PoliticalNews.me - Feb 08,2012 - Baucus Highlights Major Investment into Missoula High Tech Company
Senator Says “All Hands on Deck” Approach Needed to Support High Tech, Good-paying Jobs for Montana
(Washington, D.C.) - Montana's senior U.S. Senator Max Baucus applauded the news that Flywheel Ventures, a national venture capital firm that was drawn to Montana following Baucus' 5th Economic Development Summit in Butte, has finalized its largest investment yet into a Montana company.
Flywheel has announced it will lead a $1.55 million venture capital investment into Missoula-based advanced security software company, TerraEchos, Inc. which will help raise the profile of high tech entrepreneurial efforts in Montana.
"Our economic development summits are designed to bring the right people together to move the economy forward. TerraEchos' innovative work along with Flywheel's commitment to look for star companies across our state is a winning combination for Montana jobs," said Baucus. "Supporting high tech innovation requires an all hands on deck approach so that we can secure good-paying jobs for Montana. This new partnership between Flywheel and TerraEchos is good news for Montana jobs and will remind the world that Montana is full of entrepreneurs and a great place to do business."
"Flywheel is pleased to make this investment in TerraEchos and, by extension, in the broader potential we see in Montana's entrepreneurial landscape," said Trevor Loy, General Partner at Flywheel Ventures. "We are impressed with the shared commitment among Montana's public and private stakeholders to create the foundations for a 21st-century entrepreneurial economy, as evidenced by the quality of events such as the last few Montana Economic Development Summits organized by Senator Baucus."
"As the Founder of TerraEchos Inc., I am incredibly excited about partnering with investors like Flywheel," said Dr. Alex Philp, TerraEchos Chief Executive Officer & Chief Technical Officer. "This new funding represents a significant milestone for TerraEchos and its various stakeholders, and I look forward to continued innovation and to expanding our commitment to our customers. Senator Baucus has helped raise the profile for high tech opportunities in Montana and has been instrumental in laying the foundation for this exciting step forward."
Flywheel attended Baucus' 5th Montana Economic Development Summit in Butte in September 2010 and laid the foundation for the national venture capital firm to set up shop in Montana and look for ways to support and invest in start-up companies. Flywheel's investment in TerraEchos has been its largest yet in Montana. TerraEchos is based in Missoula and is considered a national leader in advanced internet security.
More than 2,000 people attended Baucus' 2010 Montana Economic Development Summit with success stories including:
■Goldwind USA representatives attended the jobs summit and announced January 2012 plans to construct a 20-megawatt wind farm near Shawmut. Read more HERE.
■SeaCast Inc, a Butte manufacturing company, connected with GE to make jet engine parts. The two entities are working on ambitious plans to ramp up business in the next five years. Read more HERE.
■UM business students were invited to study with Warren Buffett in Omaha. Read