North Shore InnoVentures Announces that Seven Companies have “Graduated” from its Technology Incubator

Four Recent Graduate Companies Begin Commercial Operations and Secure More Than $12 million in Venture Funding

BEVERLY, Mass.--(BUSINESS WIRE)--North Shore InnoVentures, (NSIV) one of New England’s leading technology incubators and business accelerators, announced today that four of its client companies have “graduated” from the incubator in recent months and have begun commercial operations. Seven companies have graduated from NSIV in total. North Shore InnoVentures also announced that three new companies in the cleantech and life sciences sectors have joined as members, for a total of sixteen.

“We look forward to their continued progress in commercializing their unique technologies, and welcome our newest client companies as they begin advancing their businesses.”

“The transition of client companies from startup to commercial operation is the ultimate measure of success for an incubator organization,” said Martha Farmer, CEO of North Shore InnoVentures. “Each of our graduating companies are well on their way to establishing a strong presence in their respective fields.”

North Shore InnoVentures operates technology business incubators to nurture innovative early stage companies and support sustained economic growth in the North Shore region. NSIV focuses on cleantech and life sciences; two of the strongest technology clusters in Massachusetts, and provides creative business acceleration services that increase the success rate for early-stage companies and their investors.

NSIV graduate companies in both the cleantech and life sciences sectors include:

• Akrivis Technologies, LLC www.akrivis.com
• Arctic Sand Technologies, Inc.
• CYTOO S.A. www.cytoo.com
• kWhOURS, Inc. www.kwhours.com
• Magniture Systems, Inc. www.magniture.com
• Sharp Edge Labs, Inc. www.sharpedgelabs.com
• 7AC Technologies, Inc. www.7actech.com

In addition, North Shore InnoVentures announced that three early-stage companies have joined the incubator to take advantage of its facilities, cost savings, mentoring and collaboration opportunities. They include Cellanyx Diagnostics, Inc., Sextant Therapeutics, Inc. and Solid Energy Systems Corp.

“The success rate for companies who have participated in an incubator program has been demonstrated to be nearly double when compared with the typical start-up company, according to studies by the National Business Incubation Association,” continued Farmer. “Recently, several of our graduates reported important commercial successes in their operations, including Akrivis Technologies, who reported a strategic alliance with US Biological Corporation; and Sharp Edge Labs, who moved to expanded lab and office facilities near Carnegie Mellon University for the development of their next generation bioassays.” Two others, Arctic Sand and 7AC Technologies, have raised more than $12 million between them in the last year.

“Being part of North Shore InnoVentures during our critical start-up phase proved to be a key success factor in our transition to commercial operations,” said Joel Berniac, Ph.D., MBA and CEO of Akrivis Technologies, whose company graduated this month. “There are many incubator office spaces available throughout the Boston area, but we found that getting quick access to a fully equipped R&D facility on flexible lease terms was a rare commodity, yet a critical necessity for an early-stage biotech company. But beyond the well-equipped shared lab facilities, the collaboration opportunities we received from other members, along with NSIV’s extensive network of mentors, business contacts and investors gave us an enormous early advantage.”

“The early success of these promising ventures demonstrates the value that incubation can have for start up companies,” concluded Farmer. “We look forward to their continued progress in commercializing their unique technologies, and welcome our newest client companies as they begin advancing their businesses.”

About North Shore InnoVentures

North Shore InnoVentures (NSIV) is a non-profit 501(c)(3) business incubator headquartered at the burgeoning cluster of more than sixty life sciences and cleantech businesses at the Cummings Center in Beverly, MA. NSIV is dedicated to accelerating the growth of innovative early-stage life sciences and cleantech businesses and supporting the economic growth of Boston’s North Shore. Its management, board of directors, advisory board, and mentors bring a wealth of entrepreneurship experience in addition to business development and technical expertise. Further support comes from sponsors who contribute marketing, legal, operational and educational services. http://www.nsiv.org.