Florida Institute Funds Keystone Heights-based Auxadyne
The Florida Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Auxadyne, a Keystone Heights-based company with technology developed at Florida State University. The Institute supports new company creation based on publicly-funded research, and bridges early funding gaps for companies spinning out of Florida-based universities and research institutions.
Auxadyne is commercializing Xylafoam, a revolutionary auxetic polyurethane foam technology with initial applications in the athletic equipment and medical device markets, for products such as the socks worn by amputees to attach prosthetic devices. The foam forms a self-adjusting shape that allows for constant pressure in dynamic volumetric environments such as swelling and bending.
"Conventional high impact resistance pads are hot, heavy, prone to cracking, shearing failures, and crease when bent causing pinch points," said Joe Condon, Auxadyne Chief Executive Officer. "Our mission is to apply our auxetic foam technology to make comfort, protection and performance synonymous in the products we support."
"Auxadyne's advanced foam technology is ideal for athletic wear and other applications," said Jackson Streeter, MD, Institute Chief Executive Officer. "The material increases product safety and comfort without sacrificing other properties. We are pleased to support the Auxadyne team as they introduce Xylafoam to the commercial marketplace."
About the Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida's state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. With funding from the State of Florida through the Department of Economic Opportunity, and through the generosity of mentors, advisors and donors, the Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups. Fifty-four companies have been funded to date, and the Institute's economic impact through June 30, 2015 was $379 million, a return on investment of 14 times to the State of Florida.
Auxadyne was created in April 2015 for the purpose of commercializing auxetic polyurethane foam technology. Auxadyne has an exclusive licensing agreement with Florida State University for the design, manufacture and distribution of the first commercially available auxetic foam to end-market product manufacturers in a variety of medical device and protective equipment industries.
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