*NEWS: Incubator Announces Record Results for 2018
An incubator with an outpost in Irvine announced record results from its portfolio companies last year: $266 million in financing and six exits.
EvoNexus announced the results in a May 1 press release.
The six exits were:
– Edico Genome by Illumina for $100 million
– Approved by Credit Karma
– LoanHero by LendingPoint
– Appulse Power by Silanna Semiconductor
– Abtum by an undisclosed company
– Pet Wireless by an undisclosed company
Since its inception, 77% of EvoNexus’ portfolio companies have raised funding while in residence at the incubator. Investments were received from more than 175 institutional VC groups.
Forty VC’s invested in EvoNexus companies in 2018.
“Financings in 2018 included angel rounds ranging from $75,000 to $1.5 million,” Marco Thompson, president of EvoNexus, said in the release. “The financings were highlighted by Series A and B deals, including Syntiant with $25M, LeadCrunch with $10.5M, Obsidian with $20M, Omniome with $60M, TenantBase with $10.7M and InBrace with $20M.”
During the last seven years, 26 EvoNexus portfolio companies have had successful exits; more than $850 million in exit value to date.
Rory Moore, CEO and co-founder of EvoNexus, credits long-term strategic partner sponsorships for being critical to growing emerging ecosystems. One of those is the Irvine Company, which essentially subsidizes EvoNexus’ rent in Irvine and at its HQ in San Diego, so EvoNexus can in turn provide free space to the startups it incubates.
Last year, EvoNexus started taking equity in those startups.
“Working with our strategic sponsors, we can accelerate EvoNexus and its impact on the innovation economy,” Moore said in the release. “We’re now identifying and creating customized technology portfolios within EvoNexus, and in some cases incubators focusing on very specific tech sectors, all of which are driving new product roadmaps and infrastructure connections, while fostering the fastest way to the commercialization of novel technologies and launch of startup companies.”
Startups participating in the EvoNexus in-residence program receive domain expertise mentoring, introductions to capital, collaboration with other startup CEOs and potential partnerships with strategic sponsors. They also receive free residency in Class A office space for up to two years.
In addition to the Irvine Company, other long-term sponsors include original strategic partners Qualcomm and Viasat. More recent sponsors are Cubic, EMD Performance Materials, Franklin Templeton and Royal Bank of Canada (RBC).
Last month, EvoNexus launched a fintech incubator in collaboration with Franklin Templeton and RBC. See related story here.
This fintech incubator is now accepting applications.
The new 6,000 square feet of dedicated office space in SD is in the same building as EvoNexus’ tech incubator and is set to open its doors this month.