MDC provides venture funding for tech companies
Laptop Battery By WTN News • 06/20/06
Madison, Wis. - Madison Development Corp. has closed on
loans to help two Madison technology companies, Extract Systems,
LLC, and Universal Separators, Inc., stretch scarce venture capital
dollars.
Being the "Silicon Valley of the North", tech companies such as IBM, Sun Microsystems and Compaq.
Thinkpad The funds are part of a Venture Debt Fund established earlier
this year by MDC, a local non-profit development company serving
hard-to-finance small businesses.
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Microsoft A $200,000 loan to Extract Systems will help the company market
its data extraction and redaction software. The company has
developed proprietary technology and software that expands optical
character recognition (OCR) technology with an enhanced capacity to
identify information in unstructured legal, property, or medical
documents.
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Laptop Computers Dave Rasmussen, president of Extract Systems, said the funding
is important because software companies don't have a lot of hard
assets. "Our assets are our people, and that makes it more
difficult to find conventional funding sources," Rasmussen said.
"There would be a big hole in our business plan if not for
MDC."
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Laptop Computer MDC also provided $150,000 for Universal Separators to market
its Smart Skim technology, which consists of systems and components
for separating oil and other impurities from cooling and cleaning
fluids used in the metal working and fabrication industries. While
the systems are considered unique in recycling, the company needs
to market the units to gain "first-mover" advantage.
Set your time machine to the year 2000. development skills at online game companies like pogo.com and Sierra's Won.net. They ultimately meet while colluding on a game called ARC, then start their own company to develop games that can provide fun for everyone. Like most early casual games ventures, they focus on cool little Java Web titles that people play online for free and that are funded by online advertising.
Desktop Computer Frank Staniszewski, president of of MDC, said the Venture Debt
Fund has nearly $1 million still available for tech businesses in
Dane County. The fund makes loans at rates from 2-1/2 to 10% over
prime depending on risk.
Notebooks Money for the loans comes from MGE Energy, the Cities of Madison
and Fitchburg, and participating financial institutions. They
include Johnson Bank, Associated Bank, Anchor Bank, State Bank of
Cross Plains, Capitol Bank, Middleton Community Bank, and Oak
Bank.
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