Two Kansas City startups are among a handful of Missouri companies receiving a collective $1.4 million in investment allocations through a state-sponsored venture capital program.
Facility Ally, led by serial entrepreneur Luke Wade; and DevStride, co-founded by Phil Reynolds, Chastin Reynolds, Aaron Saloff and Kujtim Hoxha; must now complete the Missouri Technology Corporation’s due diligence process for the IDEA Fund, which includes raising required matching funds.
RELATED: MTC hits $50M investment milestone through its state-sponsored venture capital program
Support from MTC further proves Facility Ally is on the right track, said Wade, adding it’s validating for others to see what his team is building and believe in the vision.
Sports tech startup Facility Ally helps manage court/field bookings, leagues, event sign-ups, lessons, classes, memberships, and more, all in one system.
“We plan to use the funding to hire more local sales and development team members right here in Kansas City,” said Wade, noting Facility Ally is still raising its next round. “I believe we stood out in the application process due to the traction we gained in 2023 and so far this year plus our desire to continue to hire locally and grow our team in Kansas City, Missouri.”
Fellow awardee DevStride is an integrated project and portfolio management solution designed for complex organizations that want to bridge the gap between internal agile practices and rigid external commitments. DevStride eases friction between agile workflows and regulatory, statutory and contractual requirements by meeting stakeholders where they are in their agile transformation journeys.
Co-founders Phil and Chastin Reynolds relocated to Kansas City in 2021 from Springfield, Missouri.
“I have found that there is this genuine culture of founders cheering each other on and trying to offer meaningful, helpful support,” Phil Reynolds told Startland News previously. “There’s just a lot going on, and everybody is very friendly and collaborative. I couldn’t appreciate it more.”
Additional equity investments were announced for three St. Louis companies:
- Maximum Fidelity Surgical Simulations — creates hyper-realistic surgical simulations using EnvivoPC, which is a patented and proprietary cadaver perfusion system. Customizing every surgical simulation experience to match the unique needs of their customers, whether it is for military training, research and product development, or medical education.
- Pairidex — a clinical diagnostics company that offers laboratory-based testing for cancer detection. Pairidex uses patent-pending technology to accurately detect gene fusion-driven cancer at lower levels than any other tests, allowing for earlier detection of disease or relapse. Initially we are focused on blood cancers—specifically leukemia.
- Trelus — a subscription-based, SaaS platform and digital roadmap giving founders and owners step-by-step guidance, AI-powered workflow and resources to maximize value and ensure exit readiness long before they exit.
Since January 2023, MTC has awarded over $11 million in investment allocations through the IDEA Fund to nearly 40 Missouri-based high-growth potential startups.
Kansas City companies receiving allocations in recent months include Sailes, SaRA Health, Serviam Care Network, backstitch, Foresight and Likarda. Not all companies who receive allocations ultimately join MTC’s IDEA Fund portfolio.
MTC accepts IDEA Fund applications continuously and reviews applications on a quarterly cycle to determine award allocation. Awarded companies have up to one year to secure the matching co-investment, close their funding round, and receive MTC’s investment.
Deadlines for full consideration for each quarterly application review cycle:
- 11:59 p.m., Wednesday, May 8 — July 2024 Award Cycle
- 11:59 p.m., Wednesday, Aug. 7 — October 2024 Award Cycle
