Over $600,000 was awarded to seven startups Friday by the Iowa Economic Development Authority, according to a news release Friday afternoon.
The funds come from: the Demonstration Fund, the Iowa Innovation Acceleration Fund and the Proof of Commerical Relevance Fund.
Here are the seven Iowa-based startups who were approved for funding:
- Accelerated Ag Technologies – A biotechnology startup based in Ankeny that increases agricultural productivity by increasing the world’s seed and grain supply by enabling hybrid production systems, with a focus on cross-pollination. They were awarded a $300,000 loan from the Iowa Innovation Acceleration fund for refinement and the development of technology called PowerPollen.
- InfraDrone – A data analytics and machine learning company based in Des Moines. InfraDrone uses drones and data analytics to visually inspect points of concern for the infrastructure, energy and insurance industries. They were awarded a $100,000 loan from the Demonstration Fund for product refinement, market planning and entry activities.
- Insulights.com – A Des Moines-based company that has developed a product to merge insulators and LED lights. This electric fence insulator helps livestock and orchard managers protect property and manage electric fences. Insulights was awarded a $100,000 loan from the Demonstration Fund for market planning and market entry activities.
- Optimum Fleet Health – A Davenport-based company offering a SaaS model to provide condition-based maintenance reports to diesel-based transportation fleets. They were awarded a $100,000 loan from the Demonstration Fund for hiring and market planning activities.
- StemBox – A Des Moines-based company that offers a monthly subscription box to send girls ages seven through 12 to encourage science, technology, engineering and math careers. StemBox was awarded a $25,000 loan from the Proof of Commerical Relevance Fund for market planning and market entry activities.
- SwineTech – The Cedar Rapids-based company developed a product to reduce the number of pigs that die from piglet crushing, disease, lameness and starvation. The company was awarded a $100,000 loan from the Demonstration Fund for hiring and market activities.
- STRATAFOLIO – A Cedar Rapids-based company that has developed technology for commercial property owners to sort data. They were awarded a $25,000 Proof of Commercial Relevance loan for product refinement and market analysis.
Award recommendations are made by the Technology Commercialization Committee to the Iowa Economic Development Authority board for approval.
The Demonstration Fund provides financial and technical assistance to Iowa companies in the advanced manufacturing, biosciences and information technology industries; the Proof of Commercial Relevance (POCR) Fund provides financial assistance to innovative businesses pursuing proof of commercial relevance and marketability of a technology.
The Iowa Innovation Acceleration Fund promotes formation and growth of businesses that engage in the transfer of technology to competitive, profitable companies that create high-paying jobs
In total, the board approved $50 million in capital investment in Iowa at their monthly meeting Friday.
Four startups receive funding from the Iowa Economic Development Authority – Jan. 19
Startups receive funding from the Iowa Economic Development Authority – Nov. 20, 2017
Nine startups receive funding from the Iowa Economic Development Authority – Sept. 25, 2017
Three companies receive grant funding – Aug. 18, 2017