Innovation Fund Northeast Ohio has awarded $275,000 to five startup companies. These companies are due to receive Innovation Fund awards ranging from $25,000 to $75,000, allowing them to carry out projects that will further their technologies.
“The quality of presentations from this group of entrepreneurs made the round of funding extremely competitive, which is a testament to how the region is rising the tide going forward,” GLIDE Co-Director Jim Walborn said in a statement.
The following five companies received funding: Cleveland Heights-based Prophit.ai ($25,000); Olmsted Township-based Strife AI ($25,000); Cleveland Heights-based RoadPrintz Inc. ($75,000); Bedford-based Thrivable ($75,000); and Strongsville-based NelDerm ($75,000)
Since the Innovation Fund launched in 2007, it has committed more than $15 million to 274 Northeast Ohio startups.
Founded by the Lorain County Community College Foundation, Innovation Fund awards technology-based startups up to $100,000 so they can validate their technologies and business concepts. The Innovation Fund averages six funding awards each quarter and fills the capital needs of businesses at the earliest stage of development, before they can attract angel and venture capital funding.