Lemnos Labs - An Incubator for Hardware
Lemnos Labs was founded by Zelman and Jeremy Conrad, both 28, last November in San Francisco, and has raised $1.85 million from angel investors including former Yahoo! executive Ash Patel and WordPress creator Matt Mullenweg. Lemnos is backing about 10 hardware startups, including a maker of autopilot systems for unmanned drones and a company that built a device that attaches to corporate campus vehicles and connects with a smartphone to coordinate employee pickups.
Lemnos follows the typical incubator model, handing out a relatively small amount of money to help promising companies get going. What sets it apart from other incubators is that rather than back the creators of new websites and mobile apps, it exclusively nurtures hardware companies. The price for sophisticated electronics has dropped dramatically in recent years, as has the price for design software and machines that allow entrepreneurs to create quick prototypes. The Internet has also made it much easier for small companies to gain access to contract manufacturers in China and elsewhere.
SOURCE: BusinessWeek.com, LemnosLabs.com