What venture funds did for 10 startups with Long Island ties
Eight of the 10 Long Island affiliated companies that received $50,000 each from the Accelerate Long Island Seed Fund, matched by the the Long Island Emerging Technology Fund, went on to receive an additional $23.7 million in investment in recent years, although not evenly, according to data compiled by Newsday reporter James T. Madore.
Codagenix Inc. of Farmingdale, a vaccine maker, received the most additional money, $11.6 million, while one company received less than $250,000. You can read more about the investments here.
Investments in 10 new companies with ties to Long Island
Details on the companies
The institutions affiliated with these companies are Stony Brook University (SBU), Cold Spring Harbor Lab (CSHL), Northwell Health and Brookhaven National Lab (BNL). Additional investments are as of 12/1/2017. This data posted on Dec. 15, 2017.
| Company name (location) | What they do (Institution affiliation) | Founded | Time of ALI/LIETF investment | Investment by ALI and LIETF | Additional investments | Jobs at time of ALI/LIETF investment | Jobs as of 12/1/17 |
|---|---|---|---|---|---|---|---|
| Codagenix Inc. (Farmingdale) | Vaccines (SBU) | 2012 | 2014 | $100,000 | $11,600,000 | 2 | 8 |
| DepYmed (Farmingdale) | Drugs (CSHL/Northwell) | 2014 | 2015 | $100,000 | $2,037,000 | 1 | 1 |
| Envisagenics Inc. (Manhattan) | Software for drug development (CSHL) | 2014 | 2015 | $100,000 | $3,442,000 | 2 | 8 |
| Goddard Labs Inc. (Manhattan) | Food testing/consulting and research services (SBU) | 2011 | 2014 | $100,000 | $0 | 1 | 1 |
| PolyNova CardioVascular Inc. (Stony Brook) | Prosthetic heart value (SBU) | 2012 | 2014 | $100,000 | $245,000 | 1 | 0 |
| Scannerside/Right Dose Inc. (Port Washington) | Software for monitoring radiation dosages (SBU) | 2011 | 2015 | $100,000 | $0 | 1 | 3 |
| Green Sulfcrete LLC (Melville) | Concrete made from recycled sulfur (BNL) | 2012 | 2014 | $100,000 | $1,833,000 | 3 | 3 |
| Symbiotic Health Inc. (Roslyn Heights) | Drugs (Northwell) | 2013 | 2015 | $100,000 | $850,000 | 2 | 2 |
| SynchroPET Inc. (Stony Brook) | Scanners (BNL) | 2011 | 2014 | $100,000 | $1,160,000 | 1 | 8 |
| Traverse Biosciences Inc. (Stony Brook) | Drugs (SBU) | 2013 | 2014 | $100,000 | $2,525,000 | 1 | 1 |