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Innovation Fund Commits $250,000 to Local Tech Startups

Northeast Ohio
Innovation Fund Commits $250,000 to Local Tech Startups

Innovation Fund Northeast Ohio, the region’s most active pre-seed fund for technology-based startups, has awarded a combined $250,000 to six companies. The startups will use the awards – between $25,000 and $100,000 – to complete specific projects that will bring their technologies closer to market, preparing them to raise more funding, launch new products, and create jobs.

With this latest funding round, the Innovation Fund has committed $12.5 million to 203 Northeast Ohio startups. Those startups have raised more than $404 million and created 800 new jobs since receiving Innovation Fund investments.

Here are the six companies that received funding in the 42nd cycle:

K Medical ($100,000 |Cleveland) is developing a biomimetic adhesive for wound closure. Compared to stitches and staples, Suture Glue is quick and easy to apply, causes no pain, and doesn’t require removal. Suture Glue also outperforms other wound closure adhesives by using a proprietary polymer that’s more flexible, viscous and biocompatible. K Medical is using the funds to scale up to kilogram quantities, optimize the formula, develop an applicator with initiator, and begin animal studies.

Splash CPQ ($50,000 | Cleveland) automates the quote, payment, order process with a click. The SaaS application eliminates manual sales administration through automation to increase time available to sell, accelerate payment and improve customer response time and satisfaction. The Innovation Fund award will help the company complete development of the final administrative module and support Alpha/Beta end-user testing.

Capture Solutions ($25,000 | Lakewood) is a cloud-based, digital documentation tool that allows companies to minimize risk and increase compliance with a variety of federal, state, and local laws. With Capture, managers and supervisors can document any issue that crops up at a job site right from their phones, increasing communication between the field and the corporate office. The company is using the award to develop the Android version, as well as backend functionality that will let administrators run reports and collate information from various job sites.

MedaSync ($25,000 | Cleveland) provides real-time, predictive business intelligence and decision support software to help nursing homes stay financially sound. The company has an early product in market with 10 installations and three channel partnerships. Its founders plan to use the funding to build product functionality that will help clients automate workflows to comply with insurance requirements.

NVeyeTech ($25,000 | Willowick) provides night vision equipment for portable applications. The company, formerly Rubicon Technologies, just demonstrated an easy-to-use, aftermarket installed night vision system for all major motorcycle brands. NVeyeTech is using the award to finalize the design of the mechanical housings and wire harness.

Structured Monitoring Products ($25,000 | Elyria) is developing the first true non-contact vital signs monitor for humans and animals. The startup is helping veterinarians save time and money by monitoring the vital signs of pets in the minimally regulated animal diagnostic industry. The VetGuardian™ Vital Signs Monitor measures pulse and respiration rate with no contact of the animal.

For more information on these and all the Innovation Fund portfolio companies, visit our 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 fills the capital needs of businesses at the earliest stage of development, before they can attract angel and venture capital funding. Awards are made with funds from the Ohio Third Frontier, which have been combined with matching support and contributions from the Innovation Fund partners: The University of Akron, the University of Akron Research Foundation, Braintree, Cleveland State University, the Great Lakes Innovation and Development Enterprise (GLIDE), the Lorain County Community College Foundation, Stark State College, Youngstown State University, the Youngstown Business Incubator, and Northeast Ohio Medical University.