Ben Franklin Technology Partners of Southeastern Pennsylvania today announced it had approved funding for six ventures, including three in digital technology, two that are medically oriented, and one that might be considered to be in the"green tech" area. The investments totaled slightly more than $1 million. BFTP's press release is shown below:
Ben Franklin Technology Partners of Southeastern Pennsylvania Approves More Than $1 Million For Six Early-Stage Companies
October 17, 2011
PHILADELPHIA, PA (www.sep.benfranklin.org) – Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) recently approved $1,025,000 million for six early-stage companies.
“These companies demonstrate the determination of entrepreneurs to start and run businesses even during the most difficult economic circumstances,” said RoseAnn B. Rosenthal, President & CEO of Ben Franklin Technology Partners of Southeastern Pennsylvania.
Companies approved for funding:
AssetVUE - Bristol – Bucks County – Approved Investment: $200,000
AssetVUE provides hardware, strategies, support, assembly and upgrades for data centers. The company has developed an inventory management and migration system based on RFID technology used primarily within the Data Center Infrastructure Management (DCIM) framework. The tool enables data center operations teams to make decisions related to IT asset management and monitoring, IT asset security and, migration of IT assets from an existing to a new facility.
Once assets are in place and validated, AssetVUE ensures those assets stay where they belong with real-time asset tracking and activation of security check points (e.g. located at the doors of the data center, warehouse, shipping dock, or IT staging area).
AssetVue is led by Sean Cotter, President; and Gary Aron, Vice President of Business Development.
Essential Medical, LLC – Wayne – Montgomery County – Approved Investment: $250,000
(Ben Franklin previously invested $250,000)
Essential Medical is developing innovative products for use in cardiac catheterizations in leg arteries.
The company is led by Greg Walters, President and CEO.
MobileReactor LLC (dba OneTwoSee) – Devon – Chester County – Approved Investment: $200,000
OneTwoSee products and services allow TV viewers to use mobile devices to play along with their favorite shows and other viewers in a fun and meaningful way, while providing advertisers with a sophisticated platform for reaching those viewers.
MobileReactor, LLC is led by Chris Reynolds, CEO; Jason Angelides, COO; and Stu Farber, CTO.
Novetas Solutions – Philadelphia – Approved Investment: $200,000
(Ben Franklin previously invested $300,000)
Novetas Solutions processes and markets recycled glass that is crushed through a patent-pending grinding process. The company’s main product, New Age Blast Media, is an alternative, expendable abrasive used for blast cleaning and preparation of surfaces for subsequent painting or coating.
The product has been sold in the US since 2008. Glass grit is becoming a preferred expendable abrasive due to growing health concerns related to traditional blasting media (e.g. crushed coal slag), better productivity, and improved final quality results.
Novetas Solutions is led by Paul Mellon, Jr., President and CEO.
Real-Time Tomography – Villanova – Montgomery County – Approved Investment: $150,000
(Ben Franklin previously invested $425,000)
Real-Time Tomography develops state-of-the-art image processing and image reconstruction solutions for the next generation of 2D and 3D medical imaging systems. Real-Time’s software imaging products are cost-effective and provide efficient solutions for manufacturers of medical imaging systems. These solutions can easily be adapted to optimize new and existing systems, accelerating manufacturers’ products time to market.
Real Time is led by Susan Ng, President and CEO, and Peter Ringer, CTO.
TicketLeap, Inc. – Philadelphia – Approved Investment: $25,000
(Ben Franklin previously invested $500,000)
TicketLeap, Inc. is an e-commerce company that enables event organizers to sell tickets to their events online. Services include event registration, event promotion, and virtual box office software.
The company also provides barcode scanning, instant credit card swiping, customized ticket design, and ticket tracking services.
TicketLeap, Inc. is led by Christopher Stanchak, Founder & CEO; Tim Raybould, CFO; and Keith Fitzgerald, CTO. Christopher Stanchak previously worked at GSI Commerce, a global
e-commerce leader, where he managed the National Hockey League's online operations.
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About Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin Technology Partners of Southeastern Pennsylvania is a national, award winning model for technology innovation, and a catalyst for Stimulating Entrepreneurial Potential. For more than 28 years, we have invested in innovative enterprises and created commercialization pathways and partnerships that generate wealth through science and technology. We offer entrepreneurs and established businesses the Capital, Knowledge and Networks to compete in the global marketplace. We have invested more than $150 million to grow more than 1,700 regional enterprises across all areas of technology.
Ben Franklin’s programs and partnerships with universities, corporations and investors strengthen the region’s innovation infrastructure. Together with partners across the region, we are fostering the formation of a Greater Philadelphia energy cluster…Power Valley. We are the commercialization partner for the Greater Philadelphia Innovation Cluster (GPIC) national energy hub, and the founding partner of the Energy Commercialization Institute (ECI). We are founding partners of The Nanotechnology Institute (NTI), Emerald Stage2 Venture Fund, and numerous other programs and initiatives.
Ben Franklin is part of the Commonwealth of Pennsylvania’s Ben Franklin Technology Partnership.
For additional information, please visit www.sep.benfranklin.org, Facebook, LinkedIn & Twitter.
