Maine Venture Fund

Maine Venture Fund is a venture capital firm established in 1995 and based in Newport, Maine. It focuses on investing in small and medium-sized growth companies across various industry sectors that demonstrate potential for high growth and public benefit. The fund primarily targets Maine-based companies, investing between $0.1 million and $0.3 million in initial funding, with additional capital available for ongoing support. It specifically seeks to invest in companies with gross sales of $5 million or less within the past 12 months. Maine Venture Fund operates as a revolving "evergreen" fund, having received $13 million in capital contributions from the State of Maine. The firm aims to exit its investments within five to seven years, aligning its mission to attract and support eligible small businesses that can significantly contribute to the economic prosperity of Maine.

Jayme Okma Lee

Investment Manager

Joe Powers

Managing Director

Nina Scheepers

Principal

51 past transactions

HighByte

Series A in 2024
HighByte, Inc. is a software company based in Portland, Maine, founded in 2018. It specializes in developing DataOps software that addresses data architecture and integration challenges faced by industrial enterprises. HighByte's flagship product, the HighByte Intelligence Hub, enables manufacturers to securely collect, model, and flow valuable industrial data between systems without the need for extensive coding. The software integrates real-time, transactional, and time-series data into a single payload, facilitating faster system integration and enabling users to leverage contextualized data for analytics, artificial intelligence, and machine learning applications. By providing a streamlined approach to data management, HighByte helps organizations govern data standards across their operations.

Pumpspotting

Seed Round in 2023
Pumpspotting is a social networking platform designed to support breastfeeding and pumping parents. The company offers a companion app that facilitates connections among like-minded individuals, creating a community centered around breastfeeding, maternal health, and parenting experiences. By providing resources and a space to share information about suitable locations for nursing and pumping, Pumpspotting aims to alleviate the feelings of isolation often encountered by new mothers. Its innovative approach fosters a supportive environment for working mothers and enables them to exchange valuable insights related to infant feeding and motherhood.

TimberHP

Venture Round in 2023
TimberHP specializes in transforming abundant American wood fiber into energy-efficient construction materials. The company focuses on creating sustainable and site-assembled building products designed to promote healthier living environments. By utilizing pre-manufactured components made from environmentally friendly and durable materials, TimberHP aims to support Maine's historic lumber sector while fostering ecologically responsible manufacturing practices. Additionally, the company develops renewable, biodegradable, non-toxic wood fiber insulation for homes, contributing to the regeneration of local communities through sustainable construction methods.

Vetro Fibermap

Venture Round in 2023
VETRO FiberMap is a cloud-based fiber management platform designed specifically for broadband providers, municipalities, and telecommunications engineers involved in the design and operation of next-generation internet infrastructure. Launched in 2016 by founders Will Mitchell and Sean Myers, the platform addresses the unique needs of small and mid-sized Internet Service Providers (ISPs) by offering an intuitive, accessible tool to plan, design, and manage their broadband networks from a single, cost-effective solution. VETRO FiberMap leverages geospatial technology to facilitate geographic analysis, presentation, and visualization of fiber network data, enabling clients to access and manage critical information seamlessly. Headquartered in Portland, Maine, the company draws on the founders' extensive GIS expertise, cultivated through their previous venture, to enhance its software development and customer service. VETRO FiberMap has established itself as a vital resource for competitive fiber broadband providers across more than a dozen countries, committed to advancing the infrastructure of internet connectivity.

HighByte

Convertible Note in 2023
HighByte, Inc. is a software company based in Portland, Maine, founded in 2018. It specializes in developing DataOps software that addresses data architecture and integration challenges faced by industrial enterprises. HighByte's flagship product, the HighByte Intelligence Hub, enables manufacturers to securely collect, model, and flow valuable industrial data between systems without the need for extensive coding. The software integrates real-time, transactional, and time-series data into a single payload, facilitating faster system integration and enabling users to leverage contextualized data for analytics, artificial intelligence, and machine learning applications. By providing a streamlined approach to data management, HighByte helps organizations govern data standards across their operations.

BlueTrace

Venture Round in 2022
BlueTrace specializes in providing advanced traceability solutions tailored for the seafood industry, particularly focusing on shellfish growers, wholesalers, distributors, and dealers. The company's technology facilitates tagging and compliance, enabling organizations of all sizes to streamline their operations, adhere to regulatory requirements, and manage inventory effectively. By addressing the increasing demands from consumers and aiding in the reduction of animal mortality rates, BlueTrace's solutions not only enhance productivity but also help lower labor costs for shellfish producers and suppliers.

Maine-Lee Technology Group

Grant in 2022
Maine-Lee Technology Group was established with the objective of developing a revolutionary, multidimensional, chemical-free fibre.

Bijou Build

Grant in 2022
Bijou Build is a pioneer in the children's toy sector, with a modular design that is simple to construct, customizable, and portable.

WAVED Medical

Grant in 2022
WAVED Medical specializes in developing a risk assessment system aimed at enhancing breast cancer detection in medical facilities. The company offers an image-based technology that utilizes a patented algorithm to evaluate a patient's risk of developing breast cancer. This innovative system allows healthcare providers to visualize and identify areas of high risk, enabling earlier detection and more effective management of patients who are at greater risk for the disease. By focusing on risk assessment, WAVED Medical aims to improve patient outcomes in breast care.

NKENNE

Grant in 2022
NKENNE is a mobile application dedicated to fostering a social network for African language learners and speakers. The company aims to create an engaging community that encourages individuals to connect and support one another in their language learning journey. Its platform offers a variety of learning tools, including lesson plans, games, flashcards, and progress trackers, which enhance the educational experience. Additionally, users can interact with native speakers through chat options and receive geolocated notifications that inform them of relevant destinations nearby. By promoting language learning and cultural exchange, NKENNE seeks to uplift individuals and dispel myths about the African continent.

Defendify

Venture Round in 2022
Defendify is a comprehensive cybersecurity solution tailored for organizations with increasing security demands, particularly small businesses lacking dedicated security teams. Its award-winning platform integrates multiple aspects of cybersecurity, including detection and response, policy formulation and training, as well as assessments and testing, all accessible through a single subscription. By providing health grades, alerts, reports, and recommendations, Defendify simplifies program management and identifies areas for improvement. This enables businesses to safeguard their data privacy and effectively navigate the complex landscape of cyber threats, ensuring robust protection against evolving risks.

Circa

Seed Round in 2022
Circa develops an online payment platform that offers the community an easy way to collect rent through payment innovation. Its platform also makes it easier for properties to collect rent by giving residents more choice and control over their monthly expenses using flexible payments, credit reporting, and arrears planning.

Senscio Systems

Venture Round in 2022
Senscio Systems, Inc. is a health management solutions provider that focuses on delivering information and support for both consumers and clinicians. Established in 2009 and based in Boxborough, Massachusetts, the company specializes in intelligence management for the U.S. government and personal healthcare management. Senscio offers several innovative products, including Ibis, an interactive care management system designed to assist patients in adhering to their daily care plans and managing chronic illnesses. Additionally, the company has developed Warbler, a device that learns individual movement patterns related to daily activities, and Kiwi, a sensor-equipped pair of slippers that monitors gait and stance to assess fall risk. Senscio Systems leverages its core technologies to create decision support systems applicable in government, commercial, and consumer markets.

Defendify

Series A in 2022
Defendify is a comprehensive cybersecurity solution tailored for organizations with increasing security demands, particularly small businesses lacking dedicated security teams. Its award-winning platform integrates multiple aspects of cybersecurity, including detection and response, policy formulation and training, as well as assessments and testing, all accessible through a single subscription. By providing health grades, alerts, reports, and recommendations, Defendify simplifies program management and identifies areas for improvement. This enables businesses to safeguard their data privacy and effectively navigate the complex landscape of cyber threats, ensuring robust protection against evolving risks.

HighByte

Seed Round in 2021
HighByte, Inc. is a software company based in Portland, Maine, founded in 2018. It specializes in developing DataOps software that addresses data architecture and integration challenges faced by industrial enterprises. HighByte's flagship product, the HighByte Intelligence Hub, enables manufacturers to securely collect, model, and flow valuable industrial data between systems without the need for extensive coding. The software integrates real-time, transactional, and time-series data into a single payload, facilitating faster system integration and enabling users to leverage contextualized data for analytics, artificial intelligence, and machine learning applications. By providing a streamlined approach to data management, HighByte helps organizations govern data standards across their operations.

Kinotek

Seed Round in 2021
Kinotek is a digital health platform that specializes in revolutionizing musculoskeletal treatment and care through advanced motion capture technology. The company has developed a cloud-based platform that captures and measures dynamic human movement, producing detailed reports and 3D visualizations. These tools empower clinicians, including physical therapists, chiropractors, and sports coaches, to analyze body movements comprehensively. By identifying imbalances, restrictions, and compensations, Kinotek's platform helps professionals optimize athletic performance and training while minimizing the risk of pain and injury. With its unique combination of metrics, features, and user-friendly design, Kinotek stands out in the field of movement health.

Atlantic Sea Farms

Series A in 2021
Atlantic Sea Farms is a producer of fresh, sustainably farmed kelp, offering a domestic alternative to imported seaweed products. The company focuses on creating innovative and appealing food items made from kelp, which can be used in a variety of dishes, from appetizers to desserts. Their products are designed to be mild in flavor and are ready to serve straight from the package, catering to consumers and wholesale clients, including restaurants and food service organizations. By prioritizing the health of both customers and the oceans, Atlantic Sea Farms aims to positively impact Maine's fishing communities while promoting the benefits of sea greens in the culinary landscape.

Pumpspotting

Seed Round in 2021
Pumpspotting is a social networking platform designed to support breastfeeding and pumping parents. The company offers a companion app that facilitates connections among like-minded individuals, creating a community centered around breastfeeding, maternal health, and parenting experiences. By providing resources and a space to share information about suitable locations for nursing and pumping, Pumpspotting aims to alleviate the feelings of isolation often encountered by new mothers. Its innovative approach fosters a supportive environment for working mothers and enables them to exchange valuable insights related to infant feeding and motherhood.

American Unagi

Series A in 2021
American Unagi is a company based in Maine that specializes in raising American eels sourced from the state's unique glass eel fishery. The company operates a land-based recirculating aquaculture system to grow these eels to market size. Their farming practices ensure that the eels are raised without the use of hormones or antibiotics, providing a more responsible and traceable product compared to other options available in the US. American Unagi's approach focuses on sustainability and safety, offering customers a reliable and eco-friendly choice for eel consumption.

True Fin Seafood

Convertible Note in 2021
True Fin Seafood is a supplier of premium seafood sourced directly from fishermen in the Gulf of Maine. Catering to both professional and home chefs, the company emphasizes quality and traceability in its products, ensuring that customers receive seafood that supports sustainable fishing practices and benefits coastal communities. In addition to providing top-quality seafood, True Fin Seafood offers training services focused on best handling practices, enhancing the overall experience for its customers while promoting responsible seafood consumption. This commitment to quality and sustainability positions True Fin Seafood as a trusted source for seafood enthusiasts.

HighByte

Convertible Note in 2020
HighByte, Inc. is a software company based in Portland, Maine, founded in 2018. It specializes in developing DataOps software that addresses data architecture and integration challenges faced by industrial enterprises. HighByte's flagship product, the HighByte Intelligence Hub, enables manufacturers to securely collect, model, and flow valuable industrial data between systems without the need for extensive coding. The software integrates real-time, transactional, and time-series data into a single payload, facilitating faster system integration and enabling users to leverage contextualized data for analytics, artificial intelligence, and machine learning applications. By providing a streamlined approach to data management, HighByte helps organizations govern data standards across their operations.

Vetro Fibermap

Seed Round in 2020
VETRO FiberMap is a cloud-based fiber management platform designed specifically for broadband providers, municipalities, and telecommunications engineers involved in the design and operation of next-generation internet infrastructure. Launched in 2016 by founders Will Mitchell and Sean Myers, the platform addresses the unique needs of small and mid-sized Internet Service Providers (ISPs) by offering an intuitive, accessible tool to plan, design, and manage their broadband networks from a single, cost-effective solution. VETRO FiberMap leverages geospatial technology to facilitate geographic analysis, presentation, and visualization of fiber network data, enabling clients to access and manage critical information seamlessly. Headquartered in Portland, Maine, the company draws on the founders' extensive GIS expertise, cultivated through their previous venture, to enhance its software development and customer service. VETRO FiberMap has established itself as a vital resource for competitive fiber broadband providers across more than a dozen countries, committed to advancing the infrastructure of internet connectivity.

Nearpeer

Venture Round in 2020
Nearpeer, Inc. is a company based in Portland, Maine, that specializes in developing peer engagement software aimed at connecting college students worldwide. Incorporated in 2017, Nearpeer offers an app available on both Google Play and the App Store. This application facilitates social and academic support by enabling students to learn about, connect with, and communicate with their peers. Through its platform, Nearpeer aims to enhance student persistence and improve academic performance by fostering a collaborative environment among users.

Pumpspotting

Venture Round in 2020
Pumpspotting is a social networking platform designed to support breastfeeding and pumping parents. The company offers a companion app that facilitates connections among like-minded individuals, creating a community centered around breastfeeding, maternal health, and parenting experiences. By providing resources and a space to share information about suitable locations for nursing and pumping, Pumpspotting aims to alleviate the feelings of isolation often encountered by new mothers. Its innovative approach fosters a supportive environment for working mothers and enables them to exchange valuable insights related to infant feeding and motherhood.

HighByte

Convertible Note in 2020
HighByte, Inc. is a software company based in Portland, Maine, founded in 2018. It specializes in developing DataOps software that addresses data architecture and integration challenges faced by industrial enterprises. HighByte's flagship product, the HighByte Intelligence Hub, enables manufacturers to securely collect, model, and flow valuable industrial data between systems without the need for extensive coding. The software integrates real-time, transactional, and time-series data into a single payload, facilitating faster system integration and enabling users to leverage contextualized data for analytics, artificial intelligence, and machine learning applications. By providing a streamlined approach to data management, HighByte helps organizations govern data standards across their operations.

Reconnect

Venture Round in 2020
Reconnect, Inc. is a Public Benefit Company based in Cumberland Center, Maine, with additional offices in Portland, Maine; Brooklyn, New York; and Boston, Massachusetts. Founded in 2009, the company operates a platform that integrates software, hardware, and data to enhance outcomes for individuals involved in the criminal justice system, particularly those facing addiction. Reconnect focuses on providing ongoing support during pretrial, reentry, and recovery, with its solutions utilized by drug courts, probation, parole, and third-party administrators. The company's monitoring and communication application streamlines remote supervision by offering features such as IVR call-in notifications, GPS curfew checks, and appointment reminders, thereby helping clients meet their obligations and reduce the likelihood of recidivism. Reconnect is committed to promoting positive social impact by advocating for reduced incarceration rates and lower costs for defendants.

Defendify

Seed Round in 2020
Defendify is a comprehensive cybersecurity solution tailored for organizations with increasing security demands, particularly small businesses lacking dedicated security teams. Its award-winning platform integrates multiple aspects of cybersecurity, including detection and response, policy formulation and training, as well as assessments and testing, all accessible through a single subscription. By providing health grades, alerts, reports, and recommendations, Defendify simplifies program management and identifies areas for improvement. This enables businesses to safeguard their data privacy and effectively navigate the complex landscape of cyber threats, ensuring robust protection against evolving risks.

CourseStorm

Seed Round in 2019
CourseStorm, Inc. is a company that specializes in developing online class registration software designed for various local programs, including community education, kids camps, health, arts, and recreational activities. Founded in 2011 and headquartered in Orono, Maine, CourseStorm offers a comprehensive platform that streamlines the class registration process. This solution encompasses class registration management, publishing, marketing, and handling credit card transactions, effectively eliminating the challenges associated with manual recruitment and student registration. CourseStorm's platform facilitates community education and college programs by enabling them to publish their catalogs online and allowing students to easily find and enroll in their preferred classes.

Dream Local Digital

Series A in 2019
Dream Local Digital, LTD. is a digital marketing agency based in Rockland, Maine, that specializes in providing comprehensive online marketing services for small to medium-sized businesses and non-profit organizations across the United States. Founded in 2009, the company offers a range of services, including website development, content strategy, social media management, search engine optimization, email marketing, and reputation management. Additionally, Dream Local collaborates with partners to provide services such as pay-per-click management and business intelligence reporting. As a Google Partner and a certified Facebook Blueprint company, Dream Local Digital is committed to helping its clients establish and enhance their online presence through effective marketing strategies and interactive media.

Walch Education

Venture Round in 2019
Walch Education operates an educational platform that focuses on providing customizable curriculum solutions for school districts and teachers. With the launch of its cloud-based tool, Curriculum Engine, the company enables educators to tailor and manage their curriculum for both in-class and remote learning environments. This platform fosters collaboration among educators and promotes the sharing of best practices, moving away from standardized solutions that do not meet the diverse needs of students. Walch Education partners with some of the largest school districts in the country, facilitating the creation of tailored resources to enhance learning experiences in mathematics and science. The company’s innovative, patent-pending object-oriented architecture allows for the correlation of performance data with instructional methods, offering valuable insights into educational effectiveness.

Amplify Additive

Seed Round in 2019
Amplify Additive is an early-stage private company specializing in metal additive manufacturing, particularly for the orthopedic implant and instrument market. Utilizing advanced GE Additive’s Arcam Q10plus EBM technology, Amplify Additive focuses on improving industry infrastructure and assisting clients in leveraging additive manufacturing for innovative designs. The company offers a range of services, including 3D metal printing, implant manufacturing, design and engineering support, regulatory guidance, and third-party testing. By providing access to the appropriate technology tailored for specific orthopedic applications, Amplify Additive aims to enhance the capabilities of its clients in the evolving landscape of medical manufacturing.

BlueTrace

Venture Round in 2019
BlueTrace specializes in providing advanced traceability solutions tailored for the seafood industry, particularly focusing on shellfish growers, wholesalers, distributors, and dealers. The company's technology facilitates tagging and compliance, enabling organizations of all sizes to streamline their operations, adhere to regulatory requirements, and manage inventory effectively. By addressing the increasing demands from consumers and aiding in the reduction of animal mortality rates, BlueTrace's solutions not only enhance productivity but also help lower labor costs for shellfish producers and suppliers.

MPC Solution

Series A in 2018
Mobile Price Card, Inc. is a technology company based in Bangor, Maine, established in 2017. It specializes in developing a mobile application that provides digital price cards for wireless retailers. The application's primary function is to display dynamic content on in-store display devices, allowing retailers to quickly update pricing and promotional information via an intuitive web-based dashboard. By enabling real-time updates, Mobile Price Card enhances the effectiveness of in-store advertising, helping consumer electronics retailers increase sales by utilizing the screens of devices already on display. This solution not only saves time and money for retailers but also improves sales through targeted consumer advertising at the point of purchase.

Medrhythms

Series A in 2018
MedRhythms Inc. is a neuro-rehabilitation company that specializes in neurologic music therapy, employing sensors, music, and artificial intelligence to create evidence-based interventions aimed at enhancing walking and overall functional outcomes. Founded in 2015 and headquartered in Portland, Maine, the company addresses the needs of individuals affected by neurological conditions such as traumatic brain injury, stroke, Parkinson’s disease, and Huntington’s disease. By merging music with neuroscience and technology, MedRhythms develops programs that focus on sensorimotor, speech, language, and cognitive rehabilitation goals, allowing patients to leverage music as a therapeutic tool to stimulate brain function and improve their quality of life.

Cerahelix

Series B in 2018
Cerahelix, Inc. is a manufacturer of ceramic membrane filters designed for high-quality water purification and resource recycling. Established in 2011 and based in Orono, Maine, the company specializes in bio-derived products that utilize patented DNA template technology to create sub-nanometer pores in ceramic membranes. This innovative design enables the filtration of minute particles, allowing water purification agencies to effectively separate salts, metal ions, and other impurities at the molecular level. Cerahelix offers a range of filtration products, including single-channel elements for laboratory and pilot-scale studies, as well as multi-channel elements for commercial applications. Additionally, the company provides filter element housings and laboratory test systems to support small-scale research and development. Its products serve various industries, including food and beverage, pharmaceuticals, mining, and waste-to-energy.

Hyperlite Mountain Gear

Venture Round in 2018
Hyperlite Mountain Gear Inc., based in Biddeford, Maine, is a designer and manufacturer of ultralight outdoor products tailored for adventure enthusiasts. Founded in 2010, the company specializes in a range of gear, including backpacks, shelters, tarps, tents, sacks, and various accessories. Its offerings feature minimalist designs and are constructed from durable, lightweight materials, such as Cuben Fiber, aimed at enhancing the outdoor experience. By providing products that help minimize weight without sacrificing durability, Hyperlite Mountain Gear supports activities such as hiking, backpacking, climbing, pack-rafting, kayaking, and cycling. The company markets and sells its innovative gear primarily through its online platform, promoting an efficient and enjoyable outdoor experience for its customers.

NBT Solutions

Seed Round in 2017
NBT's designs and delivers unique software that unlocks value in data through geographic analysis, presentation, and visualization.

CourseStorm

Seed Round in 2016
CourseStorm, Inc. is a company that specializes in developing online class registration software designed for various local programs, including community education, kids camps, health, arts, and recreational activities. Founded in 2011 and headquartered in Orono, Maine, CourseStorm offers a comprehensive platform that streamlines the class registration process. This solution encompasses class registration management, publishing, marketing, and handling credit card transactions, effectively eliminating the challenges associated with manual recruitment and student registration. CourseStorm's platform facilitates community education and college programs by enabling them to publish their catalogs online and allowing students to easily find and enroll in their preferred classes.

Chimani

Seed Round in 2015
Chimani, Inc. develops an application that serves as a comprehensive travel guide for national parks and other outdoor destinations in the United States. Founded in 2010 and based in Portland, Maine, the application provides users with essential information, including sunrise and sunset data, tidal information, and details about ranger-led events for the season. Additionally, it features audio tours and professional photography, as well as maps and news updates from the National Park Traveler. By addressing common challenges faced by visitors, such as overcrowding and lack of information, Chimani aims to enhance the overall experience for travelers exploring national parks.

Wentworth Technology

Debt Financing in 2015
Wentworth Technology, founded in 2010 and based in Saco, Maine, specializes in wireless communications solutions tailored for the U.S. restaurant industry. The company offers products such as SpeedThru, a noise-cancelling drive-thru headset system; Greeter, which facilitates cross-selling and upselling through timely customer messages; and Timers, visual tools to monitor drive-thru traffic in real-time. Wentworth Technology's team, with over 60 years of combined experience, focuses on delivering high-quality products and reliable service, continually expanding its product range based on industry trends and customer feedback.

FineTune

Venture Round in 2015
FineTune is an educational technology company based in Boston, focused on enhancing qualitative assessment in various educational and training settings. Originally known as Academic Merit, FineTune provides a platform that promotes coherence and consistency in measuring complex skills and competencies that are often difficult to evaluate. The platform fosters inter-rater reliability, allowing for the training of a large number of evaluators to ensure consistent assessment outcomes. FineTune has established a significant partnership with the College Board, where its platform is being utilized to develop an advanced assessment framework for Advanced Placement courses. Additionally, the company's software aims to make classic literature more accessible to contemporary students through professional development and instructional services focused on literacy.

Certify

Venture Round in 2014
Certify provides an online travel and expense management solution tailored for organizations of all sizes. The platform enables users to book travel and generate expense reports with ease and efficiency, requiring minimal training thanks to its intuitive data entry options and user-friendly interface. Certify operates entirely online, eliminating the need for software purchases, server maintenance, or extensive IT support, as it only requires a standard internet connection. This approach allows companies worldwide to streamline their travel and expense processes effectively.

Orono Spectral Solutions

Venture Round in 2014
Orono Spectral Solutions, Inc. is a company that specializes in the development of advanced absorbent materials and sampling technologies designed for the trace-level detection of chemical and biological agents in air and water. Founded in 2004 and based in Hermon, Maine, the company focuses on creating innovative systems and methods for collecting a range of chemical and biological species, including warfare agents and toxic industrial materials. Its product offerings include the OSS Oil in Urea Liquor Analysis system, which measures hydrocarbons in urea liquor, the OSS Oil and Grease Extractor for analyzing oil in water, and the OSS Surface Sampler, an advanced technology for surface sampling of chemical agents. Orono Spectral Solutions serves the military and emergency response sectors, providing solutions that enhance sampling safety, accuracy, and efficiency in the detection of contaminants.

Hyperlite Mountain Gear

Venture Round in 2014
Hyperlite Mountain Gear Inc., based in Biddeford, Maine, is a designer and manufacturer of ultralight outdoor products tailored for adventure enthusiasts. Founded in 2010, the company specializes in a range of gear, including backpacks, shelters, tarps, tents, sacks, and various accessories. Its offerings feature minimalist designs and are constructed from durable, lightweight materials, such as Cuben Fiber, aimed at enhancing the outdoor experience. By providing products that help minimize weight without sacrificing durability, Hyperlite Mountain Gear supports activities such as hiking, backpacking, climbing, pack-rafting, kayaking, and cycling. The company markets and sells its innovative gear primarily through its online platform, promoting an efficient and enjoyable outdoor experience for its customers.

Newfield Design

Series A in 2012
Newfield Design is a Maine, US based company that designs, develops and manufactures communications systems infrastructure. The founders have decades of experience in successful communications system design, development, deployment and management, particularly with Public Safety, Commercial/SMR and Critical Infrastructure communications systems.

Foneshow

Series A in 2007
Foneshow has built a telephony-based distribution platform for short-form audio (primarily news/talk/sports radio programming). The platform leverages the cellular telephone network and enables users to subscribe to, access, publish, share, and consume short-form audio programming immediately from virtually any cell phone. The system features the very rapid propagation of programming from the creator to the consumer. Patents are pending. Foneshow was founded in late August of 2006 on Ballston Beach in Truro, Massachusetts by Erik Schwartz and Nic Wolff, two technology industry veterans and lifelong friends. Nic and Erik had been kicking some of the ideas around for a while, wondering why they never listened to podcasts. In late summer 2006 they developed the ideas that would become Foneshow. They started coding in September of 2006 with alpha launching later in September. The foneshow.com domain was registered in October 2006. The company was organized as a Delaware LLC in November of 2006. In August of 2007 Foneshow closed a series A venture capital round with CEI Community Ventures, Masthead Venture Partners, and Small Enterprise Growth Fund of Maine.

Anodyne Health

Venture Round in 2006
Anodyne Health is a provider of business intelligence solutions tailored for healthcare providers, particularly within large and enterprise group markets. The company specializes in revenue cycle management, offering innovative, user-friendly web-based software that simplifies access to critical revenue cycle information. Anodyne Health also delivers outsourced billing services, catering to large provider groups and hospital-based physician practices. By enhancing the availability and usability of financial data, Anodyne Health aims to support healthcare organizations in optimizing their operations and improving financial performance.

Stillwater Scientific Instruments

Venture Round in 2005
Stillwater Scientific Instruments (SSI) is developing a device that dramatically decreases the time it takes to analyze chemical compounds in the laboratory. This device, a component of mass spectrometers will be sold to laboratory equipment manufacturers. Mass spectrometers are sold primarily in the biomedical and pharmaceutical industries, as well as environmental fields in which complex chemical mixtures must be accurately identified. This device was developed through research at the University of Maine, and Stillwater Scientific Instruments was founded to commercialize this technology. The project has received funding from the National Science Foundation and the Maine Technology Institute.

BlueTarp Financial

Venture Round in 2003
BlueTarp Financial is a B2B credit management company based in Portland, Maine, that has been operating since 1998. The company serves over 2,000 suppliers by providing upfront payment for sales, thereby mitigating credit risk and enabling suppliers to focus on business growth. BlueTarp offers customizable programs, allowing suppliers to either manage customer interactions themselves or opt for a full-service model where BlueTarp oversees customer service and collections. The company facilitates sales growth by providing options for credit lines up to $1 million and terms of up to 90 days, alongside a loyalty rewards program. Additionally, its SmartView™ online tools offer suppliers transparency into customer buying and payment activities, enhancing the purchase-to-payment lifecycle and improving overall cash flow and risk management.

Phylogix

Series A in 2001
Phylogix Inc. is a biotechnology company focused on tissue protection and oncology. The company develops lectin-based drugs focused on tissue protection, oncology, and immunology. It also involves in the development of FRIL, an agent to protect patients from the toxic side-effects of chemotherapy. Phylogix Inc. is based in Scarborough, Maine.

Coast of Maine

Seed Round in 2000
Coast of Maine Organic Products, established in 1996, specializes in the manufacture of compost-based soil and mulches for lawn and garden applications. The company is committed to sustainable practices, providing a range of organic gardening products, including compost, fertilizers, and supplements. These products are designed to enhance soil health and support robust soil biology, allowing both homeowners and gardening professionals to cultivate their plants organically and naturally. Coast of Maine Organic Products embodies the belief that a healthy planet relies on healthy soil to sustain life, reflecting a deep-rooted love of gardening and environmental stewardship.
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