In 2009, Vineyard Networks CEO Jason Richards was operating his five-employee company out of his basement in Kelowna. His product, a next-generation deep packet inspection engine for analyzing and identifying traffic flowing across the Internet, was still in development.
He joined the BCIC-New Ventures competition for the networking, exposure and prize money. Today the Top 10 finalist announced that it has entered into a definitive agreement to be acquired by Procera Networks for $28 Million. Read more
Today the BCTIA announced the finalists for the 2012 Technology Impact Awards (TIAs) and two BCIC-New Ventures Competiton alumni were acknowledged as finalists.
2009 3rd Place Finisher Lungpacer Medical is one of three finalists in the Most Promising Pre-Commercial Technology category and 2011 Top 10 Finisher Secodix is one of two finalists in the Most Promising Start-Up category.
Winners will be announced on June 14th at the Technology Impact Awards Dinner, to be held at the Vancouver Convention Centre-West Building. Learn more and purchase tickets at www.thetias.com.
New medical test-instrument shows promise -February 2012 Update
LightIntegra, the 2009 BCIC-NVB first-prize winner, has raised more than $3 million from angel financiers to advance its medical test-instrument prototype.
LightIntegra’s product, ThromboLUX, is a quick and simple diagnostic test for determining blood-platelet quality and function, making it easy to screen blood platelets prior to giving blood transfusions to patients. Traditional testing methods are unreliable, time-consuming, expensive and not routinely used. Poor-quality platelets result in ineffective blood transfusions, which affect outcomes for cancer, heart surgery and other patients.
LightIntegra is aiming to save lives by making its platelet-quality testing a regular practice in blood banks and hospitals around the world.
Since winning the BCIC-NVB competition, LightIntegra has hired its first five full-time employees. Read more
Vineyard Networks Canada, a 2009 BCIC-New Ventures competition Top 10 finalist, is now reaping international kudos for its network intelligence and deep-packet inspection technologies.
In December 2011, Vineyard Networks was the only Canadian company to receive a Red Herring Global 100 award, which recognizes the year’s most promising private ventures from North America, Europe and Asia. Previous winners have included Google, Skype and YouTube.
The Global 100 list has become a mark of distinction for identifying promising companies and entrepreneurs. Companies were evaluated on criteria including financial performance, technological innovation, management quality, strategy, and market penetration. Read more
Supercharging the economics of electric vehicles – December 2011 Update
Since completing the 2009 NVBC competition as one of 10 finalists, REV Technologies Inc. has moved from an unheated shack with a leaking roof to a heated and custom-renovated 8,000-square-foot office in Vancouver.
REV entered the competition with four unpaid employees and a new product — REV Pack — an electric drive system for transforming gas-guzzling fleet vehicles into electric zero-emission vehicles.
Since then, the company has grown to 16 employees and moved on to develop a server-based network and software system that it hopes will ultimately manage the stored energy of millions of electric vehicles (EV). Read more
Lungpacer Medical Inc., the SFU spin-off company that took third prize in the 2009 New Ventures BC competition, is gearing up for first-in-human feasibility trials of its therapeutic technology.
Lungpacer addresses significant issues associated with critically ill patients at risk of becoming dependent on mechanical ventilation. The technology includes proprietary intravenous electrodes that rhythmically activate the diaphragm muscle. This activation, or pacing, prevents the muscle from rapidly atrophying and speeds up the patient’s weaning from the ventilator.
Founder and SFU professor Andy Hoffer says that the LungpacerTM therapy will improve patients’ recovery times, reduce their stay in intensive care, and improve their health outcomes. It will also significantly lower hospitalization costs.
“If we save even one day of a U.S. patient’s time in the intensive care unit, that’s a $6,500 saving to their health care system,” he says, “and Lungpacer could help 400,000 U.S. patients/year who have difficulties weaning.”
As well, he adds, “Faster weaning from ventilators will give more patients access to these scarce devices, particularly during major emergencies such as flu pandemics.”
Since participating in the NVBC competition, Lungpacer has raised $245,000 in private financing from family and friends and $285,000 in contributions from the National Research Council’s Industrial Research Assistance Program. As well, the prototype development received a Phase IIB $348,000 grant from the Natural Sciences and Engineering Research Council.
“We’ve proven 21-day safety and stability of Lungpacer prototype devices and we’re preparing for first clinical trials in patients in 2012,” says Hoffer.
Lungpacer Medical Inc. is presently seeking $1.75 million in seed financing for this next step.
In July, Lungpacer, which has five employees and several consultants, announced David Christie as its new president and chief operating officer. Christie has 23 years of experience as an executive leader in medical device companies and has introduced many new products to market.
Lungpacer’s other awards include the 2009 Emerging Technology Award from the BC Innovation Council and the 2010 LifeSciences BC Innovation and Achievement Award.
Last year’s inaugural GROW Conference in Vancouver was a huge success and it’s returning to the West Coast again this August 17-19th.
This year GROW Conference organizers are working with the Bootup Entrepreneurial Society to host a contest for startups called Launch@GROW contest.
The deadline for startups to enter the contest has passed but not too late to support past and present New Ventures BC competitors that have entered. You’ve got until July 16th to vote your favorite startup through to the Top 25 so that judges can consider them for selection into the Top 15.
The Top 15 will Launch @ GROW on the evening of August 17th and four of those startups will be selected to pitch live on stage the following day at the GROW Conference.
Check out the participating New Venture BC competitors below and vote for your favorite now.
Beaverton’s Tektronix announced today the acquisition of Vancouver’s Veridae Systems – a Top 10 Finalist in the 2009 New Ventures BC Competition. The details of the transaction were not disclosed.
One of the most serious challenges facing Integrated Circuit (IC) developers is reducing the time required to verify, validate, and debug ICs. Veridae builds next generation tools based on breakthrough, proprietary technology to solve these problems, and strives to be the undisputed leader in silicon system debug tools.
Incorporated in September 2009, Veridae Systems was established to build upon the knowledge from six years of research at the University of British Columbia.
Veridae’s mentor during the competition was Jim Derbyshire he is now their CEO. From today’s press release:
Tektronix has made a long-term commitment to grow an embedded capture business unit in Vancouver, BC. “We’re excited to be part of the Tektronix team and to establish a business unit for the company in Vancouver,” said Jim Derbyshire, Veridae chief executive officer and mentor in residence at Simon Fraser University. “This allows us to maintain our close ties to the local research community, which were instrumental in the founding of Veridae.”
The Red Herring editorial team selected the Finalists for the 2011 Red Herring 100 North America Award and Kelowna’s Vineyard Networks has been selected for the short list for the Top 100 North America award.
Vineyard Networks was a Top 10 Finalists in the New Ventures BC Competition in 2009.
The Finalists are evaluated on both quantitative and qualitative criteria, such as financial performance, technology innovation, quality of management, execution of strategy, and disruption into their respective industries.
After one final stage of judging, the 2011 Top 100 North America award winners will be selected and announced at a special Red Herring Forum award dinner on June 15th in Hollywood.