A drug company trying to save infants’ lives, a university center protecting hospitals from hackers, a tech company building extreme drones: three groups in the region are getting a cash boost from a fund that spurs innovation in Virginia.
Of the 26 tech companies and four universities receiving grants this year from the Center for Innovative Technology’s Commonwealth Research Commercialization Fund, three are from this region: ReAlta Life Sciences, Old Dominion University and Sentinel Robotic Solutions.
The fund’s $2.48 million in grants leverages more than $13 million in matching investments to fuel advancement in evolving technologies. Since the fund’s inception in 2011, it has awarded more than $30 million to help launch close to 380 early-stage technology projects.
Ed Albrigo, president and chief executive officer of CIT, a nonprofit based in Herndon, said in a news release that investments made in research today are important for the future of Virginia’s technology economy.
“These award recipients are advancing a number of new technologies, such as therapeutics, including those for infectious disease; unmanned systems for agriculture, utilities and smart buildings; and increased cybersecurity for the healthcare industry,” Albrigo said.
ReAlta Life Sciences (life sciences)
Founded in Norfolk in 2018 by the Children’s Hospital of The King’s Daughters, Eastern Virginia Medical School and an affiliate of Children’s Specialty Group, ReAlta is a pharmaceutical company dedicated to saving lives by harnessing the power of the immune system.
“To support our mission, ReAlta has developed a new class of drugs that can address unmet, life threatening medical needs in entirely new ways due to our platform’s unique therapeutic capabilities,” Neel Krishna, ReAlta’s chief scientific officer, said.
Krishna said the $59,446 award will help support the clinical development of the company’s lead compound, a peptide inhibitor, to treat babies suffering hypoxic ischemic encephalopathy, a severe condition that deprives the brain of oxygen.
“It will allow us to get it to patients faster and save lives,” Krishna said.
Old Dominion University (cybersecurity)
Sachin Shetty, an associate director at the Virginia Modeling, Analysis and Simulation Center and professor in the computational, modeling and simulation engineering department at Old Dominion University, said the school received a contract from Sentara Healthcare in 2018 to develop a blockchain solution for medical device security.
Shetty said the software tool allows the healthcare facility to detect any unauthorized devices within the system.
After building the system, testing it and spreading the word about its value, Shetty said they decided to look for funding.
“We feel confident that it’s not just a lab product; it’s also been tested and evaluated … we needed an entity that can now take over,” Shetty said.
The $150,000 grant will help with commercialization of the tool, development of additional cybersecurity products and the formation of a start-up company in Norfolk.
Sentinel Robotic Solutions (unmanned systems)
Wallops Island-based Sentinel Robotic Solutions works with military operations, military leadership, and drone manufacturers in all aspects of operational support including mission planning, air vehicle piloting, data collection, test management services and project management.
The $75,000 grant will be used to commercialize and market its Sentinel Aerium, a small, American-made, ultra-long endurance, rugged, multi-use, Unmanned Aerial System.
Peter Bale, chief executive officer for Sentinel, said the system’s disruptive design and flight characteristics will expand the use and market for drones with proven flight times – which are significantly greater than what is currently flown in the industry.
“It will provide users with greater efficiencies in current applications and new use opportunities that are currently unimaginable,” Bale said.
Bale said the development and sales of the product are expected to require 50 new jobs by 2023, with an addition of 10 jobs a year afterward.
“These jobs will range from engineers, technical tradesmen, office staff and trade laborers that will give students on the Eastern Shore a greater opportunity to work and grow on the Shore,” he said.
Sandra J. Pennecke, 757-222-5356, sandra.pennecke@insidebiz.com
