Tag: Micatu


NEXUS-NY Portfolio Companies Raise Millions in Funding

NEXUS-NY portfolio companies continue to attract attention after graduating our clean energy proof-of-concept accelerator.

These clean energy companies have ventured on to raise millions in funding. We caught up with a few of our talented founders to get the latest on their successes.

Molecular Glasses closes $200,000 seed round; Wins 2nd grant from the Department of Energy for OLED testing 

2016 was a big year for Molecular Glasses Founder, Mike Molaire. His team moved into the Eastman Business Park and incorporated their business, which develops organic light-emitting diode (OLED) materials that work like semiconductors. These materials can be used to manufacture lower-cost and higher-performance TVs, smartphones, tablets and lighting devices.

While participating in the NEXUS-NY accelerator Mike began discussing funding opportunities with Rochester-based venture capital firm, Excell Partners. At the end of the program, executives at Excell expressed an interest in working with Molecular Glasses, and began the due diligence process.

Mike’s goal was to raise $400,000. With Excell’s investment requiring 50% matching from other investors, Mike first had to raise $200,000 from individual investors, friends and family. Excell recently started a new MWBE fund sponsored by NY state to support women and minority-owned businesses. Eligibility for that fund requires MWBE certification.

“With Excell’s assistance, we were able to complete this process successfully,” said Molaire. “At the end of December 2016 we secured a $100,000 match and were able to close on the first $200,000. We are now working toward closing the next $200,000 by the end of March. We have a $50,000 match already committed.”

Molecular Glasses will use its first round of seed funding to support patent activities and manage day-to-day operations. Currently, Molecular Glasses has five pending U.S. and twelve international patent applications. Mike says this is an important part of the company’s strategy.

“Our IP is very strong, and needs to be protected both nationally and internationally,” he added. Most of the people we are dealing with in this space are international companies from the far east, Europe, Japan and China. It’s important we maintain our patents.”

Last year Molecular Glasses was also awarded a grant from the Department of Energy, which helped the company fund its benchmark work. OLEDWorks in Rochester produced the 90 OLED devices under contract with the DOE. Mike says having his materials tested in a DOE certified laboratory provided credibility to the benchmark results, specifically 6 to 15x improvement in device lifetime.

“We took full advantage of this resource,” said Molaire. “We’re now working with OLED chemical suppliers, device manufacturers and independent nonprofit centers in Europe and Asia under nondisclosure agreements to continue this process.”

Mike continues to explore various grant options that will assist in the development of the technology. He says it will be exciting to supply these companies with samples so they can conduct their own tests using his materials. Mike believes this process to will be completed within the next 3-4 months.

American Fuel Cell Closes First Seed Round

Together with the support of High Tech Rochester, Excell Partners and independent investors from the Finger Lakes region, American Fuel Cell has closed its first seed round.

American Fuel Cell (AFC) is a premier supplier of individually tailored Membrane electrode Assemblies (MEA) for multiple Fuel Cell Applications. Through uniquely tailored chemical formulations, system level optimization expertise and high speed, thin film manufacturing machinery, AFC is producing high quality, low cost MEAs specific to any fuel cell application.

AFC Cofounder and CEO Dan O’Connell says the seed funding will be used to bring on additional resources and gear up for volume production. This includes acquiring new capital assets and purchase of raw materials. AFC is also looking for Process and Quality engineering talent, as well as those skilled at final assembly.

“The support American Fuel Cell is getting from the area is amazing. Between High Tech Rochester, Excell Partners, Greater Rochester Enterprise, NYSERDA, M&T Bank, Pathstone, SUNY Alfred State and RIT, we’re leveraging academia, industry, and state resources to expand our industry connections and take huge strides in extending our testing capability,” said O’Connell. “We consider ourselves very fortunate to be tapped into the local startup scene and bringing R&D/Manufacturing jobs back to NY state.”

In addition to closing this seed round, AFC has numerous funding opportunities in the pipeline that will accelerate research into the next generation MEA technology.

Ecolectro wins $150,000 with the Grants for Growth initiative 

Gabriel Rodriguez-Calero first heard about Grants for Growth from the Cornell network. As a co-Founder and CEO of Ecolectro, his mission is to advance his business by putting Ecolectro’s materials into the hands of customers early on in the material design process.

“Before applying to a funding source, I like to learn more about the objectives of each program,” explained Rodriguez-Calero. “If there are milestones associated with the program, if the funds can be used for manufacturing and business development, and how the funding can help Ecolectro reach more clients and potential customers.”

Gabriel says Grants for Growth was a perfect fit for what he’s aiming to accomplish. Ecolectro has developed structurally robust and highly conductive polymer membranes for a large range of applications, including hydrogen generators and fuel cell systems. Having already received $12,500 from the Grants for Growth program, Ecolectro was able to do material characterization and better understand the physical properties of their materials. The research also allowed the Ecolectro team to fine tune their value proposition for potential clients. Ecolectro has now moved on to Track 2 of the Grants for Growth program.

“We get a certain amount first, and as we hit milestones we unlock additional amounts of funding,” added Rodriguez-Calero.

In 2017, Ecolectro is busy making materials and doing evaluation work with customers, as well as reaching out to more clients. This process involves talking to clients and finding more potential synergy with system integrators that can use Ecolecto’s materials in their devices.

Ecolectro has recently opened an investment round. The team remains busy shipping samples and working through collaborative efforts with customers. Gabriel says Ecolectro is receiving a lot of customer interest.

“I love doing this. It’s pretty great,” he said. “I came to the university (Cornell) to work on things that had applications beyond pure research. That’s exactly what we are doing at Ecolectro!”

Other NEXUS-NY portfolio companies making big strides include:

  • Lionano recently closed its Series A;
  • Micatu won $1 million in the 76West Clean Competition, and ChromaNanoTech received a $250,000 prize;
  • Conamix received seed funding from Excell Partners, with the help of High Tech Rochester;
  • AMBIS Technologies partnered with CASE-RPI and the Mmofra Foundation in Ghana for a pilot testbed project;
  • And Dimensional Energy took home first place at Columbia University’s Energy Symposium 2017 Venture Showcase

Since the start of our clean energy accelerator, NEXUS-NY has worked with 30 participants, engagements from which 18 startup companies have been formed. With our help, numerous university licenses have been received, and each of the NEXUS-NY portfolio companies have completed, or are in the process of completing, successful pilot/customer evaluations.

We’re now working with 9 new NEXUS-NY portfolio companies in our 2017 cohort. Here’s a look at the next generation clean energy talent from across New York.

Stay updated on clean energy news, events and funding opportunities. Sign up for NEXUS-NY newsletters. You can also follow us on Twitter and LinkedIN.

Two NEXUS-NY Graduates Win 76West Clean Energy Competition

Micatu Inc (NEXUS-NY Cohort 1) received the $1 million grand prize in the 76West Clean Energy Competition. Six winners out of 175 applicants were awarded funding to help develop clean energy technologies, grow their businesses, create jobs and advance New York’s clean energy economy.

Micatu makes an optical sensor that gives highly accurate voltage readings so utilities can reduce energy use, thereby reducing greenhouse gas emissions. CEO Michael Oshetski says this is a win for the entire region as Micatu plans to create more high-paying jobs for Upstate NY.
ChromaNanoTech Wins 76West Clean Energy CompetitionChromaNanoTech (NEXUS-NY Cohort 2) was awarded a $250,000 prize. Based in Binghamton, NY with research derived from Binghamton University, ChromaNanoTech produces a dye that keeps windows transparent, but blocks ultraviolet radiation so buildings stay cooler and air conditioning loads are reduced. Dr. Bill Bernier accepted the prize on behalf of his team.

Other clean energy startups who won prizes include Charge CCV (C4V), Besstech, DatArcs and Global Thermostat.

Applications for 76West Round 2 are open. The deadline to apply is March 13, 2017.

 

Micatu Changes the Way the World Senses with Light

Micatu: Upstate New York’s Next Generation Optical Sensor Company

Micatu Co-founder & CEO Michael OshetskiNew York native, Michael Oshetski, is proud to be an entrepreneur. As the CEO of Micatu, Mike speaks with passion about his company and plans to not only revolutionize optical sensor technologies, but create high-paying jobs for the Southern Tier region.

A recent semifinalist in the 76West Clean Energy Business Competition, Micatu provides next generation optical sensor technologies that create more efficient and sustainable measurement capabilities in the areas of smart grid, wind, power, transmission and aerospace. Micatu combines these technologies with engineering, manufacturing and OEM professional services anchored on the team’s more than fifty-years of optics experience.

“I was born and raised in Chemung County and went to RIT. I’ve started this company out of my garage. It would be an honor to move forward in the 76West competition. If a company from the Southern Tier wins, we all win. There’s no better time than right now to do business in New York,” beamed Oshetski.

Micatu was founded in 2011. Oshetski and co-founder Atul Pradhan were sitting in an airport in Hong Kong. Mike turned to Atul and said, “You wanna start a company?” It was as simple as that and the duo hasn’t turned back since, stating they have incredible achievements over the last five years. Micatu now strives to do what the Internet did for communications.

“Some people said we were crazy. Others called us brilliant,” laughed Oshetski. “So in the true spirit of being entrepreneurs, we took a calculated risk that, so far, has paid off. Everyone starts somewhere, and I believe as long as you’re passionate and true to your values, you’ll be successful.”

Micatu Seeks to Create High Paying Tech Jobs for the Southern Tier

Over the course of five years the company has already surpassed major milestones moving from Mike’s garage, to IncubatorWorks in Painted Post, NY, and now occupying a 10,000 sq ft facility at the IST Center in Horseheads, NY.

Already employing 20 people, Oshetski said based on demand for the technology and the company’s sales forecast, Micatu is ready to expand once again. The Micatu team is projecting to hire at least one new employee each month for the next five years and expand operations to a 70,000 sq ft facility in Chemung County. Oshetski said recent company developments will help them achieve this growth.

“Micatu is on the frontline of smart grid and distribution grid technology, putting us in a great position to grow threefold in the coming years. With more orders at larger volumes coming in, we’re under the gun to scale production quickly. We’re also shipping internationally now,” explained Oshetski. “We’re ready to create more high-paying tech jobs in the Southern Tier, and proud to know for every one job we create, five additional jobs are created for the community based on the Jobs Multiplier Effect.”

Micatu Optical Sensor Technology

The Need for Integrated Volt/VAR Optimization (IVVO)

When electricity is delivered to a customer’s home or a business, it must be delivered at a level between +,- 5% to remain within ANSI standard C84.1-2011 regulations. On a 120V system, this range is defined as 114 volts to 126 volts to ensure all electrical devices can operate properly. Most utilities address this challenge by over producing energy to ensure the high end of the voltage range is maintained.

“Utilities face both a legislative and operational challenge of ensuring they are delivering  efficient voltage within this range when it arrives at the customer’s home or business,” said Oshetski.

Overproduction of energy increases distribution losses and increases requirements for peak demand production. This problem is further exacerbated by the introduction of renewable energy generation which further leads to grid instability.

What the Micatu team was able to discover is utilities are actively seeking deployment of Integrated Volt/VAR Optimization, which allows them to control the voltage on the distribution grid and produce what is actually needed for each feeder circuit.

Micatu is Revolutionizing Optical Sensor Technologies

Focused on making the power distribution grid smarter, Micatu’s technology hangs on the power grid and measures voltage and currents very precisely. This helps the distribution grid to become more efficient, and enables analytics and integration as renewable power sources.

“Deployment of Micatu’s sensors for Integrated Volt/VAR Optimization typically results in a 1% energy savings for each 1% in voltage reduction. Micatu provides a cost effective solution, which is also one of the most accurate solutions for measurement of voltage and current on the smart grid today,” said Oshetski.

He continued to explain how over time, more renewables and co-generated sources will cause the grid to be less stable. Micatu technology was created to provide greater stability, allowing operators to figure out how much energy the grid is making, as well as calculate the demand.

Oshetski is now preparing to share this insight with the high-tech optical ecosystem at the 2016 Annual NFOC Communications Conference. Invited by leaders of the telecom and communications industry, he said he looking forward to talking about next generation of optical applications that will fundamentally create a new industry for optical sensing solutions.

“It’s exciting to see how Micatu’s optical sensor technology can have a big impact on the efficiency of power transmission and generation on our power grid. We have the potential to reduce greenhouse emissions, lower operating costs for utilities and ultimately savings for the end users,” said Oshetski.

The NFOC Communications Conference will take place on September 21-22 at the Turning Stone Casino and Resort.

Micatu Graduates from NEXUS-NY with Go-to-Market Products, Services

Something that sets Micatu apart from other companies is the startup’s two-pronged business model. In addition to offering a product, Micatu’s experienced consulting team knows how to take their product and make it solve problems for other companies. Oshetski said these professional business services are inherent to their product.

“Not every customer is the same and some require a unique solution,” he said. “Micatu provides additional value add services by integrating our technology into the final solution. This process saves millions in kw of energy, which in addition to being efficient, is good for the environment. We’re very much linked to making the environment more green.”

This connection to sustainability made Micatu a perfect match for the NEXUS-NY Clean Energy Seed Accelerator. As a proof-of-concept center in partnership with High Tech Rochester and partially funded by NYSERDA, NEXUS-NY helps catalyze the commercialization of early-stage technologies across New York state. During the NEXUS-NY program, Micatu was challenged to develop their idea into a technology for condition monitoring in wind turbines. To achieve this, Oshetski said the team focused on verifying their concept by talking to the end user.

“NEXUS-NY was a great learning experience and a huge value add to our company, said Oshetski. “We learned that just because we had developed a better widget, it didn’t mean that people were automatically going to buy it. The customer discovery process triggered a pivot, which required us to concentrate on the points that made sense in the industry.“

Now as a graduate of the NEXUS-NY accelerator, Micatu continues to use 3rd party testing to confirm the performance of their technology in partnership with NYSERDA and the National Renewable Energy Laboratory (NREL).

“We’re very proud of our progress. What takes big companies years to complete, we’ve managed to achieve in less than five as a small company with limited resources. Plus, Micatu hasn’t taken funding from any outside investors, and we’ve been cash flow positive since day one,” said Oshetski. “This didn’t come from having the best business plan in the world, because in our field business plans are outdated before they are complete. We’ve been able to do this by carefully forecasting our revenue and acquiring the employees needed to fulfill our orders. There’s nothing more to it. It’s a simple equation with a lot of points.”

Micatu Strives to Enhance New York’s High-Tech Ecosystem

Micatu also attributes this wave of success to support from the community at all levels. “Small business can’t do everything on their own, but when we work together, we can,” he said.

As our call came to a close I could hear Mike’s kids (5, 2) laughing in the background. Yes, in addition to building a successful startup, Mike has also been busy starting a family, But regardless of the challenges, Oshetski said he’s excited about the opportunity to bring more technology jobs to the area and build something bigger than himself.

“We can make the community better, and that starts with good paying jobs,” he insisted. “Right now Micatu pays more than the industry average and we’re proud of that. We inject a significant about salaries each month into the southern tier.  We have a great team of dedicated employees and we’re achieving this success together, for our families and our community.”   

For more details on this company, take a look back at NEXUS-NY New Energy Magazine.