Ben Franklin Technology Partners of Northeastern Pennsylvania’s Board of Directors recently approved $675,000 in funding for seven companies.
The organization invested $350,000 in early-stage company investments, $300,000 in early-stage company investments as part of the State Small Business Credit Initiative, and $25,000 on an established manufacturers that provided a 1:1 match for work with a college or university partner.
The established manufacturer receiving funding is Follett Easton in Northampton County. The company manufactures ice and water storage bins, machines, dispensers, and storage and transport systems, as well as medical-grade refrigerators and freezers. Funding will be used to prepare for a system upgrade. The company will partner with Lehigh University’s Center for Supply Chain Research.
Some of the early-stage companies receiving funding are:
MXTR Automation Williamsport in Lycoming County will receive $200,000 to accelerate its market development plan to increase sales, marketing, and product development. The company manufactures a marketing automation platform.
OptoVibronex Ben Franklin TechVentures in Northampton County will receive $100,000 to support completing clinical trials, publishing findings, and applying for Food and Drug Administration (FDA) approval. The life science company is developing a noninvasive technique to allow physicians a faster way to diagnose diseases and track the effectiveness of treatments.