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Portfolio round-up: UTEST, Nvest and Whirlscape news
Sometimes there’s so much happening with the MaRS Innovation portfolio that it’s hard to stay on top of all the news. Here are a few UTEST program stories that we missed in February.
- UTEST was named to FundThrough.com’s list of “6 Exciting Canadian Startup Accelerators to Watch in 2015.” Program co-directors Mike Betts and Kurtis Scissons point out that UTEST does take an equity position in the incubated companies and does not run on a grant basis as mentioned in the article. (It’s a sweetheart deal, but not that sweet.)
UTEST company Nvest was featured in a Globe and Mail story, “Next big sector to face disruption? Financial services” by Brenda Bouw. Here’s a quote:
“Another emerging fintech startup is Nvest, an early-stage, crowd-sourced stock recommendation platform. Nvest compiles recommendations from its users, many of which are average retail investors, and builds a performance history others can track. The credibility of recommendations is based on a user’s past performance. Nvest co-founder Fredrick Zhou likens it to LinkedIn for stock recommendations. ‘Nvest is a place where investors post their trading resume.’ Investors are taking notice. Nvest recently received funding from the University of Toronto Early Stage Technology program and it is in the process of pitching the business to angel investors.”
MaRS Innovation’s top 10 portfolio stories for 2014
MaRS Innovation enjoyed an exceptional year in 2014. Our team continues to collaborate with researchers within our membership to help bridge the commercialization gap between their world-leading research and creating successful start-up companies or licenses.
Here are our picks for the top 10 news stories from MaRS Innovation’s portfolio.
1. Triphase Accelerator Corporation, in which MaRS Innovation is an investor, started the year with a bang by signing a collaboration and option agreement with Celgene Corporation. In October, Triphase initiated a Phase I clinical study to evaluate marizomib in Glioblastoma (GBM) with Celgene, signed an agreement to provide Celgene with an option to acquire a new bi-specific antibody (licensed by Triphase from PharmAbcine) and closed the year by announcing that Triphase’s proteasome inhibitor, marizomib, demonstrates potent synergistic anti-multiple myeloma activity in combination with pomalidomide.
2. Flybits Inc., spun out of Ryerson University, announced a $3.75 million Series A financing with Robert Bosch Venture Capital to advance its context-aware mobile experience platform. The company was also named a Red Herring Top 100 North America winner.
3. XLV Diagnostics Inc., spun out from Sunnybrook Health Sciences Centre and the Thunder Bay Regional Research Institute, secured a $3 million Series A investment round with Boston-based Bernard M. Gordon Unitrust. XLV’s product will provide mammography image quality equivalent to top-of-the-line mammography machines currently in use, and will do so at a fraction of the cost of current generation systems. The funding will support continued product development and regulatory approval.
Whirlscape develops predictive keyboard for Will.i.am’s wearable Puls cuff
Whirlscape, makers of the Minuum keyboard, have developed a small, predictive keyboard for Will.i.am’s wearable Puls cuff. The company is a graduate of the UTEST program‘s first cohort.
The Puls, announced by the musician and entrepreneur on Wednesday, October 15, 2014 at the Salesforce.com’s Dreamforce conference in San Francisco, is expected to be released in time for the 2014 holiday season.
The Puls announcement and Whirlscape’s involvement were covered by Mashable.
Mashable’s Karissa Bell describes how Whirlscape’s keyboard integrates with the Puls:
Puls uses a small predictive keyboard that fits in the very bottom section of the screen. The keyboard was developed by Minuum, the Y Combinator-backed company that has also developed keyboards for Android Wear and Google Glass.
Toronto Star features Minuum keyboard’s successful iPhone product launch
UTEST graduate Whirlscape was featured in Raju Mudhar’s Toronto Star article, “Toronto’s Whirlscape debuts tiny Minuum keyboard on iPhone,” which examines the company’s successful launch of their innovative, one-line keyboard for Apple’s iOS 8.
The UTEST program, co-directed by MaRS Innovation and the University of Toronto’s Innovations & Partnerships Office, gives nascent software companies start-up funding, office space, mentoring and business strategy support. Whirlscape was among the program’s first cohort.
The article was published October 6, 2014. Here’s an excerpt:
An Indiegogo success 18 months ago, the company created a tiny keyboard called Minuum for Android devices. Now, iOS and the vast Apple market beckoned. It required new hires, a couple months of round-the-clock development, and a practical rebuilding of their product from scratch so it could be ready to launch with iOS 8. All the work paid off: in the first two weeks of availability, they have sold more than 30,000 apps to the new iPhone audience.
The Varsity on UTEST and start-up culture at U of T; Whirlscape launches new Minuum smartwatch demo
“Start-up culture is fast taking hold at U of T, with an array of incubators and accelerators providing student entrepreneurs the resources and mentorships required to get their businesses up and running,” writes Ameya Charnalia of The Varsity, the University of Toronto’s student newspaper.
Charnalia’s article focuses on new student-focused incubators, such as the UTEST program, which provide entrepreneurs cash, access to in-house expertise, working space and mentorship to advice their ideas.
It appeared in the same week that recent UTEST graduate Whirlscape released a new demo video showing their Minuum keyboard technology running on a LG G watch, which is also an Android Wear device. The announcement was covered in TechCrunch, engadget, Pocketnow, Android Police, SlashGear, BGR, Mobile Syrup, 9to5Google, and DroidLife, among other tech blogs.
Whirlscape releases demo of Minuum keyboard on the Moto 360 circular smartwatch
As part of their ongoing efforts to explore the future of wearable typing, UTEST grad Whirlscape released a demo of the Minuum keyboard working on a Moto 360 smartwatch.
This news builds upon Whirlscape’s activities in the wearables space; the company had previously announced a partnership with Omate Smartwatches that was covered in TechVibes.
This news was covered in the Los Angeles Times, Tech Crunch, Droid Life, Mobile Syrup, Digital Trends, SlashGear, Android Community and GigaOM. See also this article speculating on possibilities for the future of Canadian mobile wearable technology, also by Mobile Syrup.
Why would you need to type on a smartwatch? CEO Will Walmsley addressed the topic on input, the Minuum blog:
Globe and Mail: Strong incubators are key to driving innovation
Jeff Cates’ op-ed in the Globe and Mail‘s Small Business/Digital Innovation section on June 19, 2014 argues that incubators have a key role to play in fostering innovation, entrepreneurship and growing new industries in Ontario.
Cates states this is particularly true when incubators when they provide programs and services to help young entrepreneurs succeed.
The University of Toronto Early-Stage Technology program (UTEST), co-managed with MaRS Innovation, is one such program. UTEST is set to announce its third cohort within the next month.
Whirlscape exits beta, launches version 2.0 of the Minuum keyboard
Whirlscape Inc., a graduate of the University of Toronto Early-Stage Technology (UTEST) program’s cohort graduate, exits beta with the version 2.0 release of Minuum, their hit “small keyboard for big fingers.”
Whirlscape Inc. graduated from the University of Toronto Early-Stage Technology (UTEST) program’s first cohort. UTEST is accepting applications for its third cohort until April 17. Click here to apply.
Version 2.0’s release is already a popular download for Android Apps in the Google Play store. Users can get a 30-day free trial of Minuum and experience new features, including a widely anticipated addition of a Brazilian Portuguese language module, the company’s most requested language.
Will Walmsley, Whirlscape’s CEO, spoke with Daniel Bader of MobileSyrup. Here’s an excerpt from the article:
“We’re constantly testing out new features and improving the disambiguation algorithms,” says Will Walmsley, CEO and co-founder of the company he started at U of T’s Dynamic Graphics Project lab. The company raised $500,000 in seed funding earlier this year, and under the advisement of Y Combinator, began releasing often, trialling new features in what they call Bonus Panels, secondary functions that quickly allow users to change languages, add emojis and more.
Y Combinator-backed Whirlscape closes $500,000 seed funding round
Minuum keyboard creators accelerate wearable device input technology development
TORONTO, Canada (February 6, 2014) — Whirlscape Inc., creators of Minuum, “the little keyboard for big fingers,” have closed an investment seed round for just over $500,000 (USD). Y Combinator, FundersClub, BDC Venture Capital, and a dozen other prominent angel investors have contributed to the round.
Whirlscape’s plans for the capital involve innovating beyond its participation in Silicon Valley’s start-up accelerator Y Combinator. Whirlscape also aims to consolidate the success of its Minuum keyboard for Android touchscreen devices—available on Google Play—whose positive reviews have boosted sales since the New Year.
See articles of Whirlscape’s seed funding announcement by Darrell Etherington in TechCrunch, Ian Hardy in BetaKit, Rob Lewis in TechVibes and Global University Venturing.
Since launching the Minuum keyboard in 2013, Whirlscape has grown to a dedicated team of 10 working to enable new ways to type, and to unify input methods across the rapidly emerging field of wearable and ubiquitous computing devices such as smart watches and Google Glass. Whirlscape has recently demonstrated the Minuum keyboard working on Samsung’s Galaxy Gear smart watch.
“Our vision for the future of hyper-personalized input devices involves letting you choose your companion device for its input capabilities,” said Will Walmsley, CEO of Whirlscape. “By simplifying the concept of the keyboard, we allow text entry to occur in places where it was previously unthinkable, removing barriers to communication. Your keyboard can now be anywhere you want it to be, out of the way, yet immediately accessible.”
Whirlscape, Inc. was in the first cohort of UTEST, the MaRS Innovation and University of Toronto accelerator program for early-stage technologies. UTEST is now accepting applications for their third cohort.