Rev Member Orthofit Awarded $100K in Funding for Expansion
Rev: Ithaca Startup Works’ member Orthofit received $100K in funding as 2018 recipients of the Technology Commercialization Growth Fund sponsored by CenterState CEO and Empire State Development. Orthofit produces a specially-designed monitoring glove that collects data on employees’ risks of developing work-related injuries such as carpel tunnel syndrome or other common, repetitive-use injuries that can be debilitating and costly.
Orthofit, founded by three Cornell University classmates Jason Guss, Ph.D. ’18, Apoorva Kiran, Ph.D. ’17, and Pankaj Singh, Ph.D. ’17, will use the funding to manufacture more of the technology-embedded gloves and conduct additional trials of its product. The team plans to rely on regional manufacturers like Wing and Weft, a women-run startup focused on textile design, and others in Buffalo, Groton, Ithaca, and New York City to support the New York state economy. Orthofit also plans to expand its team and hire several additional employees.
The Technology Commercialization Growth Fund is awarded to emerging technology companies with plans to create jobs in centeral NY. To date, the Fund has invested in seven companies and Orthofit received the maximum funding allotment. In addition to funding, recipients receive membership at the Tech Garden in Syracuse including mentorship, workshops, and other resources.
“Orthofit’s leaders impressed us immediately with their plans to partner with local businesses, the strength of their operating team, and their commitment to solving repetitive-motion injuries—a very common workplace challenge,” said Traci Geisler, resource manager at the Tech Garden in Syracuse and an evaluator for the Technology Commercialization Growth Fund. “We strongly believe in the growth potential of the company and its positive impact on New York state. We are excited to be one of their investors.”