Advanced ferrite-based solutions provider, Metamagnetics, receives MassVentures START Stage I and Stage II funding, focused on supporting early-stage, high-growth companies to commercialize its technological innovation.
Canton, MA -- (ReleaseWire) -- 11/20/2013 --MassVentures, the venture capital arm of the Commonwealth of Massachusetts, named Metamagnetics as one of 10 winners of the 2013 START program. START is a $6 million initiative to help growing companies commercialize technologies developed under Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) contracts. Selected from more than 90 applicants, Metamagnetics received a grant of $100,000 under the 2013 Stage I program for its high frequency self-biased circulators. This is the second Stage I award for Metamagnetics. In 2012, the company won for its high frequency power cores program. Based on its success towards commercialization with the 2012 Stage I grant, it was one of five companies to receive a follow-on $200,000 START Stage II grant.
Elaine Trudell, Chief Operations Officer and President of Metamagnetics, said, "We're very pleased to receive a Mass Ventures START Stage II award for our power core technology and a new Stage I award to develop cost-effective, self-biased ferrite circulators. These innovative technologies have broad commercial applications, and these awards provide critical funding and tools to help us capitalize those market opportunities. The START awards, along with our recent SBIR wins and continued contract R&D work are keys to our trend of steady growth and success as an early-stage, high-tech company."
About MASS Ventures START: The SBIR Targeted Technologies Program
Massachusetts companies are awarded over 200 Phase II Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) contracts every year, with the Department of Defense accounting for approximately half of these. START is a program funded by the Commonwealth of Massachusetts to assist Massachusetts-based companies, which have received SBIR/STTR Phase II funding, in turning their technologies into commercialized and promising technologies. The program helps high growth companies grow employment opportunities, promote manufacturing and commercialization, and stimulate innovation across the Commonwealth. In addition to financial commercialization assistance, START provides coaching, business planning and introductions to potential investors. For more information, please visit - http://www.mass-ventures.com.
About Metamagnetics Inc.
Metamagnetics develops and markets advanced ferrite-based solutions to enhance the performance and effectiveness of mission-critical security, surveillance and communication systems. We partner with top security and defense organizations to design and deploy leading-edge current and next-generation commercial and defense products.
Spun out of Northeastern University and veteran owned, Metamagnetics’ unparalleled knowledge and expertise in electromagnetism and materials science have infused new life into a once stagnant field. Our flexible, nimble approach allows us to work collaboratively, respond rapidly to changing market requirements and translate concepts into highly efficient working solutions.
For more information on the company and its capabilities, please visit - http://www.mtmgx.com/