Two startups with Olin roots awarded $50K Arch Grants

Two alums of WashU Olin’s MBA program nabbed $50,000 awards from Arch Grants, which provides non-equity funding to early stage companies committed to moving to or growing within the St. Louis area.

Byron Porter, MBA ’20, won a grant for his startup, Hum Industrial Technology, featured in the 2019 edition of Olin Business magazine. Porter’s company is described in Arch Grants’ news release for having “developed a wireless sensor system for freight railcars. Hum’s technology combines low power, wireless communications, geospatial tracking, and predictive analytics to make rail shipping transparent and reliable.” (Related story on the Olin Blog here.)

Ryan Richt, MBA ’08/BA ’08, also received a grant for his company, Well Principled, described as “an A.I. management consultant that optimizes marketing and supply chain strategy for major CPG brands and retailers. (Related story on the Olin Blog here.)

Of the 173 companies Arch Grants has funded, about 25% have had founding team members affiliated with Washington University.

The two entrepreneurs were among 19 Arch Grants recipients announced at a virtual gala on October 28—the eighth year the grants have been awarded. Arch Grants’ 2020 cohort includes companies moving to St. Louis from cities around the country, including San Francisco, Minneapolis, Charlotte, and several others.

In addition to the funding, each winner receives pro-bono and heavily discounted professional services from respected local firms. In turn, the startups commit to operating their business from St. Louis for a period of at least one year.

Arch Grants receives hundreds of applicants annually and involves members of the St. Louis community with expertise in industries, business, entrepreneurship and academia judge two rounds of presentations toward the results.

With the expansion of the National Geospatial-Intelligence Agency, Arch Grants committed to award at least five grants over the next several years to startups engaged in using geospatial or related technologies.

HUM was one among seven in this year’s Arch Grants cohort that will contribute to the growing Geospatial Sector in St. Louis. See the complete list of Arch Grants recipients here (filter the list by cohort).