Two Milwaukee, Wisconsin, startup companies have received Qualified New Business Venture certification from the Wisconsin Economic Development Corporation.
According to Wisconsin Economic Development Corporation, Access HealthNet Holdings Inc., a healthcare technology startup, is eligible for up to $500,000 in tax credits. Mikroflot Technologies LLC, which has developed an innovative method for treating wastewater, has been certified for up to $312,500 in credits.
Founded in 2014 by a team of health care specialists, Access HealthNet works with self-insured employers and health care providers to create bundled health care procedures that are offered for a flat rate via a free-market technology platform. The company, which is rapidly expanding and just relocated to a new office on West Michigan Street in downtown Milwaukee, expects to create up to 50 jobs this year.
Access HealthNet is currently raising funds to continue to advance its technology buildout, to further develop its team and for working capital, state officials said. The company received separate $500,000 investments from the Wisconsin Super Angel Fund and a private investor as well as a $200,000 investment from the BrightStar Wisconsin Foundation in December.
“The QNBV state tax credit program is a key element in raising funds to start and scale new businesses in the state of Wisconsin,” said Eric Haberichter, CEO of Access HealthNet. “This program has been instrumental in helping us rapidly raise significant capital to fund our growth strategy. We feel very fortunate to be part of this program.”
Mikroflot Technologies, founded in 2014, provides viable alternatives for wastewater effluent treatment to small and midsize industrial and commercial facilities that cannot afford expensive on-site treatment.
The company’s technology uses a patented process in which microscopic air bubbles float contaminants out of wastewater. The company has raised $550,000 to date in angel investment and was a finalist in last year’s Wisconsin Governor’s Business Plan competition. Mikroflot Technologies is raising funds to provide capital for product commercialization, a controlled product launch and to help build its team, officials said.
“The more we talked to Wisconsin’s angel and venture capital investment community, the more we realized the importance of being certified as a QNBV company,” said Jose Ramirez, Founder & CEO of MikroFlot. “This will be very valuable in our conversations with prospective investors.”
“Wisconsin’s entrepreneurial community is incredibly vibrant, and a core part of WEDC’s mission is to support that community and nurture its future health,” said Aaron Hagar, WEDC’s Vice President of Entrepreneurship & Innovation. “Helping innovative Wisconsin companies like Access HealthNet and Mikroflot Technologies secure access to capital is one way in which WEDC supports next-generation companies.”
The QNBV Program helps startups close a critical gap in their development by offering tax credits for investments made in QNBV-certified companies. Participating businesses innovate and commercialize products in numerous industries including biotechnology, manufacturing, health technology, energy, information technology and more.