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BFTP to invest $357,100 In Northeastern PA Companies

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Ben Franklin Technology Partners of Northeastern Pennsylvania will invest $357,100 to support regional economic development.

Since its founding, BFTP/NEP has helped create 16,214 new jobs for Pennsylvanians and retain 22,155 existing jobs; they have been instrumental in the formation of 458 new companies and the development of 1,279 new products and processes. The Pennsylvania Ben Franklin Technology Partners network has returned $3.60 to the state treasury for every $1 invested in the program. 

The following early-stage companies will receive investment in the form of loans.
 
HB Custom Media, Inc., Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin Investment: $25,000
This company will expand the commercialization effort for producing and selling custom tissue culture media, reagents, cell culture supplements and mouse embryo culture media to the Research-Use-Only market. These products are essential for life sciences companies in various applications, including drug development, cancer research, nerve cell regeneration investigation and treatments for heart attacks.
 
Medtrics Lab, LLC, Lewisburg, Union County
Ben Franklin Investment: $25,000
Medtrics will conduct an expanded market launch of a cloud-based clinical education management software system. This software is crucial for healthcare institutions training the next generation of healthcare professionals. Work will include completing the web application for physician training programs, developing both Apple mobile (iOS) and Android applications, and building additional features to support nursing schools.
 
Skaffl, LLC, Ben Franklin TechVentures, Bethlehem
Ben Franklin Investment: $100,000
The investment will enable adding additional functionality to Skaffl, a new mobile application through which teachers and students can exchange class materials, assignments, completed homework, assessments and grades. This product addresses the growing use of tablets in K-12 classrooms and the needs of teachers as they develop tools and curricula to enhance real-time educational interaction.

TSG Software, Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin Investment: $50,000
TSG will implement processes to significantly increase marketing and sales lead generation in commercializing software for business cleaning services, property and facility managers, and building management contractors. TSG's Accelerator CC brings traditionally manual processes into cloud software to automate mission-critical processes. This eliminates workflow disruption.
 
Virterras Foods, Moosic, Lackawanna County
Ben Franklin Investment: $50,000
This investment will support the development of a large, state-of-the-art hydroponic greenhouse for climate-smart, year-round agriculture in Pennsylvania. The market for fresh, local food is growing rapidly. The U.S. now imports 65 percent of all fresh produce and Virterras is part of a growing trend to bring agriculture and jobs back to Pennsylvania.
 
Ben Franklin will also invest in the following established manufacturers, providing 1:1 matching funding for work with a college or university partner on tech-based innovation.
 
B. Braun Medical, Inc., Allentown
Ben Franklin Investment: $50,000
University Partner: Lehigh University's Enterprise Systems Center
These funds will support a baseline energy assessment and carbon footprint analysis at this manufacturer and distributor of disposable medical devices. The company is committed to sustainable manufacturing processes while also reducing costs and increasing market competitiveness. The overall goal is reducing energy use by at least 10 percent.
 
Custom Processing Services, Inc., Reading, Berks County
University Partner: Lehigh University's Enterprise Systems Center
Ben Franklin Investment: $15,000
With help from their partner, this company will create new processes to manage internal logistics and minimize material handling costs during its continued growth. CPS provides sophisticated air-jet milling, micronizing, blending and testing of powdered materials on a contract and toll basis. 
 
A. Rifkin Company, Wilkes-Barre, Luzerne County
University Partner: Lehigh University's Enterprise Systems Center
Ben Franklin Investment: $17,100
This investment will help improve the cutting operation process and develop labor costs for the company's newly acquired Hope Uniform product line, which is relocating from New Jersey. Rifkin is the leading manufacturer of commercial and financial security bags, and is expanding into specialty apparel.
 
Simplex Industries, Inc., Scranton, Lackawanna County
University Partner: Lehigh University's Enterprise Systems Center
Ben Franklin Investment: $25,000
Simplex will map and analyze the designs of current processes to improve factory automation, material handling, storage and inventory control. Simplex is a regional leader in high quality modular construction, and is positioning itself as an industry-leading builder of energy efficient homes. The company built a prototype Net Zero home that is both environmentally conscientious and economically prudent for homeowners.

 

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