Columbia's Startup Businesses Getting Much Needed Funding

5 years 11 months 3 weeks ago Sunday, October 28 2012 Oct 28, 2012 Sunday, October 28, 2012 3:59:00 PM CDT October 28, 2012 in News
By: Nick Brennan
loading

COLUMBIA - Startup businesses in Columbia are receiving a lot of interest from investment groups. With that interest, funding could follows. Two startup businesses in particular, EternoGen and MedSocket are now either beginning to grow or in steady growth thanks to investment from local investment groups such as the Missouri Technology Corporation and Centennial Investors, a network of private angel investors.

Luis Jimenez, CEO of EternoGen, said that his company is on the cutting edge of technology and vision.

"Our mission is actually to transform the regenerative medicine industry. This industry is one that's actually in its infancy, I must say, in terms of technologies that allow the body to regenerate the tissues it needs," Jimenez said.

EternoGen's technology is being designed to utilize collagen, the most abundant protein in the body, and transform it with nanotechnology. To keep it in perspective, Jimenez gave a few concrete examples of what the technology could do once perfected.

"We believe we'll be a corporation that will be making wound-healing applications or a corporation that will be making better solutions for soldiers in combat. When they have a gunshot, they're bleeding profusely and there's currently no good solution for that so we'll be designing things for those applications as well," Jimenez said.

Missouri Technology Corporation, Centennial Investors and an investment program sponsored by the University of Missouri, the Enterprise Investment Program, contributed a combined total of $500,000 to EternoGen to allow it to officially launch in March. Jimenez told us that the funding has opened up many necessary doors for the company.

"We've actually been able to recruit world talents for our industry, so I've been able to really make our team fulfill the needs it has to have in order to commercialize this product. We've also been able to travel within the United States and also internationally to make sure we've got the right collaborations and also to look at other companies that might be collaborating with us to manufacture this product or to distribute it. Finally, we've been able to really increase the R&D", Jimenez said.

Practicing physician Karl Kochendorfer started his health information technology company MedSocket much the same way, even with the same investment groups. With a combined total of $350,000 from Missouri Technology Corporation and Centennial Investors, Kochendorfer developed his two information services, a one-click decision support system or OneCDS and a medical search engine. He said he was inspired to create this technology after seeing gaps in medical information and patient care that could be filled.

"Right now, doctors have lots of information needs and currently they don't get answers to those information needs, so a doctor may have a question about how to best treat their patient. Or whether their insurance might cover something, whether they should be providing this drug versus a different drug", Kochendorfer said.

Kochendorfer elaborated, in regards to his services, "we can provide physicians with access to the most reliable information to improve patient care. We also connect doctors with the best online treatment calculators and algorithms to improve the decision-making process when they're trying to care for their patients".

Investment seems to be up in Columbia, but nationwide its a different story. According to a Broomfield Enterprise article, venture capitalism is down nationwide with venture capitalists investing only $6.5 billion into 890 business deals this year compared to the same time last year with $7.3 billion invested in 992 deals. 

Despite the national trends, both Luis Jimenez and Karl Kochendorfer consider their companies to be in good positions to grow. 

Said Kochendorfer, "We envision that we're going to be expanding very quickly and very rapidly and be creating jobs in Missouri".

And Jimenez reported that EternoGen is now applying for its second round of funding. It has already secured $500,000, bringing its total funding from creation to $1 million.

 

More News

Grid
List
COLUMBIA – Nineteen members of Missouri Task Force One returned to Boone County Fire Protection District headquarters Saturday morning after... More >>
42 minutes ago Saturday, October 20 2018 Oct 20, 2018 Saturday, October 20, 2018 3:16:00 PM CDT October 20, 2018 in News
SPRINGFIELD (AP) — A man has been criminally charged days after a woman's body was found near Fellows Lake at... More >>
2 hours ago Saturday, October 20 2018 Oct 20, 2018 Saturday, October 20, 2018 1:58:08 PM CDT October 20, 2018 in News
SPRINGFIELD (AP) — A Springfield woman who killed her live-in boyfriend with a crowbar in 2017 has been sentenced to... More >>
2 hours ago Saturday, October 20 2018 Oct 20, 2018 Saturday, October 20, 2018 1:48:36 PM CDT October 20, 2018 in News
ST. LOUIS (AP) — A restored St. Louis prairie of native grasses and flowers is in bloom, but the nature... More >>
7 hours ago Saturday, October 20 2018 Oct 20, 2018 Saturday, October 20, 2018 8:50:24 AM CDT October 20, 2018 in News
COLUMBIA - Sen. Claire McCaskill spoke about health care in Columbia on Friday at Laborers Local 955, as part of... More >>
20 hours ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 7:35:00 PM CDT October 19, 2018 in News
COLUMBIA - After realizing the underrepresentation of Hispanic business owners in mid-Missouri, three Hispanic professionals established a group of 12... More >>
22 hours ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 5:49:00 PM CDT October 19, 2018 in News
COLUMBIA - This is the last week of the regular season and it's a cold one. Our game of... More >>
22 hours ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 5:20:00 PM CDT October 19, 2018 in Friday Night Fever
COLUMBIA - Two Midwest companies issued separate food recalls this week for bacterial contamination concerns. Hy-Vee said its supplier,... More >>
23 hours ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 4:53:00 PM CDT October 19, 2018 in News
CAMDEN (AP) — Toxicology tests show that a boater was drunk when he slammed into a bluff at Missouri's Lake... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 3:41:35 PM CDT October 19, 2018 in News
COLUMBIA - The Legion of Black Collegians and the FourFront Marginalized Student Council held a solidarity walk Friday to show... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 3:39:00 PM CDT October 19, 2018 in News
JEFFERSON CITY - The Missouri State Medical Association (MSMA), along with multiple medical associations, reaffirmed their opposition to the three... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 2:50:00 PM CDT October 19, 2018 in News
JEFFERSON CITY - For the fourth consecutive year, Project Homeless Connect provided services Friday for people who are experiencing homelessness... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 2:39:00 PM CDT October 19, 2018 in News
DES MOINES, Iowa (AP) — The Mega Millions jackpot has soared to an estimated $1 billion, as the second-largest lottery... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 12:10:00 PM CDT October 19, 2018 in News
JEFFERSON CITY - Police want the public's help finding a man who allegedly ran from a traffic stop after hurting... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 11:42:00 AM CDT October 19, 2018 in News
COLUMBIA - Two MU residence halls and an atrium were officially dedicated on Friday honoring three former MU students. Lucile... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 10:09:00 AM CDT October 19, 2018 in News
WASHINGTON (AP) — Just 1 in 4 people thinks Brett Kavanaugh was completely honest when as a Supreme Court nominee... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 9:58:13 AM CDT October 19, 2018 in News
(CNN) -- The US moved closer to acknowledging the role of Saudi Arabia in journalist Jamal Khashoggi's apparent death as... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 9:36:16 AM CDT October 19, 2018 in News
RANDOLPH COUNTY - MoDOT announced they will close Randolph County Route CC from Route FF to Route K on Monday,... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 8:30:00 AM CDT October 19, 2018 in News
Columbia, MO
Broken Clouds 63°
4pm 59°
5pm 57°
6pm 54°
7pm 50°