Innovation Works Announces Five Companies Receiving Investments From First Funding-Decision Cycle

    PITTSBURGH, Oct. 12 /PRNewswire/ -- Innovation Works today announced the
 five recipients of its first round of investments.  Each company is receiving
 an Innovation Fund Investment, which provides up to $100,000 for prototype
 development of a technology-based product or service.  The investment requires
 the companies to deliver results within six months.  The recipients include:
 
     Biomedical                             E-Commerce
     TissueInformatics, Inc.                Allegheny Digital Corporation
     Allegheny County                       Allegheny County
     $100,000                               $96,000
 
     Computer Hardware/Software             Robotics
     InterScope Technologies, Inc.          PHT, Inc.
     (formerly DFD Information Systems)     Allegheny County
     Allegheny County                       $100,000
     $100,000
 
     OnGuard Systems, Inc.
     Allegheny County
     $100,000
 
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19991012/PHTU030 )
     These enterprises are the first to receive funding under Innovation Works'
 new, streamlined investment process, which targets technology oriented
 companies and returns investment recommendations quickly.  Funding proposals
 are carefully evaluated to focus on a handful of high-potential opportunities,
 and investment decisions are made within approximately 30 days of proposal
 submission.
     "These companies have exciting ideas and concept technologies that they
 need to develop to take to the next step in their growth," said Douglas
 Goodall, Innovation Works' President and CEO.  "Our quick funding decisions
 help them keep a project on track for aggressive development dates while our
 investment helps pay for resources.  Ultimately, our fast turn-around should
 accelerate their progress toward commercialization."
     In addition, Innovation Works offers a Commercialization Investment of up
 to $300,000 for beta development and market validation and an Emerging Company
 Investment of $500,000 for a full market launch.
     Innovation Works is a state and community-funded investment organization
 and is a member of Pennsylvania's Ben Franklin Technology Partners.
 Innovation Works' mission is to increase the new-enterprise success rate in
 southwestern Pennsylvania by insuring that high-potential technology companies
 have efficient access to the right people, expertise, and risk capital.
     Innovation Works invests in firms that develop high-technology products or
 services; have fewer than 100 employees; have been in business three years or
 less; and reside in Allegheny, Armstrong, Beaver, Butler, Fayette, Greene,
 Lawrence, Washington or Westmoreland county.  Please call 412-681-1520 or
 visit www.innovationworks.org for more information.
 
 

SOURCE Innovation Works, Inc.

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