<< All News Monday, January 29, 2024 - 10:30am

The North Dakota Department of Commerce Legacy Investment for Technology Loan Fund (LIFT) Committee announced today it awarded a total of $750,000 in funding in January.

“There remains approximately $4.85 million in the LIFT fund to be awarded this biennium,” Commerce Head of Investments Shayden Akason said. “We are excited by the high quality of companies on the cutting edge of technology, developing IP within the state of North Dakota.”

January LIFT recipients:

  • Aigen, Inc. - $250,000 awarded to this agtech startup in Fargo tackling the herbicide-resistant weed problem using solar-powered autonomous ground robots that mechanically weed and collect data for growers.  

  • RxE2, Inc. - $500,000 awarded to this pharmaceutical technology startup in Fargo focused on incorporating the practice of pharmacy into clinical research.

Commerce works with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include 0% interest for the first three years of the loan, and 2% interest for the next two years, and an interest rate equal to a standard Bank of North Dakota loan for all subsequent years. 

 

The program is open to North Dakota companies working in advanced computing and data management, agriculture technology, autonomous and unmanned vehicles and technologies, energy, health care, value-added agriculture, value-added energy, and any area specifically identified by the LIFT committee as contributing to the diversification of the state’s economy.

 

For grant program details, visit https://belegendary.link/LIFT. 

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