Ben Franklin Northeastern PA Invests $252,500 in 5 Companies
Jul 20, 2022
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The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP_NEPA) Board of Directors has approved the investment of $252,500 in support of regional economic development. Five companies from BFTP_NEPA’s 21-county service area received funding.
BFTP_NEPA announces the following early-stage company investments, which are provided in the form of loans with warrants.
GUIDE, Scranton Enterprise Center, Scranton, PA - Ben Franklin Investment: $100,000
Complete the development of a new version of GUIDE’s mobile application and commercialize the app to organizations including mid-sized corporations, first responders, and veteran groups. GUIDE provides a wellness and mental health Software-as-a-Service mobile app. The app combines daily, micro-learning practices with a peer support community to improve mental and emotional well-being and provide personal, professional, and community development.
Terra Health Coaching, Bethlehem, PA - Ben Franklin Investment: $100,000
Complete the buildout of the company’s mobile app, release a desktop version that meets HIPAA compliance standards, and support marketing to Direct Primary Care clinics. Terra Health Coaching is a solution for employers, physicians, and individuals who want to minimize the risk of chronic disease and its associated costs while optimizing health and environmental impact. The platform provides specialist support and helps clients improve their physical and mental health with Lifestyle Medicine. It allows users to learn, track their habits, and communicate with their healthcare team seamlessly, improving adherence and success. Support-Driven Digital Health and Lifestyle Medicine are becoming more permanent components of the healthcare system.
Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based innovation in established manufacturers.
BRD Noise and Vibration Control, Inc., Wind Gap, PA - Ben Franklin investment: $25,000 – University Partner: Lehigh University’s Center for Supply Chain Research
Develop and implement project management tools, templates, and metrics to improve productivity and efficiency, and enhance customer service and on-time delivery. BRD Noise and Vibration Control specializes in HVAC acoustic design and manufacturing to help architects; mechanical, electrical, and plumbing professionals; acoustical consultants; and design/build contractors in the specification of cost-effective approaches to keep mechanical equipment quiet. The firm also troubleshoots and implements remediation treatments for sound problems in existing construction.
Cast-Rite Metal Company, Birdsboro, PA - Ben Franklin Investment: $2,500 - College Partner: Northampton Community College’s Emerging Technology Applications Center
Conduct an energy assessment of Cast Rite Metal Foundry to reduce energy costs, reduce the environmental footprint, and foster continuous improvement and profitability at this producer of aluminum sand castings. The firm uses diversified molding processes and only certified aluminum alloys. Clients include commercial original equipment manufacturers (OEMs) in food processing, transportation, medical/pharmaceutical, utilities, telecommunications, lighting, and other sectors.
Dynalene Inc., Whitehall, PA - Ben Franklin Investment: $25,000 – University Partner: Lehigh University’s Center for Supply Chain Research
Improve manufacturing processes in the production of de-ionizing filter cartridges, which are used in fuel cells in automobiles. Dynalene will increase efficiencies, improve production yield, and continuously monitor quality to establish itself as a high-volume supplier to automobile manufacturers. Dynalene develops, manufactures, and distributes innovative industrial heat transfer fluids and related accessories.
About the Ben Franklin Technology Partners of Northeastern Pennsylvania
The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP_NEPA) creates and retains highly paid, sustainable jobs by investing in and linking companies with experts, universities, follow-on funding, and other resources to help them prosper through innovation. It is part of a four-center economic development initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
BFTP_NEPA’s strategy encompasses three key areas:
- developing and growing early-stage technology-oriented companies;
- supporting established manufacturers as they creatively apply new technology to help them compete globally;
- promoting an innovative community-wide infrastructure that supports Pennsylvania’s business technology ecosystem.
Since beginning operations in 1983, BFTP_NEPA has typically been among the top 5% of the most active investors in the U.S. and has helped to create 20,688 new jobs for Pennsylvania workers and to retain 56,268 existing jobs, to start 535 new companies, and to develop 2,456 new products and processes. Since 2007, BFTP_NEPA clients have generated more than $1.7 billion in follow-on funding. The Pennsylvania Ben Franklin Technology Partners network has returned $3.90 to the state treasury for every $1.00 invested in the program.
BFTP_NEPA owns, manages, and is headquartered in Ben Franklin TechVentures®, an award-winning business incubator/post-incubator facility on Lehigh University’s campus in Bethlehem. BFTP_NEPA also owns and manages the Bloomsburg Regional Technology Center. Applying more than 38 years of experience and two international awards for excellence in business incubation, BFTP_NEPA leads a 14-member business incubator network that is among the largest in the nation.
URL : https://www.nep.benfranklin.org
Contact Information:
Name: Laura EpplerEmail: href="mailto:leppler@nep.benfranklin.org">leppler@nep.benfranklin.org
Job Title: Chief Marketing Officer
Tags: English, technology, investment, economic development, venture capital, manufacturing