RICHMOND, Va., April 15, 2016 /PRNewswire/ -- Union Bankshares Corporation announced today the winners of the 2016 Union Innovation Challenge, which took place on Thursday, April 14, at the Virginia Tech Carilion Research Institute in Roanoke.
Two Virginia Tech student teams won funding for their ideas for new healthcare, wellness or medical devices.
Team Illumi[neo]nate won first place and $7,500 for conceptualizing a catheter tip that illuminates near infrared fluorescence, enabling the catheter to be monitored on sensitive newborns without the use of harmful X-rays.
Team BioactiVT took home second place and $2,500 for the concept of a solar-powered pulse oximeter that can be used to address the unique challenges faced by healthcare providers in developing regions.
The public was also invited to vote online for the "Fan Favorite" team. More than 4,700 votes were cast, and BioactiVT was the winner. The team was awarded an additional $2,500.
"On behalf of Union, I'd like to congratulate all 47 teams who entered the Innovation Challenge, and especially those who pitched and won today," said Union chief banking officer and Innovation Challenge judge Tony Peay. "As a community bank invested in the economic vitality of our state, it's refreshing to see the degree of innovation and entrepreneurship that's happening right here in Virginia, and we're proud to support it."
ABOUT UNION BANKSHARES CORPORATION
Headquartered in Richmond, Virginia, Union Bankshares Corporation (NASDAQ: UBSH) is the holding company for Union Bank & Trust, which has 124 branches and nearly 200 ATMs throughout Virginia. Non-bank affiliates of the holding company include Union Mortgage Group, Inc., which provides a full line of mortgage products, and Union Insurance Group, LLC, which offers various lines of insurance products.
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SOURCE Union Bankshares Corporation