Posts Tagged ‘SCRA’
Monday, April 11th, 2011
 GREENVILLE, SC -SCRA affiliate SC Launch has made a second investment in an undisclosed amount in Greenville-based VidiStar.
VidiStar provides physicians with a solution for their clinical practice. VidiStar’s online reporting system conforms to the Digital Imaging and Communications in Medicine structure reporting standard which auto‐populates complex data from imaging devices, such as ultrasound machines, into customized reports for efficient processing and reporting.
The technology allows physicians and health care providers to quickly review and interpret diagnostic studies, such as echocardiograms or fetal ultrasounds scans, from their office or anywhere in the world using a secure Internet connection ‐ regardless of a physician’s location.
The company has numerous customers throughout South Carolina and has also launched international operations from an office in Poland.
The VidiStar management team has more than 18 years of expertise in medical imaging technology, regulatory affairs and government regulation, and includes board‐certified medical professionals, including a practicing cardiologist with experience in echocardiography, nuclear cardiology and cardiovascular technology. The team brings more than 30 years of international and domestic sales experience.
“VidiStar’s novel technology and management expertise continue to prove that home grown knowledge-based companies can bring economic benefit to South Carolina,” said Bill Mahoney, SCRA CEO.
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Tags: Bill Mahoney, Greenville, online medical reporting system, SC, SC Launch, SCRA, second investment, VidiStar
Posted in Carolinas, Healthcare, Internet/New Media, IT, South Carolina | Comments Off
Monday, January 24th, 2011
 GREENVILLE, SC – Care Cam Innovations a video healthcare documentation system, has received a $200,000 investment from SC Launch.
The company’s first product, the CareCam System’s ICan, is a patient-issued video documentation system. This patented invention creates a specific and complete electronic point of care health record whose interoperability will save time and money for caregivers. The technology ensures safety while benefiting and protecting both patient and health provider.
The company President and founder, registered nurse Shannon Pierce said, “As a nurse I have seen firsthand the advantages that a technology like the CareCam ICan can provide,” stated Pierce. “As electronic medical records are established in the healthcare market, the addition of our technology can provide and improve advancements in patient care. The current focus tends to be on being paperless and not the patient.”
She added, “Electronic medical records (EMRs) have led to improvements; however, the data entry distracts clinicians from care. Our solution simplifies accurate record keeping with video. Events are tagged by the care providers while care is administered. CareCam documentation will be integrated as a part of the patient’s health record and provide real-time video documentation that gives healthcare providers a visual record rather than just written, typed, and inefficiently organized descriptions.”
Pierce founded the company in 2004 with Dr. Michael Bucci, chief medical officer, and Ray Schroeder, the president and CEO of Interim Healthcare.
. Bo Aughtry and Russell Smart of Windsor Aughtry Company began mentoring Shannon in 2008. As a result of the collaboration, a business plan was complete and both men joined the founders as partners in CareCam Innovation in 2010.
SCRA has provided funding and support, through its SC Launch program, for 188 qualified entities since its inception in 2006. The SC Launch program has attracted more than $104 million in add-on, private equity investment funding in South Carolina knowledge-based, start-up companies.
Tags: Carecam Innovations, financing, SC Launch, SCRA, video healthcare documentation
Posted in Carolinas, Healthcare, IT, Money, South Carolina | Comments Off
Friday, November 19th, 2010
 COLUMBIA, SC - SC Launch has invested an undisclosed amount in Vitasol, a life science company focused on improving therapies in emergency medicine and critical care.
SC Launch typically invests $250,000 or less in South Carolina start-ups.
Vitasol’s first product, Resuscinex, a patented multi-component IV fluid for the treatment of hypovolemia (blood and/or fluid loss from the vascular system). Resuscinex works by drawing fluid out of the microscopic spaces between cells and into the vascular system. This restores blood pressure, which often drops sharply in shock victims who have lost blood, and also restores normal heart rate.
In addition, the formula provides anti-oxidants, anti-inflammatory agents and intermediate energy to cells while increasing blood flow in capillaries, the tiny vessels that are critical for supplying oxygen and nutrients to tissue.
The company was founded and advanced by several researchers at the University of South Carolina (USC) School of Medicine. Trauma surgeon Stephen Fann, MD, FACS is the Chief Medical Officer of Vitasol. Fann, a School of Medicine faculty member, has long wanted a better alternative to the IV fluids traditionally used to stabilize victims of severe blood loss.
Together with his colleagues, Michael Yost and John Propst, he soon might have it. Michael Yost, PhD is Director of Research in the Department of Surgery at the USC School of Medicine and Chief Operating Officer of Vitasol. John Propst, PhD, MBA, the company’s President and CEO, earned his doctorate from the USC School of Medicine while researching biomedical science with Fann and Yost. Passionate about the business implications of cutting edge biotechnology, he also earned his MBA from the USC Darla Moore School of Business.
“We started this company hoping to solve a major problem for trauma victims and improve treatment outcomes in critical care situations,” stated Vitasol CEO John Propst. “The domestic market is quite large and the global implications are significant. Our initial test results are very encouraging, and with this investment from SC Launch we will be able to secure follow on investments and move our research discoveries that much closer toward improving patient care.”
Vitasol plans to begin human trials in coming months and is currently seeking FDA approval. The company hopes to ultimately establish manufacturing of its Resuscinex product in the South Carolina.
SC Launch, an SCRA collaboration, assists entrepreneurial start-up companies with up-front counseling, seed-funding, and access to a powerful resource network.
Tags: Columbia, emergency medicine, financing, SC, SC Launch, SCRA, Vitasol
Posted in Biotech, Carolinas, Economic Development, Money, Pharma, South Carolina | Comments Off
Tuesday, November 2nd, 2010
 FLORENCE, SC – MIT-RCF, a Lake City, SC-based carbon fiber technology company, has received a $200,000 investment from SC Launch at an event hosted by SCRA at the Southeastern Institute for Manufacturing and Technology.
At the event, SCRA also presented a Knowledge Economist Award to the President of Francis Marion University Dr. L. Fred Carter, and led a panel discussion to explore future technology development opportunities and challenges in the region.
MIT-RCF was formed by and is a wholly owned subsidiary of Materials Innovation Technologies (MIT), an advanced materials company focused on developing innovative technical solutions for the manufacture of composite parts. The MIT-RCF manufacturing facility which is located in Lake City represents the commercialization of MIT’s proprietary 3-DEP™ technology, a revolutionary and disruptive process for molding that pre-forms and manufactures finished parts.
“MIT-RCF is essentially creating a new industry based on their state-of-the-art recycling technology and composite manufacturing of carbon fibers,” said SCRA CEO Bill Mahoney. “The company shows tremendous promise to not only be an industry leader by filling a current carbon fiber technology gap, but to also bring economic impact to this region with quality, high-tech job creation.”
The investment award was presented prior to a technology and economic development focused panel discussion during the event.
Also during the event, SCRA presented a Knowledge Economist Award to Dr. L. Fred Carter for his individual efforts that support the development of the Knowledge Economy in South Carolina.
Tags: Bill Mahoney, Dr. L. Fred Carter, Florence, Francis Marion University, investment, Lake City, MIT-RCF, SC, SC Launch, SCRA
Posted in Carolinas, Economic Development, Money, South Carolina | Comments Off
Wednesday, August 18th, 2010
 COLUMBIA, SC - SCRA, the University of South Carolina (USC) and the City of Columbia are holding a grand opening ceremony Thursday for the SCRA USC Innovation Center, Columbia.
The fully-renovated facility houses knowledge-based companies emerging from research at the University of South Carolina and the general marketplace which are entering commercialization and advanced manufacturing stages. The facility is situated and designed to stimulate and sustain clean, next-generation manufacturing, along with related development and support services.
It is the second of three facilities SCRA is providing in conjunction with its university and civic partners in South Carolina to grow the knowledge economy in the state.
“This facility is a knowledge-based technology cornerstone to serve start-up companies with intellectual property coming out of USC as well as the private sector,” said Bill Mahoney, SCRA CEO.
Wachovia is providing financing for the SCRA USC Innovation Center.
At the grand opening Thursday, Mahoney will also present SCRA “Knowledge Economist” awards to: South Carolina Representative Joan B. Brady; Dr. James L. Hudgins; Thomas E. Persons, Sr. and Dr. Barry W. Russell.
Drs. Hudgins and Russell have both served as presidents of Midlands Technical College, and as head of the South Carolina Technical College System.
Brady has been a strong advocate of Knowledge Economy initiatives, both with SCRA and EngenuitySC.
Persons is CEO and President of the South Carolina Technology Alliance, which provides collaboration opportunities among the state’s business, academic, economic development and legislative leaders. His organization also assists in developing workforce skills for knowledge-based entrepreneurial companies.
The SCRA Knowledge Economist Award Program recognizes outstanding citizens who have
made significant contributions to South Carolina’s Knowledge Economy
Tags: Columbia, Dr. Barry W. Russell, Knowledge Economist awards, SC, SCRA, South Carolina Representative Joan B. Brady; Dr. James L. Hudgins; Thomas E. Persons, Sr., USC Innovation Center opens
Posted in Carolinas, Economic Development, People, South Carolina | Comments Off
Monday, August 2nd, 2010
 CHARLESTON, SC – Here’s a funding story you won’t find hard to swallow. SC Launch, an affiliate of SCRA, has invested $200,000 in Chareston firm Terressentia, a company that has developed a technology to make high quality distilled spirits for retailers and private brand owners.
A group led by Earl D. Hewlette, a Columbia, SC native with an MBA and law degree from the University of South Carolina, founded Terressentia in 2007. Hewlette is president and CEO of the company.
“These funds will expand our sales and marketing efforts, enabling us to achieve more market recognition of the way our patented technology can dramatically improve the purity and flavor of distilled spirits at a very low relative cost,” Hewlette says.
“Utilizing sophisticated engineering technology, Terressentia’s innovative process enables an acceleration of traditional fermentation and filtering, which produces a very high quality product in real time,” said Dave McNamara, SC Launch executive director. “This company is applying its award-winning chemical engineering processes to support the hospitality industry in South Carolina as well as its national and international clients.”
The company is also involved in a College of Charleston chemistry research project. Students are working with different methods of chemical analysis, including gas chromatography-mass spectrometry and solid phase microextraction to find and measure the traces of flavor-producing molecules found in the Terressentia vodka product.
We wonder if they need any taste testers for these projects?
Tags: Charleston, distilling process, financing, SC, SC Launch, SCRA, Terressentia
Posted in Carolinas, Money, South Carolina | Comments Off
Wednesday, July 7th, 2010
CHARLESTON, SC – SC Launch, an SCRA collaboration, was recently recognized by Forbes magazine in May as one of five top programs in the nation that support entrepreneurism. The “States that Truly Bet on Small Business” also recognized the SC Launch program as one of eleven “Serious State Small Biz Programs.”
The SC Launch program has garnered a number of awards and recognition since its 2006 inception. The program offers qualifying companies commercialization support, guidance, and seed funding.
As a joint venture between SCRA and the research foundations of the Medical University of South Carolina, the University of South Carolina, and Clemson University, SC Launch’s mission is to support the commercialization of research, to finance start-up and spin-out companies, and to provide formation support and other business services to companies as prescribed by the mandates in the SC Innovation Centers Act and the SC Industry Partners Act.
The program’s ultimate objective is to help develop South Carolina’s growing Knowledge Economy.
The Forbes list was prepared with the assistance of CB Insights, a Manhattan firm that tracks private-company funding trends, including venture capital, private equity, and government-supported deals.
According to Anand Sanwal, a CB Insights founding partner, “These programs take different forms but generally represent a great way to spur local economic development and bring and retain high-tech jobs to the area. Over time, their efforts will likely attract angel and venture investment which serves to strengthen their area’s entrepreneurial ecosystem further.”
Since the start of the SC Launch Program four years ago, SC Launch has assisted, helped form and/or land more than 230 knowledge-based entities in South Carolina, providing both funding and services to more than 178. The Program has attracted more than $104 million in add-on, private equity investment in South Carolina companies. SC Launch is one of over 100 programs in SCRA’s overall operations, which have made a cumulative economic contribution of more than $13.7B to South Carolina since 1983.
“The SC Launch program was formed to help move promising technologies into the market place, and to advance technology-based companies in South Carolina,” said SCRA CEO Bill Mahoney.
“We have enjoyed partnering with some of South Carolina’s best talent to bring tangible growth to our Knowledge Economy. Our portfolio companies continue to both improve our lives and expand our knowledge-based economy through their innovations, their growth of high-quality jobs, and private investment. We are humbled to accept recognition on behalf of these efforts.”
Added SC Launch Executive Director Dave McNamara, “We are honored to be listed among such other successful programs throughout the nation. The SC Launch team works to be a catalyst and advocate for developing technology start-up companies in our state. In four short years, we have been able to achieve many successes, and we look forward to the continued growth of the SC Launch program and its legacy for South Carolina.”
Tags: Forbes, SC, SC Launch, SCRA
Posted in Carolinas, Economic Development, South Carolina | Comments Off
Friday, June 25th, 2010
 COLUMBIA, SC – SC Launch has invested $100,000 in Columbia-based Quintesocial, a social networking company that uses online tools to help its members find fun, interesting, and fulfilling activities based on their interests in the city where they live.
Quintesocial rolled out its first social network in Portland, Oregon, in March, and launched in Denver on June 1st. Additional launches throughout the country are in the works.
“The SC Launch investment enables us to expand our technology platform into white label/privately branded opportunities as well as to expand our social network nationally,” said Quintesocial founder and CEO Barbara Iaquinto.
The company asks members who sign up a set of questions and then designs a personalized calendar of events for them and other like-minded members. The events may range from invitation only restaurant openings to an opportunity to test drive a new performance car.
Since the inception of the SC Launch Program four years ago, SC Launch has assisted, helped form and/or land more than 230 knowledge-based entities in South Carolina, providing both funding and services to over 178. The Program has attracted more than $120 million in add-on, private equity investment in South Carolina companies.
Quintesocial’s technology is licensed through the University of South Carolina.
SC Launch is an affiliate of SCRA.
Since the inception of the SC Launch Program four years ago, SC Launch has assisted, helped form and/or land more than 230 knowledge-based entities in South Carolina, providing both funding and services to over 178. The Program has attracted more than $120 million in add-on, private equity investment in South Carolina companies.
Tags: financing, Q, Quintesocial, SC Launch, SCRA, social networking, South Carolina
Posted in Carolinas, Internet/New Media, IT, Money, South Carolina | Comments Off
Wednesday, April 7th, 2010
 Bill Mahoney, CEO, SCRA By Bill Mahoney, CEO, SCRA
Recently, after I had given an update on SCRA’s SC Launch program, I was approached by a colleague who stated, “Five years ago, I would never have thought so much progress could happen so quickly to build a knowledge economy in South Carolina.”
It was a very nice compliment, and one that meant a great deal considering the recent economic environment. But, SCRA had indeed set out to build a strong knowledge economy in South Carolina several years ago.
Almost exactly four years ago, SCRA started the SC launch program, to identify, develop and invest in promising knowledge economy startups. Prior to SC Launch, many technology discoveries from SC corporate, university and hospital research centers were sitting unused, or leaving the state for development elsewhere.
SC Launch seed funded 35 firms
SC Launch was created to promote the entrepreneurial spirit and infuse much needed resources into start-up technology companies commercializing indigenous research.
To date, the program has supported about 270 entities that are creating new jobs and bringing innovative products and services to the market. 149 of those entities have received both funding and support services.
Of that 149, 35 have received initial equity investment from SC Launch. Many of the SC launch client companies have secured additional funding from angel and venture capital sources. 35 SC launch client equity companies are moving from startup to revenues and margins on the strength of $71 million in private follow-on investment.
Innovation Centers incubating new companies
While SCRA has enjoyed early success from the SC Launch program, we realize that further development of the knowledge economy requires more planning and work. We must continue to provide a tuned ecosystem for emerging technology startups to grow and thrive. Providing world-class business, laboratory and advanced manufacturing facilities is a key component of knowledge economy development.
To fill this role SCRA, in conjunction with its university and civic partners in South Carolina, has introduced Innovation Centers located in Charleston, Columbia, and Anderson to complement our existing research parks. With the Charleston Innovation Center Grand Opening in December, 2009, a groundbreaking of the Columbia Innovation Center in February 2010, and announcement of the Anderson Innovation Center scheduled for availability in Spring 2011, we are already filling these centers with top-notch companies.
Four start-up companies, all created from technology formed at the Medical University of South Carolina, are already headquartered in the SCRA MUSC Charleston Innovation Center as of January.
Immunologix, Microbial Fuel Cell Technologies, Neurological Testing Services, and Vortex Biotechnology Corp. are the first tenants.
These companies embody the precise type of start-ups that each Center is designed to house. The Charleston Center consists of office and laboratory space to support biopharma, biomed, and biotech applied research and commercialization.
Slated to open its doors this June, the SCRA USC Columbia Innovation Center already has two tenant companies; Immedion, which will house a data center in the facility, and Direct Measurements. The Columbia Center is tailored to house high-tech companies emerging from both the University of South Carolina and the general marketplace, particularly those expanding to commercialization and light manufacturing stages.
The third Innovation Center will be located in Anderson, SC, within the Clemson Advanced Materials Center and next to the Clemson Advanced Materials Research Lab. This center will feature both LEED certification and limited access areas. .SCRA and Clemson look forward to opening this Center in the Spring of 2011.
At SCRA, we have a strongly executed a vision for building the knowledge economy in South Carolina. Investment resources and facilities are only part of this vision, but they are already bringing positive impacts to our state. There is a saying that, “To ensure your own future, you must create it.” SCRA continues to inspire new entrepreneurs, strengthen technology-based businesses, and create a better tomorrow for South Carolina.
SCRA
SC Launch
From time to time, TechJournal South runs guest blogs on topics of interest to our readers. If you have an idea for a guest blog topic, contact TJS Editor Allan Maurer: Allan at TechJournalSouth dot com.
Tags: Charleston, Columbia, Innovation Centers, SC Launch, SCRA, South Carolina
Posted in Biotech, Carolinas, Economic Development, Healthcare, Internet/New Media, South Carolina | Comments Off
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