The Ohio State Controlling Board approved a $5 million technology-driven project in Elyria, State Rep. Gayle Manning, R-North Ridgeville, announced.
The project funding will go to Innovation Fund America to develop the Northeast Ohio Innovation Pre-Seed Fund, according to a news release from Manning.
“We’ve seen how quickly our modern-day technology has advanced within the last two decades,” Manning said. “I applaud this initiative as we work to further invest in our technology companies across the state."
The Pre-Seed/Seed Plus Fund Capitalization Program works to accelerate the growth of early-stage Ohio technology companies by providing capital to professionally managed pre-seed and seed plus investment funds, the release said.
The program increases the number of professionally managed pre-seed funds in Ohio, increases the amount of early-stage capital being invested and builds a pipeline of technology company deal flow to attract venture capital firms, both within and outside of Ohio, according to the release.
Specifically, the Ohio Third Frontier's Targeted Industry Sectors for this program are advanced materials, aero propulsion, power management, agribusiness and food processing, fuel cells and energy storage, IT - business/healthcare, medical technology, sensing and automation technologies, situational awareness, surveillance systems and solar photovoltaics.
Along with providing $5 million in match to state funds, Innovation Fund America will use the funds to focus on and invest in early-stage opportunities in targeted sectors including software, biosciences, advanced energy and materials, according to the release.