August 12, 2011
Illinois Angels Local Invests in Brinks Innovation Competition Finalist Lumec Control Products
CHICAGO – Global Midwest Alliance announced today that the Central Illinois Angels have invested in Peoria-based start-up company, Lumec Control Products, a previous finalist and one of the winners of the 2010 Brinks Innovation Competition. Lumec received a check for $525,000 during a ceremony at Peoria NEXT Innovation Center. Lumec is developing and commercializing its dynamic orifice valve (DOV), a highly capable flow-control valve for low-pressure gas applications, such as natural gas combustion. Lumec’s DOV delivers flow characteristics unavailable from competing valves. In December, Lumec won the 2010 Innovate Illinois competition in the non-revenue producing/start-up category and was awarded with a $30,000 cash prize from the Illinois Department of Commerce and Economic Opportunity for being one of Illinois’ most innovative companies.
Lumec Control Products was the third place winner of the 2nd Annual Brinks Innovation Competition, which was in held during the Midwest Clean Tech Conference hosted by the Global Midwest Alliance at McCormick Place in Chicago on September 14-15, 2010. The Brinks Innovation Competition helps companies that have breakthrough ideas in clean and green technologies to gain visibility and make connections with potential investors. Many of the entrants in the competition are emerging companies or start-up operations. Brinks’ competition encourages their innovation, prepares the companies to protect and market their ideas, and increases the visibility of their exciting ideas and technical solutions in the field of green technology.
Past year’s Brinks Innovation Competition finalists and winners have capitalized on connections and met several investors who offered insights on how to get funding for their ideas. The competition is sponsored by Brinks Hofer Gilson & Lione in conjunction with the Midwest Research University Network. To learn more about the Brinks Innovation Competition, please visit http://www.midwestcleantech2011.com/?page_id=19
About Global Midwest Alliance
The Global Midwest Alliance (GMA) is a not-for-profit organization that seeks to establish the Midwest as a globally-recognized leader in innovation and business growth. They help trail-blazing Midwest companies and entrepreneurs grow by leveraging existing resources to develop new products and find customers throughout the world. The GMA is the only business-led, region-wide organization dedicated to opening global opportunities for Midwest companies. For more information, visit www.globalmidwestalliance.org.
The Midwest Research University Network (MRUN) is an alliance of university business development professionals dedicated to facilitating growth of technology spinout companies through start–up formation. MRUN provides a forum for universities, investors and entrepreneurs to work regionally in pursuit of local venture formation. More information about MRUN is available at www.mrun.us.
About Brinks Hofer Gilson & Lione
Brinks Hofer Gilson & Lione is one of the largest intellectual property law firms in the United States and serves the intellectual property needs of clients around the world. Brinks has 150 attorneys, scientific advisors and patent agents who specialize in intellectual property litigation and all aspects of patent, trademark and copyright law. The firm also advises on issues relating to intellectual asset management, trade secret, unfair competition, and technology and licensing agreements. Brinks routinely handles assignments for companies in the electrical, chemical, and mechanical engineering sectors; the biotechnology, pharmaceutical and nanotechnology industries; and for companies whose work relates to Internet and computer technology law. The firm’s trademark practice works on behalf of clients who deal in a wide variety of products and services. Founded in 1917, Brinks is based in Chicago and has five additional offices across the country, including its newest office in Washington D.C. More information is available at www.usebrinks.com.