State Awards More Than $67.4 Million to Support Technology Entrepreneurs, Startup Companies

(COLUMBUS, Ohio) - The Ohio Third Frontier Commission today approved $67,440,000 to help entrepreneurs develop innovative products and to support the research and commercialization of medical, engineering, and scientific technologies.

More than $65.6 million is being funded to five regional partners through the Entrepreneurial Services Provider (ESP) Program, which helps Ohio's technology startup and early-stage companies get their ideas to the marketplace and achieve significant growth. In addition, 10 organizations were awarded $1.8 million in grant funding to support further validation of early-stage technologies through the Technology Validation and Start-up Fund (TVSF).

"Here in Ohio, we're investing in opportunities that will keep us on the cutting edge of technology and innovation," said Governor Mike DeWine. "This funding helps ensure that Ohio will remain the most creative and entrepreneurial state in the Midwest."

"Ohio is stepping up to support the problem-solvers and inventors creating the technology of tomorrow," said Lydia Mihalik, director of the Ohio Department of Development and chair of the Ohio Third Frontier Commission. "These projects will transform bold ideas into real-world breakthroughs-improving lives, creating high-quality jobs, and fueling long-term economic growth."

Entrepreneurial Services Provider Program Awards

The ESP Program was created to fill gaps in the entrepreneurial system by providing financial support to a regional network of service providers and their collaborators that assist Ohio's technology startup and early-stage companies.

Through the ESP Program, Ohio's regional partners have access to a variety of resources, including:

• Mentorship by seasoned entrepreneurs and industry professionals.
• Access to investors and capital.
• Business support, including legal, tax, and accounting services.
• Assistance in developing intellectual property and marketing/sales strategies.
• Recruiting talent.
• Incubators providing state-of-the-art workspaces.
• Accelerators guiding entrepreneur teams through business "boot camp."

CincyTech, located in the city of Cincinnati (Hamilton County), was awarded $10.55 million.

JumpStart Inc., located in the city of Cleveland (Cuyahoga County), serves both the Northeast and Northwest regions and was awarded $31.13 million.

Rev1 Ventures, located in the city of Columbus (Franklin County), was awarded $9.33 million.

TechGROWTH Ohio, located in the city of Athens (Athens County), was awarded $2.39 million.

The Entrepreneurs' Center, located in the city of Dayton (Montgomery County), was awarded $12.24 million.

Technology Validation and Start-up Awards

The TVSF program provides grants to Ohio companies aiming to license institution-owned technologies to accelerate commercialization through activities such as market research and further prototyping. This helps companies raise funds and get licensed technology to the marketplace faster.

Airtrek Robotics, Inc., located in the city of Cincinnati (Hamilton County), was awarded $200,000 to commercialize an intelligent robot that clears debris from airport runways. This robot can detect, remove, and analyze debris due to its sensors and cloud-based analytics. Some of the funds for this project will be used for technical refinement and field trials. It is anticipated that new high-tech jobs will be created in Ohio based on this project. The technology is being licensed by the U.S. Air Force.

Bisc Therapeutics, Inc., located in the city of Elyria (Lorain County), was awarded $200,000 to commercialize an oral medication that helps prevent vision loss-specifically geographic atrophy. This novel therapy blocks Bax, a significant protein that causes the death of cells in the retina. By consuming this medication, patients could avoid invasive eye treatments. Some of the funds for this project will be used for safety studies. The technology is being licensed by Case Western Reserve University.

CARTx Therapeutics, LLC, located in the city of Columbus (Franklin County), was awarded $200,000 to commercialize a CAR T-cell immunotherapy platform that targets and eliminates cancer cells. After being genetically engineered in a laboratory, these T-cells will be infused into the individual. The new technology has fewer toxicities and can be manufactured more rapidly than existing treatments. The targeting ability of this novel therapy enables the sparing of non-cancerous, healthy cells. The technology is being licensed by the Research Institute at Nationwide Children's Hospital.

ComHealth Data Solutions LLC, located in the city of Elyria (Lorain County), was awarded $200,000 to commercialize the i-Hope platform. This smart data collection platform longitudinally tracks data and shares information across several providers. With the advent of the Affordable Care Act, community health workers operating within community-based organizations have experienced some difficulties with accessing medical records electronically and have been unable to submit claims online. This software platform would serve as a substitute for paper-based data collection. The technology is being licensed by Cleveland State University.

NeoIndicate LLC, located in the city of Wellington (Lorain County), was awarded $200,000 to commercialize a platform technology that can diagnose, image, and selectively treat cancer. This technology is broadly applicable to varying tumor types. The platform uses a specific molecule fragment only present in tumor cells. Some of the funds for this project will be used to determine the diagnostic timeframe. The technology is being licensed by Case Western Reserve University.

Pavaka Wound Care LLC, located in the city of Columbus (Franklin County), was awarded $200,000 to commercialize an electroceutical wound dressing to curb serious infections, specifically those from biofilms and drug-resistant bacteria. These kinds of infections are commonplace in burns and chronic wounds but are hard to treat with antibiotics. The alternative solution is electroceutical wound dressing, which utilizes an electric field to provide faster healing and disrupt bacterial biofilms. It is expected that new jobs will be created in Ohio as a result of the project. The technology is being licensed by the Ohio State University.

Volynt Aero, Inc., located in the city of Oxford (Butler County), was awarded $200,000 to commercialize power converter technology specialized for the Vyper aircraft. The Vyper aircraft is unmanned, hybrid-electric, and intended to be used in disaster response scenarios such as emergency cargo logistics. This converter enhances the capabilities of the Vyper by boosting the range and endurance. Some of the funds for this project will be used to ensure the prototype system is operational. New jobs are expected to be created in Ohio as a result of this project. The technology is being licensed by Miami University.

WaterWise Technologies LLC, located in the city of Columbus (Franklin County), was awarded $200,000 to commercialize autonomous aquatic drones that can identify harmful algae, pathogens, and other toxins in freshwater sources. This technology will allow for real-time prevention and treatment in a singular, battery-powered device that will be an alternate solution to chemical treatments. Some of the funds for this project will be used to test the software and conduct an ecological impact assessment. The technology is being licensed by the Ohio State University.

University of Akron Research Foundation, located in the city of Akron (Summit County), was awarded $100,000 to support the University of Akron Research Foundation (UARF) Spark Fund, which will help validate novel technologies for commercialization purposes. This pool of money will be used to support multiple projects under the fund. The indirect funding is expected to revolve around polymer science and engineering.

Parallax Advanced Research Corporation, located in the city of Beavercreek (Greene County), was awarded $100,000 to support their TVSF Research Commercialization Fund. The goal of the Research Commercialization Fund is to help advance technologies developed and owned by Parallax and its affiliate, Ohio Aerospace Institute, towards commercialization by licensing those technologies to start-up companies launched through Parallax's Venture Studio. Parallax plans to launch technology companies based on their internal intellectual property assets that can create job opportunities to help grow Ohio's overall tax base.

The next round of the TVSF program opens at 10 a.m. April 25. To learn more and apply, visit the program webpage at Development.Ohio.gov/TVSF.

The Ohio Department of Development empowers communities to succeed by investing in Ohio's people, places, and businesses. Learn more about our work at development.ohio.gov.