March 30, 2020
The sobering realities of the current global health crisis and the resulting economic turmoil have many looking to help. We are proud to see the innovation and leadership by many of our portfolio companies during this trying time. From those who are stepping up to provide essential supplies, tests and therapies in the fight against coronavirus, to those who are adapting their business models to address today’s realities, these companies are the future.
We continue to learn about more portfolio companies pitching in to support COVID-19 crisis efforts in a myriad of ways. Some new stories:
Connecticut-based aerospace manufacturer, HABCO is on the forefront of implementing safety measures to prevent the spread of COVID-19 among its workers. Most recently, the company began offering employees on-site voluntary testing, putting it ahead of the curve when it comes to workplace safety during the coronavirus pandemic.
As the race continues to find compounds and therapies to combat the COVID-19 virus, Recursion Pharmaceuticals is leveraging AI-technology and has partnered with a local Salt Lake City laboratory to screen thousands of FDA-approved and Generally Recognized as Safe compounds to determine their effectiveness against the virus. The company recently released its first data set, RxRx19 outlining the therapeutic potential of more than 1,600 small molecules researchers can use around the world in advancing therapies to fight against COVID-19.
As an essential business helping to keep the world fed during the pandemic and beyond, Cultiva is also using its manufacturing lines to produce hand sanitizer. The Las Vegas-based food-grade biofilm manufacturer is stepping in to produce and donate hand sanitizer for the state’s medical workers and other front-line facilities in desperate need of personal protective equipment.
Brew Dr. Kombucha recently partnered with another Portland company, Straightaway to produce and donate 3,000 gallons of hand sanitizer in an effort to address the nationwide shortage.
With nearly 84 percent of calls going unanswered due to people not recognizing a caller’s identity, calls with critical information often get missed—creating a potentially dangerous situation during a pandemic. First Orion, an Arkansas-based provider of communication transparency solutions, is offering essential service providers with a free “inform” call enhancement solution to ensure mission-critical calls get answered during the COVID-19 pandemic.
The City Foundry STL hosted a restaurant rally where it raised money to help provide critical monetary relief to employees and owners of bars, restaurants and shops in St. Louis. Part of the proceeds also went to The Little Bit Foundation to help support students living in poverty during these trying times.
Grocery food display manufacturer JSI Store Fixtures transformed its manufacturing lines and is producing thousands of transparent hygiene shields that are being put in place in grocery stores, offering clerks and the public added safety in the fight against coronavirus.
As unemployment for restaurant workers across the country continues to soar, Rustic Crust is helping to combat job loss in its community. The pizza manufacturer has added positions and is actively seeking to recruit restaurant workers who have found themselves without a job as a result of the COVID-19 crisis.
Acivilate is one of many GovTech companies on the frontline working to advance its product quickly to help during the COVID-19 outbreak. The company’s Pokket app, which enables work to be done remotely, minimizing health risk to both staff and clients during the COVID-19 crisis, can now be launched within days, versus months.
Meanwhile, a leading manufacturer of promotional bags, LBU, is answering the call from the healthcare industry to produce different types of personal protective wear that can help prevent the spread of the virus such as masks, head wear and gowns. The company’s pivot to manufacturing these different types of protective wear has allowed it to maintain its staff and continue to pay employees.
PayIt is working swiftly to launch an interim online solution that will enable agencies facing office closures with alternative ways to serve constituents. This will be extended to all agencies, including non-partners.
Rheonix Inc. is on a fast track to repurpose its technology to roll out tests for the virus that can have results back in hours rather than days—allowing the medical community to quickly identify COVID-19 cases and ensure people are taking the proper precautions to help contain the spread.
Each of these companies is providing unique services during this trying time. We continue to hear compelling stories from our portfolio companies and others about how they are shifting gears, leveraging productive capabilities or alleviating pain points for the businesses and agencies they serve, all in an effort to help combat the coronavirus crisis.
We will continue to follow these stories and provide updates about how our portfolio companies are doing their part to help those in need.
The investments, portfolio companies and recommendations listed on this website represent only a sample of companies that have received investment capital from Advantage Capital-related entities. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities highlighted herein or contained in any other information provided by Advantage Capital. Past performance is no guarantee of future results. For a full list of companies, please click here.
