BISMARCK - A Fargo agricultural technology firm and a medical device firm planning to open a Fargo facility will be among the recipients of $2.5 million in a first-round of funding from North Dakota’s Innovation Technology Loan Fund.
Also getting funding are two unmanned aircraft firms working out of Grand Forks, the Legacy Investment for Technology (LIFT) Committee announced Wednesday, Feb. 19.
Funding recipients include:
Fargo-based Appareo was awarded $2.5 million. Appareo develops technology for precision agriculture. The company, which has its offices in the North Dakota State University Research and Technology Park, is expected to use the money to continue to develop cutting-edge technology for precision agriculture.
Access Point Technologies, a medical device company based in Rogers, Minn., was awarded $1 million to open a facility in Fargo. The new facility will design, manufacture and test innovative treatments for atrial fibrillation. Access Point chose Fargo for the city’s engineering talent.
Airtonomy, based in Grand Forks, will receive $1 million. Airtonomy develops new technology for the unmanned aerial systems industry. The company will utilize the funding to expand its product offerings and partnerships in the industry. It is partnered with the University of North Dakota Aerospace Foundation. The firm has been creating a framework for secure, remote, autonomous, multi-drone operations.
Mobile Recon Systems, a Kentucky firm that recently opened an office in Grand Forks, was awarded $500,000. In conjunction with the North Dakota Development Fund, the company will use the money to expand its presence in the state and improve North Dakota’s standing as a leader in UAS technology. Mobile Recon makes heavy-lift drone aircraft.
The funding recipients “exemplify innovative businesses that will help solidify our state as a leader in technology,” said Josh Teigen, head of investments and innovation at the North Dakota Department of Commerce.
The Department of Commerce works with the Bank of North Dakota to manage and administer the loan fund.