UCSD Startup Ateios was among the three finalists chosen to receive a collective amount of $150,000 in Seed Funding from investment firm Vertical Venture Partners (VVP) in the 2018 University of California Fortune 500 Startup Showcase in November.
The investment firm hosted a startup showcase competition, which was open to startups from all ten University of California campuses. Aside from the opportunity to earn venture capital, participants also received coaching and pitch training from VVP.
Vertical Venture Partners is a Silicon-valley based firm that focuses on providing venture capital to vertical startups. VVP defines a “vertical” company as “any specific industry sector that has a large number of companies and unique business characteristics”, such as retail, healthcare, education, and aerospace. VVP believes that a “company solving a problem specific to a single industry vertical reaches product-market fit and revenue faster than one that sells an industry-agnostic solution.”
As a vertical company, UCSD startup Ateios strives to reimagine the existing limits of battery technology. Using nanocomposite ink formulation, Ateios developed a thin printable battery that is able to function when bent. While other batteries lose 20% functionality when bent, Ateios’s flexible battery loses no functionality.
Ateios began the process with VVP in June 2018 when firm representatives visited the 10 campuses. More than 100 startup summaries were applied to enter into the competition, but in August, 40 were selected to proceed. VVP selected these 40 startups for continuation based on analyses of categories such as product space, customer traction, market size and development status.
In October, 18 of these 40 startups were chosen to build their business marketing skills and to be coached by VVP in marketing language development and business presentation. On November 2nd, these 18 startups participated in a pitch competition and presented their businesses to 75 Fortune 500 CTOs/CIOs in Half Moon Bay, California.
Out of these 18 pitches, Ateios and two other UC startups were selected to receive a collective $150,000 in Seed funding by Vertical Venture Partners. The other two businesses chosen are UCSB biometric alcohol consumption-awareness app-startup Milo Sensors and UCR insect repellant-startup Sensorygen.
Outstandingly, two additional UCSD startups were among the five runner-ups of the pitch competition. Curematch is a startup that strives to match proper treatment based on a patient’s “genomic, historical, and personal data”. Pinpoint Science is based off of an algorithm that is able to pinpoint mutations favored by natural selection in the human genome.
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