When Steve Schwartz went up to collect the ceremonial $100,000 check for taking second place at the Accelerate Michigan Innovation Competition
last week, he was surprised but not shocked. The CTO of Genomenon
didn’t expect to win big, but he knew the Ann Arbor-based startup’s team has a lot of potential when it comes to the fight against cancer.
"We all know someone in our lives who has been impacted by cancer," Schwartz says. "We're all passionate about it."
Genomenon is a life sciences company developing a technology platform focused on personalized medicine with simplified genome interpretation software. The University of Michigan spinout's platform tackles the challenges of analyzing DNA sequencing data, including gathering, organizing and interpreting the results. This is process is called tertiary analysis and typically requires extensive manual review that can be frustratingly inefficient and error-prone. Genomenon’s software accelerates tertiary analysis so it can treat patients and publish findings faster.
The 1-year-old startup’s team of seven has built out the product and has begun introducing it to its first paying customers. A larger product roll-out is planned for next year.
"We are now in the process of raising a seed round," Schwartz says. "This (the Accelerate Michigan win for $100,000) is a nice little bump for our seed round."
Five other Ann Arbor-based startups, all of which receive help from Ann Arbor SPARK, also walked away from Accelerate Michigan with $25,000 in prize money. Those include Akervall Technologies (winning the advanced materials category), Arborlight (alternative energy), FlexDex (medical device), Workit Health (IT), and PicoSpray (Advanced manufacturing).
Accelerate Michigan is Michigan's biggest business plan competition. It awards more than $1 million in prizes each year. Ann Arbor-based startups normally dominate the winners circle each year.
Source: Steve Schwartz, CTO of Genomenon
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.