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Ben Franklin Technology Partners Announces $485K Investment Round

by Ben Franklin Technology Partners of Northeastern Pennsylvania

Mar 30, 2021
Ben Franklin Technology Partners

The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) Board of Directors has approved the investment of $485,000 in support of regional economic development. A total of 11 companies and 12 business incubators from throughout BFTP/NEP’s 21-county service area received funding.

BFTP/NEP announces the following early-stage company investments, which are provided in the form of loans with warrants.

 

Build My Team, LLC, The Stourbridge Project, Honesdale

Ben Franklin Investment (continuation project): $100,000

Support marketing and lead generation for this Software-as-a-Service job placement tool. Build My Team uses online assessments to determine an applicant’s match and aptitude for each role. This streamlines the hiring managers’ work in reviewing resumes and interviewing candidates. It also reduces turnover, which is beneficial to both the employer and the employee. The platform is initially targeting the staffing needs in medical and dental practices and can be used to benefit any size company.

 

DetectBee, Inc., Bethlehem

Ben Franklin Investment: $50,000

Complete development of and commercialize DetectBee’s MVP Software-as-a-Service platform that allows users to detect cybersecurity vulnerabilities in their both their own systems and that of their suppliers. DetectBee protects supply chains by building stronger suppliers.

 

Digital Balance, Scranton

Ben Franklin Investment: $100,000

Support development and launch of technology enhancements at this Software-as-a-Service solution for health and wellness practitioners. Digital Balance helps holistic practitioners grow with full-service website design, marketing, and business coaching services, as well as exclusive technology to build successful lead funnels. The holistic health industry has experienced a six-fold increase since 2012 and Digital Balance helps practitioners grow with it.

 

Heudia Health, LLC, East Stroudsburg

Ben Franklin Investment (continuation project): $25,000

Expand business development initiatives, complete software enhancements, and optimize inbound sales processes for multiple markets. Heudia Health is a technology-driven healthcare company that empowers individuals to live healthier, more productive lives using a cloud-based, network-forming framework designed to connect low-income individuals with the optimum set of attainable health, social service, education, and economic services.

 

MDS Link, Inc., Ben Franklin TechVentures, Bethlehem

Ben Franklin Investment (continuation project): $15,000

Complete development of a simple, inexpensive, and patented solution that significantly increases data transport capacity using existing coax cable. There is a growing market need for greater data transmission bandwidth to homes and apartments. Broadband operators can deploy MDS Link’s small form-factor pluggable (SFP+) device using existing coax cable systems, delivering massive increases to “last mile” bandwidth in less time and with dramatically lower cost than “fishing” new fiber lines through buildings.

 

ProdHealth, Inc., Bethlehem

Ben Franklin Investment (continuation project): $20,000

Complete transition of the company’s value-based digital health and wellness platform from a web-based site to a downloadable app. This will further increase the ease, efficiency, and availability of support for users to improve their lifestyle choices and introduce healthy habits using an evidence-based approach. The mobile app will allow users to learn, track their habits, and communicate with their healthcare team seamlessly, improving the probability of user adherence. ProdHealth is a solution for both employers and individuals who want to minimize the risk of chronic disease and its associated costs while optimizing health and environmental impact. The platform provides individualized care and is focused on a plant-based approach to nutrition and other healthy lifestyles.

 

studio BE Mindfulness, LLC, Wilkes-Barre

Ben Franklin Investment (continuation project): $40,000

Develop studio BE’s corporate landing page to become the client’s private and secure end-to-end well-being platform, integrating studio BE content with each client’s current wellness programming. studio BE leverages a web interface to utilize proprietary, scientifically-proven mindfulness techniques to empower employees to increase productivity, reduce stress, improve interpersonal communication, and strengthen resilience.

 

Thread Bioscience, Ben Franklin TechVentures, Bethlehem

Ben Franklin investment (continuation project): $25,000

Commercialize a patented diagnostic test, CultureStat, for urinary tract infections (UTIs) that is faster, more accurate, and at lower cost than current tests. CultureStat can be used at the Point of Care to reduce frequently misdiagnosed UTIs and improperly prescribed antibiotics. With an estimated 150 million UTIs annually, it is the most common infection among women and the second leading cause of infection overall, accounting for $6 billion in health care expenditures.

Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based innovation in established manufacturers.

 

Brenntag Northeast, Inc., Reading

Ben Franklin Investment (continuation project): $10,000

University Partner: Lehigh University’s Enterprise Systems Center

Improve warehouse and operating efficiencies at the Reading plant. Brenntag Northeast is a chemical distributor that provides custom-made distribution solutions for industrial and specialty chemicals. The company delivers specific application technology, extensive technical support, and value-added services including just-in-time delivery, product mixing, formulation, repackaging, inventory management, and drum return handling. Brenntag offers more than 10,000 products through a comprehensive supplier network.

 

Precision Medical, Inc., Northampton

Ben Franklin Investment: $25,000

University Partner: Lehigh University’s Center for Supply Chain Research

Implement an Enterprise Resource Planning system to improve the operational effectiveness at this manufacturer of medical respiratory equipment used in both hospital and homecare environments. The enhancements will allow the company to manufacture and fulfill orders more efficiently for sustainable growth.

 

Reitnouer, Inc., Birdsboro

Ben Franklin Investment (continuation project): $15,000

University Partner: Lehigh University’s Center for Supply Chain Research

Implement productivity improvements to reduce manufacturing costs with process standardization and line balancing at this leading manufacturer of aluminum flatbed and drop deck trailers. Reitnouer utilizes an innovative approach in building the trailer structures that improves product strength and durability.

BFTP/NEP announces the following infrastructure initiatives, which are provided in the form of grants, to twelve regional incubators in the Ben Franklin Business Incubator Network.

 

Ben Franklin Business Incubator Network

Ben Franklin investment: $60,000; 12 incubators at $5,000 each

BFTP/NEP’s leadership in business incubation is national in scope, and Ben Franklin TechVentures, at which BFTP/NEP is headquartered, has earned two international Incubator of the Year Awards for best practices. BFTP/NEP also owns and manages the Bloomsburg Regional Technology Center. With a total of 14 members, the Ben Franklin Business Incubator Network is among the largest of its kind in the world. Ben Franklin staff support network members through meetings, advising, and serving on incubator boards. This year, twelve incubators received funding to support operations:

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