The Iowa Economic Development Authority (IEDA) announced financial assistance for three companies in Iowa in the first round of innovation awards funded through the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI). The startups are located in Algona, Coralville and Des Moines.
Iowa’s SSBCI program, announced in October 2022, is a $96 million investment in growing Iowa’s small businesses, including startups, manufacturers and businesses owned by veterans and individuals from diverse backgrounds. The State of Iowa was awarded the federal small business aid program to expand access to capital for small businesses to help them recover from the pandemic, grow and create high-quality jobs. As one of the four areas established under the initiative, the Innovation Fund increases funding opportunities across Iowa’s innovation continuum to assist entrepreneurs through concept, launch and expansion.
Innovation Fund awards
Manufacturing startup Kinetic Technologies, LLC in Algona streamlines the integration process for collaborative welding robots, improving turnaround time for production. They developed a fixturing product to pair with engineering services to make deployment scalable. The company was awarded a $175,000 Demonstration Fund loan for market planning and entry activities, key personnel and equipment.
Coralville-based IntelliSee creates “Smarter Surveillance for a Safer World” by autonomously monitoring an organization’s existing surveillance cameras 24/7/365 with artificial intelligence (AI) that detects threats, risks, and hazards. The AI’s real-time alerts allow for risk avoidance, prevention and mitigation through quick action and improved situational awareness. The company was awarded a $500,000 Innovation Acceleration Propel loan for product refinement and key personnel.
Headquartered in Des Moines, Bristola is a leading renewable energy technology and maintenance services company targeted at the renewable energy digester and liquids storage industry verticals. The patented technology cleans and inspects digesters and covered storage tanks without disruptions to ongoing operations, eliminating worker exposures and allowing for a more efficient and cost-effective process. The company was awarded a $175,000 Demonstration Fund loan for product refinement, key personnel and equipment.
Award recommendations for the SSBCI innovation funding are made by the SSBCI Review Committee to the IEDA executive director for approval. The committee met on February 7, 2023 for the first time and will meet bi-monthly to review eligible applications. Additional information on application process, deadlines and eligibility can be found at iowaeda.com/innovate.
Ms. Kanan Kappelman