Wilmington-based Boreas Monitoring Solutions learned Thursday morning that is among six recipients of NC IDEA SEED grants. Each grant is $50,000.
The fledgling company learned in late April
that it was one of 10 finalists for a SEED grant.
Boreas Monitoring has developed and patented a weight-based monitoring system for metal tanks of up to 150 pounds containing cryogenically frozen eggs and sperm. Monitoring the weight of the tanks, which contain liquid nitrogen, gives labs an alert about tank failure that can be more timely than if tanks are being monitored based on temperature, according to company co-founder Will Baird. Boreas’ system generates data, which is uploaded to the cloud. Lab personnel receive texts of weight variations.
“The Boreas team is thrilled to be a grant recipient,” Baird said Thursday. “You look at all these [winning] companies with so many great ideas; it's great to be able to stand among them. The money will help us really grow our company.”
These grants are “intended to support business activities that validate target markets, reduce the risk associated with early-stage companies, and help companies reach the point of suitability for growth through investment or revenue,” according to NC IDEA’s website.
Baird said in April that a SEED grant would help Boreas Monitoring “build out our sales and marketing approach and grow our team.” On Thursday he mentioned specifically the addition of staff to handle customer and vendor relations. Grant funds will also enable an update of the company's website with new information about its technology refinements.
NC IDEA, a private foundation that supports entrepreneurial aspirations in North Carolina, has awarded more than $9 million in grants to 200 young, high-growth companies since its inception in 2006. The grants do not require matching money from the recipients.
The foundation received more than 170 applications in this spring 2023 grant cycle.
In addition to Boreas Monitoring, the grantees are: b.combs, Cary; Home for Life Design, Salisbury; Salus, Charlotte; Tromml, Chapel Hill; and Vetletics, Cary. The companies strive to solve problems in health care, loan underwriting, automotive after-market e-commerce, animal health and youth services.