Pitt’s Innovation Institute Fuels the University’s Commercialization Engine
Pitt faculty and student innovators produced a record number of licenses and options for University-developed innovation and were issued the second-highest number of U.S. patents in University history in fiscal year 2022, continuing a strong trend of positive growth in commercialization activity over the past five years. Key to the strong performance of Pitt innovators seeking to make an impact on the world with their research discoveries has been the effort to surround them with a selection of education, mentoring and other resources at every step of the commercialization process. This includes critical funding to bridge the gap between research discovery and the point at which a company has been formed or a license has been issued. The Chancellor’s Gap Funds were reauthorized in 2022 to provide funding for research projects that have demonstrated strong commercialization potential but require key proof-of-concept experiments, other data or prototypes to attract interest from potential investors or industry partners.
The fund provides grants ranging from $25,000 to $75,000 based on what is needed to advance the project through a significant milestone. A total of $263,000 was awarded in the most recent cycle.
The University continued to spin out startups in the double digits in fiscal year 2022, while previous Pitt startups achieved important milestones during the year. These include Diamond Kinetics (DK), based on Pittsburgh’s North Shore, which announced it had become a trusted youth development platform of Major League Baseball (MLB). Through the partnership, youth players can take swings and make throws using DK’s bat sensor technology and smart baseballs while merging MLB content directly into their everyday baseball activity through DK’s mobile apps. The technology was originally developed in the lab of William “Buddy” Clark, professor of mechanical engineering and materials science at the Swanson School of Engineering.
Meanwhile, Apollo Neuroscience, Inc., reported that it raised $15 million in Series A funding as it ramped up manufacturing and sales of its wellness wearable device. Apollo’s device improves the body’s resilience to stress so that users can relax, sleep, focus, recover and feel better. Worn on either the wrist or ankle, the Apollo device works by engaging with the sense of touch, delivering silent, soothing vibrations that help users feel safe and in control. The concept for Apollo was borne from research conducted at Pitt by Greg Siegle, professor of psychiatry and psychology, and David Rabin, a former resident in the Department of Psychiatry.
And Novasenta, spun out of the University in 2018, announced it has received a $40 million Series A investment to advance its pipeline of antibody-based therapeutics to treat cancer.