Ohio Innovation Fund

Ohio Innovation Fund is a venture capital firm that specializes in early-stage investments, primarily within the technology and life sciences sectors. Founded in 2016 and based in Columbus, Ohio, the firm focuses on companies that are either based in Ohio or have connections to the state. It typically invests between $250,000 and $500,000, with potential investments of up to $1.25 million contingent on achieving specific milestones. The firm is particularly interested in sectors such as medical technology, biopharma, augmented and virtual reality, advanced manufacturing, software as a service, artificial intelligence, machine learning, cybersecurity, and mobility. Ohio Innovation Fund aims to provide not only financial support but also expertise to help foster innovation and growth in early-stage companies.

William Baumel

Managing Director

Michael Hughes

Venture Partner

JIll Raderstorf

Partner

Faith Voinovich

Principal

33 past transactions

Enable Injections

Series C in 2022
Enable Injections, LLC develops a disposable body-worn bolus injector to deliver high viscosity/volume payloads to the subcutaneous tissue. The company’s system uses standard vial, syringe, or cartridge container closure; and automatically mixes lyophilized solutions. Its drug delivery system’s transfer package automatically warms the drug, and enables user to insert the container into the system, place the injector on the skin, and press the central button, as well as know the progress of the delivery through its viewing window, and then dispose the device. It also offers partial or multi-vial/syringe transfer systems for filling its LVWIs. The company was founded in 2010 and is based in Cincinnati, Ohio.

Aware

Series C in 2021
Aware is a cloud intelligence platform that adopts the latest advancements in cognitive computing, artificial intelligence, and behavioral analytics to amplify enterprise value by monitoring the social graph. They harness the power of their platform’s insights into human behavior and interactivity to create great value for the enterprise. They have only built a fraction of what they imagined and now they are looking for incredibly talented people to help us achieve their aspirational vision.

DAtAnchor

Convertible Note in 2021
DAtAnchor develops a novel crypto-technology that anchors the data consumption within the network boundaries, serving as a backstop against inevitable breaches. It provides a secure gateway to access the files in the cloud and the database, with the added features of revocability and physical access control, enabling efficient and automated data governance. DAtAnchor is a result of a multi-year research activity, developed at Ohio State University. The development team currently has 6 members, 4 of which are full-time. We have seed level funding for >1M and an advisory board with members at the senior vice president level in Fortune 500 companies.

S4 Medical

Series A in 2021
S4 Medical Corp is a medical device company based in Cleveland, Ohio, founded in 2017. The company specializes in developing innovative solutions for catheter ablation treatment of atrial fibrillation. Its flagship product, the eSolution device, is designed to reduce complications to the esophagus during these procedures, enhancing patient safety and outcomes. S4 Medical focuses on addressing the challenges associated with cardiac procedures by providing effective protective measures during catheter ablation.

eFuse

Venture Round in 2021
eFuse is a web and mobile platform tailored for the esports and video game industry, serving as a central hub for gamers to establish their identities and engage with the community. The platform facilitates networking among individuals, offering opportunities for learning, collaboration, and career advancement. Users can explore various resources, including job placements, scholarships, and sponsorship deals, making eFuse a comprehensive tool for aspiring professionals and enthusiasts alike. By unifying the gaming community, eFuse enhances connections among players and industry stakeholders, fostering growth and engagement within the esports ecosystem.

Aware

Series B in 2020
Aware is a cloud intelligence platform that adopts the latest advancements in cognitive computing, artificial intelligence, and behavioral analytics to amplify enterprise value by monitoring the social graph. They harness the power of their platform’s insights into human behavior and interactivity to create great value for the enterprise. They have only built a fraction of what they imagined and now they are looking for incredibly talented people to help us achieve their aspirational vision.

ScriptDrop

Series A in 2020
ScriptDrop is a technology platform that facilitates connectivity among patients, pharmacists, providers, and pharmaceutical manufacturers within the healthcare ecosystem. Founded in 2016 and based in Columbus, Ohio, the company focuses on simplifying the prescription delivery process for both pharmacists and patients. ScriptDrop offers a seamless experience by providing prescription delivery services across all 50 states, while also incorporating additional services aimed at improving medication adherence. The platform employs predictive algorithms to assess the appropriateness of delivery based on the patient's condition, effectively integrating into pharmacists' workflows. This approach allows pharmacists to streamline their operations and gain valuable reporting and analytical insights.

Immuta

Series C in 2020
Immuta, Inc. develops a cloud-native data governance platform that focuses on automating data access control, security, and privacy compliance. The platform allows organizations to manage data security and privacy effectively, ensuring that users access only the data relevant to their roles and approved purposes. Immuta's solutions include automated data discovery, classification, and the establishment of security policies without requiring coding expertise. The platform also provides monitoring capabilities to track data usage, thereby enhancing transparency and compliance with global regulations such as GDPR, CCPA, and HIPAA. Immuta serves a diverse range of industries, including finance, healthcare, government, and manufacturing, facilitating cloud migration, regulatory compliance, and secure collaboration. Founded in 2014 and based in College Park, Maryland, with additional offices in Boston and Columbus, the company aims to foster collaboration among data engineering, security, legal, and compliance teams while minimizing risks associated with data access.

Genetesis

Series B in 2020
Genetesis LLC is a medical technology company focused on enhancing the diagnosis and management of cardiac conditions, specifically myocardial ischemia and coronary artery disease. Founded in 2013 and based in Mason, Ohio, Genetesis develops non-invasive biomagnetic imaging solutions, notably the Genetesis CardioFlux system. This advanced mapping technology allows for the detection and characterization of cardiac rhythm disorders by visualizing the heart's electrical currents in 3D. The company also utilizes the Faraday Analytical Cloud, a HIPAA-compliant platform that supports data management and workflow for the CardioFlux Magnetocardiograph (MCG). This innovative approach combines biomagnetic imaging with machine learning capabilities, aiming to improve patient health outcomes without exposing patients to radiation or requiring exercise during the procedure.

S4 Medical

Venture Round in 2020
S4 Medical Corp is a medical device company based in Cleveland, Ohio, founded in 2017. The company specializes in developing innovative solutions for catheter ablation treatment of atrial fibrillation. Its flagship product, the eSolution device, is designed to reduce complications to the esophagus during these procedures, enhancing patient safety and outcomes. S4 Medical focuses on addressing the challenges associated with cardiac procedures by providing effective protective measures during catheter ablation.
EmployStream is a hiring workflow automation software platform for staffing companies and other high-volume employers. It also creates high-quality, user-friendly for high-volume employers that automates the hiring and onboarding process for employers. The platform eliminates costly mistakes and delays allowing companies to hire up to 90% faster and at half the cost. The company provides an online hiring platform which offers different features such as paper onboarding, real-time alerting, online application, background checks, applicant pre & interview screening, and verification. EmployStream was founded in 2014 and is headquartered in Cleveland Ohio, USA.

Windpact

Venture Round in 2019
Windpact, Inc., founded in 2011 and headquartered in Leesburg, Virginia, specializes in impact protection solutions across various sectors, including sports, military, automotive, and medical applications. The company offers a platform as a service that assists product development teams in exploring innovative foam technologies. Utilizing advanced machine learning, finite element analysis (FEA) modeling, and a Crash Cloud system, Windpact's solutions dynamically adapt to manage diverse impact scenarios, enhancing safety for users exposed to potential impacts. In addition, Windpact provides software tools that support product developers by optimizing design processes, accelerating timelines, and reducing development costs, ultimately allowing teams to enhance product performance tailored to specific objectives.

eFuse

Seed Round in 2019
eFuse is a web and mobile platform tailored for the esports and video game industry, serving as a central hub for gamers to establish their identities and engage with the community. The platform facilitates networking among individuals, offering opportunities for learning, collaboration, and career advancement. Users can explore various resources, including job placements, scholarships, and sponsorship deals, making eFuse a comprehensive tool for aspiring professionals and enthusiasts alike. By unifying the gaming community, eFuse enhances connections among players and industry stakeholders, fostering growth and engagement within the esports ecosystem.
EmployStream is a hiring workflow automation software platform for staffing companies and other high-volume employers. It also creates high-quality, user-friendly for high-volume employers that automates the hiring and onboarding process for employers. The platform eliminates costly mistakes and delays allowing companies to hire up to 90% faster and at half the cost. The company provides an online hiring platform which offers different features such as paper onboarding, real-time alerting, online application, background checks, applicant pre & interview screening, and verification. EmployStream was founded in 2014 and is headquartered in Cleveland Ohio, USA.

Complion

Series B in 2019
Complion Inc. is a developer of a web-based document and workflow management platform tailored for clinical research sites, academic medical centers, hospitals, health systems, and contract research organizations. The platform enables secure and compliant management of regulatory documents and administrative tasks, providing features such as document tracking, e-signatures, and real-time compliance insights. It facilitates various aspects of clinical trials, including study startup, amendment processing, safety reporting, and training, while ensuring high data security. Complion's solutions streamline information for auditors and quality assurance personnel, enhancing collaboration among researchers and sponsors. The company also offers customer support, training resources, and a searchable online help center to assist users. Founded in 2012 and headquartered in Cleveland, Ohio, Complion was previously known as RegBinder, Inc. before rebranding in 2013.

Stirling Ultracold

Series B in 2018
Stirling Ultracold, a division of Global Cooling, Inc., specializes in the development and manufacturing of ultra-low temperature freezers that operate below -86°C. These innovative freezers utilize patented free-piston Stirling engine technology, distinguishing them from traditional refrigeration methods that rely on dry ice, Peltier systems, or conventional cascade systems. Designed to meet the increasing needs of bio-repositories and pharmaceutical companies, Stirling Ultracold's products not only achieve stable storage conditions across a broad temperature range but also promote energy efficiency and environmental sustainability, allowing customers to realize significant energy savings while adhering to eco-friendly practices.

DAtAnchor

Seed Round in 2018
DAtAnchor develops a novel crypto-technology that anchors the data consumption within the network boundaries, serving as a backstop against inevitable breaches. It provides a secure gateway to access the files in the cloud and the database, with the added features of revocability and physical access control, enabling efficient and automated data governance. DAtAnchor is a result of a multi-year research activity, developed at Ohio State University. The development team currently has 6 members, 4 of which are full-time. We have seed level funding for >1M and an advisory board with members at the senior vice president level in Fortune 500 companies.

Enable Injections

Series B in 2018
Enable Injections, LLC develops a disposable body-worn bolus injector to deliver high viscosity/volume payloads to the subcutaneous tissue. The company’s system uses standard vial, syringe, or cartridge container closure; and automatically mixes lyophilized solutions. Its drug delivery system’s transfer package automatically warms the drug, and enables user to insert the container into the system, place the injector on the skin, and press the central button, as well as know the progress of the delivery through its viewing window, and then dispose the device. It also offers partial or multi-vial/syringe transfer systems for filling its LVWIs. The company was founded in 2010 and is based in Cincinnati, Ohio.

Alviere

Series A in 2018
Developer of an embedded finance platform designed to empower brands to offer financial services to their customers. The company's software and services give businesses a flexible framework to launch new financial service lines of business aimed at increasing profits, enabling customer relationships and insights, and increasing customer satisfaction and retention.

RXQ Compounding

Series A in 2018
RXQ Compounding, LLC manufactures and distributes sterile and non-sterile medications in the United States. The company offers sterile and non-sterile injectable products, veterinary medications, dermatologic creams and ointments, ophthalmic solutions, orthopedic steroids, and custom production products for hospitals. It sells its products online. The company was founded in 2014 and is based in Athens, Ohio.

Eccrine Systems

Series B in 2018
Eccrine Systems, Inc. specializes in the development of non-invasive, electronic wearable systems that monitor and transmit real-time data about human sweat. The company's flagship product, the Sweatronics platform, is a modular wearable system capable of measuring various analytes in sweat and wirelessly transmitting this data to remote applications. Eccrine's advanced sweat sensor technologies have applications across medicine, industry, and sports, facilitating the monitoring of biomarkers that can indicate dehydration, health issues, or the effectiveness of medications. Founded in 2013 and headquartered in Cincinnati, Ohio, the company collaborates with partners to translate its technology into market-ready products, enhancing the predictive value of non-invasive wearable data.

Mezu

Venture Round in 2018
Mezu, Inc., founded in 2017 and based in Cleveland Heights, Ohio, is a mobile payment application that enables users to send and receive money while maintaining their privacy. The app allows individuals to pay, tip, earn, and donate without the need to share personal information, functioning similarly to cash transactions. Mezu aims to provide a secure and convenient platform for financial exchanges, emphasizing that users' financial activities are their own business. The application is accessible on both iOS and Android platforms within the United States.

Genetesis

Series A in 2018
Genetesis LLC is a medical technology company focused on enhancing the diagnosis and management of cardiac conditions, specifically myocardial ischemia and coronary artery disease. Founded in 2013 and based in Mason, Ohio, Genetesis develops non-invasive biomagnetic imaging solutions, notably the Genetesis CardioFlux system. This advanced mapping technology allows for the detection and characterization of cardiac rhythm disorders by visualizing the heart's electrical currents in 3D. The company also utilizes the Faraday Analytical Cloud, a HIPAA-compliant platform that supports data management and workflow for the CardioFlux Magnetocardiograph (MCG). This innovative approach combines biomagnetic imaging with machine learning capabilities, aiming to improve patient health outcomes without exposing patients to radiation or requiring exercise during the procedure.

Immuta

Series B in 2018
Immuta, Inc. develops a cloud-native data governance platform that focuses on automating data access control, security, and privacy compliance. The platform allows organizations to manage data security and privacy effectively, ensuring that users access only the data relevant to their roles and approved purposes. Immuta's solutions include automated data discovery, classification, and the establishment of security policies without requiring coding expertise. The platform also provides monitoring capabilities to track data usage, thereby enhancing transparency and compliance with global regulations such as GDPR, CCPA, and HIPAA. Immuta serves a diverse range of industries, including finance, healthcare, government, and manufacturing, facilitating cloud migration, regulatory compliance, and secure collaboration. Founded in 2014 and based in College Park, Maryland, with additional offices in Boston and Columbus, the company aims to foster collaboration among data engineering, security, legal, and compliance teams while minimizing risks associated with data access.

ConnXus

Series A in 2018
ConnXus supplier management solutions simplify the complexities of global supply chains and allow buyers to achieve their goals of responsible and sustainable sourcing. ConnXus is a NMSDC, CPUC, CAMSC and State of Ohio-certified minority-owned business enterprise based in Mason, Ohio with local, regional and international capabilities.

Aware

Series A in 2018
Aware is a cloud intelligence platform that adopts the latest advancements in cognitive computing, artificial intelligence, and behavioral analytics to amplify enterprise value by monitoring the social graph. They harness the power of their platform’s insights into human behavior and interactivity to create great value for the enterprise. They have only built a fraction of what they imagined and now they are looking for incredibly talented people to help us achieve their aspirational vision.

Immuta

Series A in 2017
Immuta, Inc. develops a cloud-native data governance platform that focuses on automating data access control, security, and privacy compliance. The platform allows organizations to manage data security and privacy effectively, ensuring that users access only the data relevant to their roles and approved purposes. Immuta's solutions include automated data discovery, classification, and the establishment of security policies without requiring coding expertise. The platform also provides monitoring capabilities to track data usage, thereby enhancing transparency and compliance with global regulations such as GDPR, CCPA, and HIPAA. Immuta serves a diverse range of industries, including finance, healthcare, government, and manufacturing, facilitating cloud migration, regulatory compliance, and secure collaboration. Founded in 2014 and based in College Park, Maryland, with additional offices in Boston and Columbus, the company aims to foster collaboration among data engineering, security, legal, and compliance teams while minimizing risks associated with data access.

Aware

Series A in 2017
Aware is a cloud intelligence platform that adopts the latest advancements in cognitive computing, artificial intelligence, and behavioral analytics to amplify enterprise value by monitoring the social graph. They harness the power of their platform’s insights into human behavior and interactivity to create great value for the enterprise. They have only built a fraction of what they imagined and now they are looking for incredibly talented people to help us achieve their aspirational vision.

Aware

Series A in 2017
Aware is a cloud intelligence platform that adopts the latest advancements in cognitive computing, artificial intelligence, and behavioral analytics to amplify enterprise value by monitoring the social graph. They harness the power of their platform’s insights into human behavior and interactivity to create great value for the enterprise. They have only built a fraction of what they imagined and now they are looking for incredibly talented people to help us achieve their aspirational vision.

Enable Injections

Series A in 2016
Enable Injections, LLC develops a disposable body-worn bolus injector to deliver high viscosity/volume payloads to the subcutaneous tissue. The company’s system uses standard vial, syringe, or cartridge container closure; and automatically mixes lyophilized solutions. Its drug delivery system’s transfer package automatically warms the drug, and enables user to insert the container into the system, place the injector on the skin, and press the central button, as well as know the progress of the delivery through its viewing window, and then dispose the device. It also offers partial or multi-vial/syringe transfer systems for filling its LVWIs. The company was founded in 2010 and is based in Cincinnati, Ohio.

Enable Injections

Series A in 2016
Enable Injections, LLC develops a disposable body-worn bolus injector to deliver high viscosity/volume payloads to the subcutaneous tissue. The company’s system uses standard vial, syringe, or cartridge container closure; and automatically mixes lyophilized solutions. Its drug delivery system’s transfer package automatically warms the drug, and enables user to insert the container into the system, place the injector on the skin, and press the central button, as well as know the progress of the delivery through its viewing window, and then dispose the device. It also offers partial or multi-vial/syringe transfer systems for filling its LVWIs. The company was founded in 2010 and is based in Cincinnati, Ohio.

Spirosure

Series C in 2016
Spirometrix is a California-based company, focusing on research, development, and commercialization of novel breath analysis devices for application in disease diagnosis and management. Founded in 2012, the company's mission is to provide cost-effective, non-invasive products for the management of chronic diseases such as asthma, COPD, and chronic pulmonary hypertension using a nexus of consumer technologies for preventative healthcare through our proprietary set of sensors and algorithms. The target of their first commercial product is a device that facilitates the diagnosis and management of airway inflammation (asthma) in the physician's office. The product under development is a novel diagnostic medical device to detect exhaled nitric oxide in the breath of a patient.

DOmedia

Series A in 2016
DOmedia, LLC operates a media buying and selling platform focused on out-of-home advertising. Established in 2007 and based in Columbus, Ohio, the company provides cloud-based applications that facilitate RFP and proposal management as well as vendor management. Its online marketplace allows media providers to create profiles for their advertising properties, while agencies and advertisers can utilize a comprehensive database to discover new opportunities and strategize their campaigns. The platform is designed to streamline the media buying process by connecting buyers and sellers, enhancing reporting and analytics, and reducing manual labor. Through its innovative technology, DOmedia aims to transform the traditional methods of purchasing and selling out-of-home media.
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