ClaimVantage receives a Round 26 Development Award

Gardiner, ME, June 14, 2010

On June 14, the Maine Technology Institute (MTI) Board of Directors approved four MTI Development Awards to three Maine information technology companies and one technology transfer project in the area of forest products technology. All recipients are pioneering technology innovations.

This round of investment by MTI totaled $1,083,237 and leveraged $1,117,442 in private and other non-state investment.

This 26th round of Development Awards were approved for three Portland firms: Claim Vantage, Inc., CLYNK, and CashStar, Inc. The University of Maine, Orono, working with Green Comfort Safe and Zeomatrix also received an award.

“We are very pleased to award these companies with MTI Development Awards,” announced Betsy Biemann, president of MTI. “They each are developing technologies that are addressing important needs in our changing world and that will, in the process, help ensure that Maine’s economy and workforce grow into the future.”

MTI’s Development Awards up to $500,000 are offered three times a year on a competitive basis to support early activities for product development, commercialization, technology transfer and business planning and development. Each award requires a minimum 1:1 matching investment consisting of actual cash, salaries, staff time or equipment and in-kind contributions directly attributable to the proposed project.

The application deadline for the next round of awards is November 5, 2010. MTI encourages technology start-ups, existing businesses and institutions to apply and offers support to interested companies on the application process.

Round 26 Development Award Recipients

University of Maine’s Process Development Center in Orono will use its MTI Development Award to conduct initial product certification testing to transfer technology that it has been developing on a cellulose insulation product for use in residential and commercial buildings. The product is made from recycled materials, is flame and mold resistant and satisfies market need for energy efficiency retrofits and new construction. The project brings UMaine’s Process Development Center together with two Maine-based companies, Green Comfort Save and Zeomatrix to apply patent-pending technologies and move the technology toward commercialization.
Award: $99,780 Match: $105,280

ClaimVantage, Inc., a claims management system located in Portland will use its MTI Development Award to transform four lines of its business, Absence Management, Short Term Disability, Long Term Disability and Life Claims, to a Software as a Service (SaaS) model.
Award: $395,570 Match: $395,570

CLYNK , a bottle and can redemption service based in Portland with operations at 24 Hannaford locations from Augusta to York, will use its MTI Development Award to complete design, prototyping and equipment purchase in order to allow expansion into 17 new Hannaford locations statewide.
Award: $500,000 Match: $585,725

CashStar, Inc., based in Portland, is an interactive gifting and incentives company enabling digitally-based branded and personalized gift card management. CashStar will use their MTI Development Award to develop, test and deploy mobile applications for Blackberry, iPhone and Droid users.
Award: $87,887 Match: $87,887

About MTI

MTI is a publicly financed, private, nonprofit organization created by the Legislature in 1999 to stimulate research and development activity leading to the commercialization of new products, processes and services in the state’s seven targeted technology sectors. MTI Award programs are designed to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and create quality jobs across Maine. More about MTI at: www.mainetechnology.org.