18 | THE FINE PRINT |
UBJ
BUSINESS BRIEFS YOU CAN’ T MISS
|
01.02.2015
Clemson economic development center helps startups
Scio Diamond successfully completes funding
Clemson University’s Regional Economic Development Center startup company incubators in Rock Hill and Hartsville brought more than a dozen new companies under the Clemson Technology Villages umbrella in 2014. Startups included a developer of software platforms to optimize industries like machine manufacturing and public health administration, one that digitizes historic architecture in South Carolina and another that is developing a biofuel out of unique, regional algae. Expansion of the program also allowed REDC to increase capacity by adding new paid positions for Clemson students to serve the startups’ needs. “As an international student working on my MBA, I was searching for a good way to gain a deeper understanding of American business and business culture,” said Ryan Zhou, a Clemson MBA candidate, in a release. “I found that the assistantship at REDC was the perfect vehicle to achieve those goals.” The REDC and the Technology Villages program now serve more than two dozen startups and small businesses across the state.
Scio Diamond Technology Corporation has closed $2.5 million in growth funding from Heritage Gemstone Investors (HGI) to double production of its lab-grown diamonds and refinance debt. In addition, the two companies agreed on terms for a second phase of funding from HGI that will take place in 2015 to further increase the company’s production capacity by up to 10 times. The funding from HGI will be used to refinance a $1.5 million loan from Platinum Capital Partners at more favorable terms, reducing Scio Diamond’s borrowing costs by more than 10 percent. The doubling of capacity will come from the purchase of additional production platforms in a larger size. “Scio Diamond has been a pioneer in developing the technology behind the success in lab-grown diamonds,” Vivian Wong from HGI said in a release. “We believe the company is well positioned to be a major factor in expanding the market for lab-grown diamonds.” According to the release, the diamond jewelry market has been estimated by the World Diamond Council at more than $72 billion. In 2014, Scio named a new board of directors, hired a new executive team and developed a new business plan. The company added “fancy” colored diamonds to its product lineup, along with colorless stones for jewelers and cutting devices and electronics for manufacturers.
AT&T rebrands Alltel in SC
Machine Solutions acquires Steeger USA
In early 2015, more than 70,000 former Alltel wireless customers in South Carolina will begin using new devices that work on AT&T’s network. The company has upgraded the former Alltel retail locations in the state and opened them under the AT&T brand. AT&T has also upgraded the former Alltel network in Georgia to merge customers into the company’s 4G LTE network. The company will notify customers when to activate their new devices. Customers with general questions about the transition from Alltel to AT&T can visit att.com/alltel. For details about their new devices, they can visit att.com/mynewphone.
Flagstaff, Ariz.-based medical device manufacturer Machine Solutions Inc. announced last week that it has acquired Steeger USA, headquartered in Spartanburg. Steeger, a manufacturer of braiding equipment for the medical device industry, will become a Machine Solutions company, “significantly expanding the newly combined company’s range of products and services across its three brands: MSI, Vante and Steeger USA,” according to a press release. Terms of the acquisition were not disclosed. Steeger was exclusively represented by Greenville-based investment bank The Capital Corporation, according to the release. Steeger also designs, develops and manufactures braiding equipment for
All Sports 24/7
105.9 FM 1330 AM
Every Game