Durham, NC – June 30, 2006 – NC IDEA has awarded $225,000 in grants to seven early-stage companies throughout North Carolina. These awards represent the initial round of an innovative grant program designed to bridge the gap between research activities and venture capital funding.
NC IDEA grants are targeted to help companies prepare for equity funding, providing a boost to create new North Carolina companies and jobs. More than 65 companies applied for grants during the launch of the program. NC IDEA plans another funding cycle later this year as part of its bi-annual program.
The grants were awarded to companies that have no previous venture capital funding. The grants, up to $50,000, support business activities that validate potential markets, reduce business risks, and advance projects to the point at which they are suitable for consideration by private equity investors.
Companies receiving grant funds are:
CardioVascular Resonances – research based at East Carolina University in Greenville, N.C. to develop a novel screening technology to identify individuals at risk for stroke.
Illuminus – research based at Duke University in Durham, N.C. on technology to more effectively measure the removal of breast cancer tumors during surgery.
InsituTec – research based at the University of North Carolina at Charlotte for novel measurement technology for manufacturing in the microscale and nanoscale sciences.
ZumaTek – research based at Duke University for early detection of breast cancer by providing three dimensional imaging technology for lesion detection.
DeltaSphere – research based at the University of North Carolina at Chapel Hill for development of a three-dimensional camera.
ImagineOptix – research based at N.C. State University to develop new video projection technology for commercial and military use.
TransLoc – Raleigh-based company with early product implementation at N.C. State University for real-time tracking and display of moving vehicles, including development of capabilities for displays on mobile phones and other mobile devices.