Entrepreneurs Awarded $50,000 for Start-up Commercialization
NFactor Wins First Place in Foundry for Cutting-Edge Tech
Six companies received awards for solutions to commercialize federal technologies at the Defense Innovation Unit (DIU)/National Security Innovation Network (NSIN) 2024 Foundry Showcase Day on Dec. 5.
The winning technologies featured solutions that can solve national security challenges for a range of military organizations and innovators such as a commercial off-the-shelf (COTS) electronic warfare jamming capability for unmanned systems, a virtual reality system for radio-frequency detection, and a waste-to-energy conversion mechanism.
Foundry connects cutting-edge Department of Defense (DoD) technologies with entrepreneurial teams in an intensive four-month cohort, where selected entrepreneurs collaborate closely with lab inventors, mentors, coaches, subject matter experts, and DoD end-users to evaluate the market viability and commercialization potential of these technologies.
Winning the first prize of $20,000, nFactor helps financial services customers automate third party risk posture management using GenAI agents and security experts.
“Winning first place at the Foundry Showcase was an incredible honor for our team.The feedback from industry leaders was invaluable, and we are excited to leverage this momentum to further develop our solutions that enhance national security,” said nFactor CEO Saikat Maiti. “Foundry paved the way for a very strong relationship with the Naval Post Graduate School along with access to their super-compute GPU cluster. This achievement is a testament to our commitment to making a meaningful impact in the field”.
ResCav, the second-place winner, received $10,000 for their circuit detection system that supports quality assurance teams at military sustainment centers.
Dynamic Sky, Culverin and Company, Sparrow, and Pyroterra all won $5,000 for their various contributions and commercialization tactics.
Over the last four months, the teams participated in workshops covering key topics such as licensing processes, prototyping, fundraising, go-to-market strategies, and navigating various types of government contracts and opportunities.
“The Foundry Program provides opportunities for entrepreneurs and companies to utilize existing technology and develop skills to bring capability to life with defense and commercial applications,” explained Jesse Gipe, DIU/NSIN Venture Portfolio & Acting National Operations Director. “This program leverages investments from the federal labs by connecting federal IP and their inventors with entrepreneurs who create a commercial and defense go-to-market strategy.”
About the Defense Innovation Unit
The Defense Innovation Unit (DIU) strengthens national security by accelerating the adoption of commercial technology in the Department of Defense and bolstering our allied and national security innovation bases. DIU partners with organizations across the DoD to rapidly prototype and field dual-use capabilities that solve operational challenges at speed and scale. With offices in Silicon Valley, Boston, Austin, Chicago and Washington, DC, DIU is the Department’s gateway to leading technology companies across the country.