AN investment fund has poured more than £4.2m into science and technology companies during the past two years.
NorthStar Equity Investors' fund has helped to develop the commercial potential of a number of inventions.
The North-East Proof of Concept Fund aims to create a new climate for technology investment in the region and develop concepts to a point where conventional funding becomes available.
The fund provides early stage finance to support start-up businesses in science and technology.
Since a pilot two years ago, it has invested in 66 North-East companies, with individual investments of up to £60,000, and £90,000 for university projects.
The fund's Dr Richard Exley said: "We have proved over the past two years that we can make a real difference in the innovation and technology arena.
"The aim is to enable businesses to take their idea to the point where it has a strong chance of securing future funding.
"Already, a number of our companies have raised substantial further investment and we are confident this will be a growing trend.
"We have seen the huge potential of inventiveness and creativity in the North-East. Our aim is to help turn that potential into real business propositions."
NorthStar recently helped Medical Interactives, a company from the University of Teesside that is developing a system of turning medical scans into 3-D pictures to help surgeons in complex surgical procedures.
Colt Systems, based in Stockton, received £50,000 to help test a synthetic, lightweight material called Zylon to use as a rope.
The North-East Proof of Concept Fund, which is financed in part by regional development agency One Northeast, is interested in any science, technology or knowledge-based proposition with strong commercial potential.
The investment is a convertible loan - which means that if the project is successful, the fund can take repayment at a fixed standard interest rate or convert the funding into an equity stake in the business.
For further information on applying for a grant, visit the NorthStar Equity Investors website www.northstarei.com or call 0191-211 2300.
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