Funding Ohio

Ohio’s Innovation Fund Distributes $175,000 To Four Startups

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Aatru Medical Corp, Triple Beam Technologies, Studi Stick and Komae Receive Funding From Ohio’s Innovation Fund

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Ohio’s Innovation Fund is the region’s most active pre-seed fund. They’ve helped startups create over 1,000 jobs since 2007.

They recently awarded $175,000 to four startups in North East Ohio. That brings their grand total in funding to $11.8 million dollars to 178 local technology startups since the funds inception. That $11.8 million has led to $334 million in follow on funding for those startups. The most active impact has been over the last five years.

“We’re closing in on the Innovation Fund’s 10-year anniversary and the regional economic impact we’re now seeing from our portfolio is growing exponentially,” said Dennis Cocco, director of the Innovation Fund.

“We couple critical, early-stage funding with strong coaching and now we’re seeing some of our earliest portfolio companies become established enterprises that are rapidly growing in revenue and job creation. This kind of impact solidifies the Innovation Fund’s and the college’s role in stimulating entrepreneurial and economic growth in Northeast Ohio.”

Here’s how the funds were distributed:

Aatru Medical ($100,000 | Cleveland) is developing a wound dressing product platform that leverages market-ready technology and should disrupt the multi-billion dollar wound therapy market. With its initial focus on the negative pressure wound therapy market space, Aatru Medical is designing the industry’s first and only fully self-contained negative pressure dressing that eliminates the need for pumps, batteries, hoses, and canisters. The company is using the award to refine product design and components, complete some product testing, and begin the FDA submission process. Read more.

Triple Beam Technologies ($25,000 | Akron) is developing the Cannibuster, a portable, rapid-results device that evaluates marijuana intoxication of suspected impaired drivers. The simple-to-use product includes a handheld analyzer and a one-time use test cartridge to provide a low cost, rapid method of screening for marijuana. Triple Beam Technology hopes its Cannibuster becomes an integral tool that law enforcement uses to identify and prosecute drugged drivers—just like the alcohol breathalyzer identifies and prosecutes drunk drivers. The Innovation Fund award will help the company complete technology validation studies and gain the real world data needed to raise more money.  Read more.

Studio Stick ($25,000 | Cleveland) has developed a portable recording studio for smartphones and tablets. The 20-inch container opens and expands to a musician’s height, revealing a reflective filter, microphone, pop filter, phone holder and stand. Combined with the company’s mobile app, users can record high quality songs or any type of audio anywhere. Studio Stick will use the funding for product development, website development, and marketing efforts. Read more.

Komae ($25,000 | Akron) has created a new app for parents to unlock unlimited babysitting by exchanging sits with trusted friends. The free app connects parents with people they and their children already know, allowing parents to make and fill babysitting requests for each other. The startup just released its app in Apple and Android app stores. Komae’s founders, both of whom are moms, will use the money to design, develop, and deploy a new user experience design based on the results of usability testing. Read more.

 

About the author

Robert Morris