ASU Innovations Continue to Flood the Market, with Boost from Skysong Innovations
ASU Startups Continue to Attract Venture Funding
ASU’s track record of producing and promoting successful startups now extends more than a decade. In FY18, ASU-linked companies received over $50.5 million in total venture funding, bringing the total amount of funding raised by ASU-linked startups to almost three-quarters of a billion dollars.
To help other startups address their capital needs, Skysong Innovations launched a new acceleration program for ASU spinouts in FY18. All startups in the program go through a 14-week professional mentorship program supported by the office of E+I (part of Knowledge Enterprise Development) and the ASU Venture Devils. Up to six startups may also be selected for a $20,000 seed investment, with the potential for one startup to be awarded an additional $30,000 at the end of the acceleration period.
The ASU California Center continues to be the Southern California hub for Skysong Innovation’s entrepreneurial activities, providing exposure for ASU and facilitating meetings and contacts with the investment community. In FY18, Skysong Innovations and the Los Angeles Venture Association (LAVA) collaborated to host 19 events, including three SoCal Startup Mill pitch meetings. The SoCal Startup Mill has now grown to a network of 17 accomplished entrepreneurs and business executives.
In 2018, Skysong Innovations became the only non-local university member of the Alliance for SoCal Innovation. This group links innovators to capital and experienced operators throughout California.
The Alliance’s launch event drew over 160 attendees, including more than 50 venture investors. A diverse blend of entrepreneurs, executives and innovators also came to connect with representatives of SoCal’s innovation centers and to learn how to access these emerging opportunities.
Of more than 90 university startup applicants, only four were selected to present, including the ASU startup Charlot Biosciences. Charlot, which develops novel cell sorting equipment, is currently in negotiations with several Silicon Valley venture funds.