Rayni, a software startup specializing in AI platforms for laboratory instruments, has secured first place in the 2025 Edward L. Kaplan, ’71, New Venture Challenge. The competition awarded a record-breaking $2.267 million to its ten finalists, with Rayni receiving the Rattan L. Khosa First-Place Prize and a total investment of $835,000.
Steven Kaplan, Neubauer Family Distinguished Service Professor at the University of Chicago Booth School of Business and Kessenich E.P. Faculty Director of the Polsky Center for Entrepreneurship and Innovation, remarked on the competitive nature of this year's event: “It was an extremely competitive year. We had seven teams that we considered for first place during the deliberations. We ended up choosing Rayni, but it was the deepest set of teams we’ve had to date. They were all great.”
Mark Tebbe, adjunct professor at Chicago Booth and entrepreneur-in-residence at the Polsky Center, added: “This year’s startups were some of the strongest yet—and at more than $2.2 million, it’s the most we’ve ever awarded, but it’s also the most ever awarded in any university-based business plan competition in the world.”
Rayni's platform provides scientists with reliable guidance for operating complex lab instruments efficiently. Sakshi Nag, cofounder and CEO of Rayni, expressed her gratitude: “I’m so glad I came to Booth and am so thankful to the Polsky Center... This means a lot—it’s been two years of insane hard work."
The second-place award went to K1 Semiconductor with $668,000 in funding. Their technology enhances chip manufacturing efficiency through wafer processing services.
Solitude Labs received third place with $440,000 for their secure communications platform designed for edge devices.
NutraCareU earned fourth place with $85,000 for offering personalized nutrition solutions aimed at chronic conditions like type 2 diabetes.
Fifth place went to MOOJ Foods with $68,000 for their protein-infused paneer as a meat alternative.
Relos placed sixth with $65,000 by streamlining real estate transactions into interactive timelines.
GovChime took seventh place with $43,000 for simplifying government contract access for small businesses using AI-enabled ERP solutions.
Mudita Earth won eighth place with $33,000 by offering dermatologist-backed skincare products tailored to diverse skin tones.
Ninth place was awarded to Ampable with $20,000; they provide managed EV charging solutions for multifamily properties.
Selene finished tenth with $10,000 as a quant trading firm specializing in sports betting markets.
Since its inception in 1997, over 200 companies have emerged from NVC still operating today—brands like Grubhub and Venmo among them—raising over $1.5 billion collectively while achieving more than $11.6 billion in exits.
The Polsky Center also manages other NVC tracks such as the John Edwardson Social New Venture Challenge and College New Venture Challenge whose winners were also announced this year.