Posted August 27, 2019
Innovation Fund Northeast Ohio, the region’s most active pre-seed fund for technology-based startups, has awarded a combined $225,000 to three startup companies. The companies will receive Innovation Fund awards ranging from $25,000 to $100,000, allowing them to complete projects that will further their technologies or business models.
RooSense LLC ($25,000 | Akron) has developed flexible, lightweight fabric materials that can selectively determine physiological information from sweat forming on the skin. RooSense has created a wearable sensor that monitors sweat electrolyte levels, which will help prevent illness and injury.
FarmFare ($100,000 | Cleveland) is a local food supply chain technology that has a vision to restore local and regional food systems. Farm Fare’s platform allows regional food hubs to share resources to drive greater sales while lowering operating costs, creating efficiency through data and collaboration.
Hyr Medical ($100,000 | Highland Heights) provides an online platform for physician freelancing. It works by eliminating the agency middle man to facilitate direct connections between practitioners and medical practices. This results in lower costs, higher patient throughput, better rates, and transparency.
These companies represent the Innovation Fund’s 48th consecutive funding cycle and were chosen after a three-month application and selection process.
“All three companies are led by minorities, including two that are owned by women entrepreneurs,” said Dennis Cocco, co-director of GLIDE, the technology incubator on the Lorain County Community College campus that administers the fund. “The Innovation Fund continues to strive to include minority-led technology based startups in its portfolio.”
Since the Innovation Fund launched in 2007, it has committed more than $15 million to 269 Northeast Ohio startups.
For more information on these and all the Innovation Fund portfolio companies, visit innovationfundamerica.org/portfolio.
About the Innovation Fund
The Innovation Fund, founded by the Lorain County Community College Foundation, is Northeast Ohio’s most active and successful early-stage fund. It 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. Innovation Fund awards are made with funds from the Ohio Third Frontier, which have been combined with matching support and contributions from the Innovation Fund partners. These partners include the University of Akron, the University of Akron Research Foundation, Braintree Partners, Cleveland State University, the Great Lakes Innovation and Development Enterprise (GLIDE), the Lorain County Community College Foundation, Stark State College, the Youngstown Business Incubator, and Northeast Ohio Medical University.