Contact: Tony Hozeny, Department of Commerce, 608/267-9661
MADISON – Governor Jim Doyle today announced that two Wisconsin businesses will receive funding for technology development projects from the Department of Commerce (Commerce) Technology Venture Fund (TVF) program.
“Through my Grow Wisconsin plan, we are helping entrepreneurs turn their ideas into high-tech businesses that create good-paying jobs for our state,” Governor Doyle said. “These types of companies continue to move Wisconsin’s economy to the high end, and I am pleased that we could assist with the growth and development of two companies that have great potential.”
The projects are as follows:
· FireSite, LLC is a Madison company established to develop a navigational tool for firefighters. It will receive a $25,000 TVF loan to hire professional services necessary to complete preliminary prototype development services. The total project cost is $250,000.
· 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.
For more information about Technology Development programs, contact your area development manager by visiting www.commerce.wi.gov/BD/MT-FAX-0901.html.