ND North News

Thursday, December 29, 2022 - 04:04pm 

The North Dakota Department of Commerce announced today that the Innovation Technology Loan Fund (LIFT) Committee awarded a total of $3 million to three companies for the month of December.

“We are energized by the quality of applications we have received throughout the biennium, and we are committed to continue investing in innovative businesses looking to commercialize in North Dakota,” Commerce Head of Investments and Innovation Shayden Akason said. “We have received applications from North Dakota companies as well as companies outside of North Dakota looking to expand or entirely relocate their business. It’s clear the competitive advantages North Dakota offers, including programs like LIFT, have contributed to making us a preeminent state to commercialize intellectual property. The Innovation Technology Loan Fund currently has about $1.2 million remaining to be awarded this biennium with four companies presenting in January.” 

December LIFT recipients include:

Advest Marketing, a company that utilizes artificial intelligence (AI) technology to allow brands to create video ads more efficiently, faster, and cheaper, was awarded $500,000. The company is also working on a tool that grades the effectiveness of influencer videos as part of a research program alongside Harvard University. 

Imricor Medical Systems, a company that is commercializing MRI-compatible cardiac ablation catheters and expanding the manufacturing of these products in North Dakota was awarded $1.5 million. 

Mason Safiyaa Innovations, a luxury clothing brand that is developing a sustainable, disruptive supply chain solution was awarded $1 million. The brand is commercializing a platform that will process body measurement data to create the most accurate data and intelligence for many industries beyond the fashion industry. 

Commerce works with the Bank of North Dakota to manage and administer the loan fund. 

Original source can be found here.