MassChallenge hands out $1.1M to 16 startups

MassChallenge, the “largest-ever startup accelerator and competition”, handed out $1.1 million in cash last night. That money was divided up between 16 startups that have come to the end of a very long journey.

Thousands of startups from all over the world applied to MassChallenge, but only 1,237 made the first cut. Of those, only 125 "high impact, high potential" startups were invited to participate in their 4-month accelerator program based out of Boston.

At the beginning of October MassChallenge announced their 26 finalists. Last night 16 of them walked away winners.

Four startups took home $100,000: Global Research Innovation and Technology (GRIT’s Leveraged Freedom Chair uses a novel drivetrain to offer people with disabilities unparalleled mobility on rough terrain); LiquiGlide (a super-slippery coating platform for the cosmetics and food packaging industry); RallyPoint (a LinkedIn platform for the military); and Strong Arm Technologies (a posture-correcting vest for people who do heavy lifting).

The remaining 12 were awarded $50,000: Bounce Imaging, CoachUp, Guided Surgery Solutions, Lab Automate Technologies, Ministry of Supply, Nordic Technology Group, BuysideFX, Dynamo Micropower, IntegralReach, Lovin’ Spoonfuls, NBA Math Hoops, and Recovers.org.

Some additional awards were also handed out:

• John W. Henry Foundation prize for social impact ($30,000) - Lovin' Spoonfuls and NBA Math Hoops
• Perkins' School for the Blind assistive technology prize - Global Research Innovation ($15,000) and PlenOptika ($10,000)
• VenCorps prize for greatest potential to impact New York City ($15,000) - Rainbank and Bounce Imaging

The ten finalists who didn't get cash can continue to work out of MassChallenge's headquarters until the end of May.

Since 2010, 361 startups have gone through the MassChallenge program. Those startups have created 2,910 jobs, generated $95 million in revenue, and raised $360 million in funding.

For more on MassChallenge's finalists, go to: masschallenge.org/browse/2012