Innovation Works Announces Investment Recipients from December Round; Significant Increase in Investment Proposals and Portfolio
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 AMOUNT Innovation Fund Computer Hardware/Software Halosoft Inc. Allegheny $100,000 Innovex Services Inc. Allegheny $100,000 yourfit.com Allegheny $100,000 Zajtra Inc. Allegheny $100,000 Communications Hardware Transvision Allegheny $100,000 Robotics Mobot Inc. Allegheny $100,000 Commercialization Fund Biomedical Automated Cell Inc. Allegheny $300,000 Millennium Medical Technologies Inc. Allegheny $150,000 Computer Hardware/Software The PartsHub, Inc. Allegheny $300,000 CRS, Inc. Butler $300,000 TimeSys 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 next level." 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.
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