BEN FRANKLIN TECHNOLOGY PARTNERS is a partner in Keystone Edge. They will be sharing insights from their leadership and news from their portfolio companies in the Ben Franklin On: section.
The Ben Franklin Technology Partners of Northeastern Pennsylvania‘s (BFTP/NEP) Board of Directors has approved the investment of $320,530 in support of regional economic development. BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Ben Franklin staff concentrate their efforts on three key areas: developing and growing early-stage technology-oriented companies; helping established manufacturers creatively apply new technology and business practices to achieve industry leadership; and promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies.
Since beginning operation, BFTP/NEP has helped to create 17,415 new jobs for Pennsylvania workers, to retain 27,384 existing jobs, to start 492 new companies, and to develop 1,591 products and processes. Since 2007, BFTP/NEP clients have generated $1.4623 billion in follow-on funding. The Pennsylvania Ben Franklin Technology Partners network has returned $3.60 to the state treasury for every $1 invested in the program. Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
BFTP/NEP owns, manages and is headquartered in Ben Franklin TechVentures, an award-winning business incubator/post-incubator facility on Lehigh University’s campus in Bethlehem. BFTP/NEP also manages the Bloomsburg Regional Technology Center in Bloomsburg.
Ben Franklin announces the following early-stage company investments, provided in the form of loans with warrants.
Heudia Health, LLC, East Stroudsburg, Monroe County
Ben Franklin Investment: $50,000
The investment will fund a focused sales effort in the expanding commercialization of Heudia Health’s new software platform in the Medicaid marketplace. The platform improves the delivery of healthcare and related services by motivating beneficiaries to seek care at the right place and time, improving patient outcomes at a lower cost to providers.
New Horizon Biotech, Inc., Nazareth, Northampton County
Ben Franklin Investment: $50,000
The funds will enable the company complete testing to demonstrate the effectiveness of a new, proprietary, and patented design for single-use microbial fermentation as compared to designs currently in use. Microbial fermentation is the basis for the production of a wide range of biopharmaceutical products, including antibiotics, vaccines and therapeutic proteins, among others.
Pennsylvania Glassworks Company, Temple, Berks County
Ben Franklin Investment: $80,000
The investment will help complete the set-up of a manufacturing facility and begin production of decorative architectural cast-glass panels made with a proprietary process. That process allows architects and designers to apply custom glass wall panels, windows, and doors that have deep sculptural patterns or imagery directly onto the surface of the glass. The process will address current product limitations in color and sound transmission with better manufacturing throughput than competitors.
PlanGuru, LLC, Wilkes-Barre, Luzerne County
Ben Franklin Investment: $100,000
The dollars will expand marketing efforts, increasing leads and developing customer-requested feature sets at this producer of SaaS-based tools that support budgeting, forecasting, and intelligent financial analysis. The output of PlanGuru’s tools enable CEOs and CFOs of small- and medium-sized companies to make timely and accurate financial decisions.
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Ben Franklin announces the following established manufacturer company investments. Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.
Blaschak Coal Corporation, Mahanoy City, Schuylkill County
University Partner: Lehigh University’s Energy Research Center
Ben Franklin Investment: $25,000
The investment will allow the company to conduct anthracite coal characterization and Rare Earth Element (REE) technology transfer activities. REEs have a wide variety of applications in electronic, optical, and magnetic devices. Currently, China produces nearly all REEs and there is great demand for domestic suppliers.
Jed Pool Tools, Inc., Scranton, Lackawanna County
University Partner: Lehigh University’s Enterprise Systems Center
Ben Franklin Investment: $7,800
The funding will help Jed Pool Tools, a manufacturer of pool and spa maintenance equipment, identify and select an appropriate Enterprise Resource Planning software solution. The company also provides plastic fabrication toll manufacturing through its custom injection molding division, Northeastern Plastics. As the only U.S.-based producer of its line, Jed seeks to improve production efficiencies to address difficult international competition and promote reshoring initiatives.
Performance Biomedical, LLC, Mountain Top, Luzerne County
University Partner: Lehigh University’s Enterprise Systems Center
Ben Franklin Investment: $7,730
This investment will help the company evaluate, select, and procure an Enterprise Resource Planning system to increase operational efficiency, better manage inventory and goods in process, provide scalability, and meet customers’ demands. Performance Biomedical assembles, refurbishes, and distributes medical equipment to hospitals and VA medical centers.
