouder to host the inaugural NASA Climate Tech Startup Studio showcase for new climate solutions-based businesses,” said Bill Provine, founder, president and CEO of Innovation Space. “When a partnership combines advanced NASA technologies with brilliant entrepreneurial minds and FedTech’s intensive coaching, exciting prospects are bound to result. We are eager to learn more about these innovative climate startups and the individuals behind them when they visit us this fall.”

Innovation Space will host the showcase as well as participate in judging at the event. The Startup Studio cohort was selected this spring, kicked off in June and will complete a 16-week program in which each team develops a business model and seeks investment funding for their concept. The showcase serves as the culmination of this startup studio experience and is expected to feature business concepts for a range of NASA technologies in the climate space.

Located on the campus of the Experimental Station and sharing resources with the historic DuPont, Innovation Space supports a vast array of biotechnology, chemistry, and materials science research for companies specializing in clean-and-renewable energy technologies, life sciences and advanced materials. 

Since its 2017 inception, Innovation Space has supported and enabled more than 100 startups in their growth and development. In turn, these companies have raised more than $900 million in funding and employ hundreds of people.

About The Innovation Space™ (www.innovationspace.org):
The Innovation Space is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space is comprised of 130,000 ft2 of state of the art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space programs and funding opportunities.

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The Innovation Space™ Partners with The Fourth Floor to Address Gaps in Funding, Gender Wealth for Women in Sciences, STEMM

FOR IMMEDIATE RELEASE: March 2, 2023

The Innovation Space™ Partners with The Fourth Floor to Address Gaps in Funding, Gender Wealth for Women in Sciences, STEMM

WILMINGTON, Del. — The Innovation Space ™ today announced that it has joined The Fourth Floor as a “Greater Impact Partner” to help address gender wealth and funding gaps by advancing for-profit board careers for women and supporting women founders in STEMM (Science, Technology, Engineering, Math and Medicine).

Women make up only 28% of the U.S. field in STEM, and gender and wage gaps are most prevalent in the fastest-growing, highest-paid industries such as engineering, according to AAUW, an organization working to advance gender equity for women and girls. 

Bill Provine, Founder and CEO of The Innovation Space ™ said: “Our goal has always been to connect our clients to the resources they need to succeed, and partnering with The Fourth Floor is just one more way we hope to accomplish that while making strides for equity for women in STEM careers and the sciences.”

Through the “Greater Impact Partnership,” startups in The Innovation Space ™ ecosystem receive an annual membership on The Fourth Floor’s AI-powered matching and community platform, which provides access to The Fourth Floor’s network of well-qualified and diverse board candidates, investors, mentors, and job candidates.

The Partnership also includes:

  • The opportunity to nominate board-ready women leaders from the greater Innovation Space network for 1-year free Board Candidate Memberships on The Fourth Floor to advance their board careers;
  • The launch of a dedicated and co-branded “STEMM Startups” space on The Fourth Floor platform for STEMM founders, board-ready women, and investors to convene and share STEMM-specific resources; and
  • Joint virtual programming events that address the development, funding, and/or commercialization needs of STEMM startups.

“We are thrilled to partner with The Innovation Space and offer access to our platform to their startups,” said Breen Sullivan, Founder, The Fourth Floor. “Our aim is to empower women and amplify their voices as leaders in their field. In the male-dominated STEMM industry, this amplification is indispensable.”

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About The Innovation Space (www.innovationspace.org):

The Innovation Space™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space™ is comprised of 130,000 ft2 of state of the art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space™ programs and funding opportunities.

About The Fourth Floor (www.thefourthfloor.com):

The Fourth Floor works to close the gender power, wealth and funding gap by advancing for-profit board careers for women, supporting women-led startups and funds, and providing women opportunities to invest in other women. Specifically, The Fourth Floor matches forward thinking startups and companies to board-ready women in a trusted, efficient and cost-effective way to disrupt the traditional board search process and overcome systemic barriers that have kept women out of the board candidate pipeline.  
The Fourth Floor also matches under-represented founders and fund managers with women angels and LPs because women invest differently than men, and that difference will unlock a missed opportunity worth trillions of dollars. Attend a platform tour to learn more about the 800 ecosystem companies, 1,500+ board-ready women and 100+ women-led funds and investors currently benefitting from The Fourth Floor Board Seat Exchange, Private Investment Club, Job Board and Membership Community, and whether membership might be right for you.

Contact:

Meredith Montalto  
610-322-1703  
meredith@ceislermedia.com 

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The Innovation Space™ Expands Its Team and Adds Experienced Leaders from New York City and Philadelphia Startup Ecosystems

FOR IMMEDIATE RELEASE: February 27, 2023

The Innovation Space™ Expands Its Team and Adds Experienced Leaders from New York City and Philadelphia Startup Ecosystems

Wilmington, Del. —  The Innovation Space™ is continuing to expand its talent-based resources  as it fuels the growth of science-based startups and entrepreneurs. Drawing from the Mid-Atlantic science entrepreneurship ecosystem, Innovation Space is adding individuals with decades of experience in business development, start-up acceleration and partnerships to its existing roster of renowned mentors and leaders. 

Anne Stamer has over 20 years of experience with startup accelerators, leadership, and business coaching. She most recently spent time as the director of a student-facing accelerator at the University of Pennsylvania. Stamer will lead the Spark Factory™, the month-long mentoring program where founders develop and improve their business pitch while receiving feedback from our Startup Mentors, Entrepreneurs-in-Residence, and other experts.

Dario Vasquez will develop partnership and ecosystem connections across the MidAtlantic and support The Innovation Space™ relationships with universities and students. Vasquez brings strong experience with managing entrepreneurship programs at Columbia University including the NSF I-Corps program, startup bootcamps, and pitch competitions. 

Stamer and Vasquez join a growing Innovation Space team that has attracted high-value talent including RoseAnn Rosenthal, who came to The Innovation Space™ in 2022 after a 25-year tenure at Ben Franklin Technology Partners of Southeast Philadelphia where she served as its President, CEO, and Board member. Rosenthal brings her expertise to lead The First Fund™, a source of funding for early-stage science startup companies in need of capital, lab space, and wrap-around support and mentorship.

“RoseAnn, Anne, and Dario bring years of experience and a level of combined talent that will propel The Innovation Space™ mission forward,” said Bill Provine, Founder and CEO. “We are continuing to grow as an organization on all fronts, from staffing, to clients, to facility upgrades – all in effort to expand our expertise and presence in the regional innovation ecosystem and help startups advance to market readiness.”

In just six years since its inception in 2017, The Innovation Space™ has supported and enabled more than 100 startups in their growth journeys, which in turn has raised over $800 million in private capital.

Across the Mid-Atlantic and throughout the country, The Innovation Space™ has invested in dynamic startups in the fields of health care, advanced materials, diagnostics, therapeutics, nutrition, chemical ingredients, industrial and agricultural biotechnology and renewable energy. Clients are working to advance science and improve lives from cancer treatments to climate change solutions and nearly everything in between.  

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About The Innovation Space (www.innovationspace.org):

The Innovation Space ™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space™ is comprised of 130,000 ft2 of state of the art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space™ programs and funding opportunities. 

Contact:

Meredith Montalto  
610-322-1703  
meredith@ceislermedia.com 

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The Innovation Space™ Receives Federal Funding to Expand and Enhance Support For Science Start-Ups

FOR IMMEDIATE RELEASE: February 6, 2023

The Innovation Space™ Receives Federal Funding to Expand and Enhance Support For Science Start-Ups

Wilmington, Del. — The Innovation Space ™ will receive $2.475 million in congressional funding for a project to upgrade and expand its scientific facilities on Wilmington’s Experimental Station campus. New lab spaces with additional scientific equipment and upgraded mechanical and HVAC capabilities will enable The Innovation Space to aggressively support the needs of more science startups in the next phase of its mission.

“This investment marks an exciting milestone for The Innovation Space as we continue to grow and help cultivate the next generation of innovators,” said Bill Provine, Founder and CEO of The Innovation Space™. “We appreciate the support of the leaders who advocated for this funding and are committed to supporting our mission of creating and scaling companies in the biotechnology, cleantech, and advanced materials sectors, knowing it will advance scientific discovery as well as yield economic benefits for our region.”

Innovation Space™ leaders plan to allocate funding toward expanded laboratory capabilities with the addition of more flexible lab and office space for growing startups in addition to providing state of the art biotechnology, chemistry and material science modular lab space.

In just six years since its inception in 2017, The Innovation Space™ has supported and enabled more than 100 startups in their growth journeys in which these companies have raised over $800 million in investment.

“We see The Innovation Space™ as a leading example of how to pull together a powerful coalition of organizations in a structured way to advance and grow science-based start-up companies that can ultimately impact all our lives,” said New Castle County Executive Matthew Meyer.

Across the Mid-Atlantic and throughout the country, The Innovation Space™ has invested in dynamic startups in the fields of health care, advanced materials, diagnostics, therapeutics, nutrition, chemical ingredients, industrial and agricultural biotechnology, clean technology and renewables. Innovation Space™ clients are working to advance science and improve lives from cancer treatments to climate change solutions and nearly everything in between.

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About The Innovation Space (www.innovationspace.org):

The Innovation Space ™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space™ is comprised of 130,000 ft2 of state of the art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space™ programs and funding opportunities.

Contact: Meredith Montalto  

610-322-1703  

meredith@ceislermedia.com 

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Meet the Startups Accepted into Science Inc.’s Second Cohort

Delaware Innovation Space first launched Science, Inc. in February 2021 with a cohort of 10 companies, including Elyte Energy, Lectrolyst and Carbon Reform. A newly announced second cohort will include nine up-and-coming startups in industries including green tech, medtech, robotics and space technology.

The startups will get four months of weekly programming, mentoring and coaching. Science Inc. also offers a $50,000 investment option, distributed as a convertible note, from the Innovation Space and its First Fund.

“Each [is] focused on a high-impact target market and enabled by powerful science,” said Bill Provine, CEO of the Innovation Space, in a statement. “These companies have the potential for exponential growth and significant impact on everyday life. Our role at The Innovation Space and the goal of our Science Inc. program is to unlock and unleash this potential.

Here are the nine startups, with bios provided by the Innovation Space:

  • 4th Phase Water Technologies, led by Chunhong Li, Chuck Holder and Cathy Woyarowski, develops ultralightweight, durable, polymer-free, and highly conductive CNT sheets for various applications under challenging conditions.
  • Ballydel Technologies, led by Brendan DeLacy, focuses on developing novel materials and technologies to provide solutions for a variety of applications in the defense, energy, pharma, and consumer goods sectors.
  • Hx Innovations, Inc., led by Nicole and Von Homer, is developing a predictive movement analytics device to test neuromuscular performance within footwear.
  • Integrated Infrastructure, led by Bob McGurk, is developing robotic mining, construction, and processing equipment for space and terrestrial applications.
  • InveriTek, led by Eva-Maria Collins, provides rapid chemical screening in freshwater planarians.
  • MindTech, led by Tulio Albuquerque, José Jeová Siebra Moreira Neto and Augusto Darwin Lima, is developing the world’s first painless anesthesia device.
  • NEVAP, led by Benjamin Wang, is a medical device company that develops medical devices that improve outcomes for patients on mechanical ventilation.
  • Resonant Orbital, led by Laurel Anne Ryback, Austin Sennot, Charles Sharp, Maurice Aguiler and Gerald Giarmo, is developing flexible and cost-effective vehicles that drive uniquely capable launch and interplanetary transport systems.
  • Sironix Renewables, led by Christoph Krumm and Sabrina Conrad, is developing safer, eco-friendly ingredients for cleaning and personal care products.

Will Cruz, entrepreneur-in-residence at The Innovation Space, said the program is unique in that it places emphasis on the founder and not just the investment.

“This is accomplished by meeting the founder where they are at today, and allowing them the ability to leverage the expertise, experience, and wisdom of an Entrepreneur-in-Residence,” he said, referencing his role as founder mentor. “This framework delivers the value needed to accelerate the process of allowing founders to take their startups to the next level of growth.”

The fall cohort’s Demo Day is expected to be held in December.