August 30th, 2022
Built on CL X (Closed-Loop X), Unbox’s closed loop will allow NineTwelve to pre-define the rules needed for a compliant and economically positive use of grant funding. This includes examples such as adding merchants on a preferred list or providing incentives for grant recipients to be spent within state lines. Most importantly, Unbox’s software automates reporting to the IEDC as it is capable of automatically generating a formal and fully compliant report to the organization distributing funds. The project is set to launch in September with 5G grant recipients working in conjunction with NineTwelve. Learn more about Unbox Grants.
Mr. Sean HENDRIX, CTO NineTwelve: “We are thrilled to be the first organization to use Unbox’s software for state grant distribution. I know first-hand how complex and onerous the reporting process from government and foundation issued grants can be. From reconciling invoices and budgets, to preparing complex presentations to the grant providers, managing grants traditionally takes an enormous amount of time and resources that I’d rather dedicate to innovation. I look forward to using Unbox’s software and integrated data reporting dashboard to make this a thing of the past.”
Mr. Marc FERLET, Head of Unbox USA: “As our genesis project in Indiana, I could not be happier than to do it with the fantastic folks at NineTwelve who constantly scan the market for innovative products like Unbox. We want this announcement to highlight our investment in making Indiana our home and helping the IEDC make it the home of many other companies. Indiana is already bursting with talent. Schools like Purdue and Indiana University are tremendous talent hubs that we will immediately start tapping into both in terms of internship, full-time jobs, and other projects for students.”
For Unbox, this project comes after an $8,500,000 seed round led by European Banking tech leader KBC. NineTwelve Grant Management is the first of many projects planned in the state of Indiana ranging from grant distribution software to educational incentivization and upskilling. On the European market, Unbox has steadily increased its penetration in the health, local economic support, and sustainability sectors reaching 150,000 active users as of writing.
Unbox’s closed loops are already used internationally by governments, NGOs, corporate clients, and small businesses. Notably, Unbox was tasked with distributing $6,710,127.00 of Covid19 stimulus in Antwerp, the economic capital of Belgium. Using Unbox’s closed loop as a means of distribution resulted in an applied x1.81 multiplier effect to the amount invested by the city reaching a total of $12,535,359.92 distributed to over 4,000 SME’s in just 6 months. What’s more, the city saved on auditing costs thanks to Unbox’s auditing mechanism which also does not require hiring any consultants or auditors.