The Department of Community and Economic Development (DCED), through the Ben Franklin Technology Development Authority (BFTDA), a state technology development program, recently awarded two venture capital firms $1.5 million.
“Our investments in high-growth, innovative industries and firms are helping position Pennsylvania to be an economic powerhouse,” DCED Secretary Rick Siger said. “Venture capital firms that finance start-up companies in the commonwealth create opportunities for growth, innovation, and jobs in our communities. DCED is proud to continue our work with BFTDA to make this happen.”
The BFTDA approved the following through its Venture Investment Program:
The Keystone Innovation Fund II, LP will receive $1 million to focuses on making early-stage investments in companies that have high growth potential. The focus will primary be on businesses in central Pennsylvania.
The merger of York-based White Rose Ventures and State College-based 1855 Capital created the Keystone Innovation Fund.
Rittenhouse Ventures III will receive $500,000 to invest in companies that are engaged in technology enabled services with an emphasis on healthcare and pharmaceutical technology companies. The fund also will focus on human resources, financial services, and enterprise software companies that operate under Software-as-a-Service models.
BFTDA promotes an entrepreneurial business environment by advancing technology innovation and creating a technology-ready work force.