|[June 12, 2014]
Northeast Ohio Companies and Funds Awarded $17M by Ohio Third Frontier
CLEVELAND --(Business Wire)--
Three companies and five funds from Northeast Ohio collectively won $17M
in funding from two Ohio Third Frontier programs. This funding will
enable high tech companies in the region to continue to grow and create
The Commercial Acceleration Loan Fund supports the move of products and
services into meaningful market entry. Northeast Ohio companies awarded
funds through the competitive process include:
- CerviLenz Inc., which won $2M, has developed an innovative
medical device to help identify and manage pregnant women at high risk
for preterm birth.
- Echogen Power Systems LLC, which won $1.5M, is developing and
commercializing a proprietary heat recovery system for use in new market
- MAR Systems Inc., which won $645,000, has developed a faster,
cheaper, greener solution for the removal of heavy metal contaminants
All three have received support from JumpStart and other investors or
service providers in the regions.
The Pre-seed Fund Captalization Program increases the availability of
professionally managed capital and services to accelerate the growth of
early-stage Ohio technology companies. These Northeast Ohio investment
funds were collectively awarded $12.8M:
- Impact Angel Fund, LLC. Collaborators on the proposal
were: JumpStart, TechGROWTH Ohio, Innovation Forward, LLC and 28
- Cleveland Clinic Foundation. Collaborators were Parker
Hannifin Corporation, ProMedica, JumpStart, BioEnterprise Corporation,
North Coast Angel Fund II and Case Western Reserve University.
- North Coast Angel Fund III. Collaborators were
JumpStart, BioEnterprise, Cleveland Clinic Innovations and 47 individual
- Bizdom Fund. Collaborators were Rock Ventures and The
Quicken Loans Family of Companies.
- Lorain County Community College Foundation. The
collaborator was Great Lakes Innovation & Development Center.
Says Jon Elsasser, Fund Manager of the Impact Angel Fund, a new fund
based in Stark County: "Receiving the Third Frontier matching award is
an important component of the effort to foster entrepreneurism and
create new businesses and economic growth in our multi-county region.
JumpStart played a key role in developing our proposal and building the
credibility of our operational capacity and quality of deal flow."
JUMPSTART INC. JumpStart is committed to strengthening the
economy through entrepreneurship. The nonprofit has been accelerating
the successes of diverse entrepreneurs, their high growth companies and
the ecosystems that support them since 2004. For more information, visit www.jumpstartinc.org
and follow @JumpStartInc on Twitter (News - Alert).
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