NewGrid Receives 2016 MassVentures START Program Award
Boston – MassVentures today announced the 2016 START (SBIR Targeted Technologies) program winners with $3,000,000 to be awarded in grant funding to NewGrid, Inc. and 16 other cutting edge Massachusetts companies. NewGrid, Inc. is awarded the START Stage I funding for commercialization efforts related to NewGrid Router, a transmission optimization decision support tool for regional electric grids.
“NewGrid develops decision support software for electric power transmission system operators to minimize congestion, resulting in reductions in the cost of electricity to consumers, improved reliability, and greater renewables integration,” said Pablo A. Ruiz, CEO & CTO. “The support of the MassVentures START program is critical to ensure that our technology, developed with federal and state support, transforms from a research project to a practical tool.”
“The START program is a unique feeder system to MassVentures and the venture community that fosters growth of companies and readies them for venture funding,” said Jerry Bird, President, MassVentures. “MassVentures helps companies like Ginkgo BioWorks capitalize on their SBIR funds and arm them with the capital, experience, mentoring and network they need to transition to high-growth companies.”
“The START Program help companies bridge the gap between innovation and commercialization, supporting research, development, and manufacturing jobs in Massachusetts,” said Housing and Economic Development Secretary Jay Ash. “Investments in revolutionary companies and products supports the continued growth of the Commonwealth’s creative and innovative sectors, and will help us maintain our position as a world leader in new technology.”