The venture capital arm of the Commonwealth of Massachusetts, MassVentures has named the 10 winners of START, a $6M program funded by the state to help early-stage Massachusetts businesses commercialize their technology under Small Business Innovation Research (SBIR) contracts.
By Patricia Resende (July 17, 2012)
Launched in March, the program was created in part because Massachusetts, which has generated $3.8 billion in commercial sales of SBIR technologies to date, is ranked second in the nation in dollars received in SBIR grant, and first in dollars received per capita.
Each of the 10 winners, selected from a pool of 90 applicants, will receive $100,000. In addition, five of the most promising companies will receive a second stage grant of up to $200,000, according to MassVentures. The additional grant will be based on progress demonstrated by the company in the first year. Two companies will be selected to receive a $500,000 grant at the end of the second year of the program, which will be based on their potential for growth and profitability.
The winners selected from more than 90 applicants are:
Artaic - Custom artistic tile mosaics, using proprietary CAD software and advanced robotic manufacturing systems
BioMimetic Systems - Design and manufacturing of digital acoustic detection and localization systems
CapeSym - Novel materials for advanced radiation detection
CeraNova - Providing technological advantages with advanced nanograin, transparent ceramics for optical, structural and electrical applications
Incom - Supplier of rigid fused fiber optics for commercial applications
KaZak Composites - Value-added composite materials engineering and production
Locately - Mobile technology to engage with shoppers while they’re making decisions
Metamagnetics - Advanced materials and electronics to develop novel microwave materials and device solutions
Muzzy Lane - Creator of innovative, award-winning educational games
Physical Sciences Inc. - Developing Instant Eye - a personal micro-air vehicle for surveillance and security applications
“The success of the START program is due in part to the vision and commitment of Bob Weiss, President of Technology Transitions. With his help, MassVentures is one step closer to meeting its mission to help fill the funding gap and fuel the innovation economy,” said Jerry Bird, President of MassVentures. “This year’s winners are a strong indicator of the depth and breadth of innovative technologies coming out of the Commonwealth to support the economy and job growth.”
Published by Boston Business Journal