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Ben Franklin Technology Partners Invests $2 Million in Pennsylvania Companies

Collage highlighting various sectors receiving investments in Pennsylvania.

News Summary

Ben Franklin Technology Partners of Northeastern Pennsylvania has announced more than $2 million in investments aimed at supporting 17 companies from April to June. The investments will foster workforce expansion, innovative product development, and operational growth. With funds supporting both established manufacturers and early-stage firms, this initiative includes key projects in diverse sectors such as healthcare and technology. The organization’s mission focuses on job creation and nurturing entrepreneurship throughout the region.

Pennsylvania – Ben Franklin Technology Partners of Northeastern Pennsylvania has announced over $2 million in investments to bolster the growth of 17 companies in the region between April and June. The organization specializes in supporting startups, manufacturers, and business incubators across a vast 21-county jurisdiction. The recent funding aims to enhance workforce expansion, promote innovative product development, and stimulate operational growth within the state.

The approved investments totalled $2.03 million, with established manufacturers receiving $659,550 and early-stage companies securing a significant $1.4 million. Notably, the funding for these projects has been partially made possible through the Pennsylvania Small Business Credit Initiative funds.

Among the companies benefitting from this round of funding, six established manufacturers and 11 early-stage firms are set to advance their operations. These include key projects such as:

Oral Biolife, based in Northampton County, which is in the process of developing a groundbreaking treatment aimed at regenerating bone lost to periodontal disease.
Redemption Business Solutions, hailing from Wayne County, which is working on creating a cloud-based ERP system designed specifically for retailers.
Spacecraft Automation, also from Northampton County, focused on developing automated kiosks that could benefit various business sectors.

The early-stage companies benefiting from the recent investments include:

Automate HQ Inc. (Jessup, Lackawanna County)
Global Key Solutions (Scranton, Lackawanna County)
NovaData Solutions Inc. (Haverford, Delaware County)
Oral Biolife Inc. (Bethlehem, Northampton County)
Orbweaver Sourcing, LLC (Bethlehem, Northampton County)
Redemption Business Solutions LLC (Honesdale, Wayne County)
Reviews UP LLC (Allentown, Lehigh County)
SARAS-3D Inc. (Allentown, Lehigh County)
Spacecraft Automation (Bethlehem, Northampton County)
Spoke Acquisition Corporation (Spoke Sciences) (Bethlehem, Northampton County)
With Meraki Co. (Northampton County)

The established manufacturers receiving investment include:

Brentwood Industries Inc. (Spring Township, Berks County)
ABEC Inc. (Bethlehem, Northampton County)
Eastern Exterior Wall Systems Inc. (Allentown, Lehigh County)
LifeAire Systems LLC (Allentown, Lehigh County)
Musculoskeletal Transplant Foundation (MTF Biologics) (Jessup, Lackawanna County)
Polymer Contours (Allentown, Lehigh County)

Ben Franklin Technology Partners tailors its investments to meet the distinct needs of each company, ensuring that funded projects are positioned effectively within the market. The overarching mission of Ben Franklin Technology Partners focuses on facilitating job creation and nurturing entrepreneurship across Pennsylvania.

Established by the Pennsylvania Department of Community and Economic Development, the Ben Franklin Technology Partners network consists of four independent nonprofit organizations located in Bethlehem, Philadelphia, Pittsburgh, and State College. This organization encourages local entrepreneurs to share their business ideas and leverage available resources for sustainable growth.

Through its strategic investments and commitment to fostering innovation, Ben Franklin Technology Partners seeks to invigorate the economic landscape of Northeastern Pennsylvania and pave the way for a prosperous future.