Central ND News

The North Dakota Department of Commerce has announced the allocation of $1,044,000 through the Legacy Investment for Technology (LIFT) program's One-Time Funding Round to four companies. The awards were distributed in December to businesses engaged in technology and manufacturing sectors.

CorVent Medical, based in Fargo, North Dakota, received $296,500. The company is noted as the only U.S.-owned designer and manufacturer of mechanical ventilators. Dynon Avionics, also located in Fargo but headquartered in Woodinville, Washington, was awarded $296,500. This company specializes in designing and manufacturing avionics systems for small aircraft.

Project Phoenix, another Fargo-based company, was granted $100,000. It provides a software platform that automates the creation of secure Application Programming Interfaces (APIs), aiding data management across various industries. Valor Victoria from West Fargo received $351,000. This woman-owned business operates within the intermodal rail services industry and is developing a platform for real-time container tracking.

Shayden Akason, Commerce Head of Investments said: "The LIFT program is a vital resource for fostering innovation and supporting North Dakota’s growing tech and manufacturing sectors." He added that this funding round emphasizes their commitment to empowering businesses that contribute to economic diversification within the state.

The LIFT program offers innovation loans aimed at advancing technology by financing intellectual property commercialization within North Dakota. Managed with assistance from the Bank of North Dakota, LIFT loans feature 0% interest for the first three years and 2% for the following two years before aligning with standard bank rates thereafter.

For more information on application guidelines and program details, visit https://belegendary.link/LIFT.