BFTP/SEP Approves Second Quarter Investments for Eight Companies
Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) announced second-quarter 2010 investments totaling $2,026,000 for eight early-stage Pennsylvania companies with promising technology innovations.
“This latest round of investments demonstrates the strength of our region’s energy sector and the continued commitment of our business solutions entrepreneurs,” said RoseAnn B. Rosenthal, President & CEO of Ben Franklin Technology Partners of Southeastern Pennsylvania.
Companies approved for funding:
Achieve X, LLC, Conshohocken, $150,000
Achieve X is expanding its existing professional live events network, CFO Alliance, to include an online social networking arm called AchieveNext. AchieveNext is a social networking community designed initially for accounting and financial professionals. It will connect members with others based on shared interests, desired personal and professional development, experience and needs. Achieve X is run by CEO and founder Nick Araco, Esq., and co-founder and COO Greg Wood.
CeeLite® Technologies, LLC, Colmar, $500,000
CeeLite® develops and commercializes Light Emitting Capacitor (LEC) technology. CeeLite® LEC panels are thin, flexible and lightweight light sources that may be used on flat or curved surfaces to illuminate the surface itself and to provide illuminated advertising, signs and architectural surfaces. LEC technology is distinct from existing lighting sources and is considered to be a separate category of products from anything currently available in the lighting industry. CeeLite® is led by Richard E. Caruso, Ph.D., Chairman; Martha McGeary Snider, Chief Executive Officer; Huei-Pin Huang, Founder, Chief Technology Officer and Director; and others.
Clear Align, LLC, Eagleville, $251,000
(Ben Franklin previously invested $251,000)
Clear Align is an optical engineering and systems integration company focused on imaging, sensing, and fiber optics. The company supplies advanced optical engineering, prototyping and manufacturing for the aerospace, defense, communications, and medical markets; and is trusted for its fast, reliable and cost-effective solutions. In 2009, Clear Align was ranked #1 by Inc. Magazine for fastest growing private company in the Mid-Atlantic Region, and #3 by the Philly 100® for Regional Growth. Clear Align is led by founder, President and CEO Angelique Irvin; and Vice Presidents Michael Finlan, Robert Irvin and David Huff.
Community Energy, Inc., Radnor, $400,000
Community Energy’s mission is to bring wind and solar energy power into widespread, commercial production at the utility scale. The company’s vision is to be a leading renewable energy development company that brings early and advanced solar and wind projects to market. The company is led by Brent Alderfer, CEO and co-founder. Mr. Alderfer previously served as Colorado Public Utility Commissioner, and is well known for developing new energy technologies. Other company leaders include Eric Blank, Executive Vice President, co-founder, and President of Wind Development; and Brent Beerley, Executive Vice President and President of Solar Development.
GreenPhire, Inc., King of Prussia, $200,000
GreenPhire develops and provides technology solutions for clinical trials. The company focuses on ePayment solutions, including a prepaid debit card, ClinCard, that a study sponsor can use to pay study participants for their involvement in a trial. The card is loaded with money every visit, and the participant can access the money instantly once it is loaded onto the card. This reduces the clinical sites’ need for cash and the red tape involved with sending checks; and makes participants more willing to participate through promise of quick compensation. The company is led by Samuel Whitaker, co-founder and CEO; and John Samar, co-founder and COO.
OxiCool, Inc., Philadelphia, $200,000
(Ben Franklin previously invested $150,000)
OxiCool is developing a novel closed-loop cooling product that is directly applicable to military aircraft and vehicles, large truck anti-idling applications, and home air conditioners. OxiCool is now participating in a joint R&D project with the U.S. Navy to develop environmentally friendly air conditioning technologies. Ben Franklin’s investment will be used for field testing their products. OxiCool is led by founder and CEO Ravikant Barot, Vice President of Engineering Robert Horvatich, and engineer Brandon Wilcox.
Quanta Technologies, Inc., Malvern, $250,000
Quanta Technologies is developing and manufacturing technologies for energy efficient storm windows, called Low-E Storm Windows. The company will use the Weatherization Assistance Program in Pennsylvania to its advantage in educating residents on its windows and their high performance and low installation cost. Quanta will use Ben Franklin’s funding assistance to commercially launch its Low-E Storm Window business, and to find a manufacturing plant site in Pennsylvania.The company is led by Jay Reyher, President and CEO; John Siegel, COO; and Michael Neff, CFO.
Spectrum Devices Corporation, Hatfield, $75,000
(Ben Franklin previously invested $120,000)
Spectrum Devices designs, manufactures and commercializes high power transistors for RF and Microwave applications; including Bipolar and VDMOS transistors for RF and microwave power applications. Spectrum also develops products to bring obsolete or discontinued transistor products up to date, giving them greater life and better performance. The company is led by Dr. Jere Hohmann, CEO and President; Ben Caccavale, Vice President of Engineering; and Robert Blake, Vice President of Sales & Marketing.
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