Operated by StartUpNV, a nonprofit incubator and accelerator for Nevada-based startup companies, AngelNV recently held its Shark Tank-style finale where Nevada Secretary of State Francisco Aguilar awarded the grand prize investment of $200,000 to Adaract, a Reno-based startup that creates high performance artificial muscle actuators for stronger, lighter, and smaller motion solutions in prosthetics, robotics, aerospace, and more.
"Adaract is excited to utilize AngelNV's investment to bring our revolutionary artificial muscle actuators beyond just our original proof-of-concept in prosthetics to more lifelike robotics, lighter aircraft, and more,” said Marcus D’Ambrosio, Adaract co-founder. “This funding will allow us to secure the foundational customer base, government contracts, and intellectual property needed to raise our next round of fundraising for broader expansion."
The $200,000 investment came from angel investors who invested at least $5,000 to the AngelNV Conference Fund.
This year, the investor group totaled 50 individuals with 52 percent from underserved groups (women and minorities).
The AngelNV investment is matched by funds from the State Small Business Credit Initiative (SSBCI) administered by the Governor’s Office of Economic Development for a total investment of $400,000.
SurgiStream, a startup in Las Vegas that creates and sells a software application that solves the scheduling of surgeons, operating rooms, support personnel, and devices needed for the surgery, received the $125,000 runner-up investment from AngelNV. This investment will also be matched with SSBCI funds, for a total of $250,000.
“Having been chosen as one of AngelNV’s 2023 startup competition winners is exciting!” said George Gluck, SurgiStream founder. “Connecting with the local startup community and investors who see the value SurgiStream creates will continue building on our momentum.”
The startup finalists were selected from more than 250 participants in AngelNV’s free entrepreneur bootcamp that educates founders on how to raise venture capital.
Many of the investors participated in AngelNV’s 14-week investor bootcamp that teaches angel investing strategies and tactics.
During the bootcamp, investors hear pitches and perform extensive due diligence of the companies vying for the investment.
AngelNV is a program of StartUpNV that provides expert mentorship to startups and access to a network of capital partners. Since StartUpNV began operation in 2017, more than $77 million has been raised and invested in 56 companies participating in StartUpNV programs, including AngelNV.
StartUpNV launched AngelNV in 2020 to foster an angel investment network for Nevada-based startups and attract to the state scalable startup businesses and entrepreneurs with big ideas to build a more diversified and resilient economy.
AngelNV is building a bridge between entrepreneurs and angel investors by educating startups on raising capital and teaching accredited investors how to invest wisely in startups.
For more information visit: AngelNV - For Nevada Angel Investors | Investors Become Angels. StartUps Take Flight,
