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Innovation Works invests nearly $3.7M in the first half of 2013


In the first half of 2013, Innovation Works (IW) put nearly $3.7 million to work for Southwestern PA technology companies through a variety of funding programs.

Between Jan. 1 and June 30, ten new companies joined the portfolio and another ten existing portfolio companies received follow-on investment.  In total, the portfolio companies received nearly $2.7 million in investment from the IW seed fund during this time period. In addition, IW provided more than $565,000 in funding to commercialize promising technologies, including four Technology Commercialization Initiative projects for robotics and electronics companies and six grants made to universities to bring innovations out of their labs and into the marketplace.

AlphaLab, a program to fund and develop capital-efficient companies that can launch a technology product within a 20-week timeframe, completed two cycles of investment and intensive mentoring.  IW invested $400,000 in 16 AlphaLab companies in the first half of 2013.

Finally, the Innovation Adoption Program, which helps existing manufacturing companies use technology to gain competitive advantage, provided $31,000 to help a mature company specializing in industrial and commercial water treatment systems to develop a new product. 

First-Time Portfolio Company Seed Fund Investments:
Accel Diagnostics, LLC  
BoardBookit, Inc.
Digital Dream Labs, LLC
Inteligistics Inc.
Liquid X Printed Metals, Inc.
MyMedCoupons, LLC
PoweredAnalytics, Inc.
The Efficiency Network, Inc. (TEN)
Wexford Farms Pet Food LLC

Portfolio Companies Receiving Follow-On Investment:
8020 Select
CommunityVibe Inc.
Cognition Therapeutics, Inc.
FutureDerm Inc.
HeadRight Games, LLC
NewCare Solutions, LLC  
NoWait, Inc.
Propel IT, Inc.
Voci Technologies Incorporated

Technology Commercialization Initiative  
Astrobotic Technology, Inc.
Nanophoretics, LLC
Qualaris Healthcare Solutions, Inc.

Existing Manufacturers Innovation Adoption Program
All Water Systems, Inc.  

AlphaLab Winter/Spring Cycle
Digital Dream Labs, LLC
Meaningfy, Inc
NetBeez, Inc.
PoweredAnayltics, Inc.
Sole Power, LLC
Woo with Style
Workshirt, Inc.

AlphaLab Summer/Fall Cycle
AthleteTrax, LLC
Collected Inc.
MegaBits, LLC
ProfilePasser, Inc.
Spacefinity, Inc.
Wing Ma’am, LLC

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