JumpStart Inc., the Northeast Ohio venture development organization that accelerates the progress of high growth early-stage businesses, announces two JumpStart Ventures investments. Absorbent Materials Company LLC (dba ABSMaterials LLC), a company developing a novel, silica-based material that absorbs toxins in water, and MAX Endoscopy Inc., a medical device manufacturer using fiber optics to guide the treatment of hemorrhoids, each received investment commitments of $250,000.
ABSMaterials' patented "swelling glass," developed by Dr. Paul Edmiston from the College of Wooster, is similar to a highly tensioned, nano-matrix of glass. When it comes in contact with a volatile organic compound in water, such as fuel oils, chlorinated solvents, and hexamine, the glass absorbs the volatile molecules within the compound without reacting with the water. ABSMaterials is currently marketing three variations of the material to firms and government agencies contracted to clean up or remediate toxic groundwater contamination sites.
"We are excited to work with JumpStart Ventures as we continue to prove consistent remediation success with our material," said ABSMaterials Chief Executive Officer, Stephen Spoonamore.
MAX Endoscopy's patent-pending device, called the PRECISION Endoscopic Infrared Coagulator(TM), utilizes infrared light (which coagulates blood vessels) using flexible fiber optic technology. When used in a scope, the result is increased accuracy and visual confirmation of successful treatment. MAX Endoscopy has received FDA clearance on the system and is currently selling to gastroenterologists and colorectal surgeons.
"With this investment, we are beginning to lay the foundation for scalable penetration into the large, profitable, and growing gastrointestinal endoscopy market," said Robert Stuba, President and CEO of MAX Endoscopy.
With these two investments, JumpStart Ventures has invested in four new companies in 2009's fourth quarter, bringing its portfolio of high growth, early-stage companies to 44.
SOURCE JumpStart, Inc.