CO-OEDIT: Colorado’s Advanced Industries Accelerator Program Awards $2.9 Million to Technology Startups
DENVER -May 18, 2017 – The Colorado Economic Development Commission (EDC) approved $2.9 million in Advanced Industries Accelerator (AIA) grants today for 18 Colorado companies with technologies that will positively impact key industries from health to manufacturing. The program has awarded over $40 million since its inception in 2013.
“Colorado is a national leader in innovation and business startups,” said Office of Economic Development and International Trade executive director Stephanie Copeland. “The Advanced Industries Accelerator program is a key initiative in encouraging such activity within the State and we are thrilled to fund so many innovative organizations.”
The Colorado EDC approved 15 Colorado companies to receive Proof-of-Concept and Early Stage Capital Grants for a total of $2,696,489. Additionally, three Colorado companies – Arthroventions, Optienz Sensors, LLC, and IM Therapeutics -were approved for second round or “transition” funding for $203,511.
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.
The Advanced Industries Accelerator Grant program received 124 applications this grant cycle. Applications were reviewed by committees of business, technical and financial experts, as well as by an industry-specific reviewer. Of the applicants, 24 companies were invited to participate in a pitch session in April with the full AIA committee. Final recommendations were approved by the Colorado EDC on May 18.
The next application cycle for Proof-of-Concept and Early Stage Capital and Retention Grants will open on July 3, 2017 and applications will be due August 31, 2017. Infrastructure grant cycle will open Feb. 1, 2018 and close on April 2, 2018.
Approximately $40,773,560.79 from the Advanced Industry Fund has been granted since the inception of the program in 2013. To date, the program successes include the creation of 492 new jobs and approximately 593 jobs retained. Additionally, these funds have helped the technologies acquire an additional $200,353,734.29 dollars in grants and investments to further commercialize these advanced technologies.
The Advanced Industries Accelerator Program (AIA) was 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. AIA encompasses three distinct grant programs: Proof of Concept, Early Stage Capital and Retention, and Commercialization Infrastructure.
- Astra, LLC – ASTRALiTe has developed a revolutionary lidar technology that penetrates the water, measuring the water depth as well as mapping underwater infrastructure, with a range resolution of 1cm.
- Colorado School of Mines – Researcher- Dr. Nils Tilton- The objective of this proposal is to develop more efficient and sustainable methods of water treatment.
- Colorado State University/CureImmune– Researcher- Dr. Amanda Guth – CureImmune is developing the first immuno-oncology checkpoint inhibitor drug (beta alethine, BA or 4cure™) that is a stable small molecule, inexpensive to manufacture, easy to store and ship and that can be administered at home.
- Colorado State University/LaPorte Ag Therapeutics Researcher – Dr. Steven Dow- MucosImmune is a liquid, topically administered, next generation immunotherapeutic designed to improve on first generation injectable immune therapeutics for cattle.
- Elementum 3D- will utilize an innovative reactive additive manufacturing (RAM) technology to develop and commercialize advanced new 6000 and 7000 series aluminum alloy metal matrix composites (MMCs).
- GitPrime (Durango, CO)- is cloud software that provides productivity analytics for teams of software developers.
- Living Ink Technologies- Living Ink has developed a solution that is a patent pending technology ink formulations using algae cells as a bio-pigments and other components that are plant-based for a sustainable, renewable, biodegradable and safe ink replacement.
- Matrix Analytics – Matrix Analytics has developed LungDirect which provides real time data analytics, PCP and patient letter population, multi-disciplinary reporting, advanced nodule tracking, and more for lung cancer patients
- Meadowlark Optics – The proposed work will set a new frame rate standard using our recently developed high voltage, large format 512×512 pixel SLM as a replacement for our low voltage, small format 512×512 pixel SLM (Spatial Light Modulators).
- Molon Labe, LLC – Molon Labe has developed a new commercial aisle-widening staggered airline seat.
- Mountain Racing Products (Grand Junction, CO) – Eko Sport, Inc. dba Mountain Racing Products (MRP) is a manufacturer of high end bicycle components and will be launching a new suspension fork line aimed at the new hub standard.
- Rebound Technologies- IcePoint is a liquid sub-cooling product that plugs into legacy refrigeration systems, both new and retrofits, to boost performance of industrial freezers. Unmatched efficiency and control make IcePoint the future of refrigeration.
- Solo-Dex- Solo-Dex Inc, is a medical device company founded by Colorado physicians to promote the use of nerve catheters for pain management by using Continuous Peripheral Nerve Blocks (CPNB) for orthopedic surgery.
- University of Colorado– Denver Researcher- Dr. Randall Tagg- The work outlined in this proposal aims to develop systems for the industrial scale production of electronics-grade single-walled carbon-nanotubes (CNTs).
- Vartega Carbon Fiber Recycling, LLC- Vartega creates strong and lightweight low-cost carbon fiber through the use of its patent pending chemistry-based recycling process.