RIDGELAND — Mississippi Technology Alliance (MTA) president and CEO Tony Jeff announced that On2Locate Inc. of Ridgeland has received a second-round New Venture Development investment from the Mississippi Seed Fund.
MTA awarded $100,000 to On2Locate to finalize launch of the company’s product, SilverFox Link. SilverFox Link is a medical alert personal emergency response system with benefits far greater than similar products on the market today.
The company achieved all goals and milestones in their first round of funding, including development and completion of a working prototype of the SilverFox Link device, which made them eligible for second-round funding.
“We are honored to receive this second round Seed Fund investment from MTA,” said Owen P. Lalor, CEO of On2Locate. “It is assuring to know that MTA, our governor and the Mississippi Legislature support and encourage companies like On2Locate in the development of innovative products for the Mississippi and national markets.”
The Mississippi Seed Fund, managed by MTA, was established by the Mississippi Legislature to provide high-tech start-up companies with access to pre-seed financing, early stage risk capital and product development capital to accelerate the development of high-performance, innovation-based business ventures in Mississippi. Recipients must have a cash match from accredited investors to obtain funding.