Maine's entrepreneurs come out with $1.46M in funding from MTI

File Photo / Tim Greenway Casco Bay Butter owners, left to right: Alicia Menard, Sue Konkel, Andrew Menard and Jennell Carter. The company was awarded $21,044 through the Maine Technology Institute's Seed Grant program.

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By Staff

The Maine Technology Institute was kept busy during the month of October as it provided $1,446,440 to 26 companies across the state to advance new product development in biotechnology, composite materials, environmental technology, forestry, agriculture, information technology, aquaculture marine technologies and precision manufacturing technology.

This round of MTI awards was leveraged with $2,564,860 in matching contributions from the award recipients.

Development Loan Awards

Four companies received MTI funding totaling $997,000:

Portland-based MyHealthMath was award $250,000 with a $661,850 match, Advanced Concepts & Engineering LLC of Dexter was awarded $249,000 with a $639,300 match, ACCELERA, Inc. of Biddeford was awarded $250,000 with a $305,591 match and the Cape Elizabeth-based MedRhythms, Inc. was awarded $248,700 with a $313,400 match.

Development Loans of up to $500,000 are offered three times a year to support the conversion of innovative research into new products, processes and companies.

Seed Grant Awards

Nineteen companies received MTI funding totaling $433,740

Portland-based Thrivant Health, PBC was awarded $25,000 with an equal match amount, The University of New England in Biddeford was awarded $25,000 with a $56,627 match, Casco Bay Butter Company of Portland was awarded $21,044 with a $21,106 match, Heather Condon dba i-Tell Alert of Winthrop was awarded $12,325 with an equal match, Maine Shellfish Developers of Brunswick was awarded $25,000 with an equal match amount, Compotech, Inc. of Brewer was awarded $25,000 with a $26,380 match, Northeast Harbor-based Island Energy, Inc. was awarded $24,481 with a $42,794 match, Marine Microverse Institute of Kittery Point was awarded $18,200 with an equal match amount, Jeeva Medical Corp. of Brunswick was awarded $25,000 with a $62,500 match, Mega Industries, LLC of Gorham was awarded $25,000 with a $26,100 match, North Spore, LLC of Portland was awarded $25,000 with a $28,500 match, Caffeinate Labs, Inc. dba Zootility Tools of Portland was awarded $25,000 with a $38,740 match, LSM Enterprises, Inc. dba EterNav of Castine was awarded $18,829 with a $22,817 match, Maine Marine Composites, LLC of Portland was awarded $19,250 with a $20,000 match, Automation Integrators, Inc. of Auburn was awarded $22,500 with a $32,990 match, Spring Point Solutions, LLC of Portland was awarded $25,000 award with a $66,700 match, Seamade Seaweed Company of Portland was awarded $22,711 with a $22,800 match, Deep Blue Design, LLC was awarded $24,400 with a $25,173 match and Parent Technology Group, LLC of Windham was awarded $25,000 with an equal match amount.

Seed Grants are offered three times a year to support the conversion of innovative research into new products, processes, and companies. Funded activities may include proof of concept work, prototype development, field trials, prototype testing, pilot studies, or technology transfer activities. MTI offers Seed Grants as direct investments in companies that are pioneering Maine’s future through their technology innovations.

Tech Start Grants

Three companies received MTI funding totaling $15,000

American Unagi of Thomaston was awarded $5,000 with an equal match amount, Spring Point Solutions of Portland was awarded $5,000 with a $5,250 match and LSM Enterprises dba EterNav of Castine was awarded $5,000 with a $35,717 match.

TechStart Grants are available to entrepreneurs and companies across Maine who are seeking to develop their inventive ideas into new, innovative products or services. Grants are awarded monthly and may be used to support specific activities such as business plan development, intellectual property filings, market analysis, or technology transfer activities out of research institutions.