Propel(x) Announcement: $5.3 Million Raised For Deep Technology & Science Startups Through Platform in 2016

Online angel investment platform Propel(x) announced on Wednesday its platform hit a significant growth milestone in 2016 by helping to secure $5.3 million for deep technology and science startups. Sharing details about the milestone, Swati Chaturvedi, CEO and Co-Founder of Propel(x), stated:

“2016 was a successful year in connecting groundbreaking science and technology startups with angel investors that share our common goal of making our world a better place. We are encouraged by the fundraising success we have seen on our platform and look forward to continuing the strong momentum as we enter 2017.”

Among those who raised funds through Propel(x)’s platform in 2016 included:

  • Abtum: a developer of a highly differentiated, multi-patented RF technology for wireless devices raised $143,000 during its seed funding round. 
  • Axiom Exergy:  an energy storage company that transforms supermarket refrigeration systems into cloud-connected batteries secured $1.39 million through Bridge round.
  • zPredicta: a biotechnology company founded in 2014 by 2 Ph.D. scientists, Julia Kirshner and Mukti Parikh, are pioneering in organ-specific and disease-specific platforms for drug testing successfully raised $100,000 during its Seed round.
  • GraphWear: a non-invasive sensor that detects micronutrients and diseases from sweat in real-time has closed a $100,000 through its Seed round.

Among other Propel(x)’s achievements, Chaturvedi also discussed its first channel program with Breakout Labs, which launched in 2016:

“Last year, we introduced an exciting program on the Propel(x) platform that makes it easier for angel investors to access the highest quality deal flow while providing the institutions a centralized way to showcase and fundraise for their startups. We look forward to introducing other channels on Propel(x) to help facilitate vital fundraising efforts.”

Propel(x) also revealed it has collaborated with Breakout Labs, the MIT Alumni Angels of Northern California, and Innovation Node – Los Angeles, a national node of the National Science Foundation Innovation Corps (“I-Corps”) Program to conduct and release a survey of over 200 active and aspiring angel investors in the U.S. during 2016. The company stated that the study revealed angel investors are independent and do not have a “follow the leader” mentality. The study also found while nearly half of active angel investors ranked the potential for investment returns as a top motivator for startup investing. 

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