Third Frontier Provides Over $ 9 Million In Funding For Northeast Ohio

Northeast Ohio’s JumpStart and three technology companies in the region have received more than $ 9 million in total funding from the Ohio Third Frontier programs, according to an announcement on Tuesday, June 22.

The funding was part of more than $ 25 million approved by The Ohio Third Frontier Commission for six regional entrepreneurial service providers created to help grow Ohio tech startups and start-ups.

The allocation included more than $ 8.8 million in annual funding for JumpStart in northeast Ohio and nearly $ 1.9 million for JumpStart in northwest Ohio. Third Frontier approved a total of $ 75.5 million in 2019, providing the funds each year for three years starting in 2020, with the third year being optional.

Commissioners also voted for additional statewide funding of $ 3.8 million for technology start-ups and to bolster tech internships.

The commission also approved $ 3 million for the Technology for Diversity and Inclusion Internship Program, which provides companies with grants for technology internships in marketing, design, engineering, math positions. and software development.

The recent summer 2021 internship program funded 174 interns. For the fall 2021 and spring 2022 application rounds, Scott Ryan, executive director of Third Frontier, has requested an increase of $ 2 million to $ 3 million in funding for the program which he says is “on the verge of to grow “.

Ryan also suggested that the maximum funding be reduced from $ 10,000 to $ 7,500 per internship and that companies be allowed to increase the number of interns per cycle from three to four. The committee approved both of these requests.

Statewide, six companies received a total of $ 800,000 in grants as part of the funding, with the goal of accelerating commercialization for technology start-ups.

As part of the 25th round of the Technological Validation and Start-up Fund, two technology companies associated with Case Western Reserve University and one with the Cleveland Clinic Foundation were approved for a total of $ 400,000 in capital funding.

Edifice Analytics received $ 100,000 for the development of software designed to provide virtual energy audits for large facilities, and NeoIndicate received $ 150,000 to develop a molecular imaging agent to aid in detection and imagination of malignant tumors. Both startups are affiliated with Case.

Zehna Therapeutics, a company with technology from the Cleveland Clinic, is developing a new oral therapy to slow the progression of chronic kidney disease has received $ 150,000 for development and commercialization.

Three other companies received funding. HuMed Lifesciences, located in the city of Delaware, received $ 150,000 to market a hybrid dental implant system that stimulates bone growth. Toledo-based ValCor, a maker of cardiac catheter technology, received $ 150,000. Flexenergy received $ 100,000 for the development and commercialization of a safe, flexible, thin and film portable Li-ion battery. The startup is affiliated with the Air Force Research Laboratory, which operates out of Wright-Patterson Air Force Base in Dayton.

Six of the 10 initial applications were recommended to the commission, making it the highest funding approval rate since the program began in 2012, according to Susan Stanton, a partner at Redwood Innovation Partners, which manages the fund.

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