Elyria, OH, June 29, 2015: The Innovation Fund, Northeast Ohio’s most active pre-seed fund for technology startups, has committed $200,000 to five technology startups based in five different Northeast Ohio counties. The companies, representing Lorain, Cuyahoga, Summit, Stark, and Richland counties, will use the money to validate their technologies and business plans in hopes of creating new jobs in their communities in the years to come.
The Innovation Fund was founded by the Lorain County Community College Foundation, but has always had a regional focus, funding the most promising job-creating startups in Northeast Ohio regardless of their location.
"The Innovation Fund has evolved into the region’s primary entry point of support for entrepreneurs throughout the region," said Dennis Cocco, co-director of GLIDE, the incubator that administers the fund. "Our competitive process continues to vet some of the best ideas around and gives them that early chance of success."
Here are the newest companies to receive investment:
Virteom ($25,000 | Avon) has developed an all-in-one marketing platform that guides users to market their businesses better. Its tools include search engine optimization reports, CRM, lead tracking and scoring, email campaigning, and drip campaigning. virteom.com
Rabblester ($25,000 | Cleveland) is a SaaS provider that facilitates communication between brands and consumers, allowing brands to better analyze the advertising channels and advertising content that is most effective in influencing a consumer's purchasing behavior. The investment will help Rabblester complete phase one of its platform. rabblester.com
O2 Regen Tech ($25,000 | Akron) is commercializing cost-effective, easy-to-use wound care solutions. The company’s proprietary technology is used in its initial product offering, OXAID™, as an oxygen-releasing, moist, antimicrobial dressing to promote chronic wound healing. The funding will support pre-clinical testing.
Micro Datastat ($25,000 | Alliance) is developing a medication dispensing system for use in hospital pharmacies. Its product releases the pharmacist to do more clinical activities while preventing medication errors.
InfoGPS ($100,000 | Mansfield) assists highly regulated industries address cybersecurity risks and comply with the legal requirements to find, classify, and monitor sensitive information stored on their networks. infogpsnetworks.comAbout the Innovation Fund
The Innovation Fund, founded by the Lorain County Community College Foundation, is Northeast Ohio’s most active and successful early-stage fund. It awards technology-based startups up to $100,000 so they can validate their technologies and business concepts. The Innovation Fund averages six funding awards each quarter and fills the capital needs of businesses at the earliest stage of development, before they can attract angel and venture capital funding. Innovation Fund awards are made with funds from the Ohio Third Frontier, which have been combined with matching support and contributions from the Innovation Fund partners.
Source: Innovation Fund Awards Braintree Tenant Company InfoGPS, and Four Other NEO Startups URL: http://www.innovationfundneohio.com/news/innovation-fund-gives-5-startups-across-northeast-ohio-financial-boosts