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SC Launch Companies Secure $167 Million in Follow-On Funding

Submitted by: John Warner on Nov 10, 2011 at 9:02 am Tagged with: entrepreneruship, Venture Capital Source: SC Launch

12 Companies Relocated to South Carolina

COLUMBIA, S.C., Nov 07, 2011 (BUSINESS WIRE) -- SCRA's Technology Ventures program, SC Launch, announced $167 million in follow-on funding for program-supported companies. Since the program's inception in 2006, SC Launch has supported over 188 companies through their technology-based economic development initiatives. Twelve companies have relocated to South Carolina through the help of the program.

With initial funding of $12 million in SCRA retained earnings, SC Launch has supported and funded over 188 start-ups in SC, provided business services through a powerful Resource Network to 230 early stage technology companies and helped position emerging South Carolina Knowledge Economy companies to secure more than $167 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 investment funding that our program companies have secured," said SCRA Executive Vice President and SC Launch Executive Director Dave McNamara. "These dynamic companies are meeting significant milestones and bringing tremendous value to our state's Knowledge Economy."

"SCRA is committed to the continued growth of South Carolina's Knowledge Economy," stated SCRA CEO Bill Mahoney. "This recent achievement of follow-on funding for SC Launch companies is evidence that with appropriate support and investment, technology-based companies in South Carolina can thrive and bring tremendous economic returns to our state."

About SCRA

http://www.scra.org/

SCRA is an applied research company with over 28 years of experience in delivering technology solutions with high returns on investment to federal and corporate clients. Our Applied R&D affiliate manages over 100 national and international programs worth over $1.5B in contract value, and our technology-based economic development affiliate helps early-stage companies to commercialize innovations and create jobs. In support of our mission, SCRA builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced high-tech manufacturing shops.

SOURCE: SCRA