Summary of Iowa Companies Receiving Funding for Innovation
Here’s a breakdown of the Iowa-based companies highlighted in the text, and the funding they received:
1. Hermes Biomaterials (Ames)
* Industry: Agtech
* What they do: Develop tools for creating stronger, higher-yielding crops, specifically a device (FGB) for precise genetic material delivery.
* Funding: $50,000 Proof of Commercial Relevance loan
* Use of Funds: Staff, lab equipment & supplies for soybean research and testing, accelerating product advancement.
2. Koos Medical Innovations (Ankeny)
* Industry: Healthcare/Medical Devices
* What they do: Develops disposable isolation gowns designed to reduce the spread of infection.
* Funding: $100,000 Demonstration Fund loan
* Use of Funds: Commercialization and early market entry.
3. Critical Materials Recycling, Inc. (Boone)
* Industry: Recycling/Rare Earth Elements/Clean Energy
* What they do: recycles rare earth elements from electronic waste (hard drives, wind turbines, EVs) using a patented, acid-free process.
* Funding: $100,000 Demonstration Fund loan
* Use of Funds: Hire a chief commercial officer and refresh branding.
4. Broker Hero AI (des Moines)
* Industry: Software-as-a-Service (SaaS)/Fintech (M&A)
* What they do: AI-powered platform automating prospecting and identifying off-market opportunities for merger and acquisition professionals.
* Funding: $50,000 Proof of Commercial relevance loan
* Use of Funds: Product refinement, personnel support, and market expansion.
5. MorriganAI (Des Moines)
* Industry: cybersecurity/AI Governance
* What they do: Software to identify and manage the use of AI within organizations, addressing data security and compliance risks.
* Funding: $50,000 Proof of Commercial Relevance loan
* Use of Funds: market analysis, product refinement, market planning, and personnel.
6. Renewabl app (Des Moines)
* Industry: Software-as-a-Service (SaaS)/Home Furnishings/AI
* What they do: AI-powered platform for creating realistic visuals of custom furniture and decor.
* funding: $50,000 Proof of Commercial Relevance loan
* Use of Funds: Software refinement, personnel, and commercial launch.
Funding Source & Oversight:
* The funds are awarded through the Iowa Economic Development Authority (IEDA).
* Recommendations are made by the Technology Commercialization Committee and approved by the IEDA Board.