February 17, 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 4 young 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 50th consecutive quarter of funding for the Innovation Fund. Since the Innovation Fund launched in 2007, it has committed more than $15 million to 273 Northeast Ohio startups.
"Over the course of 50 consecutive quarters (12+ years) we have helped hundreds of now successful companies launch in NE Ohio and created hundreds of new jobs,” said Dennis Cocco, Co-Director of GLIDE. “We could have never completed this feat without the ongoing support of Lorain County Community College, our fellow collaborators in NE Ohio and the support from The Third Frontier Commission.”
The following companies received funding in the 50th cycle, ending December 15, 2019. They were chosen after a three-month application and selection process:
Argyle Scientific ($25,000 | Akron) uses advanced technologies to prevent infections contracted during orthopedic surgeries. The foundation of the team comes from a collaboration of the inventors from BYU and industry experts recruited from successful orthopedic startups from Northeast Ohio.
Teametrix ($25,000 | Youngstown) is a next-level marketing automation platform that helps direct sales entrepreneurs build better businesses. It is the leading marketing technology company for the direct sales industry. The Teametrix platform helps entrepreneurs attract new prospects, convert more sales, engage their audiences, and build world class businesses, all in one place.
OndeCare ($75,000 | Cleveland) provides private, safe on-demand and part-time care to loved ones of all ages and needs, while generating high-paying flexible jobs for certified professionals. OndeCare adds a competitive twist to in-home care services.
JuggerBot 3D ($100,000 | Youngstown) builds industrial-grade 3D printers that are uniquely capable of processing performance materials, at scale, reliably. For too long, we have been forced to experiment with foreign materials, limited by slow processes, and plagued by feeble equipment. They work with machine shops, contract manufacturers, and OEMs alike to ensure prosperity for manufacturers across the world.
For more information on these and all the Innovation Fund portfolio companies, visit innovationfundamerica.org/portfolio
About 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. These partners include the University of Akron, the University of Akron Research Foundation, Braintree Partners, Cleveland State University, the Great Lakes Innovation and Development Enterprise (GLIDE), the Lorain County Community College Foundation, Stark State College, the Youngstown Business Incubator, and Northeast Ohio Medical University.