START Program Spurs Growth for Winners
Boston Engineering and Metamagnetics
MassVentures announced today the 2015 START Stage III program winners. Each company has received $500,000 to help grow employment opportunities, promote manufacturing and commercialization, and stimulate innovation across the Commonwealth. The winners of the Stage III awards are:
Boston Engineering is a product development and engineering consulting company that is using its START funds to commercialize its underwater vehicle technology, including the BIOSwimmer™. Boston Engineering’s unmanned underwater vehicle (UUV) systems replicate the dynamics of a biological fish to move rapidly and accurately in areas inaccessible by other vehicles for operations including port security, and underwater search and inspection. Waltham, MA.
Metamagnetics develops and markets leading-edge commercial and defense electronic products. It is using its START funds to deploy cost-effective, self-biased ferrite circulators, which reduce electromagnetic interference in dense communication and sensing environments. Canton, MA.
START is a $3 million annual State initiative administered by MassVentures to help growing Massachusetts-based companies commercialize technologies developed under Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) contracts.
During the past three years, Boston Engineering has increased its revenues 52% and has expanded its workforce 22%. START funds contribute to Boston Engineering’s outside investment of $7 million to help commercialize its underwater technology. Over the past 4 years, Metamagnetics has grown revenues by 60%, increased employment by 140% and leverages their START funds into $2,470,000 in additional outside capital.
“Boston Engineering thrives on solving client challenges and making a difference in the way that people work and live. It’s through programs such as START that we can take our creative ideas and bring them through to commercialization,” said Mark Smithers, CTO of Boston Engineering. “We’re very thankful to MassVentures for this funding, recognition, and the expertise they have provided to help scale our technology during the past three years.”
“We are focused on enhancing the performance and driving down the cost of critical sensing, Earth science and communication systems. Remaining focused on our technology and scaling the company can only happen when you have the right mentoring and guidance surrounding you,” comments Anton Geiler, President of Metamagnetics. “In addition to the funding, MassVentures has provided just the right amount of support and guidance to help us scale and thrive. We look forward to the continued partnership.”
“The START program is a significant recognition. For the past four years, Boston Engineering and Metamagnetics competed against some of the most promising companies in Massachusetts,” said Jerry Bird, President of MassVentures. “This award is a testament to not only the technology they have created but the business opportunity ahead for each of them.”
For more details on the program, eligibility requirements and the application and granting process for 2016, please visit our website.