Contact: Sarah Seagraves
i2E Vice President for Marketing
(405) 813-2403 or email sseagraves@i2E.org
i2E, Inc. recently led a $1.825 million investment in Oklahoma City-based Exaptive, Inc., a company whose software platform enables data scientists, software developers and researchers to collaborate and experiment with data and analysis techniques from different fields.
Through its Accelerate Oklahoma! Fund, i2E invested $750,000 in Exaptive, which was joined by $200,000 from the i2E-managed SeedStep Angels and $875,000 from other investors.
Exaptive was founded on the belief that the biological phenomenon of exaptation –the repurposing of traits with big evolutionary consequence – applies equally to human insight and innovation. The biggest breakthroughs in one field are often inspired by insight from another, such as Gutenberg’s invention of the printing press after seeing a wine press at work in a vineyard.
So Exaptive is bringing data, software tools, and people together in an environment where the technological barriers and sunk costs of trying new approaches are minimal.
Exaptive CEO Dave King envisions a cross-disciplinary engine for discovery, creativity and innovation.
“Data-driven insight and discovery require productive play,” King said. “I’ve seen this firsthand as a manager and as a software engineer. I’ve also seen innovation halted all too often because the time and money it would take to think outside the box is prohibitive.”
As a part of the federal States Small Business Credit Initiative (SSBCI), the U.S. Treasury funded Accelerate Oklahoma! initiative offers funds that provide critical capital and co-investment for Oklahoma entrepreneurs at specific stages of their companies’ lifecycles. Investment terms are typically convertible debt or preferred equity and involve a rigorous due diligence process. The Accelerate Oklahoma! Program is designed to:
- invest in innovative startup companies that promise sustained revenue and increased employment;
- accelerate emerging growth businesses that show potential for bringing new products to market and increasing private capital investment in Oklahoma; and
- fund later stage companies that need capital to position them for expansion at the time of commitment.
The SeedStep Angels group was founded by i2E in 2009 and is now the state’s largest angel investment group with more than 40 members and chapters in Oklahoma City, Tulsa, Ardmore and Muskogee.
About Exaptive: Founded in 2011, Exaptive incubated its software and found early adopters out of Cambridge, MA. After quickly becoming cash flow positive and growing steadily, Exaptive relocated its home base to Oklahoma City to join a vibrant and growing high-tech startup community and raise money to accelerate. Visit the Exaptive website.
About i2E, Inc.: With offices in Oklahoma City and Tulsa, OK, i2E’s nationally recognized services include business expertise and funding for Oklahoma’s emerging small businesses.
