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.