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12 Chicago Moonshot Startups
What makes a "moonshot" startup exactly? It could be a flying car, autonomous drone delivery, or even quite literally a tech company that's working to get to the moon.
But at its core, a moonshot is a company that's taking a big, ambitious swing at solving hard, complex problems. And if successful, the startup's work could have massive impacts on our society and how we live.
With the 50th anniversary of the moon landing approaching, we thought it would be an appropriate time to dive into some of the Chicago startups that are taking moonshot-like approaches to solving some of our most challenging issues. (You can go here to read more about these startups and how they're working to push Chicago, and the world, further with their big ideas.)
Below are 12 of Chicago's most ambitious startups.
Insigna
Insigna is developing injectable sterilizers that will neutralize the ability for pets and livestock to reproduce with a single injection. The Champaign-based startup is improving upon the current method of sterilization, which is achieved surgically. The proof-of-concept has been tested in laboratory animals, and the company plans to soon launch a field study.
Keyo
Keyo wants to change the way you make payments, unlock doors, redeem tickets and clock in for work—all with the palm of your hand. It uses near-infrared light and the hemoglobin in your blood to map the internal vein structure of your palm, registering roughly 5 million distinct points of reference in your hand. Keyo's sensors can then read those reference points when you wave your hand over its device. More than 40 companies are building solutions based on Keyo’s technology, including credit card companies and transportation systems.
Neopenda
Chicago startup Neopenda makes a wearable neonatal monitor for pregnant women that aims to reduce newborn fatalities, particularly in underdeveloped and underserved regions around the world. Its device continuously measures four different vital signs: pulse rate, respiratory rate, oxygen saturation and temperature. It then sends data wirelessly over Bluetooth to a tablet that a nurse can monitor if a child is in distress. A 2018 Techstars Chicago grad, Neopenda is piloting the technology in Uganda. Last April, it raised just over $1 million in funding.
NoMo Diagnostics
Chicago startup NoMo Diagnostics has created a sensor that can detect concussions in real time. Embedded inside a helmet, the sensor measures brain waves to determine how the brain reacts to impact. With initial applications in football and the military, NoMo says it can alert users via a mobile application when a concussion is likely to have occurred. The startup was recently accepted to a military accelerator program within the Air Force, where it will begin field testing. NoMo is a spinout of work conducted at Columbia University in New York.
NuCurrent
Chicago startup NuCurrent wants to untether your devices from the electric outlet. The company, founded in 2009, is creating wireless charging technology that uses high-efficiency antennas that can power products using lower heat. Its wireless tech could work for a range of industries, from drones to wearables to the industrial Internet-of-Things, as device makers are increasingly looking to power products wirelessly. NuCurrent has dozens of patents and has built its staff with industry experts like Blackberry, Intel and Motorola.
NuMat
Skokie-based advanced materials startup NuMat Technologies designs gas storage, separation and purification systems that could potentially have major impacts on our environment. Centered on a technology called a Metal-Organic Framework, NuMat's products can remove impurities from chemicals, like absorbing toxic chemicals in water, and safely store scarce resources. It also has the potential to capture CO₂ from power plant exhaust and recycle it to be used in beneficial ways, like as a surgical gas for doctors. NuMat has raised nearly $20 million since launching in 2013, and counts Braintree Founder Bryan Johnson and Tin Shed Ventures, the investment arm of Patagonia, among its backers.
Ocient
Ocient, founded by serial Chicago entrepreneur Chris Gladwin, is building a database and analytics software to help companies better understand the massive amounts of data they’re collecting. Backed by $10 million in funding, Ocient is preparing for a future when businesses will be producing trillions of rows of data, and they’ll need a tool like Ocient to quickly and efficiently make sense of it all. Ocient is Gladwin's follow-up startup after his last business Cleversafe sold to IBM for $1.3 billion.
Psyonic
Psyonic develops an inexpensive, high-tech prosthesis for people who have lost limbs. The device has bionic abilities, providing sensory feedback to its users. It uses low-cost pressure sensors that are embedded in the fingertips of the hand, so when a user touches an object, the skin is stimulated electrically, giving off a tingling or vibration sensation. All five fingers can individually flex and extend, and the thumb also rotates, the company says.
Safe Rate
Chicago fin-tech startup Safe Rate has created an innovative mortgage product for low down payment borrowers that reduces their monthly payments if neighborhood home values fall. If the collective value of homes in a certain zip code drop, the borrower’s mortgage interest rate would also drop. Safe Rate also replaces the need for private mortgage insurance, saving the borrower money while protecting the lender. The startup is modeled after research by University of Chicago Booth professor Amir Sufi in his book, House of Debt, which examined the similarities between the Great Recession and the Great Depression. If successful, Safe Rate has the potential to reduce foreclosures and improve returns for mortgage investors. It landed a $200,000 investment last year from the UChicago Innovation Fund.
Seurat Therapeutics
Seurat Therapeutics is a University of Chicago startup biotech startup that's developing a nasal spray to treat and prevent migraines. The startup’s drug has been shown to stop the underlying cause of migraines in rat studies by reducing the causes of oxidative stress, which cause neurons in the brain to over-activate and cause severe headaches. The startup is looking to address the more than 4 million people that have chronic daily migraines. The startup has raised $1.3 million since launching in 2016.
Sustainable Bio
Chicago biotech startup Sustainable Bioproducts is developing a new way to grow edible protein. It's making a fermentation process to produce lab-grown protein as a replacement for animal meat. The startup, which is based out of the University of Chicago’s Polsky Center for Entrepreneurship and Innovation, says its final product can take the form of a solid, liquid or powder, and be savory or sweet. Started as a research project from NASA, the company raised a $33 million Series A round in February from investors that included Breakthrough Energy Ventures, a $1 billion fund led by Bill Gates.
Tempus
Led by Groupon founder Eric Lefkofsky, Tempus is one of the most ambitious, high-profile, and moonshot-like startups in Chicago. It's also the most valuable. Tempus, backed by $520 million in funding at a $3.1 billion valuation, is using machine learning and genomic sequencing to better understand a patient’s cancer tumor. Its platform analyzes molecular and therapeutic data at scale, enabling physicians to make real-time, data-driven decisions to better treat their patients. The startup says its platform has touched more than one in four cancer patients in the U.S., and it’s expanding into other areas of care, such as diabetes and depression.
