Ben Franklin Technology Partners of Northeastern Pennsylvania Invests $134,750 in 3 Companies

iCrowdNewswire

Aug 18, 2022

The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP_NEPA) Board of Directors has approved the investment of $134,750 in support of regional economic development. Three companies from BFTP_NEPA’s 21-county service area received funding. The investment identified as a continuation project indicates that the client achieved pre-determined milestones and is receiving more funding to accomplish additional project work.

BFTP_NEPA announces the following early-stage company investment, which is provided in the form of loans with warrants.

Dark Moon IRVR, Hawley, Pike County

Ben Franklin Investment: $100,000

Support the fit out and launch of a production lab for 360º immersive virtual reality. As a result of this project, the company will have a state-of-the-art production facility at which it can produce and commercialize a virtual reality solution for the music, theater, television, and sports industries.

Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based innovation in established manufacturers.

Diamond K. Inc. http://www.diamondkinc.com/ Scranton, Lackawanna County

Ben Franklin Investment: $9,750

University Partner: Wilkes University

Identify an innovative solution for a paper sorting process that increases the volume of material moving through production that also results in a less physically demanding production environment. Diamond K is a paper waste management company that provides document destruction and recycling services.

Noble Biomaterials, Inc. https://noblebiomaterials.com/ Scranton, Lackawanna County

Ben Franklin Investment: $25,000 – continuation project

University Partner: Wilkes University

Operationalize a process to consistently increase production throughput while exceeding current quality performance, providing required capacity to meet growing demand. Noble Biomaterials manufactures silver-plated fibers for control of static electricity, control of electromagnetic interface, and antimicrobial applications.

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:

  1. developing and growing early-stage technology-oriented companies;
  2. supporting established manufacturers as they creatively apply new technology to help them compete globally;
  3. 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.

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