16 Feb Tech companies get commerce loans for new ventures
Wisconsin businesses making navigation and medical devices will receive funding for technology development projects from the state Department of Commerce Technology Venture Fund program.
FireSite, LLC, is a Madison company established to develop a navigational tool for firefighters. It will receive a $25,000 loan to hire professional services necessary to complete preliminary prototype development services. The total project cost is $250,000. FireSite was started by a team of University of Wisconsin-Madison students and won prizes in the 2005 Innovation Days and G. Steven Burrill competitions.
Vector Surgical, LLC, is an Oconomowoc company established in 2005 to develop medical devices that promote the speed and accuracy of surgical procedures. It will receive a $75,000 TVF loan for equipment and production set up. The total project cost is $740,300.
The TVF program provides low-interest loans to Wisconsin high-tech companies with fewer than 100 employees that are seeking angel or other seed capital investment to facilitate the capital search.