Grand Junction firm among advanced industries grant recipients

A Grand Junction-based company serving the energy industry is among the latest winners of grants promoting advanced industries in Colorado.

Iron IQ received a $250,000 grant from the Advanced Industries Accelerator Program, part of a total of more than $8.5 million distributed to 38 startups and researchers.

Iron IQ helps oil and natural gas operators connect equipment, staff and processes on the cloud through supervisory control and data acquisition (SCADA). The company provides services and products for control, data collection, device integration and monitoring from the field to a data center.

Iron IQ was among the firms receiving early stage capital and retention grants through the program, administered by the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT). 

The Advanced Industries Accelerator Program promotes advanced industries by increasing access to capital, accelerating commercialization, encouraging public-private partnerships and creating strong infrastructure.

More than 100 grant applicants were reviewed in the latest cycle. The Economic Development Commission approved the final recommendations on May 19.

In addition to Iron IQ, other Western Colorado recipients included a Durango brewery looking  to reduce the amount of plastic used in production processes, a Durango company that’s developed modular parklets and fencing for outdoor dining and a Dolores hard cider producer.

“Innovations in advanced industries have enormous potential to change the world we live in, yet the market typically underinvests in early stage technologies. At the same time, partnerships between the private and public sector can be integral to furthering new ideas,” said Rama Haris, advanced industries senior manager at OEDIT. “With these grant programs, we aim to fill a funding gap left by the market and foster the types of partnerships that will help Colorado’s advanced industries continue to lead their fields.”

Past recipients of grants include Mountain Racing Products, a bicycle components manufacturer in Grand Junction awarded $250,000 through the program in 2017. ProStar, a software and services company in Grand Junction, received a $250,000 grant in 2016.