|
Rose-Hulman Ventures assists Indiana business growth
Two Indiana companies will develop and introduce new products into the marketplace
quicker because of financial and technical support they are receiving from Rose-Hulman
Ventures. Both companies anticipate hiring additional employees as a result of the new
product development and sales.
Camile Products of Indianapolis, Ind., has selected Rose-Hulman Ventures to build a new
scientific instrument for the life sciences and chemical industries.
Rose-Hulman Ventures will also invest $450,000 in Bloomington-based Maddock
Industries, Inc. to accelerate the development of four new products the company will
introduce in the next two years, according to James Eifert, president of Rose-Hulman
Ventures.
Camile Products President Spencer Vawter said his company’s collaboration with
Rose-Hulman Ventures will create a high throughput chemical synthesizer. The product will
enable chemists to optimize new chemical entities faster, shortening product development
time and increasing corporate revenues and profits.
“By taking advantage of engineering expertise at Rose-Hulman Ventures, we’ll be
able to bring this product to market in half the time originally estimated. Speed to
market is critical in our marketplace, which is characterized by exploding demand and
little supply,” he said.
Eifert said Rose-Hulman Ventures will provide its services valued at $500,000 in exchange
for a convertible debt instrument from Camile.
Maddock Industries designs and manufactures equipment used in road building and asphalt
recycling.
“This investment will enable us to expand the markets for our products to nearly 25
states,” said company president David Maddock. A 12,000-square-foot manufacturing
facility in Bloomington will be constructed to handle the expected production growth.
Rose-Hulman Ventures is a technology-based business incubator and product development
center affiliated with Rose-Hulman. Eifert said the two projects illustrate how
Rose-Hulman Ventures will assist companies that are not located at the Rose-Hulman
Ventures facility. Eifert said the investment in Maddock Industries consists of two
components. “The New Product Development Labs at Rose-Hulman Ventures
will invest $200,000 to aid in the development of Maddock’s new products during the
next two years,” Eifert stated. “The Success Fund, the venture capital
component of Rose-Hulman Ventures, will invest an additional $250,000 to enable Maddock
Industries to acquire sales and marketing services not directly available from the
Rose-Hulman community.”
The development of the high throughput chemical synthesizer will provide an excellent
opportunity for several chemical, electrical, applied optics, and mechanical engineering
students to put their classroom knowledge to work on real projects and thereby gain
valuable experience, stated Brij Khorana, vice president of the Innovation Group and
director of the New Product Development Laboratories at Rose-Hulman Ventures.
 
|
