Akron Ascent Innovations (AAI), a startup from UA, announces that it has entered into an Asset Purchase Agreement with a large, multinational technology company, who will look to further develop the technology platform conceived at AAI.
Dr. Shing-Chung “Josh” Wong.
The AAI-developed, bio-inspired technology was originally invented by Professor Dr. Shing-Chung Josh Wong, and results in the ability to produce sustainable solutions for a wide range of industrial and consumer applications.
Prior to the acquisition, AAI and the buyer engaged in an approximately year-long strategic joint development program.
“Our buyer’s global scope will enable them to bring products based on AAI’s technology to market worldwide to meet the growing demand for sustainable materials,” says AAI President and CEO Barry Rosenbaum. “They also have a wealth of technology and application development expertise, which we believe will accelerate the commercialization of the AAI technology platform for the benefit of a wide range of customers.”
AAI was formed in 2012 after Rosenbaum and Wong participated in one of the first National Science Foundation (NSF) I-Corps Teams programs. The company subsequently received $1.6 million in NSF Small Business Innovation Research (SBIR) funding, grants from the Ohio Third Frontier, and several strategic investments from both private companies and Ohio angel investors.
Over the past eight years, AAI has received strong support from the University of Akron Research Foundation, Bounce Innovation Hub, University of Akron faculty and students, and outstanding mentors from the Northeast Ohio innovation and entrepreneurship community. “We could not have achieved this milestone without their support,” Rosenbaum said.
“As a startup company that grew out of the NSF I-Corps program, we could not be more pleased with AAI’s success,” says Elyse Ball, University of Akron Research Foundation executive director and I-Corps Site instructor. “Startup asset acquisitions are rare, and AAI validated our vision of the importance of customer discovery. Now, our goal is for other Akron startup companies to follow their path."
Media contact: Cristine Boyd, 330-972-6476 or email@example.com