Business Plan Competition Helps New Space Venture Technologies Take Off, Lumedyne Technologies Demonstrates
GOLDEN, Colo.--(BUSINESS WIRE)--One year after winning the 8th Continent Project’s inaugural Lunar Ventures competition, San Diego-based Lumedyne Technologies has secured $1 million in funding and several industries are clamoring to benefit from the technology.
“Winning the 8C Lunar Ventures Competition was the spark that ignited Lumedyne Technologies from being merely a great idea and cool technology to a funded company poised to change several industries,” said Brad Chisum, CEO and founder of Lumedyne Technologies. “Not only was Lunar Ventures instrumental in helping refine our business model, 8C made it possible for us to get an audience with the new Space Angels funding network and Space Investment Summit 3, resulting in $1 million in funding just one year after winning Lunar Ventures.”
The Lunar Ventures Competition challenges students in business, engineering and science to collaborate in creating business ventures related to space. Prizes for the winner include a cash award of $25,000, in-kind services and an invitation to compete in the Global MOOT CORP Competition for $100,000 in prizes. Lunar Ventures brings out innovative technological advancements, and Lunar Ventures judges know a winner when they see it. The 2008 competition will be held March 28-30, 2008 on the campus of the Colorado School of Mines in Golden, Colorado.
Lumedyne’s accelerometer technology, smaller than a dime, was originally developed by the Navy where CEO Brad Chisum was an Engineer and a student at San Diego State University. The technology, described as “revolutionary,” is significantly less expensive and higher performing than anything else on the market. Originally developed for aircraft, missile and space navigation systems, Lumedyne is being considered by customers in various industries including oil and gas exploration, the intelligence community, mining, aerospace and others.
“The 8th Continent Project was created for the sole purpose of organizing the small entrepreneurial aerospace technology industry to bring space down to earth, and Lumedyne Technologies is a shining example of that promise,” said Burke Fort, executive director of the 8th Continent Project.
While Lumedyne’s sensor technology has potential in many industries, one industry currently counting on Lumedyne is oil and gas exploration. Currently oil companies only extract 20-30 percent of a given deposit because the rest is too expensive to extract with current technology. Lumedyne sensors, up to 30,000 of them, help show precisely where the remaining oil is and how to access it, putting the remainder of the deposit within reach.
Because of the sensors’ extreme sensitivity they are also highly useful in gauging mine and bridge safety by detecting subtle changes in structural integrity.
Within five years, the company expects to be using the sensors for micro satellite navigation. Networks of tiny satellites – approximately one-inch cubes – will require extremely precise, low power accelerometers to remain in contact with other satellites in the array and to continue to function. According to Chisum, only Lumedyne’s accelerometer technology can do this. No other sensor technology will work.
“We saw huge potential in Lumedyne’s technology at last year’s Lunar Ventures Competition and couldn’t be more pleased to see Brad and his team meeting one of their business plan goals within a year of being announced as the 2007 Lunar Ventures winner,” said Burke Fort, 8th Continent director. “This year’s competition is looking to be just as rewarding, with finalists including teams from MIT, Harvard, Purdue, Johns Hopkins, Boston University and Utah State.”
“I would strongly encourage students across the country, whether they have a complete technology and business platform ready or simply a great business idea for future space technology with immediate Earth application, to enter the Lunar Ventures competition. At the very least you will get an honest assessment of the viability of the technology and business plans from nationally recognized experts,” Chisum added.
About the 8th Continent Project
Based out of Golden, Colorado, the Colorado School of Mines’ 8th Continent Project is the world’s most comprehensive effort to integrate space technology and resources into the global economy. 8th Continent provides the infrastructure and resources to solve a wide range of challenges from global warming to renewable energy development. Located in Colorado, home of the most concentrated entrepreneurial, investor and aerospace talent in the world, 8th Continent brings space down to earth with the industry’s first trade association, incubator, venture fund and research hub, all working together to develop the next generation of space business ventures. More information can be found at www.8cproject.com.
About Lumedyne Technologies
Lumedyne Technologies Incorporated (LTI) was founded in 2006 under the name Omega Sensors. In 2007, LTI changed its name and will provide highly advanced MEMS (Micro-Electro-Mechanical Systems) accelerometers. The MEMS technology used in LTI’s sensors was developed at the Space and Naval Warfare Systems Center (SPAWAR), a government research laboratory. Under exclusive patent rights, LTI is responsible for product commercialization. The technology behind LTI’s products is protected by six patents with two more pending. It has been selected as one of the “World’s Best Technologies for 2005” by the World’s Best Technology Showcase, named one of the “Most Promising” Energy Technologies for 2007 by Rice Alliance, and has achieved best known values for the smallest displacement ever measured by a MEMS device. For more information, please visit www.lumedynetechnologies.com.