OEDIT Awards $4.1 Million To Support Technology Start-Ups

December 11, 2016 – Colorado companies with technologies that could improve 3D printing, doctor/patient interactions and farming were approved for funding as part of the Advanced Industry Accelerator Grant Program through the Colorado Office of Economic Development and International Trade (OEDIT). 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.

“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 global business development director and OEDIT deputy director Michelle Hadwiger. “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. (See list below) 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 on Nov. 17.

The next application cycle for Proof-of-Concept and Early Stage Capital and Retention Grants will open in January 1, 2017 and applications will be due March 1, 2017. Infrastructure grant cycle will open February 1, 2017 and close on April 1, 2017.

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

Proof-of-Concept and Early Stage Capital Grant Recipients

CANVAS Technology – The CANVAS Autonomous Cart is a material-handling trolley that relies on computer perception to map its surroundings, navigate, and deliver goods between work cells or between buildings.

Colorado School of Mines – The project will provide world-leading capability for 3D printing SMAs (Shape Memory Alloy) that are ready for applications when 3D printed by front-range manufacturers.

GeoVisual Analytics – GeoVisual’s OnSight platform provides farmers of specialty crops (vegetables, fruits and nuts) with real-time, in-the-field plant growth status and inventories, using artificial intelligence-based (AI) computer vision on imagery from aircraft, drones and on-the-ground cameras.

Graham Equipment, Inc – The product we will be advancing is an Electric Planter Drive system for Original Equipment Manufacturers (OEM) as well as our own branded Electric Planter Drive System.

Kelvin Thermal Technologies – “System-specific TGP” is an enabling component for TGP-enabled system for future smartphones, VR/AR and wearable electronics.

NREL – This project will design and characterize a near production-ready EcoSnap-AC prototype. This is the major technical challenge facing the path to commercialization.

Orderly Health – Orderly will provide simple, intuitive tools that allows users to engage with their own healthcare data with as little friction and effort as possible and empower them to make smarter choices.

Roccor, LLC Aerospace – Roccor is developing a family of cost-effective furlable composite boom products called ROC Boom that will deploy antennas and solar arrays from small satellites enabling a new generation of commercial satellite constellations to provide Internet communications from space.

RxAssurance Corporation – RxAssurance blends today’s web/smart device technology and effective behavioral motivators to engage patients in between their provider appointments.

SilLion – The Department of Energy Vehicle Technologies Office (DOE VTO) has set a series of storage technology performance goals that it argues, if reached, will enable widespread market penetration of PHEV and EV products.

SunTech Drive – SunTech Drive has developed a patent pending new class of power electronics for driving AC motor loads with solar power using 50% less PV panel capacity than any other controllers on the market.

Utility Asset Management – Creating an integrated pole inspection solution that uses non-destructive scanning device, cloud based storage process and residual economic value calculation module.

University of Colorado – Based on the current single-spot illumination, the project will create ~1000 focal spots simultaneously to largely increase the imaging speed. To increase the photon efficiency, we will design new optical elements that produce small and simple point spread functions so that high signal-to- noise ratios are achievable even with relative low photon numbers.