Maine Technology Institute announces investments of $709,011 in seven Maine businesses, which leverage matching investments of $1,715,130 from the companies. Awards were distributed to companies in New Gloucester, Portland, West Newfield, Orono and Trenton. Funding was awarded in the form of TechStart Grants, Development Loans and Equity Capital Funding and in amounts ranging from $3,600 to $495,751.
“We congratulate these entrepreneurs on receiving this funding. They have all been through a highly competitive process to prove their technology and to assess the economic benefit of their project to the state of Maine,” said Betsy Biemann, President of MTI on the announcement. “This funding supports the development of their technology innovations to bring products and services to market and grow companies in Maine. Some of these entrepreneurs are just getting their ideas off the ground while others are further along the path of refining and commercializing their technologies and in the process, building promising companies and growing good jobs for Maine. We look forward to continuing to work with them to help them succeed.”
MTI’s TechStart Grant, Development Loan and Equity Capital Fund are components of MTI’s Business Innovation Program that provides coaching and capital for Maine’s technology-based businesses helping to accelerate Maine businesses along their development cycle of bringing new products to market while simultaneously accelerating their capacity for profitability and growth. In the process, Maine companies improve their commercial success and capacity to grow and sustain good jobs across the state. As always, there is a requirement for at least a 1:1 match for funding and a competitive process for all applications. The Business Innovation Program helps Maine’s tech-based business create strong foundations and be better positioned to access capital and grow.
Companies receiving funding, by type of award:
TECHSTART GRANTS
O’Grady LLC in New Gloucester received $5,000 which they matched with $5,700 for Business Planning for Advanced Products Company. Advanced Products Company is a Maine-based manufactured products innovator with expertise in nonwovens, precision fabrication and thermo plastics. By combining its expertise in these areas, Advanced Products Company looks to produce a range of composite materials and value-add products designed for the Medical and various OEM industries. The scope of this project is to create a comprehensive business plan outlining product offerings.
Northeast Hearing & Speech Center Inc. in Portland received $5,000 which they matched with $5,700 for planning activities related to alternative communication devices and communication therapy apps used with iPads. Northeast Hearing & Speech Center Inc. staff is piloting iPads and apps for speech and communication therapy to allow quick access to vocabulary building, sequencing, phonological awareness and, for children with severely limited language output, a cutting-edge, speech-generating app developed in Amsterdam called Proloquo2go. They are looking to develop a new service line of technical training/support in programming and customization for parents, teachers, and early intervention specialists and gather evidence about technology’s suitability as a durable medical device.
Brightwater Bay Science LLC in Portland received $3,600 which they matched with $5,600 for Business Plan Development and Market Analysis. Brightwater Bay Science, LLC’s mission is to help reduce the incidence of skin cancers and premature aging of the skin through product innovation and education. The purpose of this project is to begin a market analysis and develop a business plan for a unique sunscreen that incorporates several marine compounds, two of which are sustainably harvested in Maine. The formula aims to incorporate unique use of marine ingredients which will reduce or eliminate the need for chemical sun blockers, will meet enhanced FDA standards, and will be cosmetically desirable to consumers.
DEVELOPMENT LOANS
Newfield Design, Inc. in West Newfield received a Development Loan of $495,751 which they matched with $1,585,130 to fund completion of the development of a revolutionary new product in the Land Mobile Radio (LMR) market. Newfield will manufacture and sell the Expandable Radio Control System (ERCS) which will allow interoperability between disparate communication systems. The development is expected to bring significant job growth.
The University of Maine Process Development Center in Orono received a Development Loan of $99,660 which they matched with $113,000 to further develop and license its process technologies to produce a novel nanocellulose-based release paper in conjunction with their development partner, Stirling Consulting, Inc. Nanocellulose has many benefits over other nanomaterials, including lower cost and low toxicity. This project leverages the superior barrier and strength properties of NFC to produce novel Release paper prototypes for test market evaluation. The technology will help strengthen Maine’s existing paper mills, secure manufacturing jobs and the indirect jobs they support.
EQUITY CAPITAL FUNDING
MTI made a $50,000 equity investment in Orono based Cerahelix Inc. MTI participated with private investors and the Small Enterprise Growth Fund in this initial funding round totaling $205K. Cerahelix has previously been awarded Seed Grants that funded the initial development of their technology that forms the basis for the Cerahelix intellectual property. MTI also provided support for the Cerahelix Federal Small Business Innovation Research proposals through its Technical Assistance Program (TAP). Cerahelix is developing a DNA-based way to produce advanced nanofiltration membranes for water re-use and recycling. Cerahelix spun out of Zeomatrix LLC, a nanostructural company focused on the use of paper in odor control, last year. Susan MacKay, founder of Zeomatrix LLC and Cerahelix Inc. was named a 2011 Woman to Watch 2011 by Mass High Tech. Cerahelix was also a finalist for the 2011 MassChallenge startup competition.
MTI made a $50,000 equity investment in BarHarbor BioTechnology Inc. in Trenton. MTI participated with private investors and the Small Enterprise Growth Fund in this initial round of funding totaling $200K. BarHarbor BioTechnology is a life sciences company that spun-out of the Jackson Laboratory. The company has successfully launched two product lines, ZenoQ and StellARay, that are marketed and distributed globally. MTI has previously funded BHB’s development with $870K through two Seed Grants, a Development Award, an equity investment through the Accelerated Commercialization Fund and a Maine Technology Asset Fund award.
MTI is a publicly financed, private nonprofit organization created by the Legislature to stimulate research and development activity leading to the commercialization of new products, processes and services in the state’s seven technology-intensive sectors. Programs are designed to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and create quality jobs across Maine. More about MTI at: www.mainetechnology.org.
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