LA Tech Updates: Panic Buying is Broadening Soylent's Reach; Curative Sends Tests to Texas
Jul 15 2020
Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.
Today:
- Watch: Curative Sends 240K COVID-19 Tests to Texas
- Pandemic Panic Buying is Bringing Soylent a New Kind of Customer
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Pandemic Panic Buying is Bringing Soylent a New Kind of Customer
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjc1MzEyNy9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1NDU5NjAxOH0.5ALA1TijAICIW5Tq7bmknZBFEumVy5lBG64QczuqHOo/image.jpg?width=2000&coordinates=0%2C508%2C0%2C508&height=1500" id="93c26" class="rm-shortcode" data-rm-shortcode-id="8de0284e40f035a5aac00784623f85c4" data-rm-shortcode-name="rebelmouse-image" />upload.wikimedia.org<p>Pandemic panic buying is opening up a new customer base for Soylent.</p><p>The meal replacement startup says it saw a spike in new online customers in March and April when COVID stay-at-home orders began. </p><p>"It's a completely different consumer than what you might think about — the gamer, techie, Silicon Valley profile," <a href="https://dot.la/soylent-ceo-crowley-out-as-meal-replacement-startup-looks-to-re-focus-strategy-on-core-products-2645144207.html" target="_self">CEO Demir Vangelov</a> told dot.LA "That validates the strategy we've had to expand the profile of our consumers and reach into different demographics."</p><p>That panic-buying trend, the company said, coupled with Soylent's move into some traditional retail outlets is changing who they're selling to.</p><p>Soylent debuted in 7-Elevens in July 2017. As demand in traditional brick-and-mortar stores expanded, they added more national chains in October 2018, including Walmart and Target. Walmart remains their best-performing retailer. </p><p>Now, the Los Angeles-based company is working to keep those shoppers in the Soylent community.</p><p>"Some of these [customers] bought 20 boxes of powder, a significant amount of food," Vangelov said. "It was very interesting to see how many of those folks are actually going to stick with us."</p><p>In June, Soylent released two new flavors, banana and creamy chocolate, and revised their original recipes to include fewer carbs and a lower sugar content per bottle.</p><p>"It was a nice way to follow up on all these new consumers," <a href="https://dot.la/soylent-ceo-crowley-out-as-meal-replacement-startup-looks-to-re-focus-strategy-on-core-products-2645144207.html" target="_self">Vangelov</a> said. "March and April were the crazy months when people were buying and over-buying. In May, we saw stable consumption. Now, we're starting to see an extremely strong performance in the retail channels."<br></p>Watch: Curative Sends 240K COVID-19 Tests to Texas as Infections Spike
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjg5Nzc5Ni9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2MDk2Nzg2Mn0.Ki8xT8fLlHdcwCjlXShYqglSxI1PfTlRQagEHrNjIyQ/image.jpg?width=1245&coordinates=0%2C84%2C0%2C84&height=700" id="9c55f" class="rm-shortcode" data-rm-shortcode-id="7be927b8752d3ee8bd460a531424fa86" data-rm-shortcode-name="rebelmouse-image" />assets.rebelmouse.io<p>Fred Turner, the twenty-something leading the charge behind coronavirus testing across L.A., posted video on Twitter Tuesday showing 240,000 tests getting ready to head to Texas to support the state's COVID response. </p><p> The tests, produced by Turner's company Curative Inc., will land at 11 Texas A&M System universities across the state, <a href="https://www.kbtx.com/2020/07/14/texas-am-university-system-secures-free-covid-19-testing-for-all-students-staff-and-faculty/" target="_blank">according to Texas TV news station KBTX</a>. About 15,000 tests will be shipped to campuses each month, a plan that offers students, faculty and staff access to testing free of charge. </p><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-5" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" class="" style="position: static; visibility: visible; width: 550px; height: 499px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/index.html?dnt=false&embedId=twitter-widget-5&frame=false&hideCard=false&hideThread=false&id=1283275232317304833&lang=en&origin=https%3A%2F%2Fdot.la%2Fr%2Fentryeditor%2F2646416137%23publish&theme=light&widgetsVersion=9066bb2%3A1593540614199&width=550px" data-tweet-id="1283275232317304833"></iframe></div> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p> On Wednesday, California <a href="https://www.latimes.com/california/story/2020-07-15/california-shatters-record-with-more-than-11-000-new-coronavirus-cases-in-one-day" target="_blank">reported its highest daily count yet of coronavirus cases</a>, reaching 11,000 confirmed infections. Texas saw its <a href="https://www.houstonchronicle.com/news/houston-texas/houston/article/texas-highest-single-day-covid-cases-record-15408346.php" target="_blank">highest daily increase</a> on Tuesday, reaching 10,859 cases. </p><p> Curative has been supplying L.A. with their FDA-approved saliva-based test since March. According to the company's studies, Curative's product has a 10% false negative rate — a sensitivity as good if not better than the nasal pharyngeal swab tests, dot.LA's Rachel Uranga reported in her <a href="https://dot.la/coronavirus-rapid-test-curative-los-angeles-2645906983.html?utm_campaign=post-teaser&utm_content=jye65akv" target="_self">interview with Turner.</a> </p><p> Turner, an Oxford dropout, stepped down as head of Shield Bio in January and moved to Southern California for an opportunity to build a lab for coronavirus tests. He now operates labs out of San Dimas and Washington D.C. </p>
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L.A. Venture Capital Firm MarsBio Scrambles to Secure Cash, Resources for Coronavirus Vaccines, Test Kits
Mar 13 2020
The terrifying stories of Italian doctors running low on respirators as COVID-19 patients overwhelmed hospitals inspired Joe Wilson, a partner at bioscience venture capital fund MarsBio, to create a way to quickly fund new coronavirus' vaccines, testing kits and other lifesaving ideas.
Over the last week, the fund launched by Soylent Nutrition co-founder and biohacker Rob Rhinehart, has fielded more than a dozen calls and made connections with startups and scientists that have ideas about how to quickly combat the spread of the deadly virus.
<p>One of those known as Curative Inc., led by Fred Turner, has <a href="https://dot.la/startup-aims-to-produce-10-000-covid-19-kits-a-day-2645471750.html" target="_blank">already set up shop in San Dimas</a> and is now ramping up production of testing kits thanks to the connection.</p><p>"The stories felt like they couldn't possibly be real as they were so horrific, and yet they kept coming," Wilson said. "There are crises all the time, but I felt like this is one that we can do something and contribute to."</p><p><span></span>This week, MarsBio posted a <a href="https://www.covid19-response.com/" target="_blank">call for proposals</a> to those working on research or an idea that would combat the fast-spreading virus, particularly through vaccine development, public safety and prevention, treatment and operational response. The effort is not a venture fund, rather the group is <a href="https://www.covid19-response.com/projects" target="_blank">looking for backers for individual projects that can address the pandemic. </a> </p><p>"We think we can have a pretty big impact and we are seeing it already," he said.</p><p>The idea behind the group is to vet those ideas that can make the highest impact and then help them get funding — whether it be through grants, government, individuals or other sources like connecting them with operational help.</p><p>"Even a million dollars from these sources could have an outsize impact on COVID-19 outcomes," Wilson said.</p><p>Earlier this week, Bill & Melinda Gates Foundation announced a $125 million effort with Wellcome and Mastercard <a href="https://www.gatesfoundation.org/Media-Center/Press-Releases/2020/03/COVID-19-Therapeutics-Accelerator" target="_blank">to form the COVID-19 Therapeutics Accelerator</a>, to find potential treatments. The firm hopes to tap into that new wave of new funding, as the world scrambles to stem the crisis and businesses search for solutions. <br/></p><p>To vet the ideas, MarsBio will be bring on other academics, scientists, epidemiologists, clinicians and people outside the firm's core expertise.</p><p>"We take a very science-first lead," said general partner Llewellyn Cox, founder of LabLaunch which helps connect early state companies with lab space. </p><p>All the partners are trained scientists and entrepreneurs, noted Cox, who holds a doctorate in molecular and cell biology. And the firm, which backs early-stage bioscience companies in Southern California, boasts deep connections in Southern California's lab community. </p><p>Through those contacts, Cox put Curative in touch with KorvaLabs, where the Bay area company is now accelerating production of saliva test kits for the novel coronavirus. And the firm is helping Curative raise $800,000 and bulk up its workforce as the company ramps up their output. </p><p>"The best case scenario is we put a lot of time and energy into this, we highlight some really good ideas. It turns out to be less of an impact than you expect," Wilson said. "We don't think that's gonna happen. We think it is going to be bad. Hopefully, we can provide some scientific and some some operational support to make life a little bit easier."</p>
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Soylent CEO Crowley Out as Meal Replacement Startup Looks to Re-Focus Strategy on 'Core Products'
Feb 13 2020
Soylent, the Los Angeles-based meal replacement startup, has shaken up its top ranks with Chief Executive Bryan Crowley stepping down and replaced by Chief Financial Officer Demir Vangelov.
<p>The company's chairman and co-founder, Rob Rhinehart, said in a blog post that the leadership change comes as Soylent looks to change its strategy and product line to "re-focus" on its core products and bring new "innovative ideas" to the market. He also said they will seek to improve prices in a bid to bring in new business.</p><p>"Today, innovative food companies are performing record-breaking IPOs, new retailers are raising massive growth rounds, and food, agriculture, and ingredient technologies are some of the most disruptive startups in the ecosystem," he said in a statement. "But we still have a lot of work to do to fulfill Soylent's mission."</p>
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