SC Launch Companies Total Over $130 Million in Follow-On Funding
GREENVILLE, SC – June 30, 2010 – SCRA’s Knowledge Economy development program SC Launch has now supported over 188 companies that have secured more than $130 million in follow-on funding. The recent announcement by SC Launch Company Proterra, Inc. of an additional $30 million investment helped the program to reach new heights.
Since its inception by SCRA in 2006, and with initial funding of $12 million in SCRA earnings, SC Launch has supported and funded 188 start-ups in SC, helped draw 11 business relocation landing parties to the state, provided business services to 230 early stage technology companies in SC through a powerful Resource Network and helped position emerging South Carolina Knowledge Economy companies to secure more than $130 million in follow-on funding from angel, venture and other private capital sources. SC Launch has been recognized regionally, nationally and internationally for leadership in entrepreneurial support and technology-based economic development.
“We are delighted to announce this new level of follow-on funding that our program companies have achieved- particularly during such a difficult economy,” said SCRA Executive Vice President and SC Launch Executive Director Dave McNamara. “The SC Launch program has enjoyed many successes in our short history, and we look forward to continued growth for our companies and the program.”
Proterra first joined the SC Launch program as a Landing Party and has since received Bridge Loan funding and support services from the program. The company offers a zero-emission, heavy-duty vehicle system and groundbreaking, fast-charge, battery electric transit bus technology. The company is currently manufacturing vehicles in its Greenville, South Carolina operations center.
“SCRA is committed to the continued growth of South Carolina’s Knowledge Economy,” stated SCRA CEO Bill Mahoney. “This recent announcement and achievement of follow-on funding for SC Launch companies is evidence that with appropriate support and investment, technology based companies in South Carolina can bring tremendous economic returns to our state. We are proud of the SC Launch program and the success and recognition that it receives, and also congratulate Proterra on this wonderful investment event.”
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SCRA is a global leader in applied research and commercialization services with its headquarters in South Carolina. SCRA has a dual mission:
To advance the Knowledge Economy - SCRA affiliate SC Launch is an economic development program that helps early-stage companies to commercialize innovations and create jobs. Learn more at www.sclaunch.org.
To deliver technology solutions to complex challenges - SCRA affiliate Advanced Technology International (ATI) leads applied research collaborations that develop technologies to improve the mission effectiveness of Federal agencies and the business execution of Corporations. Learn more at www.ati.org.
In support of both missions, SCRA builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced high-tech manufacturing shops.