IEDA approves innovation funding for four startups

Last week, the Iowa Economic Development Authority (IEDA) Board approved innovation funding that will support four Iowa startups located in Ames, Iowa City, West Des Moines and West Liberty. 

Here are the four startups that received funding:

Skroot Laboratory (Ames)

Founded in 2018, Skroot Laboratory produces wireless sensor systems for upstream biotherapeutic process developers which allow them to make rigorous models, reduce risk of progressing costly conditions/products and decrease time to market.

The Ames-based company was awarded a $25,000 Proof of Commercial Relevance (POCR) loan for product refinement, market planning and market entry activities and key personnel.

Malum (Iowa City)

Malum delivers a broad array of artificial intelligence-derived tools that range from keeping individuals safe from physical harm to optimizing their performance. The company was awarded a $100,000 loan from the Demonstration Fund for equipment and key personnel.

Virtual Assistance Tools (West Des Moines)

Virtual Insurance Tools, based in West Des Moines, helps independent insurance agents, agencies, banks, broker dealers and brokerage firms grow new life insurance revenue.

The company was awarded a $100,000 loan from the Demonstration Fund for product refinement, market planning and market entry activities and key personnel.

Skilled Day (West Liberty)

Skilled Day creates software that allows providers and patients in skilled facilities access to their schedules. The software reduces waste and removes conflicts by allowing staff to schedule their time efficiently, while giving patients clarity about their schedule, leading to a more enjoyable and productive stay.

The company was awarded a $25,000 POCR loan for product refinement and market planning and market entry activities.