SAN DIEGO, Jan. 18, 2023 /PRNewswire/ — OmniSync has been awarded a 5-year Phase III commercialization contract by the Office of Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) Programs within the U.S. Department of Energy (DOE), Office of Science for the development of the SBIR Partnering Platform aimed at improving the outcomes of both research and commercialization within the DOE SBIR/STTR programs.
The Federal SBIR/STTR programs provide over $4B in early-stage, non-dilutive funding annually to qualified US-based small business startups to encourage the development of innovative technologies. The DOE participates in the SBIR/STTR program, awarding over $300M annually to startups developing transformative energy technologies. An objective of the SBIR/STTR program is that technologies developed using these designated taxpayer funds ultimately benefit Americans, whether it be in the form of taxable revenue, jobs, or other societal or scientific impact.
Despite being awarded SBIR/STTR funding at the R&D phases (Phase I and Phase II) of technology development, awardees often find it challenging to progress into Phase III (commercialization). This funding gap is often termed the ‘valley of death’ for federally funded startup technologies if they are unable to secure additional capital or revenue. The SBIR Partnering Platform will utilize best-in-class artificial intelligence (AI) algorithms to connect SBIR/STTR applicants and awardees with relevant stakeholders, such as industry partners, private/investor capital sources, service providers, subject matter experts, etc., as well as equip them with comprehensive innovation landscape data that can greatly accelerate commercialization progression of new technologies.
“Bringing innovators and innovation seekers together has always been at the core of OmniSync’s mission. Being at the right place, at the right time, can do wonders for any young small business startup – a chance encounter with a venture capitalist, finding a niche prototyping group, or that potentially game-changing email inquiry from a strategic partner that got buried in a busy founder’s inbox. Our goal with the platform is to orchestrate more opportunities for such fruitful interactions to occur predictably to increase the chances of commercialization success, and we are thrilled to support the DOE on its mission to address the country’s energy, environmental and nuclear challenges,” said Dr. Rupak Doshi, CEO of OmniSync.
OmniSync’s Phase III award with the DOE is an outcome of the Phase I and II SBIR contracts that OmniSync was awarded through the AFWERX program from Department of Air Force (DAF), which connects innovators across government, industry, and academia. The DAF began offering ‘The Open Topic’ SBIR/STTR program in 2018 which expanded the range of innovations the DAF funded. OmniSync’s Phase III award utilized the cross-agency sole source contracting authority afforded by the SBIR program, which significantly reduces the contracting process and timeline.
OmniSync aims to continue expanding its impact across US Federal agencies that are addressing our nation’s toughest challenges, through the implementation of modern software capabilities that dramatically enhance deep innovation intelligence within large organizations.
OmniSync is a San Diego-based dual use technology startup that uses a combination of best-in-class AI/NLP-powered innovation discovery tools, process automation software, and expert-driven support services to democratize access to public/private innovation funds. Its flagship product, TurboSBIR is used by commercial deep tech and life science startups to access Federal SBIR/STTR programs to fund product development. OmniSync is backed by strategically aligned venture capital firms, Govtech Fund, Longley Capital, and General Inception, family offices, such as Keshif Ventures, and other angel investors. The company receives support from the ex-Googler founded venture studio, Launch Factory, and accelerators, Capital Factory and EvoNexus. Learn more about OmniSync and TurboSBIR.
SOURCE OmniSync Incorporated