Missouri Technology Corp. (MTC) has committed funding to five St. Louis-based startups in its newest batch of venture capital investments.
MTC said last week it has awarded $2.4 million in equity funding to 10 startups, five of which are based in the St. Louis region. The investments mark the fourth round of capital MTC has awarded from the $95 million it has been allocated through the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI). The federal funding has helped MTC, a public-private partnership, significantly increase its venture capital activity and begin providing funding on a quarterly basis to Missouri startups.
Additionally, MTC said last week a new chairman has been named for its board of directors and that it has awarded initial grants through a new program aimed at strengthening entrepreneurial communities in Missouri.
Created by the Missouri General Assembly, MTC is a public-private partnership that promotes entrepreneurship and provides investment to startups and entrepreneur support organizations. Through its venture capital program, Idea Fund, MTC has provided about $47 million in financing to 145-plus startups located throughout the state. Those businesses have raised $1.3 billion from other investors, according to MTC.
MTC said it has awarded $9 million-plus to 32 startups in 2023 through its Idea Fund. Its Idea Fund is structured as a co-investment program, meaning startups that seek capital from MTC must match it with private funding. MTC is required to match every SSBCI dollar it invests with $10 from the private sector.
The St. Louis-area companies receiving investment from MTC through its latest cycle of investment are:
- AirSeal CardioVascular LLC: AirSeal is developing a blood test it says is designed to detect and diagnose cardiovascular disease.
- Anigent: The firm has developed software it says seeks to help health care facilities and organizations mitigate drug diversion.
- Aptimmune Biologics: Aptimmune is a developer of vaccines for the swine industry. Its vaccines seek to provide protection from Porcine Reproductive and Respiratory Syndrome virus and influenza.
- Jakapa: The startup has developed a platform designed to provide assessment and training for soft skills.
- ISite Media: iSite has developed digital advertising boards found inside sports stadium and arena restrooms that feature a shelf where fans can rest their beverages.
MTC also awarded capital to Æsir Technologies (Joplin), Birch Creek Innovations (Smithville), Compatio AI (Springfield), ConGenius (Springfield) and Redpoint Summit (Kansas City).
MTC’s latest investments come as the organization's leadership is changing. MTC said last week Dan Cobb, an entrepreneur from Springfield and member of MTC's board since 2018, has been chosen as its new board chair. He replaces Dedric Carter, who had been Washington University’s vice chancellor for innovation and chief commercialization officer since 2021 and in June was named to a similar position at the University of North Carolina at Chapel Hill.
“I am honored to assume the role of chair and continue the important work of fostering innovation and entrepreneurship in Missouri,” Cobb said in a news release. “I look forward to collaborating with the board, staff, and stakeholders to further advance our state’s innovation ecosystem and drive economic prosperity.”
MTC also announced the initial recipients of grant funding for its new Regional Nodes program, designed to create regional entrepreneur hubs across the state. The program aims to have entrepreneur support groups within regions of the state partner to create regional entrepreneur hubs. MTC said it has awarded more than $300,000 in planning grants for the Regional Nodes program, with several St. Louis-area groups receiving funding: the Duree Center for Entrepreneurship at Lindenwood University, OPO Startups Foundation and TechSTL.
