On October 11th, IDEA: Northeastern’s Venture Accelerator announced the winners of September 2012 Gap Funding. In total, $24,000 was awarded to three of IDEA’s ventures: Narvii Inc., Cobar Systems, and Biolom, LLC.
Narvii Inc.’s signature product is “Amino”, a network of mobile, interest-based societies. Narvii has developed communities for people of similar interests from all over the world to interact with one another. Whether users are interested in video games, anime, or pets, Amino features an app unique to their interests that allows them to learn and to share their passion with people who “just get it.”
Cobar Systems is a software services company that provides web-based solutions for organizations in the field of continuity management and disaster recovery. Cobar develops intuitive and easy to use software that allows their clients to focus on their core business. Their main product is Themis, a management system for business continuity exercises providing tools to prepare, execute, and record exercises. Their program improves and validates recovery strategies in organizations.
Rounding out the recipients of Gap Funding, Biolom, LLC produces revolutionary biosensors for early detection and monitoring of diseases. Through the use of semiconductor fabrication techniques and nanotechnology, Biolom produces these micron-scale biosensors at a low-cost. The high sensitivity and specificity of the sensors would enable detection of deadly diseases at very early stages and could potentially save many lives. Biolom’s prototype has been tested in animal models for monitoring colorectal cancer and early detection of cardiovascular diseases.
The IDEA Gap Fund is a process that awards funding to ventures seven times throughout the year. The Fund commits up to $10,000 in capital to qualified ventures, according to their identified capital requirements. Ventures that apply for Gap Funding are reviewed through a joint effort by the IDEA Investment Committee and the Advisory Board based on five criteria: quality of market, quality of solution, quality of business model, quality of milestones, and quality of team.
To learn more about the GapFunding process, click here.