CincyTech Secures $10.55 Million Boost for Ohio Startups
Deal News | Apr 22, 2025 | CincyTech LLC
The Ohio Third Frontier Commission announced a substantial investment package totaling $67.4 million to aid technology entrepreneurs and startups within the state. The majority, over $65.6 million, is allocated through the Entrepreneurial Services Provider (ESP) Program to support five regional partners: CincyTech, JumpStart Inc., Rev1 Ventures, TechGROWTH Ohio, and The Entrepreneurs Center. These funds will enable mentorship, capital access, business support, and more to accelerate the growth of Ohio's technology startups. Furthermore, $1.8 million through the Technology Validation and Start-up Fund (TVSF) supports 10 projects focusing on biomedical and engineering innovations, enhancing commercial readiness and potential job creation in Ohio. Noteworthy among the projects are a runway debris-clearing robot by Airtrek Robotics, an oral medication for vision loss by Bisc Therapeutics, and a cancer-fighting CAR T-cell therapy by CARTx Therapeutics. This strategic funding initiative underscores Ohio's commitment to remaining at the forefront of technology and innovation in the Midwest.
Sectors
- Technology
- Venture Capital
- Biotechnology
Geography
- Ohio, USA – The funding initiative and all participating entities are based in Ohio, focusing on fostering local tech industry growth.
Industry
- Technology – The article focuses on funding to support technology entrepreneurs and the commercialization of engineering, scientific, and medical technologies in Ohio.
- Venture Capital – Funding is distributed to support early-stage technology companies, an area traditionally supported by venture capital.
- Biotechnology – Several funded projects involve the commercialization of biotech innovations, such as medical therapies and diagnostics.
Financials
- $67,440,000 – Total funding announced by the Ohio Third Frontier Commission to support technology entrepreneurs and startups.
- $65,600,000 – Funds allocated to the Entrepreneurial Services Provider Program to support regional partners.
- $1,800,000 – Grants awarded under the Technology Validation and Start-up Fund for early-stage technology validation.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CincyTech LLC | Regional Partner, Award Recipient | Company | A regional partner based in Cincinnati, receiving $10.55 million to support tech startups. |
| JumpStart Inc. | Regional Partner, Award Recipient | Company | A regional partner serving Northeast and Northwest Ohio, awarded $31.13 million. |
| Rev1 Ventures | Regional Partner, Award Recipient | Company | A regional partner located in Columbus, receiving $9.33 million. |
| TechGROWTH Ohio | Regional Partner, Award Recipient | Company | A regional partner based in Athens, awarded $2.39 million. |
| The Entrepreneurs Center | Regional Partner, Award Recipient | Company | A regional partner located in Dayton, receiving $12.24 million. |
| Ohio Third Frontier Commission | Funder | Government | The state commission providing funding to support Ohio's technology and innovation sectors. |
| Mike DeWine | Governor | Person | Governor of Ohio, advocating for the state's investment in technological innovation. |
| Airtrek Robotics, Inc. | Award Recipient | Company | Recipient of $200,000 to commercialize a robotic runway debris clearer. |
| Bisc Therapeutics, Inc. | Award Recipient | Company | Recipient of $200,000 to develop a novel oral medication for vision loss. |
| CARTx Therapeutics, LLC | Award Recipient | Company | Recipient of $200,000 to advance a CAR T-cell therapy for cancer treatment. |