Ben Franklin invests $500K regionally
The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) board of directors has approved the investment of $488,400 in support of regional economic development. Clients are early-stage, technology-based firms and established manufacturers in BFTP/NEP’s 21-county service area.
Investments are identified as continuation projects indicate that the client achieved pre-determined milestones and is receiving more funding to accomplish additional project work.
Locally, these include:
Ophidion, www.ophidionbio.com, Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin investment: continuation project $20,000
Support a definitive pre-clinical study to optimize delivery of central nervous system therapeutics to targeted sites in the brain. Ophidion is leveraging its proprietary blood-brain barrier transport technology to advance a systemically delivered gene-silencing siRNA product for the treatment of Huntington’s disease, a fatal neurodegenerative disease with no current cure.
Rocket Cloud, Inc., www.RocketCl.com, Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin investment: continuation project $100,000
Continue to improve the technology platform and implement a new marketing and sales strategy for this software platform interface for the building materials supply industry. The company provides innovative cloud- and machine-learning-based software solutions to streamline the supply chain. It allows traditional wholesalers of equipment and supplies to supplement their physical locations with third-party ecommerce channels, such as Amazon, eBay, Jet.com, and Walmart. Easy on-line access through e-commerce sites will increase sales.
BFTP/NEP’s strategy encompasses three key areas:
1. Developing and growing early-stage technology-oriented companies;
2. Supporting established manufacturers as they creatively apply new technology to help them succeed globally by producing better, cheaper, and faster;
3. Promoting an innovative community-wide infrastructure that supports Pennsylvania’s business technology ecosystem.
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 =leads a 13-member business incubator network that is among the largest in the nation.