The Missouri Technology Corporation (MTC) will invest more than $2.3 million in seven Missouri-based high-growth potential startups. The investments will be made through MTC’s Innovation, Development, and Entrepreneurial Advancement (IDEA) Fund Co-Investment Program, and will be funded through the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI) program.
MTC’s IDEA Fund promotes the formation and growth of businesses that engage in the transfer of science and technology into job creation. The fund provides venture capital-based financing to eligible businesses through three programs that correspond to the stages of growth for promising early-stage high-growth potential businesses: (1) pre-seed capital stage financing; (2) seed capital stage financing; and (3) venture capital growth stage financing.
The IDEA Fund makes direct investments into Missouri-based technology startups through matching equity or convertible debt investments for the purpose of supporting technology and business development. MTC’s IDEA Fund is a “co-investment program” and requires matching private funds. More specifically, for each dollar that MTC invests, the entrepreneur must secure at least one dollar of investment from private sources to match MTC’s investment.
Investments awarded for the April 2023 Cycle
- Advocado– Advocado provides data and software as a service products to help advertising buyers & sellers track and optimize media spend and improve performance, yielding increased ROI, as well as providing granular consumer behavior insights.
- Aegis Digital Health (current MTC portfolio company) -Aegis Digital Health commercializes early-stage products and technologies in virtual care and remote patient monitoring, specifically focused on provider-centric solutions, where the inventors/founders do not have the experience or resources to do so on their own; our first product is SweetSpot, a remote monitoring platform for diabetes patients.
- Customized Learning Exercises for Aural Rehabilitation, Inc dba Amptify– Amptify engages in the provision, facilitation, and delivery of hearing healthcare products and services via its proprietary full-stack hearing healthcare platform.
- Echelon Med Tech, LLC – Echelon Med Tech develops and commercializes dual-use medical technologies to radically improve health outcomes for service members, veterans, and civilians.
- Kremenak NanoTech (current MTC portfolio company) – Kremenak’s ShredderTM liquid-treatment equipment revolutionizes microbial control in beverage production.
- Marma Nutrition – Marma provides nutritional guidance during the birthing years with personalized nutrient and food recommendations during fertility, pregnancy, and postpartum.
- InUnison – inUnison is a technology platform that enables groups to social sync (sing, pray, or cheer together) online.
Over the past decade, MTC has invested nearly $47 million in over 145 early-stage Missouri-based high-growth technology-focused companies, which have raised over $1.3 billion in additional private capital.
MTC recently awarded over $2 million in investment allocations to eight Missouri-based high-growth potential startups in January.
MTC currently accepts IDEA Fund applications continuously and reviews applications and makes awards on a quarterly basis.
The deadlines for full consideration for each quarterly application review cycle for 2023 are listed below.
- July 2023 Award Cycle – Application deadline of 11:59 pm, Wednesday, May 17, 2023
- October 2023 Award Cycle – Application deadline of 11:59 pm, Wednesday, August 9, 2023
Click here to learn more about the IDEA Fund Co-Investment Program.
