OEDIT awards $4.1M to support advanced industries startups

Thursday December 8, 2016 0 comments Tags: Denver, OEDIT, Advanced Industries grants, Michelle Hadwiger


DENVER ­-- Colorado companies with technologies that could improve 3D printing, doctor/patient interactions and farming were approved for $4.1 million in funding as part of the Advanced Industry Accelerator Grant Program through the Colorado Office of Economic Development and International Trade (OEDIT).OEDIT_logoUSE

A total of $4,141,990 was approved this grant cycle for Proof-of-Concept and Early Stage Capital and Retention Grants to support Colorado's advanced industries, OEDIT said.

"We are thrilled to fund so many innovative organizations who are working on technologies that will have positive impacts on Colorado's key industries," said Michelle Hadwiger, global business development director and OEDIT deputy director.

"Colorado continues to be an epic center for innovation and we must support that ecosystem with funding."

Thirteen Colorado companies were approved to receive Proof-of-Concept and Early Stage Capital Grants for a total of $2.8 million. They were: CANVAS Technology; Colorado School of Mines; GeoVisual Analytics; Graham Equipment Inc.; Kelvin Thermal Technologies; NREL; Orderly Health; Roccor LLC Aerospace; RxAssurance Corp.; SilLion; SunTech Drive; Utility Asset Management; and the University of Colorado.

Proof-of-Concept grants are open to Colorado research universities, federal labs located in Colorado and other labs with valid technology transfer offices for pre-commercialization research and commercialization preparation.

Early Stage Capital and Retention grants fund companies commercializing innovative technologies to create viable products that meet a market need and can be created or manufactured in Colorado and exported globally.

Additionally, four Colorado companies -- MenoGenix, Vairex Air, Cognitive Robotics and Ascentia --

were approved for second round or "transition" funding for a total of $451,000.

PetroDe will receive $250,000 through a partnership between OEDIT and the Colorado Energy Office aimed at supporting oil and gas energy startups, and five bioscience grants were awarded for a total of $840,490.

The AI Accelerator Grant program received 112 applications this grant cycle. Applications were reviewed by committees of business, technical and financial experts, as well as by an industry-specific reviewer.

Nineteen companies were invited to participate in a pitch session in October with the full AI committee. Final recommendations were approved by the Economic Development Commission.

The next application cycle for Proof-of-Concept and Early Stage Capital and Retention Grants will open Jan. 1 and applications will be due March 1. The Infrastructure grant cycle will open Feb. 1 and close April 1.  

More information about the AI Industry Accelerator grant program can be found at http://choosecolorado.com/doing-business/incentives-financing/advanced-industries/. 

The Advanced Industry Accelerator Programs (AIA) were created in 2013 to promote growth and sustainability in Colorado's advanced industries by driving innovation, accelerating commercialization, encouraging public-private partnerships, increasing access to early-stage capital and creating a strong infrastructure that increases the state's capacity to be globally competitive.