ATLANTA, Ga. — Four startups will compete for $100,000 in cash and another $150,000 in professional services on May 18 in the finals of the New Business Launch Competition in Georgia.

The finalists emerged from a group of 12 semifinalists in the event, which is co-sponsored by the Technology Association of Georgia and the Georgia Research Alliance. The competition began with a total of 50 entries.

The finalists are:

  • Diagis is based in metro Atlanta based on research at Georgia Tech and is part of Georgia Tech’s VentureLab program. It researches, develops and markets secure software development tools that detect security flaws before products are released. Diagis has applied for patents and is developing tools that perform automated security analysis of program source code in a manner that is much faster and more efficient than current methods allow. Christina Might is chief executive officer.

  • Evoca is being formed in Savannah. It aims to voice-enable the web for mainstream users by integrating telephony, audio and Internet technologies, bridging the gap between the Internet and telephony industries with voice recording on demand. Evoca seeks to allow consumers to easily create, organize, share and search audio files. Murem Sharpe is co-founder and CEO.

  • Intrinsic Security is also based in metro Atlanta, incorporates research from Georgia Tech and is part of Georgia Tech’s VentureLab program. It is developing an integrated solution for monitoring high-speed networks in real time using a set of data collection and analysis systems. Company President Ellen Zegura is also chair of the Computing Science and Systems Division in the Georgia Tech College of Computing.

  • ReachMD Consult, which is located in Augusta, is based on research at the Medical College of Georgia. It uses Internet-based technology to allow remote diagnosis by specialized neurologists of certain stroke victims and prescription of specific and very time critical treatments that can significantly improve the victim’s recovery. Leading the company is David Hess, chair of the Department of Neurology, Medical College of Georgia.
  • A panel of judges will review the finalists’ business plans. The winning company must agree to remain in Georgia for at least three years or the prize money must be repaid — with interest.

    “The quality of submissions for the competition has been incredible,” said GRA President C. Michael Cassidy. “This contest embodies the entrepreneurial spirit in Georgia, and we look forward to many successful competitions in the future.”

    The final round will take place at Georgia Public Broadcasting in Atlanta.

    “Response and support from the technology sector in Georgia for this project has been outstanding,” said TAG President Tino Mantella. “The caliber of submissions in this inaugural year has completely exceeded our expectations and has proven the need for a program like this in our technology-rich state.”

    Judging the finals will be: Garry Betty, chairman and CEO, EarthLink; Dallas Clement, senior vice president, Cox Communications; Tom Crotty, general partner, Battery Ventures; Mike Eckert, CEO, Pathfire; Marc Fleury, founder and CEO, JBoss; Sig Mosley, president, Imlay Investments; Tom Noonan, president and CEO, Internet Security Systems; and Bill Smith, chief technology officer, BellSouth Corp.