DeNovo Sciences has its sights set on closing a seven-figure angel round within the next few months, thanks to the boost from its big win at the Accelerate Michigan Innovation Competition.
Of course it doesn't hurt to have the competition's $500,000 top prize to start with. Kalyan Handique, the start-up's new CEO, says the win "definitely helps move our investors toward signing a term sheet," which he expects will happen by the time his company closes its first investment round in the first quarter of 2012.
"We want to get to $1 million in funding so we're on track next year," Handique says. "We plan to make our prototype next year."
is developing a method of transmitting blood samples from a remote region to a clinical laboratory via cell phone technology as an early warning system for cancer. The one-year-old start-up has gone from its three co-founders volunteering at last year's Accelerate Michigan
competition to get access to the entrepreneurs and investors there to landing the top prize this year. It recently hired Handique, a co-founder of HandyLab, as its CEO and moved into new space at the Michigan Life Science & Innovation Center
team of four has also lined up a number of consultants and business experts so it can further build out its team next year. That looks like it will be happening sooner than they expected with the Accelerate Michigan hype.
"The win is definitely helping us speed up the entire process," Handique says.
Source: Kaylan Handique, CEO of DeNovo Sciences
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.