1/29/2016 2:47:45 PM
Thirteen Greater Minnesota businesses were among 114 certified businesses that received investments in the 2015 Minnesota Angel Tax Credit Program.
The program distributed all the available $16 million in tax credits available to angel investors and angel funds by mid-November.
Investors and funds invested $5,955,500 in these Greater Minnesota start-ups:
A minority-owned business located in Mankato, 75F raised $680,000 from the Angel Tax Credit Program in 2015. Winner of the 2014 Minnesota Cup Award, the business uses wireless monitoring, computer controlled damper, and proprietary software to reduce heating and cooling costs in small commercial buildings. The total amount invested in 75F was $555,000.
Bioactive Regenerative Therapeutics developed and commercialized platform technologies consisting of natural bio-medicals to be used in both in the unregulated cell research market and the highly regulated U.S. Food and Drug Administration (FDA) human and veterinary therapeutic markets. Bioactive Regenerative Therapeutics has been in the Angel Tax Program for several years, raising over $1 million. The total amount invested was $1,050,000.
Bizideo’s innovative video management platform allows companies, businesses and individuals to manage huge networks of interconnected video website and communities. Bizideo provides a simple, cost-effective way to build, customize and manage video-rich websites without developer assistance. The total amount invested was $20,000.
Evidentia Health empowers radiologists and pathologists to better engage and communicate with referring providers and patients. Their enhanced diagnostic reporting platform transforms traditional radiology and pathology reports into personalized reports, using embedded images, patient education, and best evidence in a readable format. Launched in 2012, Evidentia co-developed and implemented their platform with their founding institutions, Mayo Clinic and University of Minnesota Physicians. The total amount invested was $50,000.
FAB Biosciences researched and developed a biologic agent to treat chronic disease. The total amount invested in FAB Biosciences was $20,000.
Hunhu Healthcare is a Rochester startup developing technology that helps patients build an online support network. Hunhu is an African philosophy that emphasizes the role of community in achieving goals and happiness: "If you want to walk fast, walk alone, if you want to walk far, walk together!” The total amount invested was $320,000.
Learn to Live offers customized online programs to help people deal with social anxiety. The programs, based on cognitive behavioral therapy (CBT) principles, are confidential, accessible anywhere, and based on years of research showing online CBT programs to be as effective as face-to-face therapy. The total amount invested was $525,000.
Nexben changes the way employers deliver and manage employee benefits by allowing employers to set costs annually to reduce instability, ensure compliance reporting and tailor coverage to meet the needs of employees. The total amount invested was $250,000.
Located in Winona, Rushford Hypersonic – now known as Hypersonix – uses patented technology to produce nanoparticle-based thin film coatings to manufacture reinforced tools. The total amount invested was $40,500.
The Blue Earth County startup specializes in the food and drink industry. The total amount invested was $100,000.
Sonex Health offers a medical device that allows clinicians to perform carpal tunnel release surgery under ultrasound guidance safely and effectively in the clinical office environment. The total amount invested was $915,000.
Serving both media and consumers, Tryon Media produces fashion entertainment. The total amount invested in Tryon Media was $1,125,000.
ViaTechMD offers a patented device-based treatment to prevent pre-term births. They are resolved to turn the tide on the global human health care crisis of pre-term birth, which is the leading cause of infant death and morbidity within the first month of life. The total amount invested in ViaTechMD was $985,000.
DEED is accepting certification applications for the 2016 program; $15 million in credits are available this year, of which $7.5 million is reserved for investments in minority-owned and managed businesses, women-owned and managed businesses, and businesses located in Greater Minnesota.
Here’s how it works: Qualified investors receive a state tax credit of 25 percent for investing in qualified businesses. As every $1 in tax credits awarded to private investors generates $4 in investments for startup businesses, this translates into $60 million in investment in Minnesota startups.
Since being launched in 2010, the program has attracted over $310 million for hundreds of high-tech startups in Minnesota.
For more details about the program, go to mn.gov/deed/angelcredit.
angel tax credit
small businesses
