An Allentown-based developer of air purification technology won the Ben Franklin Technology Partners' Ben Franklin Venture Idol last night.
The company, LifeAire Systems LLC was founded by Kathryn C. Worrilow, Ph.D. in 2010 to develop a means to provide clean, contaminant-free air essential for uncompromised and successful In Vitro Fertilization, according to the company's website.
“LifeAire Systems is the result of years of research, a passion for innovation and a dedication to providing clean, contaminant-free air for life. Promoting health and well-being, and improving patient care, is our driving force,” said Worrilow.
The company currently has four employees and is valued at $8-$10 million. It was seeking an investment of between $3 million and $5 million. Ben Franklin Idol was held at Ben Franklin TechVentures in Bethlehem and featured three early-stage technology company entrepreneurs seeking funding – Virtual Celebration, ArioTech Inc. and LifeAire Systems LLC.
Each company presented short pitches to a panel of investors and the audience. The companies were also critiqued by panel of experts and investors comprised of Denny Boyle, vice president and relationship manager, Silicon Valley Bank; David Drahms, principal, Osage Partners; Dr. Stephanie Olexa, president, Lehigh Valley Angel Investors; and Doug Petillo, managing partner, Navigant Ventures.
The keynote speaker was Paul Martino, managing Ddrector, Bullpen Capital.
The evening concluded with the winning Ben Franklin Venture Idol company team being awarded a company investment by emcee Chris McDemus, director, Lehigh University VENTURESeries. Fred Beste, CEO of the General Partners, Mid-Atlantic Venture Partners, Bethlehem, hosted.
The winner received a $5,000 cash investment in their company.