Issue 90 – December 2020
Institute Delivers Over $2.6 Billion Economic Impact
The Institute is proud to announce the findings of a study conducted by the Washington Economics Group Inc. that analyzes the Institute's rising Economic Impact on the Florida economy. During the last decade, the Institute has supported innovation-based companies throughout Florida with vital seed-stage funding to drive the Floria economy in terms of increasing high-wage employment, household income, GDP, and fiscal income. However, the Institute's economic impact extends far beyond those directly related measures, establishing its position as a key contributor to Florida's economic growth.
The study highlights an opportunity to accelerate Florida's economy through technological diversification. In FY 2019-20, the total economic impact of Institute-funded companies was $744 million, almost 21 times the 10-year cumulative state support. The Institute operations and funded companies had a total economic impact of more than $2.6 billion over the last ten years and generated $297 million in fiscal revenues.
The full press release can be found here.
The full study can be found here.
Florida Institute Funds Miami-based TempMee Hygienists
The Institute has finalized a funding agreement with TempMee Hygienists, Inc., a platform that replaces temp agencies with proprietary technology that allows employers to post available shifts for qualified workers to bid on.
More on the TempMee dental staffing on-demand platform may be viewed here.
Florida Institute Funds Miami-based HealthSnap, Inc.
The Institute has finalized a funding agreement with HealthSnap, a lifestyle data analytics platform to manage and prevent lifestyle-related chronic conditions, reduce costly readmissions, and maximize patient engagement between visits at scale.
More on the HealthSnap’s lifestyle data analytics platform may be viewed here.
Portfolio Company Altavian Inc. Acquired by FLIR Systems Inc.
Altavian Inc. is based in Gainesville, FL, and one of five drone manufacturers accredited by the U.S. Department of Defense to sell drones to the military and other federal agencies. The acquisition of Altavian allows FLIR Systems, a world-leading company in the area of intelligent sensing solutions for defense and industrial applications, to extend its drone line-up and provide expertise in aeronautics, avionics, and open system software for government and defense customers.
The article can be found here.
The Institute’s portfolio company Sun BioPharma changes its name to Panbela Therapeutics. With the name change also comes an adaptation of the trading symbol from SNBP to PBLA. Panbela Therapeutics is a clinical-stage biopharmaceutical company developing disruptive therapeutics for patients with urgent unmet medical needs. Panbela’s initial product candidate SBP-101 is a molecule to inhibit tumor growth.
More about the newly named company can be found on its website.
For more information, visit USF Health.
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Florida Technology supports and funds innovation companies that create clean jobs in new industries that are driving the global economy. The Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups that are developing products that improve and save lives and help companies improve their bottom line. The organization’s investment decisions are guided through a strong partnership with its Private Fund Manager, Florida Funders. The Institute’s economic impact over the last ten years was $2.6 billion, with fiscal revenue impacts of nearly $297 million to federal, state, and local governments.