SC Launch!, a technology investment firm, will receive $2 million from BlueCross BlueShield of South Carolina through state legislation that allows S.C. firms to direct a portion of their state tax bills to the fund.
The $2 million is the largest contribution made to SC Launch! since the S.C. legislature passed the Industry Partners Act in 2006.
“BlueCross BlueShield sees SC Launch! is another great avenue for attracting new technology and incenting new businesses to grow their operations in our state,” said BlueCross Chairman and Chief Executive Officer M. Edward Sellers in a statement. “We’re pleased to be able to designate some of our state tax to this effort. It fits our ongoing activities to help South Carolina grow its per capita income base through attracting new technology and new business.”
SC Launch! can invest up to $200,000 in startup funds. It also provides matching grants up to $100,000 for firms that receive federal research and development grants.
SC Launch! has provided funding for 53 companies and assisted other ventures with mentoring support. SC Launch! is part of the SCRA (South Carolina Research Alliance).