IEDA board OKs $550,000 to six Iowa-based startups
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Mike Mendenhall Jan 24, 2024 | 9:56 am
2 min read time
583 wordsAll Latest News, Economic DevelopmentThe Iowa Economic Development Authority board has approved a total $550,000 in state innovation funding to six Iowa-based startup companies.
The board voted unanimously to approve the awards, based on the recommendation of its Technology Commercialization Committee, during its Jan. 19 meeting. According to a news release, the emerging businesses are headquartered in Ames, Cedar Falls, Des Moines, Fairfield, Iowa City and North Liberty.
- Inseer Inc., an Iowa City-headquartered artificial intelligence firm, was awarded a $250,000 loan from the state’s Innovation Acceleration Launch Fund. According to a report in the IEDA board packet, the loan to Inseer has a five-year term with a six-month deferral and will be repaid at a 3% interest rate. The company “leverages a proprietary AI computer vision system to enhance workplace safety, improve ergonomics and boost productivity in manufacturing environments,” according to the news release.
- Spanton Board Inc., a med-tech startup based in Fairfield, was awarded a $100,000 loan from the state’s Demonstration Fund. The IEDA report says Spanton will repay the loan at 1.33 times the award amount at a royalty rate of 3% of its total gross revenue. According to the news release, Spanton created the first, patent-pending, power-driven spine board to effectively safeguard athletes following a serious injury. The company plans to expand from the professional sports market to military and emergency medical services.
- Rise Energy, based in Ames, was awarded a $50,000 Proof of Commercial Relevance (POCR) loan to develop and evaluate intellectual property, conduct a market and competition analysis and planning. According to the release, Rise Energy is commercializing a modular system that can deploy technology for industrial processors to generate value by converting its existing biomass feedstocks into renewable fuels, chemicals and products. “The modules provide a convenient solution for using biomass to create upgradeable liquids, which can be used in the production of sustainable aviation fuels, renewable fuels, asphalt binders and other products, and biochar, which is used to sequester carbon,” the release says. The company will repay the interest-free loan at a 3% royalty rate of its total gross revenue, not including grant funds, according to the IEDA report.
- PicklePlay LLC was awarded a $50,000 POCR loan for its digital platform that offers a “comprehensive pickleball resource.” The software can help users find pickleball courts and events, engage with players and groups, and organize their play schedule, according to the news release. The Cedar Falls-based PicklePlay will repay the interest free loan at a 3% royalty rate of its total gross revenue, not including grant funds, according to the IEDA report.
- Tumbleweed Vida Inc., which has developed technology to support end-of-life and post-loss planning software, was awarded a $50,000 POCR loan, according to the release. The IEDA report shows the Des Moines-based company will repay the interest-free loan at a 3% royalty rate of its total gross revenue, not including grant funds. Tumbleweed’s software “provides individuals, families, executors and trustees with an affordable and time-efficient solution that helps users navigate the intricacies of end-of-life planning or following a death,” the release says.
- UpStream, a North Liberty-based company that launched remote sources water monitoring technology, was awarded a $50,000 POCR loan by the IEDA board. According to the release, UpStream’s platform, the Outfall SmartCell, is a fully automated system able “to withstand all environments” for uninterrupted communication and data delivery for water quality detection. The IEDA report shows the company will repay the interest-free loan at a 3% royalty rate of its total gross revenue, not including grant funds.
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Mike Mendenhall
Mike Mendenhall is associate editor at Business Record. He covers economic development, government policy and law.