13 teams of entrepreneurs enter semifinal round of Panasci competition

By Kevin Manne

BUFFALO, N.Y. — The University at Buffalo has identified 13 teams as semifinalists in the 25th annual Henry A. Panasci Jr. Technology Entrepreneurship Competition (Panasci TEC), taking them one step closer to the $65,000 in startup funding and business services that will go to the group that presents the best plan for a viable new business in Western New York.

The second-place team will receive $10,000 in seed funding.

After watching a record 41 first-round pitches, preliminary judges pared down the teams to those below, which represent a wide range of business plans.

Nine pitches focused on services or products for health, medicine and well-being:

• CellSphere AI is an artificial intelligence-powered spheroid sorting system that automates the classification, selection and purification of 3D cell cultures.
• Dynamic Relief produces beverages that help alleviate and prevent inflammation.
• HINT Juice and Smoothie Bar provides freshly made, high-quality juices using natural ingredients with no added sugars or artificial flavors.
• Lanatis uses yeast bioengineering and natural plant products to produce small-molecule therapeutics.
• Lift Card is a social fitness app that allows users to log workouts, track progress and get stronger with friends.
• Nara Therapy Inc. provides users with 24/7 mental health support before, during and after therapy sessions.
• SATE (Speech Annotation and Transcription Enhancer) is an AI-powered smart audio application that saves speech language pathologists time on manual annotation work, allowing them to focus on their patients.
• Seekr is a minimalistic wearable device that helps people with low vision to see and navigate. 
• WoundVision is a home-use device that allows patients to assess wounds over the gauze, eliminating the need to remove gauze and disrupt healing. 

Four entries were for digital innovations that tackle a variety of needs:

• AI-Driven Laser Weeders for Small-Scale Farmers is an affordable, chemical-free option for weed control in small-scale vegetable farms.
• Elysium Security is a technology that uses AI to detect crime in real time.
• HIVE is a digital platform that connects college students with campus opportunities, events and communities.
• Tachyonet provides next-generation, high-performance cloud computing technologies.

Each semifinalist team has been matched with a coach from the business community to prepare for the next round, when they will submit written materials along with a video pitch. Judges will evaluate those materials and select five finalists by March 28.

Finalists will deliver long-form presentations to judges on April 23, and public presentations will be held from 4:30-7:30 p.m. on April 24 at UB’s Center for the Arts. There, they will present 5-minute pitches, 43North-style, to a panel of judges and other viewers, and will be evaluated on how well they describe the feasibility and marketability of their venture, prove the need for their product or service and present potential sources of capital.

In addition to $25,000 in seed funding, the winning team will receive in-kind awards valued at $40,000 for business counseling from Atlas Alignment Growth Partners; legal services from Colligan Law LLP; accounting services from Lumsden & McCormick LLP; website development and creative agency services from ThreeSixty; Intellectual Property legal services from Stake; and co-working space from the UB Office of Business and Entrepreneur Partnerships. 

Panasci TEC was created in 2001 by the UB School of Management and the UB Office of Business and Entrepreneur Partnerships, and is funded with a $1 million endowment from the late Henry A. Panasci Jr. to facilitate and promote the commercialization of UB-generated technologies. 

Hosted by UB’s Startup and Innovation Collaboratory powered by Blackstone LaunchPad, the event brings together UB students from science, technology, business and other disciplines to maximize their potential and create viable businesses in Western New York.

In addition to the competition on April 24, organizers will recognize the event’s 25th anniversary while celebrating the future of entrepreneurship and innovation at UB through a series of special initiatives. 

For example, this year’s event will introduce the Queen City Connectors — a group of regional leaders who will engage with student entrepreneurs and their supporters at a dynamic networking session to foster connections that will drive economic growth in Western New York.