CORONAVIRUS UPDATES
Nanommune Inc. and Velox Biosystems Inc., both of Irvine, have partnered to offer a COVID-19 immune profiling service to researchers and clinicians “to accelerate the use and adoption of microarray tests,” the companies said.
The microchip-based testing platform is used to determine exposure to the virus via antibody detection and delivers high-volume, automated analysis of pieces of DNA.
“This partnership between Nanommune and Velox can make an immediate impact in the fight against the ongoing COVID-19 outbreak,” Velox Chief Executive Byron Shen said. “There is excellent synergy between our two companies, and we are working closely to launch the COVID-19 immune profiling service, as well as develop additional products and tools based on this exciting microarray platform.”
Additional projects include an interactive data analysis dashboard that researchers can access and use for custom data analysis and reports, Shen said.
Nanommune spun out of the University of California-Irvine in March. It was founded by Phil Felgner, the director of the Vaccine R&D Center, who developed a series of tests for COVID-19.
Testing platform developer Velox Biosystems also counts ties to UC Irvine; its co-founder Weian Zhao is a three-time entrepreneur with startups involved in virus detection, cancer diagnosis and stem cell therapeutics.
Fluxergy LLC of Irvine is partnering with Mass General Brigham in Massachusetts to validate its one-hour COVID-19 diagnostic test.
“Fluxergy is proud to work with Mass General Brigham, one of the nation’s most respected healthcare systems, to assist in evaluating the efficacy of the Fluxergy COVID-19 PCR test,” said Ali Tinazli, chief commercialization officer at Fluxergy.
The company’s test is available for research use only, with a request for Emergency Use Authorization filed with the Food and Drug Administration. Once approved, the test could be used in CLIA-certified laboratories like the one at Mass General.
Fluxergy is also developing a validation test that could be used at the point of care, such as doctor’s offices and outreach clinics, in addition to a multimodal test that could perform both molecular and antibody COVID-19 analysis with a single Fluxergy test card.
In May, Fluxergy received a $30 million investment from its principal investor John Tu, co-founder of OC’s fastest-growing private company Kingston Technologies Corp. The company was profiled in the May 25 print edition of the Business Journal.
The funds support stated efforts to grow capacity to one million tests per month by the end of the year.
PARTNERSHIPS
Irvine-based online sales platform for automotive dealers Digital Motors Corp. was recently named a certified vendor for the Jaguar Land Rover Digital Certified Program.
As a preferred partner, Digital Motors is a top choice for Jaguar Land Rover retailers looking to upgrade their online presence and boost sales, the company said.
“Online sales in combination with the showroom experience are a game changer,” Chief Executive Andy Hinrichs said. “Rather than forcing customers down a prescribed path, we enable a choice of whether and when to transition from the online store to the in-store experience–or vice versa.”
Digital Motors’ platform offers vehicle search, payment configurations, finance and insurance options, home delivery services and a dealer sales portal.
It also provides buyers with the ability to configure purchases and apply for leasing or financing online, through a partnership with automotive fintech eLend Solutions.
The 2-year-old firm unveiled its platform in April, after securing an undisclosed investment from Silicon Valley’s Autotech Ventures in February.
ACCELERATORS
MedTech Innovator, a Los Angeles-based nonprofit accelerator, has admitted several cardiac-focused area startups to its programs that aim to transform healthcare through innovation.
Participants include Aliso Viejo-based MateraCor Inc., the developer of a new cardiac repair method, and blood pressure sensor maker Vena Vitals of Irvine, which were selected to join the accelerator and annual showcase out of more than 1,000 applications.
Renata Medical, a Costa Mesa-based maker of a stent for congenital heart disease that expands in size as patients age and grow, was founded by two R&D engineers from Edwards Lifesciences Corp. It was also selected as a pediatric accelerator company.
Prizes for the programs, which offer mentorship and networking opportunities, include up to $500,000 and space at JLABS, Johnson & Johnson’s life sciences co-working and laboratory facilities. Competition winners will be announced in October.
LAUNCH
LauraMac LLC recently launched its software platform for mortgage professionals.
The Irvine-based enterprise platform integrates machine learning and offers modules for data extraction, loan diligence, acquisitions and transactions in the secondary mortgage market.
“By combining automation, collaboration and configuration, we believe the LauraMac platform will transform the way the industry looks at loans in the secondary market,” Chief Executive Bob Fulton said.
Fulton has more than 20 years of experience in capital and secondary markets. He formerly served as senior vice president for Glendale-based LenderLive.
LauraMac was formed in 2019 by its principal investor Calterra Capital, a Bellevue, Wash.-based investment firm.
The firm said it identified a need for new technology to replace legacy processes and systems in the loan acquisition, diligence and delivery process of the mortgage industry, which led to the creation of LauraMac.
ACQUISITION
Irvine-based software-as-a-service automation platform NetObjex Inc. acquired VitalGrid, a technology consulting firm based in Toronto, last month. Terms of the deal were undisclosed.
NetObjex is a 3-year-old upstart that creates tools for tracking, tracing and monitoring assets in real time, with blockchain technology that enables data sharing and security.
“Enterprises in the process of digital transformation often seek strategic consulting services prior to embarking on implementing complex solutions. This is a critical element that we believe VitalGrid brings to the table, which will lead to successful implementation of our SaaS platform,” Chief Executive Raghu Bala said.
Bala notes the firm’s unique position as a startup that acquires other startups, explaining that he prefers to grow via acquisitions, which saves the company precious amounts of time to get its product to market.
It’s the second acquisition for the firm; NetObjex acquired Servntire Global, an India-based blockchain company in 2018.
To date, the NetObjex platform has about 12 million assets under management, which it hopes to grow to a few hundred million in the next year, Bala said.
NetObjex raised an estimated $3 million in seed financing in February. The round was led by New York-based Liberty City Ventures.
