A travel risk-assessment consultancy and a developer of synthetic biological materials were among the startups receiving a total of $35,000 in seed investment from UT.

Tennesse University (UT) has awarded a total of $35,000 to four UT student-led startups as part of a grant offered twice a year, the UT Daily Beacon has reported.

The Boyd Venture Challenge Award provides seed investment of up to $20,000 for each company that qualifies. Applicants must be UT students who have a federal tax identification number for their companies and can demonstrate the need for capital, the viability of the business and its growth potential.

A panel comprising entrepreneurs, lawyers specialising in startups and a certified public accountant selected four winners from 15 submissions for the Fall 2016 batch. The winners and the amounts they received are:

  • Prometheus: A consultancy focused on reducing the cost of risk assessments for travelers, founded by Christopher Ruel, a Masters in Business Administration (MBA) candidate and US Army Special Forces veteran, and Jared Smith, a senior in the computer science honours program ($17,600).
  • SimPath: A developer of fast and low-cost DNA assembly materials for use in the biomanufacturing industry, founded by Rob Moseley and Ben Mohr, a pair of doctoral candidates ($10,000).
  • GeoAir: An agriculture technology startup that aims to lower farmers’ costs when treating mould by using drones to identify the hot spots, founded by Alex Adams, an MBA candidate ($5,000).
  • In With the Old: A seller of vintage college apparel, founded by Baker Donahue, a junior studying communications ($2,400).

– Image of UT Knoxville Haslam College of Business courtesy of the university.