August 14, 2019 | Elyria, OH: Innovation Fund Northeast Ohio, the region’s most active pre-seed fund for technology-based startups, has awarded a combined $225,000 to 3 startup companies. These companies will receive Innovation Fund awards ranging from $25,000 to $100,000, allowing them to carry out projects that will further their technologies or business models.
This represents the 48th consecutive quarter of funding for the Innovation Fund. Since the Innovation Fund launched in 2007, it has committed more than $15 million to 269 Northeast Ohio startups.
“This cycle marks a milestone in that all three awarded companies are led by minorities including two that are owned by women entrepreneurs,” said Dennis Cocco, Co-Director GLIDE. “The Innovation Fund continues to strive to include minority led technology based start-ups in its portfolio of businesses in NE Ohio.”
The following companies received funding in the 48th cycle, ending June 15, 2019. They were chosen after a three-month application and selection process:
RooSense LLC ($25,000 | Akron) has developed flexible, lightweight fabric materials that can selectively determine physiological information from sweat forming on the skin. RooSense has created a wearable sensor that monitors sweat electrolyte levels which will help prevent illness and injury.
FarmFare ($100,000 | Cleveland) is a local food supply chain technology that has a vision to restore local and regional food systems. Farm Fare’s platform allows regional food hubs to share resources to drive greater sales while lowering operating costs, creating efficiency through data and collaboration.
Hyr Medical ($100,000 | Highland Heights) provides an online platform for physician freelancing. It works by eliminating the agency middle man to facilitate direct connections between Practitioners and Medical Practices. This results in lower costs, higher patient throughput, better rates, and transparency.