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Editor’s note: This article was originally published on the PEHub private equity website.
Drik has raised $500,000 in Series A funding. The lead investor was i2E’s StartOK Accelerator Fund, which combined its investment with a loan from Stillwater National Bank. Based in Oklahoma City, Drik is a startup that provides toxicology services for companies developing new drugs.
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 located 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 Department of Commerce 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 lifecycle and have yet to generate any revenue or complete a market launch.
About Drik, LLC: Drik provides affordable, customized safety and toxicology testing. It helps clients identify toxicology requirements and then designs studies that matches their needs.
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.