Two alumni-founded companies recently received funding to develop the digital, entertainment and medical fields.

The National Science Foundation awarded two Research Park-based companies, BioAnalytics and Lumenous, from its Small Business Innovation Research funding.

There are two phases to the program’s funding. According to the National Science Foundation, Phase I consists of a “short proof-of–concept/feasibility grant,” which is around $150,000 to $225,000. Companies must reapply for Phase II, which is a “longer developing grant” of $750,000.

“That funding is a really great source of funding for small businesses because the federal government makes those awards and does not take any equity ownership in the company,” said Laura Frerichs, director of Research Park. “It is in essence, a grant or a contract to the company, which is a really nice source of money in the early stages to help de-risk the technology development.”

The Small Business Innovation Research funding comes from 14 agencies, the largest funders being the Department of Defense, the National Institute of Health and the National Science Foundation, Frerichs said. In total, she added, the agencies set aside 3 percent of the program’s extramural research budget to award to small businesses.

“We had a really good year for SBIR funding to the incubators,” Frerichs said. “In 2014, our companies in the incubator, 10 current companies, have received $5,983,000 with 12 separate awards from that federal program.”

BioAnalytics, a biotechnology company, has been researching and creating a more advanced immunoassay, a test that detects foreign molecules in the body.

“The immunoassays have been around for 60 years, and a major problem with that, it has had all of these complex steps that people have tried to simplify it by using different detection agents,” said Luke Smith, CEO and research director of BioAnalytics. “Our platform is by just switching out the antibodies that we use in (the immunoassay), we can apply it to whatever we want.”

An immunoassay can detect pathogens like E. coli and salmonella in food and water, cancer and pregnancy, Smith said.

Currently, Smith said, BioAnalytics is in Phase I funding with $150,000 for six months of work, which will conclude in the beginning of July. He said BioAnalytics would then move onto part B of Phase I, which provides extra supplementary support with an initial amount of $30,000.

Lumenous, the other recipient of the funding, works on improving projection mapping technology. According to its website, the company has created technology for Microsoft, Disney and Adobe.

Frerichs said the company’s founders “became some of the leading experts on that type of augmented reality, internationally, and saw an opportunity to create a business around it.”

Lumenous could not be reached by press time.

Michael Willard, co-founder and COO of BioAnalytics, said receiving this funding reflects well on the University.

“As another company awarded at the U of I, I think that’s just a testament to the community and the kind of prowess that the institution holds in the research community.”

Jane can be reached at [email protected].