Gener8tor raises $1.5 million fund
5 companies picked for start-up training class
Gener8tor, which runs start-up training programs in Milwaukee and Madison, said Friday it has raised a $1.5 million third fund and named five companies to its next class.
The fund, called gener8tor Fund III, will support the accelerator’s 2016 operations and investments, according to a news release.
The new class is the eighth gener8tor has run since forming in 2012, the release said. The 38 startups that graduated from gener8tor’s previous programs have raised nearly $75 million in followon financing and created more than 400 jobs, gener8tor said.
The start-ups, which will participate in a 12-week program in Madison, were chosen from 544 applicants. Two of the companies —23VIVI and Exis — participated in gener8tor’s gBETA program, which is designed to help more Wisconsin companies get into the 12-week class.
23VIVI, Madison, is an online marketplace for rare and limited edition fine art and digital fine art by professional artists.
Exis, Madison, has a platform that allows developers to write secure, reusable and understandable code to communicate with services in the cloud such as databases, user authentication and custom business logic.
Allergy Amulet, Boston and Madison, is developing a portable allergen detection device that plugs into a piece of jewelry that helps users test food before eating it.
Behold.ai, New York, has software that uses deep learning technology and artificial intelligence to make it easier for health care practitioners to identify diseases from radiology and camera image data.
DATTUS, Indianapolis, provides Internet of Things solutions to to help industrial facilities compete via data-driven intelligent decision-making.
Upon completing gener8tor’s program, the start-ups will make pitches to investors and others at an event in Madison in May. As part of the program, they receive a $20,000 cash investment from gener8tor in exchange for 6% to 7% equity. They are also guaranteed $70,000 of additional follow-on funding from gener8tor in the form of a convertible note. And those that create jobs inWisconsin are eligible for an additional $50,000 investment through gener8tor’s partner, BrightStar Wisconsin.