Fourteen small firms received $625,000 in state-funded start-up capital from the Utah Technology Finance Corp.
The companies, selected out of 76 projects seeking UTFC funding, are located throughout the state, developing products ranging from laser tubes to oil drilling devices, a spokesman said.Receiving start-up capital are Applied Laser Technologies, Salt Lake City; Axonix, Salt Lake City; Flame Point Inc., Logan; Genmark Inc., Salt Lake City; Hart Scientific Inc., Pleasant Grove; Innovative Imaging Sciences Inc., Salt Lake City; Mountain States Resources Corp., Salt Lake City; Novatech Logan Inc., Logan; Novatek, Provo; Process Innovators Inc., Salt Lake City; Radius Engineering and Tooling Inc., Salt Lake City; Syncron, Springville; Terminal Connexions Inc., Bountiful; Westest Engineering Corp., Bountiful.
"All of these ventures may not be successful in the marketplace," a UTFC spokesman said. "But careful screening, early funding and management assistance from UTFC, as well as additional funding from private sources, will assure a very high potential for success."
Assisting in funding three of the projects were Provo City and the Bear River Association of Governments.