Third-Quarter Deals Reflect Strong Follow-On Funding

Buffalo, N.Y. – Launch NY, the first and only nonprofit Venture Development Organization to provide pro bono mentoring and seed capital access to early-stage startups in the 27 westernmost counties of New York State, announced that third-quarter investments from its nonprofit Seed Fund and for profit Limited Partner (LP) Fund totaled $585,000 in five startup companies.

Year-to-date, the Launch NY #InvestLocal funding programs have invested $1,482,500 in 16 Upstate New York startup companies—an 11% increase over the $1,335,000 invested in the corresponding nine-month period in 2021.

Since inception, Launch NY has provided nearly $9.1 million in capital to 84 startups—$5.1 million from the Seed Fund, $2.8 million from the LP fund, and an additional $1.2 million from Launch NY’s Investor Network, the first and only digital investor community dedicated exclusively to funding Upstate NY deals. Launch NY’s portfolio companies have created 473 jobs, attracted over $157 million in follow-on funding, and generated $50 million in annual revenues.

Third-quarter investments span an array of industry sectors including climate tech, health tech and healthcare, and cloud computing.

“At Launch NY we’re always excited to make a first-time investment of seed capital in a promising new startup, but we’re especially gratified when those companies perform well, meeting and often exceeding our initial expectations, and then merit follow-on investments from

Launch and other investors,” said Marnie LaVigne, PhD, President and CEO of Launch NY. “In the third quarter, 60% of the deals we closed—and 85% of the dollars—were follow-on investments in high-performing companies from our portfolio. That bodes well not only for our portfolio, but for the overall startup ecosystem in our region.”

The following companies received initial investments from Launch NY’s nonprofit Seed Fund:

Ferric Contrast (Buffalo)—Ferric Contrast is solving a toxicity issue in MRI by developing an iron-based contrast agent to replace the currently used gadolinium-based contrast agents.

Radiant Abilities (Syracuse)—Radiant Abilities provides mental health and psychoeducational support which addresses the social and emotional challenges of teens and adults with disabilities in the area of dating and developing healthy relationships.

These portfolio companies received follow-on investments from Launch NY’s nonprofit Seed Fund and its for profit LP Fund:

Dimensional Energy (Ithaca)—Dimensional Energy’s mission is to replace the fossil carbon in the fuels and products people use every day. Already they are transforming carbon dioxide into sustainable aviation fuel and have recently entered into an agreement with United Airlines to provide at least 300 million gallons.

Exotanium (Ithaca)— Exotanium is developing a more efficient way to manage the cloud through new container architecture called X-Containers that supports strong security, high performance, good customizability, and low cost of running application containers in the cloud.

wellconnected (Buffalo)—wellconnected has developed an intake/referral tool and data repository for non-clinical information exchange between social care providers. The platform has the ability to deliver social determinant of health data across closed loop referral systems and to multiple sectors including health care and RHIOs.

About Launch New York:

The mission of Launch New York, Inc. (Launch NY), the only U.S. Treasury-designated Community Development Financial Institution (CDFI) directly providing venture funding to businesses in New York State, is to identify, support and invest in high-growth, high-impact companies that can transform the local economy and catalyze the entrepreneurial culture in the 27 counties comprising the western half of Upstate New York. Launch NY is a 501(c)(3)

nonprofit venture development organization that promotes economic development through best practices, including high-quality pro bono business mentoring, while operating the most active seed fund in New York State that provides access to seed capital as part of an array of #InvestLocal financing programs designed to facilitate funding for investment-ready companies which have the promise to drive significant economic impact and jobs for our region.

Launch NY is headquartered in Buffalo and has co-locations with partner organizations in Binghamton, Ithaca, Rochester, and Syracuse. Since 2012, it has served 1,413 companies, has more than 30 experienced local entrepreneurs-in-residence and its National Mentor Network of 2,000 industry, business, and investment experts. Launch NY has mentored companies, including 28% women-led and 28% minority-led startups, which have created 4,886 jobs, attracted nearly

$1.3 billion in co-investment and follow-on capital after joining Launch NY and generated $218 million in annual revenues.

Launch NY’s #InvestLocal Financing Programs include a nonprofit fund, for-profit limited partner fund and Investor Network. The Investor Network includes opportunities for accredited investors to fund Launch NY portfolio companies of their choice starting with a free sign up to join a community of over 211 members. To date, Launch NY has invested nearly $9.1 million in 84 startup companies that have created 473 jobs, attracted over $157 million in follow-on funding, and generated $50 million in annual revenues.

Launch NY also leads the premier Emerging Cleantech Opportunity (ECO) Incubator, one of six designated clean energy incubators sponsored by the New York State Energy Research and Development Authority (NYSERDA), as well as the Founders Go Big program, an innovative diversity and inclusion initiative introduced in 2020.

For more information about Launch NY, its programs, and other entrepreneurial opportunities, visit, and follow Launch NY on Facebook, Twitter and LinkedIn.


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