Ben Franklin Tech invests $320,530
The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP-NEP) Board of Directors has approved the investment of $320,530 in support of regional economic development.
Ben Franklin announces the following early-stage company investments that are provided in the form of loans with warrants:
Heudia Health, LLC, East Stroudsburg, Monroe County. Ben Franklin Investment: $50,000, to begin a sales effort in the expanding commercialization of Heudia Health’s new software platform in the Medicaid marketplace.
New Horizon Biotech, Inc., Nazareth. Ben Franklin Investment: $50,000, to complete testing to demonstrate the effectiveness of a new, proprietary, and patented design for single-use microbial fermentation, the basis for the production of biopharmaceutical products, including antibiotics, vaccines, and therapeutic proteins.
Pennsylvania Glassworks Company, Temple, Berks County. Ben Franklin Investment: $80,000, to complete the set-up of a manufacturing facility and begin production of decorative architectural cast-glass panels made with a proprietary process, which will allow architects and designers to apply custom glass wall panels, windows, and doors that have deep sculptural patterns or imagery cast directly into the surface of the glass.
PlanGuru, LLC, Wilkes-Barre, Luzerne County. Ben Franklin Investment: $100,000, to expand marketing efforts to increase leads and develop customer-requested feature sets at this producer of SaaS-based tools that support budgeting, forecasting, and intelligent financial analysis.
Ben Franklin announces the following established manufacturer company investments. Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.
Blaschak Coal Corp., Mahanoy City, Schuylkill County. University Partner: Lehigh University Energy Research Center. Ben Franklin Investment: $25,000, to conduct anthracite coal characterization and Rare Earth Element (REE) technology transfer activities at this producer of anthracite coal. REEs have a variety of applications in electronic, optical, and magnetic devices. China produces nearly all REEs and there is demand for domestic suppliers.
Jed Pool Tools, Inc., Scranton, Lackawanna County. University Partner: Lehigh University Enterprise Systems Center. Ben Franklin Investment: $7,800, to identify and select an appropriate Enterprise Resource Planning software solution at this manufacturer of pool and spa maintenance equipment. Jed Pool Tools also provides plastic fabrication toll manufacturing through its custom injection molding division, Northeastern Plastics.
Performance Biomedical, LLC, Mountain Top, Luzerne County. University Partner: Lehigh University Enterprise Systems Center. Ben Franklin Investment: $7,730, to evaluate, select, and procure an Enterprise Resource Planning system that will allow the company to increase operational efficiency, better manage inventory and goods in process, provide scalability, and meet customers’ demands. Performance Biomedical assembles, refurbishes, and distributes medical equipment to hospitals and VA medical centers.
BFTP-NEP owns, manages, and is headquartered in Ben Franklin TechVentures®, an award-winning business incubator-post-incubator facility at Lehigh University, Bethlehem, and the Bloomsburg Regional Technology Center, Bloomsburg.
Since beginning operation, BFTP-NEP has helped to create 17,415 new jobs for Pennsylvania workers and to retain 27,384 existing jobs, to start 492 new companies, and to develop 1,591 new products and processes.
Since 2007, BFTP-NEP clients have generated $1.4623 billion in follow-on funding. The Pennsylvania Ben Franklin Technology Partners network has returned $3.60 to the state treasury for every $1 invested in the program.
Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.