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June 18, 2010

4 firms receive nearly $1.1 million for tech ideas

Stephanie Hardiman, staff writer

The Maine Technology Institute doled out nearly $1.1 million to four Maine businesses on Monday to stimulate research and development in technology that leads to commercialization.

Claim Vantage Inc., CLYNK and CashStar Inc., all of Portland, and the University of Maine-Orono, working with Maine-based Green Comfort Safe and Zeomatrix, were the winners. All funds were distributed with the stipulation of also having 1-to-1 matching cash, in-kind donations.

UM-Orono will use the funding to conduct testing on a cellulose insulation product.

Claim Vantage will move four lines of its business to a Software as a Service model.

CLYNK will complete the design and construction of its new bottle and can redemption service to expand into 17 new Hannaford locations in Maine.

CashStar will develop and distribute a mobile application for its interactive giftcard and incentive business.

The awards are up to $500,000 and are distributed three times per year. The deadline for the November award is July 9. The last awards were distributed in February.

Maine Technology Institute is a publicly financed, private nonprofit organization in Gardiner.

 

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