Ohio Innovation Fund

Ohio Innovation Fund is a venture capital firm based in Columbus, Ohio, specializing in early-stage and startup investments. Founded in 2016, the firm focuses on the technology sector, with particular interest in medical technology, biopharma, augmented and virtual reality, advanced manufacturing, software as a service, artificial intelligence, machine learning, cybersecurity, and mobility. Ohio Innovation Fund primarily invests in companies located in Ohio, typically providing funding between $250,000 and $500,000, with the potential for up to $1.25 million based on specific milestones achieved by the companies.

Bill Baumel

Managing Director

Jill Raderstorf

Partner

Faith Voinovich

Principal

Past deals in Ohio

Clarametyx Biosciences

Series A in 2024
Clarametyx Biosciences, Inc. is a biotechnology company based in Columbus, Ohio, focused on developing targeted and immune-enabling biologic therapies to address persistent infections linked to biofilms. Founded in 2020, the company utilizes a novel technology platform designed to penetrate the protective layers surrounding bacteria, facilitating immune responses and enhancing the effectiveness of antibiotic interventions. Among its key developments is CMTX-001, a humanized monoclonal antibody currently in preclinical stages aimed at treating hospital-acquired pneumonia. Clarametyx's innovative approach seeks to combat life-threatening infections while addressing the growing concerns of antibiotic resistance.

Enable Injections

Series C in 2022
Enable Injections, LLC specializes in the design and manufacture of disposable, body-worn bolus injectors that facilitate the delivery of high viscosity and volume injectable drugs directly into subcutaneous tissue. Established in 2010 and based in Cincinnati, Ohio, the company’s innovative devices can utilize standard containers such as vials, syringes, or cartridges. These injectors not only allow for the reconstitution of powdered drugs but also enable the delivery of up to 20 ml of medication. The system automatically warms and mixes lyophilized solutions, ensuring a seamless injection experience. Additionally, Enable Injections offers a version of its platform that can connect to smartphones via Bluetooth, enhancing user interaction. With approximately 900 new drugs in development that may benefit from this technology, the market for bolus injection systems is projected to reach $8 billion within the next decade.

DAtAnchor

Convertible Note in 2021
Traditional IT controls focus on locking down networks, devices, and people. All of this is done in the name of protecting data. But, once files are moved, shared, or stolen, the data is no longer protected. Even worse, these controls get in the way and frustrate business users to the point they intentionally work around them. Anchor inverts the equation by baking protection into the data, invisible to the business users (like antivirus), so that files are free to travel and security is out of the way. Simply put, wherever the data goes, it is protected. Anchor is a SaaS platform, with an endpoint component, that bakes protection into your files with a unique transparent combination of encryption, continuous multi-factor access controls, and a digital chain of custody. And when you do share or collaborate, Anchor protection stays with your data, even when it leaves your organization. Anchor empowers you to maintain control of your files while collaborating on premise or in the cloud, including forensic logging and revoking access. In under 90 minutes, Anchor is fully deployed and empowers your business users to securely work and collaborate without complicated security products or rules in the way. All without requiring you to change existing IT controls or how your users and applications work today. 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, specifically targeting atrial fibrillation. Its primary product, the eSolution device, is designed to minimize complications to the esophagus during ablation procedures. This device allows healthcare providers to protect the esophagus and aids electrophysiologists in determining the necessary adjustments for effective treatment. S4 Medical's focus on enhancing patient safety in cardiac procedures reflects its commitment to improving outcomes in the field of electrophysiology.

eFuse

Venture Round in 2021
eFuse is a digital platform tailored for the esports and video game industry, founded in 2018 and based in Columbus, Ohio. It serves as a central hub for individuals to build their gaming identities and engage with the industry at various levels. The platform offers resources for learning about the gaming landscape, networking with peers, and accessing opportunities such as jobs and scholarships. Additionally, eFuse facilitates collaborations within the gaming community, focusing on player talent recruitment, job placement, and sponsorship sourcing. By providing these services, eFuse aims to enhance the overall experience for gamers and industry professionals alike.

ScriptDrop

Series A in 2020
ScriptDrop’s technology platform enables connectivity across the healthcare ecosystem connecting patients, pharmacists, providers, and pharmaceutical manufacturers. The platform provides a seamless experience for patients, offering them prescription delivery in all 50 states and allowing for important additional services to be provided for better adherence. The company was founded in 2016 and is headquartered in Columbus, Ohio.

Genetesis

Series B in 2020
Genetesis LLC is a medical technology company based in Mason, Ohio, that specializes in biomagnetic imaging solutions to improve patient diagnosis and monitoring of cardiac conditions. Founded in 2013, the company has developed the Genetesis CardioFlux, a mapping system designed to enhance the detection and treatment of cardiac rhythm disorders by visualizing the heart's electrical currents in three dimensions. Additionally, Genetesis offers the Faraday Analytical Cloud, a HIPAA-compliant platform that manages the data workflow for the CardioFlux magnetocardiograph. The system is non-invasive and avoids exposing patients to radiation or requiring exercise, enabling clinicians to accurately measure the magnetic signals generated by the heart during its electrical activity.

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, specifically targeting atrial fibrillation. Its primary product, the eSolution device, is designed to minimize complications to the esophagus during ablation procedures. This device allows healthcare providers to protect the esophagus and aids electrophysiologists in determining the necessary adjustments for effective treatment. S4 Medical's focus on enhancing patient safety in cardiac procedures reflects its commitment to improving outcomes in the field of electrophysiology.

Able (formerly EmployStream)

Series B in 2020
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.

eFuse

Seed Round in 2019
eFuse is a digital platform tailored for the esports and video game industry, founded in 2018 and based in Columbus, Ohio. It serves as a central hub for individuals to build their gaming identities and engage with the industry at various levels. The platform offers resources for learning about the gaming landscape, networking with peers, and accessing opportunities such as jobs and scholarships. Additionally, eFuse facilitates collaborations within the gaming community, focusing on player talent recruitment, job placement, and sponsorship sourcing. By providing these services, eFuse aims to enhance the overall experience for gamers and industry professionals alike.

Able (formerly EmployStream)

Series A in 2019
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.

DAtAnchor

Seed Round in 2018
Traditional IT controls focus on locking down networks, devices, and people. All of this is done in the name of protecting data. But, once files are moved, shared, or stolen, the data is no longer protected. Even worse, these controls get in the way and frustrate business users to the point they intentionally work around them. Anchor inverts the equation by baking protection into the data, invisible to the business users (like antivirus), so that files are free to travel and security is out of the way. Simply put, wherever the data goes, it is protected. Anchor is a SaaS platform, with an endpoint component, that bakes protection into your files with a unique transparent combination of encryption, continuous multi-factor access controls, and a digital chain of custody. And when you do share or collaborate, Anchor protection stays with your data, even when it leaves your organization. Anchor empowers you to maintain control of your files while collaborating on premise or in the cloud, including forensic logging and revoking access. In under 90 minutes, Anchor is fully deployed and empowers your business users to securely work and collaborate without complicated security products or rules in the way. All without requiring you to change existing IT controls or how your users and applications work today. 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 specializes in the design and manufacture of disposable, body-worn bolus injectors that facilitate the delivery of high viscosity and volume injectable drugs directly into subcutaneous tissue. Established in 2010 and based in Cincinnati, Ohio, the company’s innovative devices can utilize standard containers such as vials, syringes, or cartridges. These injectors not only allow for the reconstitution of powdered drugs but also enable the delivery of up to 20 ml of medication. The system automatically warms and mixes lyophilized solutions, ensuring a seamless injection experience. Additionally, Enable Injections offers a version of its platform that can connect to smartphones via Bluetooth, enhancing user interaction. With approximately 900 new drugs in development that may benefit from this technology, the market for bolus injection systems is projected to reach $8 billion within the next decade.

RXQ Compounding

Series A in 2018
RXQ Compounding, LLC is an FDA-approved 503B Outsourcing Facility located in Athens, Ohio, specializing in the manufacture and distribution of sterile and non-sterile medications throughout the United States. Founded in 2014, the company offers a diverse range of products including sterile and non-sterile injectables, veterinary medications, dermatologic creams and ointments, ophthalmic solutions, and orthopedic steroids, along with custom production solutions for hospitals. RXQ Compounding emphasizes safety and quality by adhering to rigorous regulatory standards and has developed a proprietary procedural manual to ensure compliance with FDA guidelines. The company's commitment to delivering reliable compounded drugs enables healthcare providers to access quality medications efficiently, ultimately supporting optimal patient outcomes.

Mezu

Venture Round in 2018
Mezu, Inc., established in 2017 and based in Cleveland Heights, Ohio, operates in the banking industry with a focus on mobile payments. The company offers a secure and private mobile payment app that allows users to send and receive money without revealing personal information. This platform enables users to pay, tip, earn, and donate easily and at no cost, prioritizing user privacy and discretion in financial transactions. Mezu's app is accessible on both iOS and Android devices in the United States, reflecting its commitment to providing a cash-like experience in digital payments.

Genetesis

Series A in 2018
Genetesis LLC is a medical technology company based in Mason, Ohio, that specializes in biomagnetic imaging solutions to improve patient diagnosis and monitoring of cardiac conditions. Founded in 2013, the company has developed the Genetesis CardioFlux, a mapping system designed to enhance the detection and treatment of cardiac rhythm disorders by visualizing the heart's electrical currents in three dimensions. Additionally, Genetesis offers the Faraday Analytical Cloud, a HIPAA-compliant platform that manages the data workflow for the CardioFlux magnetocardiograph. The system is non-invasive and avoids exposing patients to radiation or requiring exercise, enabling clinicians to accurately measure the magnetic signals generated by the heart during its electrical activity.

ConnXus

Series A in 2018
ConnXus, Inc. is a provider of online services that connect diverse and small businesses with larger companies looking to enhance their supplier diversity. The company specializes in aggregating corporate purchasing demand, helping organizations locate, evaluate, and engage small, minority- or woman-owned businesses across various sectors, including construction, transportation, and information technology. ConnXus offers tools such as ConnXus Scrub, a data enrichment solution for validating supplier classifications, and TierTracker, a platform for reporting and management. Additionally, it features a diverse supplier search platform and a community marketplace that fosters networking and the sharing of best practices among supplier diversity professionals. ConnXus also assists registered suppliers in marketing their services and maintaining their certifications. Incorporated in 2010 and headquartered in Mason, Ohio, with a satellite office in Portland, Oregon, ConnXus serves Fortune 2000 and Fortune 500 companies and operates as a subsidiary of Coupa Software Incorporated.

Enable Injections

Series A in 2016
Enable Injections, LLC specializes in the design and manufacture of disposable, body-worn bolus injectors that facilitate the delivery of high viscosity and volume injectable drugs directly into subcutaneous tissue. Established in 2010 and based in Cincinnati, Ohio, the company’s innovative devices can utilize standard containers such as vials, syringes, or cartridges. These injectors not only allow for the reconstitution of powdered drugs but also enable the delivery of up to 20 ml of medication. The system automatically warms and mixes lyophilized solutions, ensuring a seamless injection experience. Additionally, Enable Injections offers a version of its platform that can connect to smartphones via Bluetooth, enhancing user interaction. With approximately 900 new drugs in development that may benefit from this technology, the market for bolus injection systems is projected to reach $8 billion within the next decade.

DOmedia

Series A in 2016
DOmedia, LLC is an independent technology company based in Columbus, Ohio, that operates a media buying and selling platform focused on out-of-home media. Founded in 2007, the company provides cloud-based applications that facilitate the management of media information, proposal requests, and vendor interactions. Its online marketplace allows media providers to create profiles for their properties, while advertisers and agencies can access a comprehensive database to discover new ideas and efficiently plan out-of-home campaigns. By connecting buyers and sellers, DOmedia aims to streamline processes, reduce labor, and enhance reporting and analytics for agencies, vendors, and brands globally.

DecisionDesk

Debt Financing in 2013
DecisionDesk Inc. offers a comprehensive application and enrollment management solution designed to streamline digital admissions processes for higher education institutions, fine arts programs, and non-profits. Founded in 2008 and based in Lakewood, Ohio, the company provides a suite of technology tools that enhance application management, including hosted applications, student dashboards, communication tools, and mobile review capabilities. Its end-to-end admissions solution encompasses intuitive tools for applicants and staff, facilitating the processing of applications across multiple campuses with real-time customer relationship management (CRM) integration. DecisionDesk simplifies complex evaluation processes by accommodating various application types, such as portfolios and video submissions, ensuring rapid and integrated review. The platform is designed to integrate seamlessly with existing systems, enhancing the efficiency of admission workflows and saving institutions time and resources.
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