For Immediate Release
December 5, 2013
Contact: Scott Burnett, Director of Marketing & Analytics
Maine Technology Institute
207-588-1010
Three Maine companies selected to present at the New England Venture Summit
Cerahelix, Wentworth Technology and Academic Merit are chosen to pitch national Venture Capital firms at Boston area event
Brunswick, ME – The Maine Technology Institute (MTI) today announced that three of Maine’s leading technology companies have been selected to pitch their business to a board of leading Venture Capital firms at the New England Venture Summit in Dedham, MA on December 11th. More than 50 Venture Capital firms are slated to participate in the event that will see more than 100 companies make pitches to convince the firms to invest in their businesses. MTI is sponsoring the three companies who were selected from among hundreds of applications from throughout the region.
According to Bob Martin, President of MTI, “These three companies represent very different technologies and are great examples of the innovation taking place in Maine.” All three companies are part of MTI’s $105 million portfolio of innovative technology companies and organizations it has invested in over the past several years. “Our portfolio includes several hundred companies developing innovative products and processes, or employing innovative supply chain or new market concepts to build exciting new businesses and creating new opportunities for Mainers,” said Martin.
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Cerahelix, based in Orono, developed an innovative DNA-based nano-ceramic material that has many potential industrial applications. The company is focusing on applying the technology to the field of industrial filtration where there is a $10 billion annual global market. Cerahelix’s helix NFM™ product line provides improved process efficiency and longevity than current filtration technologies thereby reducing operating costs, and enhancing product quality. Cerahelix has raised more than $2 million through private investment and federal grants.
- Wentworth Technology, based in Saco, develops high quality wireless communication solutions for the restaurant and call center industries. The company’s SpeedThru® product line applies innovative microprocessor controls and unique processing algorithms to improve durability and reliability, noise reduction, and operational effectiveness.
- AcademicMerit, based in Portland, has developed a suite of software tools designed to help students, teachers and administrators improve language and communications skills. AcademicMerit inverts the conventional approach using assessments to drive instruction and, in turn, learning—with professional development woven thoroughly and perpetually throughout the process. Literary Companion supports grades 6 – 12 students in the development of critical language abilities, and measures their achievements to help teachers focus on needed skills development.
“These companies represent some of the outstanding innovative and entrepreneurial talent that exists in Maine,” said Governor Paul R. LePage. “Having an opportunity to pitch national Venture Capital investors at the New England Venture Summit is an opportunity for these firms to raise funds for their growth and an excellent venue to showcase Maine’s innovation technologies before a national audience.”
MTI invests funds in promising ventures engaged in seven target sectors: Forestry & Agriculture, Precision Manufacturing, Environmental Technology, Information Technology, Aquaculture & Marine, Biotechnology and Advanced Composite Materials. In its last fiscal year (July to June) MTI invested approximately $4.6 million in 83 Maine companies and organizations. These companies brought another $7.1 million in co-investment funding to Maine. MTI’s technology-based economic development mission has resulted in the investment of more than $150 million in the Maine economy since 1999. Currently, MTI manages a portfolio of over $105 million in technology investments.
The Maine Technology Institute is a publicly-funded, not-for-profit, independent venture fund whose mission is to identify and invest in entrepreneurs and companies in Maine who engage innovative technologies. For more information please visit www.mainetechnology.org.
The New England Venture Summit is an annual event attracting many of the nation’s leading Venture Capital firms and more than 100 companies who are selected to pitch their business at the event in hopes of raising more capital for their growth. For more information please visit www.youngstartup.com/newengland2013/overview.php.