AgriNovus Velocity winners announced, showcasing innovative agricultural technologies such as high-temperature bioreactors and rapid genetic modification testing on-site.
In a significant stride for Indiana's agbioscience industry, three innovative startups have emerged victorious from the Velocity accelerator program, a six-month initiative designed to foster growth and advancement in the sector.
Organized by AgriNovus in partnership with several esteemed organizations, including the Indiana Corn Marketing Council, Indiana Soybean Alliance, Elevance Health, Beck’s Hybrids, Ag Alumni Seed, and Gutwein Law, Velocity focuses on three critical areas: food is health, bioinnovation, and farmer-focused innovation.
The program, which provides a structured six-month accelerator, offers personalized support to each company, identifying key performance indicators (KPIs) and metrics that are relevant to their success. Unlike previous shorter innovation challenges, Velocity offers startups more time to engage deeply with subject matter experts, mentors, investors, and potential customers, fostering meaningful collaboration and supporting early-stage founders who need more than a brief sprint to compete effectively.
The program culminates in a Demo Day, where participants pitch their solutions, and winners are awarded prizes of $25,000 per track to help move their innovations forward. This year, NanoBio Designs, Integrated Dynamics, and NutriPop have each won a $25k prize in their respective tracks.
NanoBio Designs, a company offering rapid, on-site, and cost-effective DNA testing services for grain distributors to detect Non-GMO criteria, has started generating revenues from paid pilots with Kent Corporation and an undisclosed leading ag company. The startup estimates it needs to conduct around 17,000 tests and 36 units annually to break even.
Integrated Dynamics, on the other hand, is developing a biomanufacturing platform that converts low-cost organic feedstocks into ethanol, acetone, hydrogen, and other products using existing corn-to-ethanol infrastructure. The process runs at high temperatures, enabling continuous fermentation and reducing equipment needs. Integrated Dynamics aims to commercialize its technology at an ethanol plant with a partner at industrial scale in 2028, with the costs for a partner to get started being relatively small, requiring repainting, insulation, and a fan system.
NutriPop, a startup looking to cater to the Gen Z American consumer, is developing high-protein, low-calorie, low-GI, plant-based snacks made from popping water lily seeds in olive oil. The company is gearing up to launch the snacks this fall, initially producing them in India via a co-packer. NutriPop plans to tweak the snacks' flavours, with options like cheddar cheese, caramel, sour cream and onion, and barbecue.
Startups in the bioinnovation space, such as NutriPop and Integrated Dynamics, are encouraged to engage with potential customers and partners as early as possible. Integrated Dynamics has demonstrated its technology at the 50-liter scale and plans to prove it at a larger scale next year.
Velocity replaced two innovation challenges AgriNovus used to run, which were 7-9-week sprints. The extended engagement provided by Velocity offers startups a valuable opportunity to refine their ideas and build strong foundations for their businesses.
AgriNovus' mission is to fuel growth in Indiana’s agbioscience economy by empowering innovators to move big ideas forward in a meaningful and sustained way. With the success of this year's Velocity program, it seems that mission is well on its way to being achieved.
- In the realms of both food-and-drink and technology, NutriPop is innovating by developing high-protein, low-calorie, plant-based snacks made from popping water lily seeds in olive oil, with plans to engage with potential customers early and launch the snacks this fall.
- Integrated Dynamics, a startup in the science field, is focusing on bioinnovation by creating a biomanufacturing platform that transforms low-cost organic feedstocks into ethanol, acetone, hydrogen, and other products, using existing corn-to-ethanol infrastructure.
- Leveraging opportunities in the lifestyle sector, financial support is essential for early-stage founders like the victorious startup NanoBio Designs, which offers rapid, on-site, and cost-effective DNA testing services for grain distributors, aiming to generate revenues and achieve break-even by conducting around 17,000 tests and 36 units annually.
