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
Digital Dream Labs, LLC
Liquid X Printed Metals, Inc.
The Efficiency Network, Inc. (TEN)
Wexford Farms Pet Food LLC
Portfolio Companies Receiving Follow-On Investment:
Cognition Therapeutics, Inc.
HeadRight Games, LLC
NewCare Solutions, LLC
Propel IT, Inc.
Voci Technologies Incorporated
Existing Manufacturers Innovation Adoption Program
All Water Systems, Inc.