BISMARCK, N.D. – The Innovation Technology Loan Fund (LIFT) Committee awarded $2,350,000 and an additional $250,000 contingent on final approval to four North Dakota businesses for the month of June.
“We appreciate everyone who has applied for LIFT and are very impressed with the innovative concepts presented to the committee,” said Josh Teigen, head of investments and innovation at the North Dakota Department of Commerce. “The utilization of this program exemplifies our state’s position in being a leader of technology advancement.”
LIFT recipients include:
KSI Video, an innovative company in the unmanned aircraft system (UAS) industry, was awarded $850,000 to provide unique solutions for first responders and provide real-time data to UAS operators.
TracFrac, a software platform company for the oil and gas industry, was awarded $500,000 to provide alerts to well operators and owners of fracking activity in their area. The company will provide a technological solution that will allow the oil and gas industry to be more efficient across the board.
Infinite Leap, a software company, was awarded $1 million to provide actionable insights, streamline processes and reduce costs for healthcare facilities.
Signum, an internet company, was approved $250,000 (contingent on final review) to provide immense value through the utilization of remote monitoring for assets with broad implications in the utilities industry.
The North Dakota Department of Commerce works with the Bank of North Dakota to manage and administer the loan fund.