flying slippers blog

ic@3401: Where Innovation and Community meet

August 23, 2018

SocialLadder joined ic@3401 in February with a small team and a technology that leverages social media influencers as brand ambassadors. Six months, a capital raise, and a team more than triple the size later, the company is experiencing the growth most founders dream of.  

 

HeavyWater moved into ic@3401 with a team of eight, leveraged connections with Drexel’s College of Computing and Informatics, received assistance with hiring and introductions to local angels. The now publicly traded company graduated this month with 19 team members moving into dedicated office space in Center City.  

 

ic@3401 is home to the largest group of funded, early-stage tech companies in Philadelphia.  Entrepreneurs are accepted into the program through a competitive application process. As a result, ic@3401 houses a highly curated community of high-growth tech and software companies. This selection process fosters meaningful relationships among founders, funders and subject-matter experts that can be leveraged by ic@3401 members.  

Designed specifically for startups, it combines the ingredients to launch companies faster. By combining a traditional co-working model with resources, connections and customized mentorship, startups get the feedback they need and the support they require. A partnership between Drexel and the Science Center, ic@3401 allows entrepreneurs to tap into the creative minds of academia and industry. 

 

As a result of the successes coming out of ic@3401 members companies, investors are recognizing that ic@3401 is a Philadelphia asset and the place to look for their next deal. Ben Franklin Technology Partners has invested in nearly 40% of the companies at ic@3401, and many other investors count members and alumni in their portfolios, including: Robinhood Ventures, Keiretsu Forum, Mid-Atlantic Diamond Ventures, BioAdvance, Safeguard Scientifics, EDSi, NextFab, Rittenhouse Ventures, Delaware Crossing, DreamIt, and Startup PHL to name a few.  

 

Since the beginning of 2016, 52 companies have raised over $53M, creating over 250 new jobs locally.  

$20M+

Raised by 22 companies in 2018 to date

$15M+

Raised by 30 companies in 2017

$18M+

Raised by 23 companies in 2016

This recipe for success allows founders to enter ic@3401 with teams of, on average, two to three, deliver their product to market, obtain customers and revenue, hire their first employees, with most companies graduating with teams of eight to 12. The goal is not to have companies locate at ic@3401 forever, but to utilize the resources available to them -- including access to monthly events, introductions to subject-matter experts, and shared amenities – so they can graduate and continue to grow. 

 

Some member company highlights include: 

 

  • The One Health Company joined ic@3401 as a participant in the Science Center’s Digital Health Accelerator (DHA). They had an idea – to enroll ill pets in trials of cutting-edge therapies – obtained first revenues, graduated from the DHA, entered Y-Combinator’s Winter 2018 class, and then raised a Series Seed round from a notable west coast VC to continue to scale the business and pursue their mission 

  • Roar for Good graduated from DreamIt’s Athena program and entered the ic@3401 community. They went on to raise one of the largest crowdfunding campaigns in Philadelphia through Indiegogo, deliver their product to customers, and graduate with a team of a dozen.   

  • HeavyWater entered ic@3401 in 2017 as a company having just obtained its first revenues and developed a strong relationship with faculty from Drexel’s College of Computing and Informatics (CCI). They finished the year with significant revenue from major customers, having nearly doubled the size of their team. This year, they formalized their relationship with Drexel CCI ‘s Center for Visual and Decision Informatics, and continued to increase revenue before being acquired by Black Knight, Inc. (NYSE: BKI) to help further AI and automation in the mortgage industry.  

  • Serial Entrepreneur Zik Syed sold his last company and entered ic@3401 to solve one of the largest problems facing pharmaceutical companies: enrolling more patients in the right clinical trials. VitalTrax raised capital from the Digital Health Seed Fund to start scaling and with the help of Venture for America expanded its team.  

  • BioMeme entered the DHA after developing their product as a part of the DreamIt Health program. They obtained first revenues and began to scale their end-to-end mobile platform allowing DNA and RNA testing with lab-grade molecular testing techniques.  

 

Interested in joining the ic@3401 community? Submit your application here.  

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