Four Startups Are Newest Members of Ben Franklin’s Portfolio
For 30 years, Ben Franklin has been investing in central and northern Pennsylvania’s entrepreneurs, tech-based start-ups, and small manufacturers with the goal of assisting them in developing new technologies, hiring additional employees, and increasing sales. For more information on the program, click on http://www.cnp.benfranklin.org
At the March Board Meeting, the Directors approved investments in excess of $600,000 in four company projects that span the next fifteen months:
Next Generation Filtration Systems, located in Titusville, has developed a fluid purification system that removes moisture and other volatiles from hydraulic fluid and lubrication oils. The company has been building, testing, and refining their system for the past five years, and now has a product that improves the efficient life of lubricating fluids by ten times. For more information, see http://www.nextgenfiltration.com/.
Advanced Insurance Products and Services, located in Erie, has developed advanced proprietary actuarial models, insurance risk scores, software applications, and support services required for the development of profitable usage-based insurance products that enable the insurer to offer a lower price to its safer, more profitable drivers. Advanced Insurance Products & Services was the winner of last year’s very popular $50,000 BIG IDEA Business Plan Contest. For more information, see www.adv-ins.com
Located in State College, Lignolink, has invented a technology that genetically modifies certain crops in order to enhance their digestibility. To date, the patented process has been successfully demonstrated in corn and poplar. In addition to Ben Franklin funding, the company has received a research grant (SBIR) to further advance its developments. For more information, contact Scott Welsh at firstname.lastname@example.org
Also located in State College, Quantum-Vortex, will manufacture hydrodynamic cavitation hardware for heavy crude oil upgrading. The company uses a method that mechanically breaks long hydrocarbon chains, which results in lighter fractions. The process improves the quality of the crude oil which adds anywhere from $2.00 – $4.00 of value to each barrel. For more information, see www.quantum-vortex.com