Innovation Works Announces Latest Round of Companies Approved For Funding; Three Companies Scheduled to Receive Nearly $300,000 Each

    PITTSBURGH, June 28 /PRNewswire/ -- Innovation Works today announced eight
 more southwestern Pennsylvania technology companies have been approved for
 funding.  A total of 40 proposals were received this quarter -- over an
 80 percent increase from last round.  Half of the proposals were for the
 Commercialization Fund, which provides companies with up to $300,000 for
 beta-stage projects.  Four of these companies had previously received
 investment through the Innovation Fund for alpha-stage development.  This
 evolution validates the Innovation Works strategy to structure investments
 that grow companies from one stage to another.  The $1.38M investments for
 this round are the first of Innovation Works' new fiscal year.  Innovation
 Works ends this fiscal year with a total investment portfolio of $5.2M.
 
     Fund Name   Technology Area    Company              County     Investment
                                                                    Amount
 
     Innovation  Computer Hardware   Transvision         Allegheny  $100,000
                 Computer Software   Mobot, Inc.         Allegheny  $100,000
 
                 Info Tech           DigitalMC
                                      Corporation        Allegheny  $100,000
                                     Discovery 123, Inc. Allegheny  $100,000
                                     Wireless Data Edge,
                                      LLC                Allegheny  $100,000
 
     Commercialization
                 Biotechnology       ProlX Pharmaceuticals,
                                      LP                 Allegheny  $300,000
                 Info Tech           Steel River Systems,
                                      Inc.               Allegheny  $300,000
                 Computer Software   CompAS Controls,
                                      Inc.               Armstrong  $278,625
 
 
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19991012/PHTU030 )
     "This is indeed an exciting time for new technology enterprises in
 southwestern Pennsylvania, as evidenced by the growing number of entrepreneurs
 that Innovation Works is working with," said Doug Goodall, President and CEO
 of Innovation Works.  "This round concludes our first full year of operations
 under the Innovation Works model.  We have had over 150 applications for
 funding in the past twelve months, and have invested over $5M in
 29 enterprises; but perhaps more importantly, Innovation Works has implemented
 programs for CEO mentoring; university internships with our client companies;
 24/7 on-line entrepreneurial support center (www.innovationworks.org);
 efficient access to expert service providers; and coordinated support of local
 angel and private investor networks."
     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.
 
 

SOURCE Innovation Works, Inc.

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