This month, the Ohio Third Frontier Commission approved $72.7 million in funding that will provide capital to innovative startup companies, advance medical technology and foster young talent through a new High School Tech Internship Pilot Program.
“We are investing in technology that will attract private capital from across the state and beyond,” said Lydia Mihalik, director of the Ohio Development Services Agency and chair of the Ohio Third Frontier Commission. “Supporting innovation, building companies, and developing talent will provide new opportunities in Ohio’s growing tech economy.”
Pre-Seed and Seed Plus Awards
The Ohio Third Frontier Pre-Seed/Seed Plus Fund Capitalization Program supports Ohio-based angel and seed-stage funds that provide capital to startup and early-stage Ohio-based technology companies. The Ohio Third Frontier dollars leverage matching private investment.
The goal of the program is to encourage private investment, creating a strong public/private partnership that accelerates the growth of technology companies in Ohio and creates well-paying jobs. These companies in turn have the potential to attract further investment from both inside and outside of Ohio.
Case Western Reserve University, located in the city of Cleveland (Cuyahoga County), was awarded $2 million for its Fund, CWRU Pre-Seed Fund. The Fund will partner with University Hospital Ventures (UHV) and the Manufacturing Advocacy and Growth Network (MAGNET) to invest in CWRU research institution spinout companies, as well as other early-stage opportunities across Northeast Ohio.
Cincinnati Children’s Hospital Medical Center, located in the city of Cincinnati (Hamilton County), was awarded $5 million for its Fund, Tomorrow Fund III. The Fund will focus on investing in early-stage biomedical and life science opportunities based on CCHMC’s discoveries with high commercial potential.
Cleveland Clinic Foundation, located in the city of Cleveland (Cuyahoga County), was awarded $10 million for its Fund, Ohio BioValidation Fund VIII Plus. The Fund will focus on early-stage, Ohio-based biomedical and life sciences companies that have a strong affiliation with the Clinic.
Comeback Capital, located in the city of Shaker Heights (Cuyahoga County), was awarded $1.5 million for its Fund, Comeback Capital Ohio Pre-Seed Fund. The Fund has close relationships with startup studios run by gener8tor and The Brandery in Cincinnati and in Northeast Ohio and will focus its investments on Ohio-based early-stage technology companies, primarily developing software applications for business and health care.
Innovation Fund America, located in the city of Elyria (Lorain County), was awarded $5 million for its Fund, Northeast Ohio Innovation Fund. The Fund will focus on early-stage opportunities in targeted sectors, including software, biosciences, advanced energy and materials.
JumpStart, Inc., located in the city of Cleveland (Cuyahoga County), was awarded $10 million for its Fund, NEXT II Fund. The Fund will focus on Ohio-based technology startup companies and will invest in opportunities in software applications for business, health care, and medical technology.
JumpStart, Inc., located in the city of Cleveland (Cuyahoga County), was awarded $5 million for its Fund, JumpStart Evergreen Fund III. The Fund will target investments primarily in the areas of enterprise software, health care and medical technology.
JumpStart, Inc., located in the city of Cleveland (Cuyahoga County), was awarded $4 million for its Fund, Healthcare Collaboration Fund. The Fund will partner with University Hospital Ventures (UHV) and will target investments in Northeast Ohio technology startup companies primarily in the areas of biomedical and life sciences related to diagnostics, imaging, surgical instruments and equipment, implant devices, therapeutics, and regenerative medicine, as well as software applications for health care.
Lightship Capital, located in the city of Cincinnati (Hamilton County), was awarded $5 million for its Fund, Lightship Capital Pre-Seed Fund I. The Fund is a partnership with Hillman Accelerator and plans to exclusively invest in entrepreneurs underserved by traditional venture capital and banking industries. The Fund will target investments in Southwest Ohio but will consider opportunities across the state. The Fund will focus on five targeted industry sectors, including artificial intelligence (AI), e-commerce, consumer packaged goods (CPG), sustainability and health care.
North Coast Angel Fund IV, LLC, located in the city of Shaker Heights (Cuyahoga County), was awarded $5 million for its Fund, North Coast Angel Fund IV. The Fund will focus on high-growth Business-to-Business (B2B), Software-as-a-Service (SaaS) startups located in Northeast Ohio.
North Coast Venture Fund II, LP, located in the city of Shaker Heights (Cuyahoga County), was awarded $4.5 million for its Fund, North Coast Venture Fund II. The Fund will focus on Business-to- Business (B2B), Software-as-a-Service (SaaS) ventures located in Northeast Ohio.
Ohio Gateway Tech Fund, LLC, located in the city of Hilliard (Franklin County), was awarded $5 million for its Fund, The Ohio Gateway Tech Fund. The Fund is focused on supporting Dayton-area startups and is a regional partnership led by The Entrepreneurs Center (TEC) and Converge Technologies and includes regional partnerships, including the Air Force Research Laboratory (AFRL) and the Dayton Area Chamber. The Fund will focus on innovative software and electro-mechanical hardware systems for several industries including medical devices, telecommunications, and business and finance software.
QCA First Fund VI Ohio, LLC, located in the city of Cincinnati (Hamilton County), was awarded $3.5 million for its Fund, QCA First Fund VI Ohio. The investment Fund is associated with Queen City Angels and will focus its investments on companies located Southwest Ohio but will also consider investing elsewhere in the state. Investments will focus on information technology and medical technology.
Rev1 Ventures, located in the city of Columbus (Franklin County), was awarded $5 million for its Future Value Fund I. Fund collaborators include The Ohio State University. The Fund will focus on Central Ohio and invest in high-growth startups in several technology areas, including health care IT, fintech, data analytics, advanced materials and hardware.
Source: Ohio Third Frontier Commission growing technology startups, talent – The Highland County Press
