MTI doles out $700K for business development
Maine Technology Institute has awarded more than $700,000 to seven companies throughout Maine through its grant, loan and capital funding programs. The companies will match the funding with $1.7 million.
Funding ranged from $3,600 to $495,751. The following companies received a total of $709,011 through MTI's TechStart grant, development loans and equity capital funding programs:
TechStart grants
Northeast Hearing & Speech Center Inc., Portland. Award: $5,000; match, $5,700. The company is piloting a program to use iPads and apps for alternative communication and speech therapy.
O'Grady LLC, New Gloucester. Award: $5,000; match: $5,700. The advanced products manufacturer is developing a business plan for composite materials and value-added products.
Brightwater Bay Science LLC, Portland. Award: $3,600; match: $5,600. The company is developing a business plan for a sunscreen using natural ingredients to help reduce the incidence of skin cancers and premature skin aging.
Development loans
Newfield Design Inc., West Newfield. Loan: $495,751; match: $1,585,130. The company is completing the development of an Expandable Radio Control System, which will allow communication between different systems.
The University of Maine Process Development Center, Orono. Loan: $99,660; match: $113,000. The center is further developing and licensing its process technologies to produce a nanocellulose-based paper in conjunction with Stirling Consulting Inc.
Equity capital funding
BarHarbor BioTechnology Inc., Trenton. Investment: $50,000. The life sciences company has successfully launched two product lines that are marketed and distributed globally. MTI participated with private investors and the Small Enterprise Growth Fund in this initial round of funding totaling $200,000.
Cerahelix Inc., Orono. Investment: $50,000. The company is developing a DNA-based way to produce advanced nanofiltration membranes for water reuse and recycling. MTI participated with private investors and the Small Enterprise Growth Fund in this initial funding round totaling $205,000.
Most Recent
Most Recent
Comments