MTI awards $2.5M in grants and loans
The Maine Technology Institute awarded about $2.5 million in 33 grants and loans to entrepreneurs in nine Maine counties in this year's third quarter.
Matching funds for the grants totaled about $3.19 million.
Androscoggin County got the highest total investment of $2.36 million, with matching funds of 41.3% of the total. MTI noted that those numbers indicate growing opportunity in the Lewiston-Auburn area. Cumberland County grabbed the highest number of awards, 19.
The breakdown is six TechStart grants totaling $24,929, 17 Seed Grants for $382,101, seven Development Loans for $2.09 million, two Phase 0 awards for federal Small Business Innovation Research grants for $10,000 and one Cluster Initiative Program award for $25,000.
MTI must by statute award money among seven technology sectors. The three largest amounts went to Information Technologies ($956,503), Environmental Technology ($582,450) and Advanced Composite Materials ($529,200).
“The investments made by MTI this past quarter reflect an emerging and robust innovation economy in our state,” MTI Acting Director Brian Whitney said in a statement, adding that the funds can be leveraged to attract more private investment.
Among the Development Loans awardees, which will use the money to further product development, manufacturing, planning and commercialization, is Physical Apps LLC, a Westbrook integrated technology components maker that is testing a physical wrapper for smart devices. Its SmartBall aims to be able to withstand drops users. It received $499,000 from MTI and matched it with $753,805.
Other Development Loan recipients are DAVO Technologies, a Portland integrated sales tax solution provider, which got $156,165 from MTI and had a $156,531 match; Northern Tack LLC, an Alexander maker of a horse saddle fitting system, with $141,878 from MTI and $193,213 matching; Double Blue Sports Analytics of Orono, with $175,000 from MTI and $250,359 matching; Mingle Analytics, a South Paris healthcare information technology and services company, with $343,299 from MTI and $347,902 matching; Blue Ox Malt House, an Old Town company that is building a pilot malt production facility, with $250,000 from MTI and $359,145 matching; and Rethink Packaging of Auburn, with $520,000 from MTI and $585,525 matching.
The 17 Seed Grant winners are Maine Biotechnology Services, Portland, $25,000; Sea Run Holdings, Freeport, $17,140; Foundation for Blood Research, Scarborough, $25,000; PJ Coeur LLC/Voice Kite, Gorham, $15,688; Digital Research Inc., Kennebunk, $14,998; Intellergy Inc., Blue Hill, $24,990; BizzieMe, Portland, $24,575; Niche Diagnostics LLC, Gorham, $25,000; Forager1 LLC, Falmouth $25,000; Sustainability Metrics LLC, Portland, $12,500; Southern Maine Eye Associates, Kennebunk, $25,000; R.M. Beaumont Corp., Brunswick, $24,800; DemerBox LLC, Portland, $24,550; Mackworth Group LLC, Portland, $24,950; AboGen, Portland, $25,000; Novo Biosciences, Bar Harbor, $25,000; and the Maine Composites Alliance, Portland, $25,000.
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