Meet the 4 startups chosen for NextFab's RAPID Hardware Accelerator - Technical.ly Philly

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Apr. 11, 2017 12:18 pm

Meet the 4 startups chosen for NextFab’s RAPID Hardware Accelerator

They're all in the healthcare space.

Gear at NextFab.

(Courtesy photo)

NextFab just announced the companies that make up the 2017 spring cohort of its RAPID Hardware Accelerator.

What was the first thing we noticed? They’re all related to the healthcare and life sciences space. Just happenstance, says the makerspace’s president Evan Malone.”We had 27 applicants representing a broad array of product ideas, but these 4 rose to the top through our selection process.”

Though some may associate NextFab with consumer products (like that snow shovel that got onto QVC) or tech workshops, the company has had connections with the healthcare/life sciences space. Last fall, it offered participants at the Independence/Jefferson Health Hack access to its equipment to work on their ideas. 

For the first time, the program is investing $25,000 in the chosen companies through a SAFE agreement (a concept developed by YCombinator), which allows no equity to be taken initially. Once the company raises an equity round of financing, the investment turns into equity. Companies will also receive free office space, credit toward classes and opportunities for follow on investment.

Here are the cohort companies:

“We are working with the four finalists that didn’t get selected to help them prepare even stronger applications for the next RAPID cohort starting this fall,” said Todor “Ted” Raykov, NextFab Venture Services Manager. “It was a tough decision, because all of the finalists are working on exciting projects that could have a positive impact on our society.”

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