CORONAVIRUS INNOVATIONS
Irvine-based diagnostics and genome testing firm Breakthrough Genomics Inc. is tracking genes and genetic mutations that may impact persons’ susceptibility and resistance to the effects of COVID-19.
The company said it has identified at least nine genes and numerous genetic variants that are the most influential in determining how an individual will respond to the virus, including genes involved in respiratory and immune responses.
It launched a research-only NGS Coronavirus Genetic Susceptibility Assessment to its current whole genome sequencing and whole exome (protein) sequencing customers in April. It is currently seeking partners for clinical validation efforts.
Breakthrough Genomics’ machine learning-based platform—called Enliter—and genome findings could help prevent infection or tailor treatment for patients once infected with COVID-19, according to Chief Executive Laura Li.
Current clients include leading research institutions such as University of California-Los Angeles, University of Southern California and Children’s Hospital Los Angeles.
The company operates a CLIA-certified lab in the Irvine Spectrum, with remote employees in Los Angeles and Seattle.
Irvine-based Agtools Inc., a data analytics service for the agricultural industry, is providing its commodity and historical data for free to the California Department of Food and Agriculture during the COVID-19 crisis.
The company tracks supply and demand in real time across grocery stores and restaurants, and compares current trends with 25 years of historical data to help farmers, distributors and retailers make more informed decisions and increase profitability.
In the early weeks of the pandemic in the U.S., Agtools saw various items such as potatoes spike in demand as consumers stocked up, and then normalize through April. Meanwhile, other items such as lettuce and tomatoes continue to experience price drops due to restaurant closures.
Agtools is offering weekly analysis and articles on certain produce items through Blue Book Services, a market research platform for the fruits and vegetables industry.
In addition, the company’s platform now updates every 15 seconds, “so our consumers are more on top of the market and the potential pitfalls of the supply chain,” said Chief Executive Martha Montoya.
The 3-year-old company has more than 350 clients and has raised over $1 million to date from private investors and Tech Coast Angels members. Agtools won $200,000 at the San Diego Angel Conference in April.
The company is a member of the Parallel 18 incubator in Puerto Rico and was recently accepted into the Women in Cloud Microsoft Accelerator, a six-month program led by Microsoft.
FINANCING
Irvine’s Performa Labs, a developer of training software for first responders, said it raised $3 million in seed funding last month.
The round was led by Wavemaker Partners in Los Angeles; the company is being incubated at the Cie venture studio in Irvine, which announced a strategic partnership with Wavemaker Partners last year.
Performa said its software promises faster, safer decision-making tactics for emergency personnel and the funding will be used to help the company scale and branch out to other industries with critical workers.
Performa Labs is led by Yasuto Suga, an entrepreneur in residence at Cie.
Suga has experience with science-based training technology: he previously co-founded sports training platform Kadho Sports, which uses neuroscience research to help professional athletes improve vision acuity, reaction time and concentration.
LAUNCH
Newport Beach data and diagnostics firm Evoke Neuroscience Inc. has launched a mental health screener tool to its current customers for free “in response to a surge in mental health symptoms that are associated with COVID-19,” said Chief Executive Marinela Gombosev.
Gombosev said that the virus could bring about increases in post-traumatic stress syndrome, alcoholism and depression, based on clinical data conducted during the Ebola outbreak.
“Spending 10 minutes on Evoke’s mental health screeners may help physicians recognize signs of mental health distress in their patients, and give them the opportunity to prevent distress from turning into a disorder,” said Neil Sahota, an artificial intelligence expert who lectures at UCI.
Sahota recently joined Evoke’s executive advisory board.
Evoke is the creator of the eVox Brain Health System, an FDA-cleared diagnostic device that collects data on cognitive disorders, including mental health disorders.
The company has generated a cross-sectional database of over 58,000 computational EEG brain scans to date.
Evoke is currently conducting an IRB approved study with the aim to create an artificial intelligence-powered framework to inform diagnosis and treatment for mild cognitive impairment (MCI) and Alzheimer’s disease, among other clinical work.
Digital Motors Corp. in Irvine has released its online sales platform for car dealerships, with the aim to “keep dealers in the driver seat.”
The company is waiving setup and monthly subscription fees for a limited time to help dealerships in navigating the current environment and coronavirus-related operating restrictions.
Car dealerships have reported sharp sales declines north of 50% in recent weeks, though those with robust online options are seeing increased online interest and more sales amid COVID-19.
Digital Motors’ Chief Executive Andy Hinrichs said the company can create an online store that is accessible from their clients’ website and ready to use in 24 hours.
The platform allows consumers to browse a dealership’s entire inventory and search with specific parameters such as pricing and lease terms. It can also take care of the credit approval process online, minimizing the time a customer needs to spend inside a dealership.
Nick Stellman, chief operating officer of Digital Motors, said the company has “vastly accelerated” its product roadmap to help the auto industry transition to a remote environment.
Hinrichs and Stellman co-founded Irvine’s AutoGravity Corp. prior to launching Digital Motors.
NEW HIRE
Happy Money in Costa Mesa has brought on Jeff Winner as chief technology officer.
The company helps consumers regain control of their finances and reduce and eliminate high-interest credit card debt through partnerships with credit unions and other financial institutions.
Winner said, “We’re taking a unique approach to product development, leveraging behavioral science in a way that can shift the financial services paradigm to unlock mindful capitalism to improve people’s lives.”
Winner was previously chief technology officer for Goldman Sachs’ consumer-focused business and led the development of the Apple Card, which rolled out last year.
Prior to Goldman, Winner was head of engineering for Stripe, Uber and Twitter.
Happy Money raised $70 million last September, giving it a $495 million valuation.
The company told the Business Journal last year it was working on a new offering that combines debt consolidation and budget management features in one user-friendly platform; it has yet to disclose specifics or a timeline for the new product.
