Florida Institute Provides Seed Funding to Gainesville-Based eTect
Seed-Stage Company Focused on Wireless Integrated Circuits
Boca Raton and Gainesville, FL – May 29, 2012 -The Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized funding for eTect, Inc. (www.etectbio.com), an early-stage company that has developed a patented technology platform of ultra-low power wireless integrated circuits, innovative combinations of sensor and self- powering circuits, and specialized materials to deliver low-cost short-range wireless sensors and readers. The Institute supports new company and job creation throughout Florida’s research universities and institutions, and the goal of this program is to bridge funding gaps for high growth - potential companies, enabling them to attract additional capital from angel investors and other sources.
eTect has developed a unique platform that extends the Internet to ingestible and disposable devices such as pills (ID-Cap), diapers, and bandages and other medical, commercial, and consumer applications. The Company has recently licensed technology developed in collaboration with the University of Florida to enhance future versions of the platform. The first application based on the eTect platform is ID-Cap, a breakthrough system that provides real time indication of when a patient has ingested a prescribed medication. Information provided by ID-Cap can help empower patients, improve care and lower healthcare costs for patients, healthcare providers, and payors.
According to eTect president Eric Buffkin, “this program enabled us to complete a $1.1 million financing round that will be used to support an important first in human clinical trial of ID-Cap. With a funding commitment from the Institute, we were able to secure the additional funds needed to achieve critical milestones in our product and company development.”
The Institute’s Seed Capital Accelerator Program provides between $50,000 and $300,000 to startup companies. To qualify, the companies must incorporate or be based on technology developed at a publicly-funded research institution, demonstrate significant job-creation potential, and be able to match Institute funding with private investor capital. To date the Institute has provided nearly $1.3 million to five companies across the state, with dozens of other companies being evaluated and approved.
“In addition to the Seed Capital Accelerator Program, the Institute is implementing a number of additional value-added support services for companies that are spinning out of Florida’s robust $2+ billion research base,” stated Institute president Jamie Grooms. "The State of Florida has made a meaningful investment in growing its innovation-based economy, and we are beginning to see a very positive return on this investment.”