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IEDA awards $425,000 in funding to seven startups

May 24, 2021

The Iowa Economic Development Authority (IEDA) has approved innovation funding in support of seven Iowa startups. In total, $425,000 was awarded. Here are the seven startups that received funding.

Skroot Laboratory

Skroot Laboratory in Ames creates technical shortcuts for the biomanufacturing industry with the creation of a sensor system that monitors the health of cells in culture, without product contact. With a focus on the biopharmaceutical industry, their goal is to shorten product development timelines and improve product quality. While currently working with customers in the pharmaceutical, food and agriculture industries, the company plans to extend their sensor platform to new markets, like aquaculture, dairy and cell therapies.

The company was awarded a $125,000 Demonstration Fund loan for IP development and evaluation, market planning/entry activities, key personnel and equipment.

Groma

Based in Clive, Groma provides a web platform for land developers and home builders to manage and access their data in a single location. Removing manual processes, the technology simplifies the new construction home buying experience with a one-stop-shop to managing the entire operation in real-time.

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

Line Call LLC

A mobile application creation for tennis players, Line Call LLC out of Des Moines helps make the right in/out call when the ball bounce is questionable. With a smartphone, the Tennis Line Call app and the phone mounts that are sent once an individual subscribes, the platform builds a mobile line judge for amateur games.

The company was awarded a $25,000 POCR loan for proof-of-concept work.

OpenLoop

Des Moines-based OpenLoop is a web platform for staffing clinicians. The network matches clinicians that fit the requirements and availability for open placements. Helping to make a complex, time-consuming process handled by multiple people and organizations into a painless, streamlined method, the platform collects information, attains licenses and works with partners to implement requirements in advance of the placements.

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

Iowa Simulation Solutions

Iowa City’s Iowa Simulation Solutions provides a radiation-free simulator to aid in the training of new orthopedic surgeons learning the skill of wire navigation. Using computer vision algorithms, the resident can utilize models and images to replicate what they would experience in the operating room while also receiving feedback about their performance.

The company was awarded a $25,000 POCR loan for market analysis, proof of concept work, product refinement and market planning/entry activities.

ReEnvision Ag

ReEnvision Ag in Nora Springs created a planter system for farmers that uses precision seed placement to replace industry-standard disk openers for dibble-style planters, which individually places each seed with consistency in depth and spacing. The technology expands the planting window, reduces compaction and returns full yield and profit potential to the farmer.

The company was awarded a $25,000 POCR loan for IP development and evaluation, market analysis and product refinement.

Continuum Ag

Washington, Iowa’s Continuum Ag developed software to keep track of field management and connect with farmers that are implementing sustainable practices. TopSoil, the proprietary software, imports soil data into a universal format to benchmark metrics, which offers growers a roadmap to soil improvement. TopSoil’s platform combined with Continuum Ag’s consultant expertise, allows farmers to have the data and be advised on best practices for each farm.

The company was awarded a $100,000 Demonstration Fund loan for IP development and evaluation and market planning/entry activities.

Previous coverage

3 startups receive funding from IEDA -March 22, 2021

IEDA awards $500,000 in funding for Three entrepreneurial projects -April 19, 2021

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IEDA awards $425,000 in funding to seven startups | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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