Small business incubator receives CAT grant to renovate, expand
The Iowa Economic Development Authority board approved Friday innovation funding for five Iowa startups and a Community Attraction and Tourism (CAT) grant, according to a news release.
Ames-based robotics company Invasive Removal is developing tools to combat invasive species in forests and prairies. The company was awarded a $50,000 Proof of Commercial Relevance (POCR) loan for IP development and evaluation, proof of concept work, product refinement and key personnel.
Flete Inc. in Des Moines has created a workflow management tool for businesses operating fleets of commercial vehicles. Flete was awarded a $100,000 Demonstration Fund loan for IP development and evaluation, product refinement, key personnel and equipment, and market planning and entry activities.
Upvote Inc. has developed a program to automate policy discovery, tracking and analysis for government relations professionals. The Des Moines-based startup was awarded a $100,000 Demonstration Fund loan for IP development and evaluation, product refinement, key personnel and administrative operations, and market planning and entry activities.
Renner Ag Solutions in Klemme aims to provide a safer and more efficient solution for the grain storage process. Its flagship product, AgriNet, uses technology to operate a device that can clean out grain bins, removing the risk of farmers entering the grain bin. The company was awarded a $50,000 POCR loan for IP development and evaluation, market analysis, proof of concept work, product refinement, equipment and market planning and entry activities.
GW Nutrition Inc. has developed technology to improve the acceptance of plant- and algae-based proteins. Its patented technology uses a proprietary light delivery system to reduce microbial contamination while also moderating the sensory characteristics, such as color, flavor and odor, of alternative proteins. The Slater-based company was awarded a $100,000 Demonstration Fund loan for equipment and key personnel.
NewBo City Market, a nonprofit small business incubator in Cedar Rapids, received a $500,000 CAT grant to execute its Next Level Local project, which will enhance the nearly 21,000-square-foot existing market and add nearly 9,000 square feet of new construction. Among the updates will be a new second floor, indoor stage, processing kitchen and recording studio. The market expects to see a 20% increase in visitors per year.
To see the startups that received funding from IEDA during the third quarter, click here.