Fund gives $1.6 million in loans help local tech companies
Venture Debt Fund loans from the Madison Development Corp. totaling $1.6 million will go to help five growing Dane County businesses, according to a release from the organization. In 2020, investment from the fund helped create 329 new jobs. Enterprises receiving loans are:
- Image Mover: $250,000 for the development of an app that allows images to be uploaded directly to the Epic Systems platform without breaking HIPPA rules.
- StartingBlock Madison: $250,000 for space for startup and early-stage companies located in American Family Insurance’s SPARK building on East Washington Avenue.
- Simple Machines: $400,000 to develop a chip technology that provides software-controlled hardware that is fast, power-efficient, and area-efficient.
- Mobile22: $250,000 for development of transport-as-a-service technology platform that manages and optimizes mobility. It’s designed to help organizations manage their fleets, drivers, demand, and fulfillment.
- SmartUQ: $400,000 for a predictive analytics and uncertainty quantification software tool that incorporates real-world variables.