May 29, 2024
New Launch NY investments include startups in Rochester, Ithaca and Buffalo
Caretech Human, TelosAir and Edenesque each received $175K investments from Launch NY
Funding will support companies as they scale manufacturing to support innovative products
Launch NY is excited to announce three new investments in Upstate New York-based startup companies, continuing the pace that has made it the most active seed fund in the state by investing from both its nonprofit and for profit InvestLocal Financing Programs.
The investments include Caretech Human (Ithaca), TelosAir (Rochester) and Edenesque (Buffalo). In each case, the investment will support scaled-up manufacturing for products that show great potential.
Each company received a $175,000 investment from Launch NY as part of larger funding rounds. In all three cases, Launch NY contributions included $75,000 coming from its nonprofit seed fund and $100,000 from the LaunchNY Seed Fund II, a new for-profit limited partner fund that started making investments in 2023.
Launch NY’s mission is to create a vibrant and inclusive innovation economy in Upstate New York by supporting startup companies through mentorship and investment. Launch NY’s InvestLocal financing programs include its nonprofit and for-profit funds along with its Investor Network, a syndicate of more than 300 accredited investors who receive curated investment opportunities for Upstate New York startups.
Edenesque will be featured on the Investor Network in June.
“We are pleased to bring exciting new companies into the Launch NY portfolio, especially as they prepare to enter commercial manufacturing and begin to truly scale their innovative products,” said Marnie LaVigne, Ph.D., president and CEO of Launch NY. “These investments represent our region’s belief and experience showing that putting seed stage capital into these Upstate New York startup companies can create market-leading products competitive not only on a local, but national scale – and beyond.”
New companies receiving investment from Launch NY include:
Caretech Human
Based at Cornell University’s Center for Life Science Ventures business incubator, Caretech Human has developed a small device that users can install above the waterline in their toilet bowl, providing continuous health monitoring for urology diseases.
This non-invasive, “passive” monitoring system has enormous potential to create screening and early- detection for diseases that affect more people than diabetes. Launch NY’s $175,000 investment into the company will allow it to enter commercial production in preparation to enter the market.
Caretech Human is led by CEO Dan Matsui, who said his company is bringing a new standard of care in the urology field.
“In some health domains, patients have tools for self-monitoring at home such as blood pressure devices, cardio holders, or glucometers. However, in urology, there is no convenient way to assess the severity of symptoms and disease progression at home,” Matsui said. “Launch NY funding helped the company stay focused on its goals during this exciting time, and we’re excited to begin manufacturing and selling our device.”
TelosAir
TelosAir has created a new generation of sensors for air quality management, and already has customers in healthcare, retail, manufacturing and higher education. The company combines its sensor hardware with leading-edge data reporting and analytics for enhanced health and safety, operational efficiency and risk management in commercial buildings.
The startup is taking an aim at the $100 million indoor air quality market and is now preparing to manufacture its first 500 units.
TelosAir is led by CEO Prashanth Shetty, who said TelosAir’s sensor-plus-data approach could have broad applicability now that the technology has been validated.
“We’ve got tremendous early validation from our customers and Launch NY’s funding positions us to capture significant market share,” Shetty said. “We believe TelosAir is the future of indoor air quality management, and now we have the team and resources to prove it.”
Edenesque
Edenesque has developed a line of plant-based dairy products that are already sold in more than 100 locations in the New York City area. The company recently moved its headquarters from the Hudson Valley to Buffalo to be closer to its manufacturing and distribution.
Edenesque is led by founder and CEO Leslie Woodward, who also moved to Buffalo recently. Woodward
developed Edenesque after a career as a chef in New York City, where she trained at Restaurant Daniel, was executive chef at Columbia University’s President’s House and then worked privately for high-net worth individuals.
Edenesque’s almond and oat milks are gluten-free, vegan and bring a unique combination of nutrient density and flavor, with no thickeners or stabilizers. The company’s mission starts with a belief that love is actionable, and Edenesque is committing to inspiring people to love themselves, their community, the environment and the local economy.
“Consumers are literally thirsting for plant-based dairy products that taste good without the use of unhealthy additives,” Woodward said. “We think Edenesque is uniquely positioned to fill that niche, and we can’t wait to start scaling this brand across the U.S.”
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About Launch NY: Launch NY is the only nonprofit venture development organization and U.S. Treasury- designated Community Development Financial Institution (CDFI) that serves and directly funds startups in Upstate New York. The core mission of Launch NY is to identify, support and invest in high‐growth, high‐ impact companies and to catalyze the entrepreneurial culture of Upstate New York through regional collaboration with ecosystem partners. Since its inception in 2012, Launch NY has served more than 1,600 companies which have gone on to raise more than $1.4 billion, generate more than $250 million in annual revenues and supporting more than 5,100 jobs. Launch NY delivers its mission via mentorship and capital access programs, starting with pro bono mentoring through its Entrepreneur-in-Residence program, Founders Go Big program for underrepresented and underserved founders, and Emerging Cleantech Opportunity (ECO) Incubator. These programs prepare entrepreneurs for investment capital from multiple sources, including Launch NY’s InvestLocal Financing Programs comprised of nonprofit and for-profit investment funds, and Investor Network deals marketplace that features hundreds of accredited investors. Through these vehicles, Launch NY is the most active seed investor in New York state and has been ranked among the top 5 nonprofit seed funds in the country.
For more information about Launch NY, its programs, and other entrepreneurial opportunities, visit www.launchny.org, and follow Launch NY on Facebook , Twitter and LinkedIn.