The Innovation Technology Loan Fund (LIFT) Committee awarded the first round of funding for the loan program last week.
“After much research and collaboration, the LIFT Committee is excited to announce the first companies to receive funding from the LIFT program,” said Josh Teigen, head of investments and innovation at the North Dakota Department of Commerce. “The LIFT recipients exemplify innovative businesses that will help solidify our state as a leader in technology.”
The first round of LIFT recipients:
North Dakota-based Appareo was awarded $2.5 million. Appareo develops market-driven technology for precision agriculture. The company will utilize the funding to develop cutting-edge technology and continue to advance the precision agricultural industry.
Access Point Technologies, a medical device company based in Rogers, Minnesota., was awarded $1 million to open a facility in Fargo. The new facility will design, manufacture and test innovative treatments for atrial fibrillation. The company chose Fargo for the city’s avenue to engineering talent.
Airtonomy, a North Dakota-based company, was awarded $1 million. Airtonomy develops new technology for the unmanned aircraft system industry. The company will utilize the funding to expand current product offerings and partnerships with major industry partners.
Mobile Recon, a company that recently opened an office in North Dakota, was awarded $500,000. In conjunction with the North Dakota Development Fund, the company will use the funding to expand its presence in North Dakota and solidify the state as a leader in UAS technology.
The LIFT Committee is responsible for application evaluations of the loan program supporting technology advancement for North Dakota businesses through the commercialization of intellectual property.
The North Dakota Department of Commerce works with the Bank of North Dakota to manage and administer the loan fund.