Three Corridor-area startups are among the recipients of a new round of state funding assistance approved by the Iowa Economic Development Authority (IEDA), including a Coralville medical device company and two Cedar Rapids businesses.
The IEDA Board approved the awards Friday, July 17 as part of a broader package that also included tax credits for four manufacturers and loans for two Ames startups. IEDA separately approved funding this month for three startups, including the two in Cedar Rapids, through the agency’s State Small Business Credit Initiative (SSBCI).
University of Iowa spin-off Juggernaut Life Sciences, based in Coralville, was awarded a $50,000 Proof of Commercial Relevance loan. The company is developing a minimally invasive, laser-based medical device intended to help physicians target early-stage tumors more precisely while reducing damage to surrounding healthy tissue, according to IEDA. The device has potential applications in treating melanoma and liver and thyroid cancers. Juggernaut Life Sciences describes itself on its website as a medical device design and development company that combines expertise in medicine, image guidance, robotics and artificial intelligence. The loan will fund intellectual property development and evaluation, proof-of-concept work, product refinement and equipment as the company works toward clinical use of the technology. Award recommendations for the fund are made by the Technology Commercialization Committee to the IEDA Board.
In Cedar Rapids, AVEX, Inc. was awarded a $250,000 Innovation Acceleration Launch Fund loan for market planning, entry activities and key personnel. AVEX makes Repour, a patented wine preservation topper that removes oxygen from opened bottles to extend freshness without a vacuum pump or other equipment. The product is used by consumers, restaurants and hospitality businesses to reduce waste and preserve wine quality, according to IEDA.
Also in Cedar Rapids, SwineTech, Inc. was awarded a $500,000 Innovation Acceleration Propel Fund loan for proof-of-concept work, product refinement and market planning and entry activities. SwineTech developed PigFlow, an artificial intelligence-powered operating system used by pork producers in the United States and internationally to manage daily operations, workforce efficiency and animal care. The platform is expanding to support the full production life cycle, according to IEDA. The company, previously headquartered in Solon, also makes SmartGuard, a sensor system designed to alert sows before they crush piglets.
Award recommendations for the SSBCI Innovation Acceleration Fund are made by the SSBCI Review Committee to the IEDA director. The committee met July 9 to review applications. Ames-based Skroot Laboratory, Inc. also received funding through the program.
Statewide, the IEDA Board approved tax credits Friday for four manufacturing companies — in Des Moines, Independence, Wapello and Webster City — expected to create a combined 312 jobs and generate $62.9 million in new capital investment. The board also approved loans for two Ames startups, Narrate AR, Inc. (doing business as Ama AI) and SoilSerdem, LLC.
