BFTP Innovation Works Invests More Than $1.45 Million in Regional Economic Development
The Ben Franklin Technology Partner of Southwestern PA, known as Innovation Works (IW), invested more than $1.45 million dollars in regional companies between July 1 and December 31, 2009. Six new companies were added to the IW portfolio, and four existing portfolio companies received additional investment. Two manufacturing companies received Innovation Adoption Grants to help fund technology projects. Additionally, six new companies completed the AlphaLab program.
New Portfolio Companies
Bueda, Inc.
Approved Investment: $50,000
Bueda helps web publishers increase the profitability of their online ads by matching the right advertisement to the right multi-media content.
Pittsburgh Iron Oxides, LLC (PIROX)
Approved Investment: $300,000
Pirox makes powdered metal oxides that are used for pigments in the coatings, defense and construction industries.
The Resumator
Approved Investment: $50,000
The Resumator’s on-demand hiring platform delivers a web-based “applicant tracking system” for collecting resumes and managing the recruiting process at small and medium-size businesses.
High Performance Building Systems, Inc.
Approved Investment: $300,000
High Performance Building Systems developed an innovative process for scanning wall panels and exact-fitting expanded polystyrene (EPS) insulation into the panel, enabling builders to more easily work with EPS, a cheaper, more energy-efficient insulation material.
AardvarQ, LLC
Approved Investment: $100,000
AardvarQ provides a configurable “AppStore”-like framework and applications for the commercial instrument market.
NeuroInterventional Therapeutics, Inc.
Approved Investment: $100,000
Neurointerventional Therapeutics, Inc. designs and manufactures advanced catheter systems used to find, trap and extract blood clots in a wide range of cerebral vessels, which increases patients’ chances of survival and minimizes disability.
Portfolio Companies That Received Reinvestment
Cognition Therapeutics, Inc.
Approved Reinvestment: $25,000
Total BFTP investment committed to Cognition Therapeutics to date: $425,000
Cognition Therapeutics, Inc. is a biopharmaceutical company focused on developing novel therapies for neurodegenerative diseases such as Alzheimer’s.
Compliance Assurance
Approved Reinvestment: $100,000
Total BFTP investment committed to Compliance Assurance to date: $200,000
Compliance Assurance Corporation provides a software-as-service platform that enables insurers to more effectively maintain and demonstrate regulatory compliance at less cost.
Brainstorm SMS (SMaSh)
Approved Reinvestment: $100,083
Total BFTP investment committed to Brainstorm to date: $400,084
SMASH provides developers with a platform for developing SMS-based text applications with unprecedented levels of texting interaction, session to session persistence and robust scalability.
Penthera Partners, Inc
Approved Reinvestment: $50,000
Total BFTP investment committed to Penthera to date: $300,000
Penthera Partners enables media companies, network providers and handset OEMs to more effectively provide music and video to mobile devices.
Innovation Adoption Grant Companies
Clean Power Resources, Inc.
Approved Investment: $100,000
Clean Power Resources is a developer and fabricator of custom temperature control systems for use in alternative energy and mobile applications—robots, missiles and non-traditional vehicles (mostly used in the logging, steel and drilling industries).
Solar Power Industries, Inc.
Approved Investment: $30,000
SPI is an integrated photovoltaic manufacturer that makes both solar cells and solar modules (multiple cells interconnected and arranged together), starting the process with raw silicon.
AlphaLab Companies–Third Cycle
Gearheadz LLC (CloudFab)
Approved Investment: $25,000
CloudFab is developing an online platform to enable mass customization, connecting job shops with specialized equipment and spare capacity with customers seeking their services. They are an online marketplace that provides lower costs, automated quoting, integrated payment and escrow and an arbitration system.
Fooala
Approved Investment: $25,000
Fooala has created an open online ordering platform for restaurants to increase their online sales through their own websites and a network of affiliate partners.
LeftRight Studios
Approved Investment: $25,000
LeftRight Studios is a mobile application development company currently creating mobile games exclusively for the iPhone. The first title, smackBOTS, is an arcade-style robot fighting game in a single-player version with robot customization.
EZXtreme (Vivo)
Approved Investment: $25,000
Vivo is a web-based video broadcasting service that provides users a private, customizable environment for sharing events.
NavPrescience
Approved Investment: $25,000
NavPrescience is developing advanced methods for learning drivers’ routing preferences and destinations by observing their frequent driving routes.
Zipano Technologies
Approved Investment: $25,000
Zipano lets web users better control and manage who they share their personal information with on social networking sites and other information-sharing services (including location sharing applications).
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