Governor Doyle Qualifies Three Technology Companies for Investor Tax Credits

For Immediate Release: November 2, 2007
Contact: Tony Hozeny, Department of Commerce, 608/267-9661

MADISON -- Governor Jim Doyle today announced that the Department of Commerce (Commerce) has qualified three small businesses for investor tax credits under new Angel Investor and Venture Fund Tax Credit programs.

"Spurring more venture capital investment is essential to the state's economic growth," Governor Doyle said. "By encouraging investors to make crucial investments, we are turning great ideas into viable, job-creating businesses. Today, new technology firms are starting and expanding all across Wisconsin."

The Angel Investor and Venture Fund Tax Credit programs offer Wisconsin income tax credits to angel investors and investors in seed-stage venture capital funds. The people that invest in the businesses are able to claim tax credits under the legislation the Governor signed in April 2004.

These programs are designed to increase the supply of both qualified angel investors and investors in qualified venture capital funds. The tax credits are available only for investments made in technology businesses qualified by Commerce. As Commerce qualifies businesses for investment, it will list them on the Commerce website at www.commerce.wi.gov/act255.

The qualified companies are as follows:

Windlift, LLC, Madison, Dane County
This company was formed in April 2006 to manufacture a wind-powered pump, on which a patent is pending,. The company has developed a working prototype. For more information, visit http://www.bus.wisc.edu/gazette/july2007/studentco.asp.

Centrose LLC, Madison, Dane County
This company was formed in July 2006. It uses a sugar-enhanced approach for a fast, versatile and cost-effective drug discovery. The company will focus first on developing anticancer therapeutics. For more information, visit http://www.centrosepharma.com.

SymbiontWeb, Inc., Madison, Dane County
This company was formed in October 2006. It is developing software that creates a symbiotic relationship among network, web and mobile space. The software will promote faster data flows and more stable internet connections. For more information, visit http://www.symbiontweb.com.

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