By Hayley Ringle – Reporter, Phoenix Business Journal
Three biotech and two software companies along with a renewable energy firm were named as winners of the fall 2017 round of the Arizona Commerce Authority’s Arizona Innovation Challenge.
The bi-annual business plan competition for promising, early-stage companies in high-growth industries will award a combined $1.5 million this round to the most qualified, innovative startups.
Winners receive up to $250,000 each to grow their business to advance innovation and technology commercialization opportunities in the state.
“Arizona’s early-stage companies are making key contributions to the strength of our statewide economy by advancing new technologies and new business models,” said Sandra Watson, Arizona Commerce Authority president and CEO, in a statement. “Each of the six fall 2017 awardees represents the high quality of startups Arizona continues to produce, and we congratulate them on their success.”
The competition goal is to create sustainable and growing businesses in Arizona. If a company is based out of state, it must plan to establish operations and commercialize products or services in Arizona if awarded an AIC grant.
The six 2017 Fall winners are:
- GT Medical Technologies Inc., a Mesa-based biotech company that developed an innovative approach to the treatment of brain tumors by combining a collagen matrix with brachytherapy (radiation) seeds. The company’s first product, GammaTile, is only available for investigative uses and has not yet received FDA clearance.
- Life365 Inc., a Tempe-based biotech company that created what it calls the first mobile health Internet of Things solution, a digital health-as-a-service platform.
- Paradox LLC, a Scottsdale-based creator of Olivia, an artificial intelligent assistant that helps companies with more efficient job recruiting.
- Renewlogy, a Salt Lake City-based company, founded at the Massachusetts Institute of Technology, with a vision to be a tech leader in developing solutions to landfill-bound waste.
- Resonea, a Scottsdale-based developer of a standard for understanding sleep breathing health and its impact on the human condition.
- SimpleWAN Inc., a Phoenix-based provider of a cloud-based networking solution for branch offices, service centers, stores and franchises.
This round attracted 115 eligible applicants. Judges assessed each application against rigorous criteria, including technology potential, marketing strategy and quality of the management team.
The 10 finalists for the round were announced earlier this month.
The 25 semifinalists were named in November.