The Wisconsin Economic Development Corporation today announced approval of early stage tax credits and loans for seven emerging Wisconsin companies.
WEDC approved Qualified News Business Venture (QNBV) tax credits for MPSP, LLC, Milwaukee;
HuTerra, LLC, DePere; and HealthMyne, Inc. Madison
Xolve, Inc., Middleton, was approved for a $330,000 Technology Business Development Investment loan.
Shamrock Energy Corp., Neenah, was approved by a $150,000 Technology Development Fund Loan.
Pegasus Sustainability Solutions, Inc., Fitchburg, received QNBV certification and was approved for a $125,000 Wisconsin Venture Debt Fund loan.
Wound Zoom, Inc., Longmont, Col., was also approved by QNBV certification and a $400,000 Technology Business Development Investment loan. Wound Zoom will relocate to Stevens Point.
The Qualified New Business Venture status makes investors in the company eligible for a 25 percent tax credit on the amount they invest in the business. The Technology Business Development Investment and Wisconsin Venture Debt Fund loans help innovative companies with promising economic futures clear the hurdles associated with bringing new technologies, products and concepts to market.
About the Companies
Xolve, Inc. has patented nanotechnology for the creation of grapheme for the energy storage and polymer composite industries. Xolve closed two rounds of funding in 2010 and raised a total of $4 million. The company is about to begin commercialization of the technology. The company has also received support from the Center for Technology Commercialization/Wisconsin Entrepreneurs’ Network .
MPSP has developed an interface platform-based system for water conservation through the trade name H2Oscore. This was designed to provide homeowners and businesses the convenience of tracking their water consumption. MPSP intends to leverage their brand through municipalities by offering a reliable and cost effective method of addressing water conservation.
HuTerra has created a charitable social network for individuals, businesses, non-profits and other organizations to assist with awareness and fund raising. Their robust suite of applications, programs and tools provides a one stop shop for members to earn for the causes they care about.
Pegasus Sustainability Solutions provides solutions for transportation and disposal of environmental regulated waste from small quality generators of waste in the life science, industrial, commercial and institutional industry sectors.
Wound Zoom will relocate to Stevens Point from Longmont, CO. The company has embarked on the development of a monitoring, detection and prevention tool for wound care. Their proprietary technologies and analysis software suite helps accurately measure wounds with photo documentation of the wound, replacing rulers and gauges.
HealthMyne will develop and bring to market advanced image-based analytics that incorporate features of clinical decision support, dose and image quality monitoring, performance management and Comparative Effectiveness Research to dramatically improve the quality and efficiency of healthcare delivery.
Shamrock Energy, formerly Oshkosh Nanotechnology, focuses on the use nanomaterials to create improved electrical energy storage in devices and materials for use in batteries and fuel cells. The company believes it has developed the ideal electrical energy storage system. The company has also received support from the Center for Technology Commercialization/Wisconsin Entrepreneurs’ Network .
About Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing Wisconsin’s business climate. WEDC nurtures business growth and job creation by providing resources, technical support and financial assistance to companies, partners and communities in Wisconsin. WEDC has four focus areas: business and industry development, economic and community development, entrepreneurship and innovation and international business development. Together with more than 600 regional and local business development partners, it represents a highly responsive and coordinated network. Visit http://www.inwisconsin.com/ or follow WEDC on Twitter @_InWisconsin to learn more.