GSA Daily Staff Report
Published May 11, 2010

SC Launch, an affiliate of SCRA, will present Greenville-based Hoowaki LLC and Columbia-based iTekka Inc. with seed funding tomorrow at InnoVenture Southeast in Greenville. The investments total $300,000.

Hoowaki, an advanced surface engineering company, is receiving a $200,000 investment from SC Launch. The company has developed a proprietary micro-molding technology to transform polymer, ceramic, metal and organic surfaces to increase product performance at a low cost.

Meanwhile, iTekka, Inc., receiving a $100,000 investment, develops time and activity software that enhances productivity and revenue for its clients.

“The SC Launch investment will enable us to file additional product patents, scale-up our current products and initiate deeper R&D for future products,” said Hoowaki President Ralph Hulseman.

William King, associate professor and Kritzer Faculty Scholar at University of Illinois Urbana-Champaign, serves as the company’s chief technology officer. John Warner, InnoVenture founder, serves as CFO.

Hoowaki is already serving clients in the automotive, aerospace, biomedical, advanced materials, fast moving consumer goods, and food packaging industries.

At iTekka, the company’s technology was developed by CEO Alexander Abrashkin during his graduate work at the University of South Carolina and is licensed from the university. The company plans to create 20 jobs by 2014.

“SC Launch has helped our young company create important partnerships to fuel our growth through its resource network,” said Abrashkin. “This investment will help us complete product testing, get to market and help our clients achieve increased productivity and cost savings with our Tekktoc software.”

Abrashkin has extensive business development experience and formerly held posts at Procter & Gamble and Alcatel. James H. Byrum, iTekka’s chief operating officer, has more than 35 years of experience in business development and consulting.

“These two knowledge-based companies are prime examples of the industries that SC Launch continues to support in South Carolina,” said Dave McNamara, SC Launch executive director. “We are happy to recognize them at InnoVenture.”

McNamara and SCRA CEO Bill Mahoney will be on hand to present both of these knowledge-based companies with an SC Launch “big check.”

SCRA has provided funding and support for 149 knowledge-based start-ups in South Carolina since its inception in April 2006, through its SC Launch program. There are more than 270 entities total in the SC Launch program. That program has attracted more than $100 million in add-on, private equity investment in South Carolina companies.