Copyright © 2013, The Oklahoma Publishing Company
i2E Inc.’s StartOK Accelerator Fund was the lead investor in a $500,000 investment round that recently closed in Oklahoma City-based Drik LLC.
The i2E-managed fund led the Series A financing round with a $250,000 equity investment. Its investment was joined by a loan from Stillwater National Bank.
Drik is establishing Oklahoma’s first toxicology testing laboratory that will help researchers and pharmaceutical companies prove the safety of new drugs under development. The toxicology lab will be at the Presbyterian Health Foundation Research Park in Oklahoma City.
“Drik plans to utilize the resources made available through this investment to enhance the capabilities of its testing infrastructure and also to invest in human capital by hiring local talent,” said Kumar Sripathirathan, Drik founder and CEO.
The StartOK Accelerator Fund is one of three Accelerate Oklahoma! investment vehicles created in 2011 by i2E through a partnership with the Oklahoma Commerce Department and the U.S. Treasury State Small Business Credit Initiative.
The StartOK Fund invests in companies that are at the earliest stages of the business life cycle and have yet to generate any revenue or complete a market launch.
From Staff Reports