Innovation Works Invests $434,500 in Regional Companies
Since February 2010, Innovation Works has invested $434,500 in ten start-up technology companies and innovative manufacturers in Southwestern PA. The re-investments in our portfolio companies help startups move closer to commercialization and help early-stage companies gain increased sales traction.
In addition, five new AlphaLab companies launched in Innovation Works’ accelerator for web, entertainment technology, and mobile applications companies. In addition, two Innovation Adoption Grants were made to small manufacturers to help them apply new technologies to make their products and processes more competitive by working with regional Centers of Excellence.
Seed Fund Portfolio Companies – Reinvestment
Bueda, Inc., Pittsburgh — $100,000
Total BFTP investment to date: $175,000
Bueda helps web publishers increase the profitability of their online ads by matching the right advertisement to the right multimedia content.
Thar Pharmaceuticals, Inc., Pittsburgh — $100,000
Total BFTP investment to date: $250,000
Thar Pharmaceuticals is focused on the development of improved versions of widely prescribed drugs that solve clinical limitations, such as bio-availability, efficacy, safety, or route of administration; thus providing new clinical performance and benefits. The company’s goal is to quickly build a pipeline of drug candidates and to commercialize drugs through established pharmaceutical and bio-pharmaceutical companies.
WhereverTV, Inc., Pittsburgh– $50,000
Total BFTP investment to date: $250,000
WhereverTV delivers 1,200+ live international television channels over the Internet directly to any TV in the world via a customizable Global Interactive Program Guide. The guide can be accessed through a PC, set-top box or cell phone and travels with you wherever you go.
AlphaLab Companies – 4th Cycle
25eight, Inc. d/b/a DeviceKnit, Pittsburgh — $25,000
DeviceKnit is an online “cookbook” for gadgets. It allows users to find implementations, or combinations of hardware and software, that can be used to accomplish specified goals. By adding the electronics and gadgets a user has, DeviceKnit can show the most relevant solutions and how other users implement the same device.
80 Degrees West Interior Design Studio, Inc., Pittsburgh – $25,000
80 Degrees West Interior Design, Inc. is an online space which provides professional interior design advice to anyone with a decorating project.
Lama Lab, Inc., Pittsburgh — $25,000
Lama Lab has developed a cloud-based platform to help small and medium online retailers in real time. This platform uses proprietary algorithms to optimize their efforts in three important areas of e-commerce: Pricing, Inventory Management, and Marketing. For each area, Lama Lab will recommend actionable items, implement these recommendations with the click of a button, and track the effects of these recommendations.
Shoefitr, Inc., Pittsburgh — $25,000
Shoefitr is an application that helps online shoe shoppers find the perfect fit, which increases consumer confidence in ordering a properly fitting shoe online and reduces high return rates that plague online retailers.
Synesi, LLC d/b/a Photo Synesi, Pittsburgh — $25,000
Photo Synesi’s website connects aspiring photographers to professionals, providing them with rich, individualized and critical insights.
Innovation Adoption Grants
Think First, LLC, Cranberry Township — $9,500
Think First is an engineered solutions company that provides custom and semi-custom electrical, mechanical and control systems to the steel industry.
Cannon Boiler Works, Inc., New Kensington — $50,000
Cannon Boiler Works designs and manufactures energy-recovery equipment for industrial boilers. These units sit on top of or near a boiler, collect the waste heat of the boiler and use that heat to radiate hot water back through the boiler system. Cannon Boiler Works’ equipment saves companies up to 10% from their steam generation fuel bill, saving energy and reducing greenhouse gas emissions in the process.
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