Just over a month after awarding more than $670,000 to 20 Minnesota startups, Launch Minnesota announced Wednesday that it had distributed an additional $344,000 to 13 technology startups in the state.
Launch says that its Innovation Grants target the "most promising, innovation and scalable technology startups." These grants require a one-to-one match with private dollars, bringing the total potential investment in these startups to more than $3.2 million.
In this second round of grant funding, Launch Minnesota awarded 13 business grants and two housing/childcare grants. Of the 13 startups that received funding, 73% are women, veteran or minority-owned businesses, or are headquartered in Greater Minnesota.
"These grants are a solid economic development investment for the state of Minnesota," Kevin McKinnon, DEED Deputy Commissioner of Economic Development, said in a statement. "Helping innovators succeed will have positive long-term benefits for our entire economy."
Applications will continue to be reviewed on a rolling basis until the $1.6 million in fiscal year 2020 funding for Launch Minnesota Innovation Grants is fully awarded. Another $1.6 million in funding will be available for fiscal year 2021.
Grant distribution is controlled by the 10-member Launch MN Advisory Board. The group evaluates the technology and possible ROI for Minnesota. The applications then proceed to an internal review committee for additional evaluation.
Launch Minnesota grew out of a collaboration between DEED and the Minnesota Legislature. It is a joint initiative with private businesses and nonprofit organizations statewide that provides financial incentives, training and grants to people starting businesses in technology sectors like aerospace, agriculture, nanotechnology and medical devices.
Less than a year after its debut, Launch has awarded more than $1 million to Minnesota startups.
Here are the 13 startups that received Launch MN Innovation Grants, with descriptions provided by DEED.
Better Time Company, St. Paul Helping people make better health and wellness decisions with a digital coach.
Cylark Labs, St. Paul Creating an AI-guided self-fitting system for over-the-counter hearing aids.
D'Avocado, Orono Creating packaged food products made with avocados.
Extempore, St. Paul Developing a speaking practice app for foreign language students.
Insight Sensing, St. Paul Developing a system to provide crop performance indicators for fertilizer management.
Metselex, Minneapolis Developing therapies to treat neurodegenerative disordres associated with cell death, such as Alzheimer's.
Novo Clade, St. Paul Working to bring chemical-free, environmentally-friendly insect control to market.
Phraze, Inc., Rochester Creating a digital medical scribe to automate clnician's medical documentation.
Poma 22, Mendota Heights Creating a helmet with high-powered air duct system that provides ear-to-ear air curtain to shield workers from airborne contaminants.
Primal Health, Minneapolis Creating consumable daily dental hygiene products for animals and humans.
Terrafore Technologies, Minneapolis Developing thermal energy storage to provide dispatchable solar power generation to the grid.
Thrivors, St. Paul Reducing cancer drug therapy abandonment through a health platform targeted at cancer patients/survivors.
Virtue Analytics, Woodbury Providing student-specific financial aid offers via a SaaS platform for higher ed.
