Two Indy-area startups among Rally pitch contest winners eligible for up to $1M
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Indianapolis-area startups Insignum AgTech and Grannus Therapeutics were among the five winners announced Wednesday in Elevate Ventures’ second annual In-Prize pitch contest, which comes with the potential for up to $1 million in funding for each of the winners.
The contest, which was part of the Rally innovation conference, included five separate competitions, each focused on a particular industry: agriculture and food, hard tech, health care, software and sports tech. In each of the five competitions, five finalists delivered pitches to a panel of judges who then selected the winner.
Insignum, which is based in the Hamilton County town of Atlanta, has developed gene editing technology that allows plants to change color when stressed, alerting farmers to early signs of problems like disease or insect attacks.
Grannus is an Indianapolis-based biotechnology startup that is developing a new cancer treatment.
This year’s other winners were:
- Sizzle, a Sunnyvale, California-based company that uses artificial intelligence to create “sizzle reels” of a gamer’s best gameplay moments
- Ascent Integrated Tech, a Chicago-based company that allows first responder agencies such as fire departments to track responders’ movements within a structure during emergency incidents
- ZILA BioWorks, a Renton, Washington-based company developing a plant-based epoxy resin that is a more environmentally friendly alternative to petroleum-based products.
Per contest rules, each of the five IN-Prize winners has the chance to land up to a $1 million investment, which includes up to $500,000 in co-investment from Elevate Ventures. A company that secures $500,000 from other investors, for instance, will be eligible for a $500,000 investment from Elevate Ventures.
For winners based outside of Indiana, the Elevate Ventures funding also comes with the requirement that the startup establish a significant Indiana presence. Contest rules define “significant presence” as having at least one physical office or active co-working membership and at least one full-time company executive or founder in the state for at least one year.
ZILA was also selected to advance to a separate competition this fall, the Startup World Cup, in which it could win an additional $1 million prize.
The Startup World Cup is organized by California-based Pegasus Tech Ventures. It consists of more than 100 regional competitions around the world, with the winners of those regional competitions earning the chance to advance to the final event. This is the first year that the IN-Prize competition has served as a feeder event for the Startup World Cup. That competition takes place Oct. 4 in San Francisco.
Though it is based in Washington state, ZILA is not a stranger to Indiana. In 2022, the company was also a participant in the Indianapolis-based Heritage Group Accelerator—an in-person 13-week program for companies operating in areas such as energy, sustainable materials, water, infrastructure, and materials recycling/reuse.