The Innovation Technology Loan Fund (LIFT) Committee awarded $3.8 million to four North Dakota businesses for the month of October.
“To date, the LIFT Committee has awarded $7.3 million of the $15 million appropriated by the 67th Legislative Assembly for the 2021-2023 biennium,” Shayden Akason, head of investments and innovation at the North Dakota Department of Commerce said. “I encourage eligible companies to apply at business.nd.gov/lift/ as the committee will continue meeting monthly to deploy the remaining funds.”
October LIFT recipients include:
First-i LLC, a company that is developing a tethered drone-in-a-box system was awarded $150,000 with a match requirement of $2 non-LIFT match for every $1 of LIFT award. The funding may be released in $50,000 increments as the match requirement is met.
Mobile Recon Systems, a company that is focusing on higher payloads in the unmanned air systems (UAS) industry was awarded $400,000 with a match requirement of $1 non-LIFT match for every $1 of LIFT award. The funding may be released in $50,000 increments as the match requirement is met.
Lincoln Therapeutics, a company that is developing intranasal spray pharmaceutical products to be used for emergency and military applications was awarded $2 million.
SafetySpect, a company that is developing technology that identifies and decontaminates invisible organic residues and biological and viral threats to safeguard soldiers in foreign areas and food processing facilities, was awarded $1.25 million.
The North Dakota Department of Commerce works with the Bank of North Dakota to manage and administer the loan fund.
For more information, please visit business.nd.gov/lift/