U.S Treasury’s State Small Business Credit Initiative program released the second installment, which amounts to US$4.3 million to the Slater Technology Fund, as reported by Slater and CommerceRI in a formal announcement made on Monday.
Slater is an independent organization. It invests public fund in an array of companies developing software, bio-medical, life sciences and Internet and energy technologies. The first installment of US$13.1 million was awarded to Slater way back in September 2011.
The federal grant was slated to be released in three installments. The first installment of the grant, which was US$4.3 million, was invested across several companies to support three SSBCI approved programs. These companies were, Mnemosyne Pharmaceuticals, Lucidux, VCharge, Mofuse, VoltServer, IlluminOss Medical, and Tivorsan Pharmaceuticals.
The second installment of the same amount (US$4.3 million) was released to ensure continued support to the Slater’s SSBCI program. The main objective of the investment was to support ambitious ventures by a joint investment of federal funds and private capital. The funds were invested to capitalize on the prospects of generating at least 10 times more investment from the private players in the market.
Richard G. Horan, Senior Managing Director, Slater Technology Funds, in a recent statement released mentioned that the grant which the company received from SSBCI is an indispensable component in the company’s overall private and public partnering strategy. He further added that the funds generated are used only in direct investment. The funds also played a crucial role in supporting endeavors undertaken by the company in early stage of investment. Apart from this the company capitalized on the funds to develop early ventures into promising propositions that would help attracting the private equity investors.
Since the beginning of its operations, Slater until now has investment almost US$30 million across more than a hundred ventures in Rhode Island.