Partnership Between Wolfpack Investor Network & Harbright Ventures Sees Continued Growth

The Wolfpack Investor Network (WIN) and investment group Harbright Ventures recently marked two years of a partnership that has delivered tangible benefits for the entrepreneurial community at North Carolina State University. 

Investment opportunities for research-based startups in the Triangle and throughout North Carolina remain less robust than in higher-density ecosystems such as Silicon Valley or Boston, posing a significant challenge to young companies seeking to grow and stay within the state. WIN – an early-stage angel investment group affiliated with NC State and established in 2017 – connects angel investors with exciting startups with ties to NC State and serves as a critical source of capital within the university’s entrepreneurial ecosystem.

The network partnered with Triangle-based venture capital Harbright Ventures in 2022 to expand support for both its accredited investor members and its portfolio companies. Harbright – with its specific focus on funding early-stage, high-growth startups – has strengthened WIN-related deals through its thorough review of investment opportunities and has provided increased capacity for the network.

Since the partnership began, WIN has seen a notable rise in membership, with 74 new members joining the network over the last two years. “To put that in perspective,” said Robert Ross, founding partner of Harbright Ventures, “half of the current network were not members when the partnership was established.” The intentional recruitment efforts by both partners have significantly contributed to the growth of the network and its expanded operation. Harbright has increased its role in WIN-related investment deals, acting as lead investor for several deals, committing over $4 million of its own funds to companies pitching to the network, and holding board seats with some portfolio companies. By introducing new deal types such as debt, WIN investors are also receiving returns earlier, which encourages participation in additional deals. 

Harbright has also fostered increased opportunities for NC State students to participate in the due diligence process that precedes WIN investments. These internships provide students with experience and exposure to angel investing while also empowering WIN members to make more informed investment decisions. Lisa Chang, WIN’s director of diligence, highlighted the strong community the partnership has created by pointing to a WIN member and entrepreneur who successfully sold his company and subsequently donated funds to the network to support student intern positions. “WIN members really feel a connection to WIN,” she said, “and they are willing to provide support beyond membership dues, through either in-kind contributions or direct funding to expand our programs.”

Ross and Harbright co-founder and venture partner John Leachman expressed excitement about expanding their firm’s partnership with NC State. Leachman praised the quality and sophistication of technologies spinning out of the university, noting the number of NC State innovations that “have a useful purpose for human health or the environment, and the companies also happen to be investment-worthy…to see both things simultaneously, and to have the ability to play a small role in seeing that technology come to fruition is really exciting.”

The level of institutional support for startups within the university was also noted as impressive by the Harbright team; Ross cited Lumata Health, a WIN portfolio company that received support from the network in 2022. A tech-enabled healthcare services company, Luamata is commercializing a system that improves outcomes for patients with vision-threatening chronic eye conditions. Co-founder and CEO Dr. Landon Grace is an associate professor at NC State and has been able to lead the company to tremendous growth while on sabbatical from his faculty position, expanding Lumata from 40 employees to over 200 in less than one year. 

Other WIN portfolio companies have also seen notable advancements. Sonovascular – a medical technology company launched in 2018 based on intellectual property developed at NC State – announced successful treatment of its first patient with its SonoThrombectomy™ System. The innovative system utilizes ultrasound technology to more effectively reduce and remove blood clots in critically-ill patients affected by deep vein thrombosis and pulmonary embolism. The company initially received support from WIN in 2023 and secured follow-on investment of nearly $2M from investors, including WIN, in October 2024. Following initiation of Sonovascular’s first-in-human trial in August, the system has since been used to treat six patients with excellent results, an exciting development as the company continues the clinical trials necessary to fully transition its system to market. 

Flux Hybrids, another WIN-backed startup, is also gaining traction. Launched in 2020 by three NC State engineering students, Flux Hybrids has developed a system that rapidly converts conventional commercial trucks into plug-in hybrid electric vehicles, dramatically increasing gas mileage without compromising horsepower and performance. And the business world is taking notice; the company founders – Cody Biedermann, Clay Dowdey, and Micah Ulrich – were named to Forbes’ 2025 30 Under 30 list for Transportation & Mobility, which highlights transformative technologies that improve transportation efficiency. The company received support from WIN in 2023 but its founders had previously participated in NC State’s entrepreneurial programming for students. This “shows the health of our ecosystem,” noted Chang, “and our ability to drive really interesting ideas into real-world application.”

As the WIN and Harbright teams look to the year ahead, they are formulating the launch of new initiatives to maintain the network’s momentum. This growth mindset has led to the WIN model being touted as a gold standard by a national university angel investment group. Chang and the Harbright team stressed the key role of WIN director Abby Phillips in sustaining and growing the network. “Abby has been the stabilizing force behind WIN since its inception,” commented Chang. “As the only full-time employee of WIN …her dedication to well-thought out growth still allows for the very high-touch concierge services we provide to our members and portfolio companies.” 

The partnership’s next goal will be the establishment of a WIN fund, which will generate increased capital by attracting investment from family offices and institutions who want to support NC State-affiliated companies in addition to individual investors. By expanding its engagement with other funders, this new addition has the potential to leverage larger amounts of capital for even greater impact, potentially including companies at much earlier stages of development. WIN also plans to grow its geographic reach beyond the Triangle region. The network hosted multiple events in Charlotte during 2024 and plans to prioritize increased outreach throughout the state over the next year.

Recruiting new members will also continue to be a priority; WIN is currently growing at a rate of three new members per month according to Ross, and membership is open to any accredited investor, not just NC State alumni. “A member of the WIN advisory board is actually a UNC alumnus and also a Carolina Angel Network member,” Chang added, “so we are happy to work with anyone who has a passion for the ideas and companies coming out of NC State”. 

Through its initial launch and exciting growth, WIN has established itself as a pillar of the NC State entrepreneurial ecosystem by leveraging a passionate community of alumni and supporters seeking to invest in groundbreaking solutions to our world’s largest challenges. With increased support for startups, greater engagement with investors, and fruitful opportunities for students, the network’s continued collaboration with Harbright points to the potential for even greater impact in the future.