WILMINGTON, Del., Oct. 16, 2020 /PRNewswire/ -- CompassRed, a data analytics and artificial intelligence company, announced it was awarded a $2M grant as part of the CARES Act Innovation Grant from New Castle County, Delaware. This grant will fund a pioneering Data Innovation Lab and accelerate the use of data insights and intelligence to address COVID-related issues in the Mid-Atlantic region. CompassRed, headquartered in Wilmington, Delaware, was recently named one of Inc. magazine's 2020 fastest growing companies.
The Mid-Atlantic region already hosts a concentrated community of technologists and data scientists in the financial services, chemical, biopharma manufacturing, and legal sectors with direct access to some of the largest companies in the world. The Data Innovation Lab will be modeled after MIT's Media Lab with corporate, government, higher education and non-profit involvement.
"This grant recognizes the tremendous potential of data innovations to create jobs, stimulate the economy and build on the existing regional strengths we have already in the analytics space," said Patrick Callahan, CEO, CompassRed. "Funding will develop new discoveries and technologies to help companies and the data industry evolve together. Potential applications include improved automation and transformation for businesses impacted by COVID-19, including enhanced pandemic analytics and data visualization strategies."
The CARES Act Innovation Grant, awarded via a highly competitive process, seeks to fund innovative solutions to COVID-19 problems while providing opportunities to establish new multi-sector partnerships. The grant also accelerates the potential for new businesses to be born based on innovations developed in the Lab.
"Being awarded CARES Act Innovation funding reinforces our opportunity to take advantage of this moment," said Matthew Meyer, New Castle County Executive. "We have made investments to address urgent community needs, and we recognize we have historic opportunities to invest in long term positive impacts for our region due to this pandemic. A Data Innovation Lab, focused on advancing data and artificial intelligence, will mitigate the negative impacts of COVID-19, prepare us for future public health crises, and benefit our region, nation and global community."
The goal of the Data Innovation Lab will be to engage local and global organizations in an ongoing conversation around the use of advanced data analytics and artificial intelligence to fast forward research ideas out of the lab and into the marketplace.
"We are amazed by the talent and potential of the Mid-Atlantic region from both the technical and quality of life perspectives," said Callahan. "Work being done here by some of the world's largest companies can create opportunities for existing businesses and entrepreneurs and position our region as a world leader in fueling innovation."