Colorado Office of Economic Development awards over $3 million to support start-ups in Advanced Industries

Colorado Office of Economic Development awards over $3 million to support start-ups in Advanced Industries

| Press Releases

Colorado companies with technologies that could prevent blindness in glaucoma patients, create more effective ways of delivering medications in the body, and even a workforce development app to inspire young people to pursue careers in STEM, were approved today for funding as part of the Advanced Industries Accelerator Grant Program through the Colorado Office of Economic Development and International Trade (OEDIT).

A total of $3,244,982 was approved this grant cycle for Proof-of-Concept and Early Stage Capital and Retention Grants to support Colorado’s advanced industries. Fifteen Colorado companies were approved to receive Proof-of-Concept and Early Stage Capital Grants totaling $3.2 million. Companies that were awarded funding are listed below.

Three of the companies awarded funding today are located in rural areas of the state including: ActivArmo, ProStar and Tailwind Nutrition.

“The breadth and potential impact of the companies that were awarded grants this cycle is impressive,” said Michelle Hadwiger, global business development director and OEDIT deputy director. “One of Colorado’s greatest strengths is the constant innovation in our key industries and we’re thrilled to continue to support that ecosystem with funding.”

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, one Colorado company, MMA Design, was approved for second round or “transition” funding for a total of $137,482.

The AI Accelerator Grant program received 80 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 earlier this month with the full AI committee. Final recommendations were approved by the Economic Development Commission on November 16, 2017.

The next application cycle for Proof-of-Concept and Early Stage Capital and Retention Grants will open on January 1, 2018 and applications will be due March 1, 2018. Infrastructure grant cycle will open Feb. 1, 2018 and close on April 2, 2018.

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. AIA encompasses three distinct grant programs: Proof of Concept, Early Stage Capital and Retention, and Commercialization Infrastructure.

Proof-of-Concept and Early Stage Capital Grants

ActivArmor – ActivArmor provides the first commercially available water-safe, breathable and hygienic orthosis utilizing 3D body imaging and 3D computer aided drafting (CAD) design to develop custom-fit exoskeletal support devices for medical and sports applications.

AQ BioMed – AQ BioMed has created a revolutionary long-term implant solution for the 60 million people at risk for blindness due to glaucoma. Its revolutionary design is foldable so the surgical incision is 10 times smaller than the incisions needed for the current shunts on the market.

Beeper – Beeper is an intuitive collision avoidance system that uses 3-Dimensional (3D) audio alerts to direct pilots to nearby intruding aircraft. Beeper does not consume valued space on the instrument panel, reduces distractions, and maximizes safety.

Cetya Therapeutics – Cetya Therapeutics is a next generation HDAC inhibitor company that can target its drug candidates to a particular cell type or tumor. Targeting can reduce toxicity and, as a result, open up new therapeutic areas outside of oncology to treatment with HDAC inhibitors.

Colorado State University, Researcher Dr. Luckasen – The objective of this proposal is to develop a drug delivery system that is designed to replace needle injection of medications and enhance any topical medication administration. This technology can be applied to skin and accessible mucosa including the oral cavity.

Couragion –Couragion’s career readiness and workforce development apps inspires underrepresented youth to pursue careers in STEM. They link education to industry with diverse role models, a best-fit career assessment, personal learning plans, occupational challenges and accomplishment portfolios.

Erickson Electronics – Erickson Electronics is building a 100 kW Smart Solar String Inverter using new silicon carbide components with ultra long life and low maintenance and handling costs.

gaugewear – gaugewear is creating the first wearable, non-invasive, core body temperature sensor to help soldiers, firefighters, outdoor workers, and elite athletes prevent heat-related illness and maximize performance.

Lacuna Diagnostics – Lacuna diagnostics is using digital pathology technology to allow veterinarians to upload images of their slides for near-instant review by a pathologist. This technology leads to increased survivability of the pet, reduced cost of hospitalization and decreased stress to pet-owners.

Parsyl – Parsyl provides a way to collect data about supply chain conditions by providing small, low cost wireless sensors and smart cloud software to provide shipment data visualizations, analytics, integrations, and device management.

PrecisionProfile – PrecisionProfile enables oncologists to deliver state of the art precision oncology by providing oncologists with a comprehensive, actionable view of genomic profiles, diagnostic reports, treatment guidelines and drug trials.

ProStar Geocorp – ProStar provides the world’s most advanced geospatial intelligence software specifically designed for asset-centric industries. Stakeholders will be able to see where they are relative to critical location data including a line map, dig zone, street address, site boundary, and buried utility lines.

Tailwind Nutrition – Tailwind Nutrition manufactures and sells endurance sports and recovery drinks for athletes training and competing in two-plus-hour sports. Tailwind solves stomach/GI problems and adds the “perfect protein” for rebuilding energy stores and muscle tissue.

University of Colorado, Researcher Dr. Newell-Rogers – The objective of this proposal is to prove why the success rate for ICI drugs in treating melanoma is limited to 30% – 40% and to prove that ICI drugs in combination with a targeted peptide will substantially improve the success rate of ICI drugs in the treatment of melanoma.

Well Data Labs – Well Data Labs is a modern web application that helps petroleum exploration and production companies at managing, analyzing and reporting completions data. The platform enables instant graphing, analysis and comparison of well treatment stages across individual and multiple jobs.

Colorado Office of Economic Development and International Trade (303) 892-3840
Colorado Office of Economic Development and International Trade (303) 892-3840
Colorado Office of Economic Development and International Trade (303) 892-3840
Colorado Office of Economic Development and International Trade (303) 892-3840