From the Chairmen and Executive Directors

FROM THE CHAIRMAN & EXECUTIVE DIRECTOR

We invite you to join us as we reflect on 2021 in our annual report, Scale Up South Carolina. As the cover states, our companies and research teams ‘scaled up’ by working tirelessly to grow their organizations and produce goods and services that are transforming the way business and industry works in South Carolina and beyond. Scaling up for some was increasing their production to become leaders in their fields, and for others it was expanding their workspaces and the size of their staff. As you study this report, we’re sure you will experience the same level of enthusiasm that we have for the exciting developments happening in our state. Evident of South Carolina being a great place to do business, you’ll read about companies that moved their operations here and how South Carolina Research Authority (SCRA) assisted in those relocations. You’ll also learn about our world-class facilities and their innovative advances, which make them attractive for growing technology startups and academic institutions alike. During 2021, we continued implementing our FY20-22 Strategic Plan by: n Funding and supporting the work of our academic partners, who are solving industry’s most pressing problems. n Ensuring financial sustainability through contributions to the Industry

Partnership Fund (IPF), investments in our SC Launch, Inc. Portfolio Companies and successful returns from those investments, and tenant leases at our innovation centers and other facilities. n Maintaining and growing successful and productive relationships with the

South Carolina legislature and other stakeholders that enable SCRA’s optimal performance. n Recruiting additional venture capital sources into our state. n Driving operational excellence through our continuous improvement teams and processes. n Supporting our Member and Portfolio Companies with grants, coaching, networking, and SC Launch, Inc. investments. Other 2021 highlights include: n Realizing an annual economic impact on South Carolina’s innovation economy of $1.003B through SCRA’s programs and operations. n Supporting 5,429 jobs throughout the state. n Enabling over $2.2B in follow-on funding for SCRA-supported companies since inception. n Producing and hosting 24 educational webinars and nine CEO podcasts. n Announcing the funding of SCRA-Academia Collaboration Team Grants, which includes $3.3 million from SCRA and another $3.4 million from academic institutions and industry partners. n Receiving the first contribution to the IPF from a banking institution, Ameris

Bank. n Achieving a successful exit by SC Launch, Inc. Portfolio Company, MedProcure. n Celebrating Proterra Inc.’s being the first SC Launch, Inc. Portfolio Company to become publicly traded on the Nasdaq exchange. n Incorporating a diversity, equity, and inclusion (DEI) plan into our pipeline strategy. n Featuring several success stories included in this report that demonstrate the spirit of hard work and tenacity in South Carolina’s entrepreneurial community. We also want to extol the collaborations we have with our strategic partners. We greatly appreciate these invaluable teammates, and we would not be able to achieve our mission without them. With appreciation,

Don Herriott

Chairman, SCRA Board

FROM THE SC LAUNCH, INC. CHAIRMAN & EXECUTIVE DIRECTOR

Thank you for your interest in SC Launch, Inc., SCRA’s investment affiliate. We invite you to read the stories of perseverance and commitment that are included in this annual report. These stories feature our Portfolio Companies and Member Companies. As the cover states, 2021 was a year of Scaling Up in our state and SC Launch, Inc. is proud to have been part of those successes. Those of you who contributed to the Industry Partnership Fund (IPF) share with our joy in these successes because your dollars provided the resources for these companies to reach their next level of success. Some of these successes include: n Celebrating Proterra Inc. for becoming a publicly traded company on the

Nasdaq exchange. n Marking the successful exit of MedProcure, a company that exemplified its steady commitment to the investment process. n Investing in Hook Security to support their cybersecurity training focused on reducing the risks of cyberattacks for all types of companies, a serious need in today’s climate, and in Reporting Xpress, which is helping nonprofits meet their goals of improving our communities. We also want to thank our partners in South Carolina’s entrepreneurial ecosystem. These trusted relationships help us identify companies on a strong growth track. Our investment managers and associates become part of the ‘family’ with these companies and work tirelessly to ensure they are positioned for our investment(s) and for follow-on funding from other investors. We are proud to partner with these companies that are creating jobs and keeping our state on the cutting edge of innovation. With sincere thanks,

Peter G. Dunphy

SC Launch, Inc. Board Chair

Matt Bell

SC Launch, Inc. Executive Director

To successfully grow any business, you need a trusted partner who believes in your mission and is willing to support you through the various phases of growth. SCRA is that trusted partner for us. We talk to them about the goals of our company, and they continually listen, while providing the support, advice, and the funding we need to continue growing.

Jon Scott ScopeStack Founder and CEO

EDITORIAL

MANAGING EDITOR Adrian Grimes

GRAPHIC DESIGN Kelsie Davis