info icon Helene Disaster Assistance: View information and resources available to North Carolina businesses impacted by Hurricane Helene. [ Go Now ]

Quadridox

Hillsborough, NC

Professor to Entrepreneur

Ten years ago, Joel Greenberg was a new professor at Duke University working on projects involving X-ray technology. “[I was] asking the question, how can new X-ray measurements, new X-ray algorithms be used to provide better aviation security?” he said. A few years into the project, he recognized the potential for commercialization. Simultaneously, it became clear that the university was not the best environment to foster the product’s development. “There was the need for a different type of institution that would allow us to continue progressing the technology from on-the-bench ideas to real products that address the real problem,” Greenberg said. 

So in 2018, Greenberg founded Quadridox, Inc. alongside Michael Gehm, Ph.D., David Coccarelli, Ph.D., Anuj Kapadia, Ph.D., and Amit Ashok, Ph.D. with the goal of developing computational X-ray imaging products to create a safer, healthier world.

Building a Business

The five scientists brought physics and engineering expertise to the nascent company, but none of them had experience running a business. They quickly assembled an all-star team and advisory board to help build their business plan. It wasn’t long before their new CFO, Ruth Proctor, introduced them to the Technology Commercialization team at the NC SBTDC. 

With SBTDC’s help, Quadridox grew rapidly. They participated in the Technology Commercialization internship program two years in a row, utilizing MBA students to advise on their business strategy, perform market research, and analyze the competitive landscape. With their added bandwidth and clear analysis through the internship program, Quadridox identified two primary customer segments for their X-ray products: airport security and cancer pathology. 

Commercializing the Product

As the company narrowed its focus, their business shifted away from R&D funding through their numerous SBIR/STTR awards toward a minimum viable product ready for commercialization. They attended SBTDC’s Investor-Ready Entrepreneur event to understand more about venture capital and alternative funding for startups, and they worked directly with an SBTDC Equity Funding Specialist to formulate a commercialization plan for their products. As they begin marketing their products, SBTDC will continue to provide resources and to help steer the company’s overarching business plan toward profitability. 

“The SBTDC has helped with a number of things. . . . One thing that has been really helpful for me is providing perspective for what growth looks like.”

Joel Greenberg

Exponential Achievement

Since they hired their first employee five years ago, Quadridox has increased annual contract revenue by thirty times, added fourteen additional full time employees, and moved into a new 7200 square foot flex space in Hillsborough. Through non-dilutive SBIR/STTR funding and commercial contracts over the last five years, Quadridox has bootstrapped itself to become an internationally recognized leader in X-ray imaging technology, developed several products, and provided internship and mentoring opportunities to over a dozen young scientists. They have established key partnerships and collaborations with numerous companies, universities, and research labs across the world.

Looking Toward the Future

Greenberg and his colleagues are frequent guest speakers at industry conferences, and they are happy to share their research with their audience. “We were never in stealth mode as a company,” he said. “We’re not shy about . . . telling people about the technology and what we’re trying to do to improve their lives.” 

Greenberg is optimistic about the future of the company and the development of new products. Quadridox has some new projects in the works that he’s excited about. “We are still doing a lot of cool technology development. There’s a couple exciting things that you’ll just have to stay tuned for, that we can’t talk about yet. But we’ve got a lot cooking right now, so I’m excited to tell you to come back for part two in the future.”

Ready to take the next step?

Find Your Local Office