Eleven more start-up technology companies will be funded $450,000 each in repayable loans to help them commercialise their technology through Callaghan Innovation's incubator network, Science and Innovation Minister Steven Joyce announced today.

A total of 18 companies have now been funded through Callaghan Innovation's new technology incubators which have been set up to help commercialise complex, new to the world, intellectual property. Companies repay the grant when they begin to earn revenue from their venture.

The eleven new companies are:

• Moxion
• HiVolt Fluidics
• Onesixone Limited
• Mastaplex Limited
• Aptamer
• Upstream Medical Technologies
• Nyriad Limited
• HiAspect
• Fishery Logistics
• Pheromite
• Pop In Technologies

'The latest tranche of repayable grant recipients all have the potential to solve global problems as well as developing high-tech businesses,” Mr Joyce says.

'From better diagnosis of heart disease in emergency situations, to more efficient detection of cattle infections, the companies being incubated through the Repayable Grants programme have the potential to not only create hi-value jobs and industries, but will create spill-over economic and social benefits for New Zealand and overseas markets.

'The technology incubators programme is modelled on the highly successful Israeli incubator model. Growing new companies in our high-tech sector is crucial to maintaining a strong growing economy, and developing smart start-ups will help our businesses develop a competitive edge.”

SOURCE: Office of Steven Joyce