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.

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.