The Missouri Technology Corporation (MTC) announced today that it will invest more than $2 million in eight high-growth potential startups that are developing technologies and businesses to create high-paying jobs across Missouri. Investments will be made through MTC's Innovation, Development, and Entrepreneurial Advancement (IDEA) Fund Co-Investment Program, and is the first distribution of federal funds from the U.S. Department of Treasury's State Small Business Credit Initiative (SSBCI) program.
"This is the first round of investments to be funded through the federal SSBCI program, which will allow MTC to award quarterly investment allocations for the next eight years or so," said Jack Scatizzi, MTC's Executive Director. "Applications were received from several of the state's entrepreneurial ecosystems and MTC is excited to continue to deploy capital alongside our co-investors into high-growth potential early-stage companies throughout the state."
SSBCI provides funding for credit and investment programs for small businesses and startups. The program will provide a total of $10 billion for states to expand access to capital for small businesses, build entrepreneurial ecosystems, and create high-quality jobs. Eligible SSBCI programs are limited to Venture Capital, Loan Participation, Loan Guarantee, Collateral Support, and Capital Access. SSBCI is the only American Rescue Plan Act (ARPA)-funded program that can be used for state-sponsored venture capital activities.
"Missouri's vibrant startup and entrepreneurial community is a critical source of innovation that will drive tomorrow's economic growth," said Maggie Kost, Acting Director of the Department of Economic Development. "We're pleased to assist emerging businesses through strategic investments that will create more opportunities for Missourians and secure a more prosperous future."
MTC's IDEA Fund is a state-sponsored venture capital program that invests in Missouri's most promising emerging companies to promote growth and additional future investment. The program requires matching private funds to ensure state and federal funds are invested in the most attractive opportunities. The fund provides venture capital-based financing to eligible businesses through pre-seed capital stage financing, seed capital stage financing, and venture capital growth stage financing. Funding decisions are made quarterly through a multi-tiered, competitive application process.
MTC actively seeks new investment opportunities in Missouri's early-stage technology or innovation-based companies with high growth potential. Over the past decade, MTC has invested nearly $46 million into nearly 140 early-stage, high-growth, and technology-focused companies, which have raised over $1.3 billion in additional private capital.
Award cycle investments:
Allumin8, LLC - Allumin8 is pioneering a new category of orthopedic and spine hardware with a novel focus on bridging the gap between hardware and biologics to meet patient-specific challenges.
Navigate Oncology Solutions - Navigate Oncology makes software solutions for oncology clinics to improve workflow, reduce healthcare costs, and improve patient care.
NuPeak Therapeutics, Inc. - NuPeak develops new drugs for the treatment of airway diseases such as asthma, COPD, and related conditions caused by respiratory viral infections (e.g., COVID-19, RSV, and influenza) and environmental toxins (e.g., tobacco smoke and air pollution).
Bryght Labs, Inc. - Bryght Labs makes consumer electronics and software apps for sports and hobbies.
Edison Agrosciences, Inc. - Edison is an ag/biotech company engineering sunflower plants to produce a domestic source of natural rubber, a strategic raw material required in thousands of military, industrial, and consumer products, but with no domestic supply.
Solis Agrosciences, Inc. - Solis Agrosciences is a services provider for the growing AgTech industry that enables plant sciences companies to more quickly and cost-effectively deliver innovative products to growers and consumers.
StoryUp, Inc. dba Healium - Healium sells digital therapeutics for the self-management of anxiety and sleep powered by the company's proprietary technology that connects any consumer wearable to 3D assets in augmented, virtual, or mixed realities.
Readout, Inc. - Reverses metabolic disorders through self-knowledge, biomarker validation, and permanent lifestyle modification within a provider market.
Categories: Missouri, Business