Hosted by the McIntire School of Commerce’s Galant Center for Innovation and Entrepreneurship, the 2024 Galant Challenge returned April 25, 2024, to energize the University of Virginia’s venture community. This year’s Challenge featured five finalists selected from a pool of more than 50 submissions by seed- and early-stage ventures hoping to garner interest and capital through the “Shark Tank”-style pitch event.
Since launching in 2012, the annual competition has become one of the nation’s premier university startup events, attracting significant funding by investors each year. In the 2022 Challenge, more than $3 million was invested in six companies by our panel of investors; for the 2023 Challenge, participating entrepreneur teams raised more than a historic total of $15 million to take their ventures to the next level.
Panel of Judges
In addition to key figure Mark Galant (McIntire ’80), CEO of Tydall Investment Partners and Founder of the Galant Center for Innovation & Entrepreneurship, the 2024 Challenge featured an investor panel composed of individuals with highly diverse interests and backgrounds. Shelby Bonnie (McIntire ’86), Chairman of the Board of the RPX Corporation, serves as Vice Chairman of the Environmental Defense Fund. UVA basketball legend and Hall of Famer Ralph Sampson (A&S ’83), Founder and CEO of The Sampson Group, is as renowned for his business savvy as he is for his storied college and NBA career. Marty Weiner was a founding Engineer at Pinterest before joining Reddit as its first CTO. He “retired” in 2019 and now spends his time advising companies on growth from scrappy startups through to the IPO process; he also serves as a board member for the Tom Tom Foundation.
CAV Angels
During the investor panel deliberations, CAV Angels spoke briefly about their organization and mission. Deeply connected to the University, CAV Angels invests in companies with UVA connections, including alumni, students, and faculty. Scott Ukrop, the newly appointed Chair of CAV Angels, and Rich Diemer (McIntire ’80), Managing Director, emphasized their commitment to funding early-stage companies, with $24.8 million invested to date. They also highlighted the organization’s focus on empowering female and Black founders.
Wilson Sonsini Law Firm Sponsors Galant Challenge
Amanda Pollard from Wilson Sonsini, a prominent law firm in the technology industry, introduced her company as a 2024 Galant Challenge sponsor. Expressing her appreciation for the innovative ideas presented by the teams, she explained that their sponsorship included a pool of $25,000 in legal assistance available to the finalists.
Galant Challenge Teams
Acre Homes
Acre Homes team member Genie Ko (Darden ’14) kicked off the Challenge with the first pitch, describing her company’s aims to improve the home ownership experience by allowing buyers to purchase homes by contributing only 5% of the home value upfront. By sharing in the home’s future appreciation and avoiding debt transaction costs and major maintenance, Acre Homes provides a better financial outcome than a mortgage. Designed for three- to five-year stays, the concept launched in Durham, NC, and Atlanta, GA, through partnerships with real estate agents who saw value in the business model. The team highlighted their competitive advantages, including an experienced team, alignment of incentives with residents and investors, a scalable technology platform, and the ability to access a larger market than competitors. Acre Homes is raising additional funds through an upcoming venture round.
Watch Acre Homes’ pitch during the 2024 Galant Challenge.
Crunchy Hydration
Megan Riggs (A&S ’13), CEO and Founder of Crunchy Hydration, unpacked the company’s approach to “mindful hydration” with functional sparkling waters that combine hydration with other benefits, including stress relief and cognitive support. Targeting health-conscious individuals, young professionals, and supplement subscribers, Crunchy Hydration has a growing market worldwide. Riggs announced the successful launch of a brand ambassador program, the onboarding of new national distributors, and a move to a new co-packer, which has improved margins and reduced costs to the point that Crunchy Hydration is now profitable. She also shared plans for a fresh can design and new flavors while acknowledging the need for more sales and operational support. The team discussed the potential revenue opportunity in the mid-Atlantic region and invited participants to complete a survey for a chance to win prizes.
Watch Crunchy Hydration’s pitch during the 2024 Galant Challenge.
Nouveau BioSciences Inc.
Tara Spiess-Restieri, Chief Operating Officer of Nouveau BioSciences, introduced the oncology-focused company and their mission to make unique and effective cancer drugs efficiently and less expensively with strong intellectual property protection in place. She highlighted the team’s extensive experience in drug development, with eight drugs brought to market in more than 50 countries worldwide. The company’s unique approach uses nanotechnology to improve drug delivery and efficacy and reduce toxicity. Spiess-Restieri also highlighted the company’s focus on business development, aiming to out-license their pipeline assets to established pharmaceutical companies, and their dedication to scientific progress and patient-focused drug development. Nouveau BioSciences was founded by Dr. Owen A. O’Connor, American Cancer Society Research Professor; Professor of Medicine, Department of Medicine, Division of Hematology and Oncology; Professor, Department of Microbiology, Immunology and Cancer Biology; Co-Director, Program for T-Cell Lymphoma; and UVA Comprehensive Cancer Center Principal Investigator.
Watch Nouveau BioSciences’ pitch during the 2024 Galant Challenge.
Devorto Corporation
Justin Selfridge (Ph.D. Engineering ’17), CEO of Devorto Corporation, detailed the company’s mission to develop a solar-powered aircraft that never has to land, called the Tethered Uni-Rotor Network (TURN). With a team of former executives from NASA, Precision Hawk, and Black Sky, Devorto aims to deploy 300 assets over the next three years, generating $250 million in revenue. The initial hardware milestone is a 2.4-meter wingspan drone for oil and gas pipeline inspections, as well as wildfire monitoring, replacing expensive helicopters. Devorto is also considering developing a network service for mobile applications and autonomous vehicles. The discussion explored the potential of Starlink and other satellite systems to address communication and connectivity issues in remote areas and provide mobile connectivity without additional infrastructure.
Watch Devorto’s pitch during the 2024 Galant Challenge.
FuzeMee
Undergraduate-founded venture finalist David Graham (McIntire ’24) presented his startup, FuzeMee, a private social marketplace app designed for college students. This app allows students to buy and sell secondhand items exclusively with other verified classmates as well as connect socially. FuzeMee offers a mobile-first platform prioritizing safety, hyperlocality, and convenience for the college market. The app has achieved nearly 50% adoption at The Ohio State University and previously raised $850,000 from 27 angels on a SAFE (simple agreement for future equity) note, with a $4 million valuation cap. Revenue streams include marketplace service feeds, targeted advertising, and university contracts for communication services.
Watch FuzeMee’s pitch during the 2024 Galant Challenge.
Galant Challenge Results
During the 2024 Challenge, and in the time following shortly thereafter, the judges provided Acre Homes with a $100,000 investment; Crunchy Hydration received $150,000, as did Devorto; while FuzeMee obtained a $75,000 investment. As one of the companies is poised to pass a funding milestone, it will receive an additional $100,000 from one of the judges, while CAV Angels is also currently in the process of considering investments in a few of the companies, increasing the possibility of substantial backing.
