Millions Are Flowing Through The AITC Into MN Tech Startups This Year

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Redpath3A group of Minnesota tech startups chalked up some ~$7.6m in funding so far this year, according to newly released data from the Department of Employment and Economic Development about the Angel Investor Tax Credit Program (AITC).

19 unique ventures saw their accredited investors take a combined $1.9m in deductions credits for 25% of their qualified investment made between Jan-March, 2016.

For 2016, $15.5 million in credits is available, $7.5 million of which is reserved until Sept. 30, 2016, for minority- and women-owned businesses, as well as businesses located in Greater Minnesota. As of 4/11/2016, $7.0M remains available for these businesses and $3.8M remains for general businesses. By this measure, $4.7M in credits have been used. Here’s the tech portion so far:

Ambient Clinical Analytics  – $50,000

AsystMe – $12,100

Buzz360– $15,000

Corology – $350,000

Equals 3 – $617,500

Flywheel Exchange – $35,001

Invenshure – $1,254,000

IrriGreen – $100,000

Learn to Live – $135,000

MOTI Sports – $25,000

Oneome – $270,004

POPS! Diabetes Care – $177,000

Precioustatus – $600,000

Prevent Biometrics – $75,000

Rivendell Worldview Education Company – $150,000

Sensurion – $300,000

Sportsdigita – $250,000

SportsHub Technologies – $2,500,000

Total Expert – $700,000

Comments

  • Frank Jaskulke

    Jeff,
    In your second graf you said, “take a combined $1.9m in deductions.” It should be something like “receive $1.9 million in credits.” In tax a dedication is different from a credit. And a refundable credit (AITC is refundable) is different from a regular credit.
    Deductions reduce your taxable income and are worth the deduction times your marginal tax rate. A credit is a dollar for dollar reduction in your taxes up to your tax liability. A refundbale credit is the same except that it can exceed your tax liability, hence the refund.
    Also, you have Ambient Analytics, OneOme, Pops and Prevent Biometics. Ambient, Pops and Prevent all are regulated as medical devices, with an IT compoent. OneOme is a Dx product with a health IT componet. Our worlds are combining.

    • http://tech.mn Jeff Pesek

      thanks frank, updated!

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