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.