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Craig R. Koch, president and chief executive officer, The Hertz Corporation. (PRNewsFoto)[JL]
PARK RIDGE, NJ USA
PITTSBURGH, Jan. 20 /PRNewswire/ -- Innovation Works today announced the
11 recipients of its December round of investments. This round included
applicants for the Innovation Fund, which provides funds for alpha-stage
development; the Commercialization Fund, which targets beta-stage projects;
and the Emerging Company Fund, which funds a full-market launch. The total
investment made for the December round is $1.95M bringing the size of
Innovation Works investment portfolio to $3.9M.
(Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991012/PHTU030 )
The recipients include:
INVESTMENT FUND TECHNOLOGY AREA COMPANY COUNTY INVESTMENT
Innovation Fund Computer
Hardware/Software Halosoft Inc. Allegheny $100,000
Inc. Allegheny $100,000
yourfit.com Allegheny $100,000
Zajtra Inc. Allegheny $100,000
Hardware Transvision Allegheny $100,000
Robotics Mobot Inc. Allegheny $100,000
Fund Biomedical Automated Cell
Inc. Allegheny $300,000
Hardware/Software The PartsHub,
Inc. Allegheny $300,000
CRS, Inc. Butler $300,000
Corporation Allegheny $300,000
The number of applicants for this round increased by more than 68 percent
from the October round, up from 19 to 32. Of the 32 applications received, 22
were from new companies and 10 were funded previously under the royalty based
Ben Franklin Technology Center funding strategy. After initial screenings, 19
proposals were considered for investment and underwent due diligence and
review by an expert panel. Several applications were received from finalists
in the EnterPrize '99 Business Plan
Competition, four of which, DS Limited, Millennium Medical Technologies,
Transvision, and Zajtra, were funded. This indicates that the competition is
producing results as planned-generating high-potential business plans capable
of attracting the local investment community's attention and contributing to
the region's economic development.
"The increase in applicants indicates that Innovation Works' funding
strategy and services are needed by the region's young technology companies.
The quality of proposals was also much better," said Douglas Goodall,
President and CEO of Innovation Works. "Our new investment approach to support
company growth stages creates opportunities to work with enterprises we might
not have been aware of before because their needs were out of the center's
previous funding range. It's a win-win; Innovation Works can help more
technology companies, and the companies get the cash they need to move to the
If the number and quality of investment proposals received continues to
rise, Innovation Works' investment portfolio will increase significantly. To
ensure that additional applicants have adequate pre- and post-investment
support, Innovation Works plans to expand its Enterprise Advocate staff.
Enterprise Advocates manage a portfolio of technology companies, assist with
the funding application process, and coordinate follow-on resource support.
Innovation Works is a non-profit, community-funded investment organization
that invests in firms that develop technology products or services for high-
growth markets; have fewer than 100 employees; 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.
For more information about the EnterPrize '99 Business Plan Competition,
visit www.enterprizepgh.org or call 412-804-3060.
SOURCE Innovation Works, Inc.