FRANKLIN TOWNSHIP-BASED TECHNOLOGY COMPANY TO EXPAND WITH EDISON INNOVATION FUND INVESTMENT
Trenton, N.J. (January 10, 2008) – The New Jersey Economic Development Authority (EDA) has closed a $750,000 Edison Innovation Fund investment to assist Franklin Township-based Dynamic Mobile Data Systems, Inc. (DMD), a technology company that pioneers the development of mobile resource management solutions for midsize to large enterprises. The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support technology and life sciences companies throughout their discovery, development and commercialization stages.
“This investment in DMD is a perfect example of how the Edison Innovation Fund is working to keep New Jersey at the forefront of technological breakthroughs,” said EDA Chief Executive Officer Caren S. Franzini. “Governor Corzine’s Economic Growth Strategy has placed a high importance on facilitating advancement in technology and life sciences within the state, and the EDA will continue to work with companies like DMD to help achieve this goal.”
The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology (CST), is responsible for managing the Edison Innovation Fund. The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life science businesses.
In March 2000, DMD received a $1-million loan from Commerce Bank, which included EDA assistance of $250,000 and an EDA guarantee of $187,500. This funding helped the company expand its operations, purchase new equipment for a network operations center, and create 85 new positions.
“We were delighted to work with the EDA to assist with our funding needs,” said Kim Mills, president and CEO of Dynamic Mobile Data. “Dynamic Mobile Data is launching its new product suite called FleetCentrix, a product that helps companies with mid to large size fleets wirelessly manage their mobile assets through our on-board vehicle diagnostics and GPS software suite. The investment from the Edison Innovation Fund will be used to supplement financing for additional product development and marketing of the new enterprise software suite.”
DMD’s products include: MobileServerä, a secure and reliable wide area wireless platform infrastructure that enables two-way wireless communication with mobile resources, and the Dynamic Mobile Application Suite, designed to move mission-critical corporate information to mobile resources through an integrated set of configurable applications.
The $750,000 Edison Innovation Fund investment will be used to supplement financing for development and marketing of the new enterprise software product suite that will permit users to customize wireless data communications to their individual needs. As a result of the Edison Innovation Fund investment, DMD estimates that 15 new jobs will be created over the next two years.
Franzini noted that DMD is located within the Greater New Brunswick area’s Edison Innovation Zone, one of three “technology neighborhoods” in the state where academic and research institutions can work with companies to develop and market new products or services while enjoying certain financial incentives and other benefits. The zones were created in 2004 within the cities of Camden and Newark as well as the greater New Brunswick area to spur collaborative efforts and encourage the rapid transfer of discoveries from the laboratory to the marketplace. Edison Innovation Zones are a joint state effort involving the EDA, CST and other state agencies.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.
For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.