Last modified: Tuesday, November 1, 2005
Pervasive Technology Labs at IU achieve economic development milestone
FOR IMMEDIATE RELEASE
Nov. 1, 2005
INDIANAPOLIS -- All six laboratories comprising Pervasive Technology Labs at Indiana University have now created or aligned with a spin-off company, marking a significant milestone in its economic development program, said Michael A. McRobbie, chief executive officer of Pervasive Technology Labs, at a recent presentation to the Indiana Futures Fund.
"Pervasive Technology Labs are an important source for IT-based economic development in the state of Indiana," noted McRobbie, who is also the vice president for research and information technology at Indiana University. "Through technology transfer, direct investment in start-up companies, and the creation of new companies based on technology developed by lab personnel working cooperatively with industry and government, we can harness information technology opportunities and help create new jobs that attract and retain a highly-skilled workforce."
Pervasive Technology Labs was created in 1999 with a $29.9 million grant from Lilly Endowment Inc., an Indianapolis-based, private philanthropic foundation, which has invested heavily in developing a 21st century economy for the state of Indiana. The six companies created by or aligned with the Pervasive Technology Labs are:
- Anabas Inc. (incorporated in 2000) -- Anabas Inc. is currently developing the next generation of online distance learning solutions, which will better enable organizations to create, manage and deliver educational content over the Internet. Anabas' solutions allow organizations to drastically reduce educational costs while increasing effectiveness. To date, Anabas has received $500,000 in external funding. This firm is associated with the Community Grids Lab of IU's Pervasive Technology Labs.
- Veterisoft Inc. (incorporated in 2004) -- The flagship product of Veterisoft Inc. is SourceGrid, a secure, rapid software development solution for software development management. SourceGrid is particularly well suited to manage around-the-clock projects that span the globe. In September, Verterisoft was among 30 of Indiana's most promising new companies given the opportunity to present before a group of venture capitalists in a bid for the title of Indiana Venture Idol and a $10,000 prize. This firm is associated with the Open Systems Lab of IU's Pervasive Technology Labs.
- KBE Systems LLC (established in 2004) -- Knowledge-Based Engineering Systems, or KBE Systems, creates custom-engineered simulation software that takes advantage of grid computing capabilities. KBE Systems provides engineering software by subscription, consulting, training and software development and has already secured consulting contracts with the Department of Defense. The firm is owned by personnel affiliated with the Knowledge Acquisition and Projection Lab of IU's Pervasive Technology Labs and Indianapolis-based CAE-Net Inc., a provider of computer-aided engineering simulation products and services.
- SGC Technologies LLC (established in 2004) -- SGC Technologies LLC plans to produce and sell software that will enable the convenient yet secure exchange of confidential patient information and proprietary business transactions. SGC Technologies' initial product, Slashtmp, allows users to safely exchange large files using a simple, straightforward Web-based application. This firm is associated with the Advanced Network Management Lab of IU's Pervasive Technology Labs.
- EnVizable LLC (established in 2005) -- EnVizable LLC plans to market integrated software and hardware solutions to support collaboration and educational activities. EnVizable builds computer systems for use in museums and trade show displays that foster interaction among various audiences. This firm is associated with the Visualization and Interactive Spaces Lab of IU's Pervasive Technology Labs.
- Acquired Science LLC (established in 2005) -- Acquired Science is a consulting and software-programming firm that creates data management, analysis and visualization solutions. Acquired Science seeks to do business with industry and K-12 educators. Acquired Science's first contract is with the Air Force Research Lab in Dayton, Ohio. This company is associated with the Scientific Data Analysis Lab of IU's Pervasive Technology Labs.
"All of the companies created as spin-offs of Pervasive Technology Labs are involved with the application of advanced information technologies, and many have applications in the life sciences as well -- thus they support two of the key focus areas for the state of Indiana's economic development plans," said Mark S. Long, president of the Indiana University Research & Technology Corp. "We can expect these companies to have a significant impact on the quality of life in the state of Indiana in years to come."
The Indiana University Research & Technology Corp. manages the Capital Seed Fund created by the initial grant from Lilly Endowment and has made equity investments in several of these companies. IURTC ensures that the technology transfer agreements and equity investments are executed in compliance with all relevant laws and university policies.
"The involvement of IURTC enables and facilitates the creation of these new businesses, ensuring that Indiana University has the greatest possible impact on the economy for the state of Indiana," Long noted.
To learn more about Pervasive Technology Labs at Indiana University and its partners, visit http://pervasive.iu.edu/.