SCRA Releases Year End and Economic Development Results
Metrics Include 14 SC Launch Investments and a Larger Stage 2 Investment
Summerville, SC - SCRA today announced Fiscal Year (FY) 2015 results for its Technology Ventures sector. This business sector executes SCRA's high-tech economic development mission through its flagship SC Launch program, IP Commercialization initiatives and Stage 2 affiliate.
In FY15, the SC Launch program accepted 26 high-tech companies into the program, providing mentoring, support services and the potential for funding through investments or grant matches. Throughout the year, 21 SC Launch companies received matching grants and 14 received portfolio investments, with SC Launch companies attaining $59,960,000 in additional investments from outside venture and capital groups. The year also brought a major Stage 2 investment in Upstate-based Integrated Biometrics. SCRA's Stage 2 sponsors larger investments, from $1-5 million, in more mature South Carolina-based technology companies, investing its capital together with outside, private co-investors.
The yearly results combined with prior outcomes since 2006 result in cumulative metrics that include:
- 313 technology start-ups funded in SC;
- $21.6 million in direct investments in the top 78 start-ups, who have gone on to receive $362.7 million in additional private investments;
- 57 SBIR/STTR grants matched;
- 17 companies relocated to South Carolina;
- $69,000 average salary of jobs created.
"SCRA Technology Ventures' year-end results clearly indicate SCRA's fulfillment of its public mission to foster high-tech economic development in South Carolina," said SCRA CEO Bill Mahoney. "Our Stage 2 affiliate is providing South Carolina companies with increased access to capital, supplementing our SC Launch program's investments and growing the technology-based economy. I look forward to building upon these outstanding results in the upcoming Fiscal Year."
SCRA is a self-sustaining non-profit applied R&D company that grows the technology-based economy in South Carolina by commercializing intellectual property and supporting and making investments in early-stage companies. Multiple economic impact studies show our cumulative output into South Carolina's economy to be over $18.1 billion since 1983, creating approximately 15,000 technology-related jobs with annual wages averaging between $55,000 and $79,000.