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Wednesday, August 19, 2009

Ben Franklin Tech program invests $1.2M in seven firms

Vending machines dispensing pharmaceuticals and air-conditioning systems for truckers are two of the ideas that a state-funded economic development program has invested in.

Ben Franklin Technology Partners of Southeastern Pennsylvania said it invested $1.2 million in seven early-stage companies in the Philadelphia area.

Immune Control Inc., of West Conshohocken, received the biggest investment - $250,000. The pharmaceutical company, which is headed by Stephen Roth, who'd founded Neose Technologies Inc., is developing technology called serotonin-based immunotherapeutics.

The Ben Franklin program had previously invested $500,000 in Immune Control.

Two companies received $200,000 each:

* Leversense L.L.C., of Newtown Square. It's developing biosensor technology to be used in a variety of applications, including food toxin testing and AIDS research.

* Quiq Inc. , of Blue Bell. It's got a vending machine that dispenses medications rather than Doritos and Snickers bars. But don't look for the machine in your lunchroom. The company looks to put them in doctor's offices so that patients can pay for and get their prescriptions filled immediately.

Three companies got $150,000 each:

* OxiCool Inc., which the Ben Franklin team says has agreed to establish operations in Pennsylvania. It's developing an air-conditioning technology, which is just what we want to hear on a hot August day. One use could be for the cabs of tractor-trailers. Since idling is an air-pollution no-no, OxiCool's application would enable truckers to run an air conditioner without keeping their engines on.

* PivotPoint Software L.L.C., of Bryn Mawr. This start-up has developed an online service, called WizeHive, that lets workers upload, communicate and collaborate on files in real time. One of its co-founders is Michael Levinson, who is one of the partners of DreamIt Ventures, the technology business accelerator that just concluded its second summer program.

* RealWinWin Inc., of Philadelphia. Founded in 2001, this company was working helping commercial property owners reduce their energy use before it was hip to be green. Ben Franklin has previously invested $250,000 in the company.

And finally, Life Management Advisor L.L.C., of Chadds Ford, received $100,000. It's the type of business the Philadelphia area often produces. A software developer that helps financial advisors and planners sell and distribute their products to clients.

Yes, the Ben Franklin program is funded by the Pennsylvania state government, and there is still no budget for the current fiscal year. But a spokesman said these investments were approved before the end of its fiscal year on June 30.
Posted by Mike Armstrong @ 12:43 PM  Permalink | File Under: Small Business | | Technology | Post a comment
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About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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