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For Immediate Release
BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PENNSYLVANIA APPROVES FUNDING OF NINE DYNAMIC AND EMERGING COMPANIES WITH $1.9 MILLION
PHILADELPHIA, PA - October 31, 2007 - Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has approved a total of $1.9 million in funding for nine early stage technology companies that are prepared to grow their enterprises and the Commonwealth's economy.
"The commonwealth remains committed to targeted investments in those companies that will create the jobs and products of the future," Department of Community and Economic Development Secretary Dennis Yablonsky said. "Through regional organizations like the Ben Franklin Technology Partners, Pennsylvania will continue to be a global competitor in the advanced technology industry."
"We are proud of all nine company investments, and we are particularly excited to see such a strong showing of serial entrepreneurs. Four of the nine companies are led by individuals who have built successful enterprises in the past. We see this as an indicator of the continued strengthening of the region's entrepreneurial capacity," said RoseAnn B. Rosenthal, BFTP/SEP's President and CEO.
Companies created by serial entrepreneurs include YouChoose, LLC, GlobalPrint Systems, Inc., Aklero Process Solutions, Inc., and Orbos Corporation.
Companies approved for funding:
- YouChoose, LLC - Thornton - Delaware County
Investment: $200,000
www.youchoose.net
YouChoose provides an online environment to create and participate in campaigns that support common goals and causes. Users can create, debate and communicate ideas, and the company provides relevant news, videos and blogs to supplement information.
Michael Dever, the company's CEO, previously co-founded Internetseer.com, which monitors websites for more than one million businesses. BFTP/SEP previously invested in Internetseer, which was acquired by Landmark Communications, Inc. in 2007.
- GlobalPrint Systems, Inc.
Investment: $100,000
www.myprintpod.com
GlobalPrint Systems (GPS), which is relocating to Pennsylvania from New Jersey, develops, markets and sells internet-based mobile print solutions through unmanned kiosks at airports, convention centers, and hotels. Today, millions of active commuters carry laptops and PDAs everywhere, but few carry printers: now they can connect or email a document to GPS's system and conveniently print at kiosks 24 hours a day, 7 days a week.
Bruce Bard, co-founder and head of GPS, previously founded Software Consulting Group, Inc, which was successfully sold in 2001.
- Aklero Process Solutions, Inc. - King of Prussia - Montgomery County
Investment: $250,000
www.aklero.com
Aklero Process Solutions provides mortgage lenders an outsourced software solution for reviewing loan documents for informational inaccuracies. This support is extremely valuable today because it can save the mortgage industry significant filing and personnel costs that derive from delays, rejected deals and fines.
Three of Aklero's founders previously founded Verilaw Technologies, which provided electronic filing and service solutions to the law industry. Verilaw exited successfully through a sale to LexisNexis in 2004.
- Orbos Corporation - Newtown Square - Delaware County
Investment: $200,000
Orbos is developing a social media platform for inter-connecting community websites from individuals, interest groups, and businesses with their customers. Its goal is to operate a platform that allows professional and social communities to interact for career and personal interests. Orbos will allow companies and industry leaders to foster and sponsor themed sites to encourage communication between their customers about their products and services. Orbos will allow associations, clubs, charities and other organizations to create an online community for more efficient interaction amongst their membership and the public. Co-investors in Orbos include MentorTech and NextStage Ventures.
Mr. Chin-Hock Low, the company's CEO, was previously on the founding team for eMoneyAdvisor. He was also the CTO of StarCite, a successful provider of strategic meeting management solutions for meetings and event planners, and the CTO of VerticalNet.com.
- NeoForce Group, Inc. - Ivyland - Bucks County
Investment: $300,000
www.neoforcegroup.com
NeoForce™ Group, Inc. is a medical device company serving the neonatal/perinatal US hospital market. In 2006, NeoForce partnered with Atom Medical Corporation (Tokyo, Japan), establishing exclusive U.S. distribution of incubators, radiant warmers and neonatal transport systems for the neonatal intensive care and labor/delivery markets. Otho Boone, the company's president, said NeoForce is also developing original products for the neonatal market, and where possible, creating derivative offerings to address broader adult acute care needs. NeoForce is currently pursing innovative technologies to support the resuscitation of infants as well as adult victims of sudden collapse and cardiac arrest.
- Core Solutions, Inc. - Wayne - Chester County
Investment: $250,000
www.coresolutionsinc.com
Core Solutions, Inc. (CSI) offers comprehensive, web-based, enterprise software solutions designed specifically for the Health and Human Services Industry. CSI's turnkey software automates the collection, processing and analysis of clinical and financial data for human services providers, providing seamless communication between payers and their provider network. The CSI system provides its users with a secure system that meets or exceeds all current and planned industry and government standards. CSI plans to use the Ben Franklin Technology Partners funding to expand its Wayne, PA headquarters, support operations, and move its applications programming facility from India to the United States.
- PChem Associates, Inc. - Bensalem - Bucks County
Investment: $200,000
(BFTP/SEP previously invested $100,000 in 2006)
www.nanopchem.com
PChem Associates has developed an innovative, cost effective nanoparticle manufacturing technology that produces silver nanoparticles that can be processed quickly, at low temperatures to produce highly conductive circuits. PChem's technology enables a dramatic cost reduction through high speed roll-to-roll printing of electronic circuitry. Many other applications exist beyond printed circuits including the preparation of coatings that are finding uses in anti-microbial applications as well as EMI RF shielding applications.
CEO Gregory A. Jablonski, Ph.D., said the company is involved in a project with a major manufacturer to develop an exciting new interactive lottery ticket which is made possible by the unique properties of the PChem silver nanoparticle ink.
- Valence Process Equipment, LLC - Malvern - Chester County
Investment: $250,000
Valence Process Equipment is focused on the design & production of superior performing Chemical Vapor Deposition (CVD) systems at the lowest cost of ownership in the market. This CVD equipment enables Compound Semiconductors to be produced at the atomic level and is considered the highest value added process step of wafer fabrication.
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Sensor Biomed Corporation - Merion Station - Montgomery County
Investment: $150,000
Sensor Biomed Corporation is developing medical devices for diagnosis and therapeutic management of chronic vascular diseases, such as peripheral artery disease and cerebrovascular disease. Nanda Ramanujam is Sensor Biomed's Founder and CEO.
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About Ben Franklin Technology Partners of Southeastern Pennsylvania
Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has served as a catalyst for stimulating entrepreneurial potential by developing systems to accelerate the transition of scientific discovery and technology development to commercialization. Part of a statewide network in Pennsylvania, BFTP/SEP provides entrepreneurs and established businesses the capital, knowledge and networks they need to compete in the global marketplace. BFTP/SEP has provided more than $130 million to over 1,600 regional enterprises. BFTP/SEP is a founding partner of The Nanotechnology Institute™ (NTI) and the Mid-Atlantic Nanotechnology Alliance (MANA®), and is funded by Pennsylvania's Department of Community and Economic Development. For additional information, please visit www.sep.benfranklin.org
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