Welcome!

News Feed Item

Startup Wins New Hardware Award at Velocity Fund Finals

WATERLOO, ON--(Marketwired - March 27, 2014) - Palette, a company that created a freeform hardware interface that can be built like Lego to control your favourite software, won the first-ever award for best hardware-based startup at the Velocity Fund Finals, and was one of several big winners at the event that took place at the University of Waterloo today.

Hardware is a new category in the competition, and the win also secures the company a place in the upcoming Velocity Foundry. The founders of BufferBox, Mike McCauley, Aditya Bali and Jay Shah, who continue to be active with Velocity startups as volunteers and donors, inspired the new award.

"We're very thankful to the BufferBox founders for their generous support of the Velocity community," said Mike Kirkup, director of Velocity. "They have demonstrated the full scope of giving back with their time, mentorship and financial support. It's amazing to have such great entrepreneurial talent helping us foster the next wave of startups coming out of Waterloo."

Palette joins three other startups that won grants worth $25,000 and a spot to grow their businesses at Velocity. Ten startups competed.

The three other winners of the grants worth $25,000 are:

PetroPredict - A well integrity prediction engine for the oil and gas industry that enables subsurface engineers to identify low capital, high reward optimization opportunities in their fields.

Sparkgig - An online marketplace for hiring performers.

TrendRadius - Provides product management software as a service, including market insights and analytics, for companies to create profitable products that their customers love.

"It's a big day for us," said Ashish Bidadi, co-founder of Palette. "We were so looking forward to competing today. Now we have the additional support and funding we need to accelerate our product development and manufacturing."

Another 10 young entrepreneurs from the University of Waterloo pitched their startup ideas for one of three grants worth $1,000 each. The winners are:

  • Best Pitch: Focus ONCare, developing a mobile health application for cancer patients to track their symptoms, receive recommendations for managing side effects, and put them in direct contact with their health care team
  • People's Choice and Most Innovative: NewAllergy Technologies, focused on developing a convenient patch for allergy testing.

The teams each had three minutes to pitch their startup ideas to the panel of judges. At least one founder on a pitching team must be a current student or a graduate of the University of Waterloo within the past year. Velocity takes no intellectual property rights or equity in return.

"We saw an impressive array of talent vying for these grants today," said Mike Stork, president of Stork Holdings, and one of the judges for the Velocity Fund Finals. "It's exciting to see the passion these teams have for their companies and ideas, and I look forward to them being successful."

Earlier this week, Stork made a donation of $1 million to Velocity. The generous gift will help grow the Velocity Fund to support young entrepreneurs and early-stage startups.

Other judges for the competition for $25,000 include JS Cournoyer, co-founder and partner of Real Ventures, and Devon Galloway, co-founder and chief operating officer of Vidyard.

Past winners of the Velocity Fund competition include Thalmic Labs, the makers of the MYO gesture control armband, MappedIn, makers of indoor mapping technology, and business location analytics company PiinPoint, which just became the seventh consecutive startup to participate in Silicon Valley's highly competitive Y Combinator accelerator program.

For more information about the Velocity Fund, please visit the Velocity website.

About the University of Waterloo
In just half a century, the University of Waterloo, located at the heart of Canada's technology hub, has become one of Canada's leading comprehensive universities with 35,000 full- and part-time students in undergraduate and graduate programs. Waterloo, as home to the world's largest post-secondary co-operative education program, embraces its connections to the world and encourages enterprising partnerships in learning, research and discovery. In the next decade, the university is committed to building a better future for Canada and the world by championing innovation and collaboration to create solutions relevant to the needs of today and tomorrow. For more information about Waterloo, please visit www.uwaterloo.ca.

Image Available: http://www.marketwire.com/library/MwGo/2014/3/27/11G013861/Images/mw18k2ks4bp13ja5bknmh1k6512h63-76910711502.jpg

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...