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V O L . X X V I N O. X X X 34 BO O K O F L I S T S 2 0 21 F I NA N C E Largest Maine Technology Institute investments Ranked by amount received per award, fiscal year 2020 1 MTI awards are disbursed in tranches based upon certain project milestones being achieved. The award amounts may not reflect actual disbursements. 2 The Maine Technology Institute invests public funds in Maine entrepreneurs and organizations who engage technology to develop innovative products and services within the state's seven targeted technology sectors. Grants, loans and equity investments are issued on a competitive basis and require a minimum of one-to-one private sector match. The goals are high-paying jobs, development of intellectual property and business growth, which in turn provide tax revenue for the state. This list was compiled by Timothy Doyle and published in the September 7, 2020 issue of Mainebiz. S O U R C E : Maine Technology Institute Largest Maine Technology Institute investments Ranked by amount received per award, fiscal year 2020 Amount awarded 1 Project title Type of award 2 Sector 1 One Katahdin Millinocket $837,000 One Katahdin Fiber Park development Loan Aquaculture & marine 2 Compotech Inc. Brewer $500,000 Advanced armor panel manufacturing line development Loan Composite materials ImmuCell Corp. Portland $500,000 Development of Re-Tain Loan Biotechnology MyHealthMath LLC Portland $500,000 MyHealthMath claims-based decision support report cards Loan Information technology Sea Bags LLC Portland $500,000 Equity investment Equity Precision manufacturing STARC Systems Inc. Brunswick $500,000 STARC expansion capital Loan Precision manufacturing 7 Central Maine Growth Council Waterville $300,000 Dirigo Labs: Fostering innovation & collaboratively supporting Maine-based entrepreneurs - conditional match for potential federal award Grant Aquaculture & marine Maine Center for Entrepreneurial Development Portland $300,000 Maine Bioscience Cluster initiative - conditional match for potential federal award Grant Aquaculture & marine 9 Governor's Energy Office Augusta $250,000 Maine floating offshore wind roadmap - Charting a path to 2030 - conditional match for potential federal award Grant Environmental technology HighByte Inc. Portland $250,000 HighByte commercialization project Loan Information technology Senscio Systems Inc. Scarborough $250,000 Optimized self management of complex health using artificial intelligence to integrate medical, non-medical, and self care Loan Biotechnology 12 GO Lab Inc. Belfast $200,000 Funding for new equipment and manufacturing facility Loan Composite materials Omega Benefit Strategies LLC Millinocket $200,000 National TPA licensing initiative Loan Information technology 14 Optimum Imaging Diagnostics LLC Scarborough $175,000 Histoplasmosis LFA Loan Biotechnology 15 CourseStorm Inc. Orono $150,000 Bridge funding, convertible note round Equity Information technology Defendify Inc. Portland $150,000 Series A investment Equity Information technology KinoTek Inc. Portland $150,000 KinoTek beta launch Loan Biotechnology 18 RockStep Solutions Inc. Portland $125,000 Convertible note round Equity Biotechnology University of Maine Orono $125,000 Internal commercialization accelerator - MIRTA Grant Aquaculture & marine 1 MTI awards are disbursed in tranches based upon certain project milestones being achieved. The award amounts may not reflect actual disbursements. 2 The Maine Technology Institute invests public funds in Maine entrepreneurs and organizations who engage technology to develop innovative products and services within the state's seven targeted technology sectors. Grants, loans and equity investments are issued on a competitive basis and require a minimum of one-to-one private sector match. The goals are high-paying jobs, development of intellectual property and business growth, which in turn provide tax revenue for the state. This list was compiled by Timothy Doyle and published in the September 7, 2020 issue of Mainebiz. SOURCE: Maine Technology Institute

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