Funding The Ideas

Lapetus was founded in 2014 and has raised about $4.7 million. (Photo by Megan Deitz)

Wilmington might still have ground to make up when it comes to venture capital activity, but a number of area companies have received funding to support their growing businesses.

Since 2013, local companies have received $144 million in funding, according to filings with the U.S. Securities and Exchange Commission, although 93 percent went to one firm – nCino.

In January, nCino raised $51.5 million. Company officials said the funding would be used to fuel its global growth and product innovation. The company has raised nearly $134 million since it was founded in 2012, according to SEC filings.

Another company that has raised funding is Lapetus Solutions Inc., previously known as Lapetus Software.

The company was founded in 2014 out of a collaboration from Karl Ricanek Jr., a professor of computer science at the University of North Carolina Wilmington and Jay Olshansky, a professor of epidemiology at the University of Illinois at Chicago.

They combined their knowledge and partnered to create tools and platforms that help model and predict aging, health and life expectancy. Ricanek said this information can be used by individuals, insurance companies, cosmetic companies and marketing companies, among others.

Lapetus has raised more than $4.6 million in funding. Last year, it raised $3.4 million from 12 investors, according to SEC filings. In 2015, the company raised $1.2 million from two investors.

Read the full article here.

TOP