How CincyTech Helps Drive Innovation In Ohio
CincyTech is a public-private seed-stage investor that has a goal of strengthening the regional economy by helping drive talent and capital into technology-based companies in Ohio. CincyTech is supported by over two dozen foundations, individuals, corporations, and municipalities in the area. This past year, CincyTech closed on their third fund and their companies have raised larger rounds of venture capital.
Launched in 2007, CincyTech has invested over $16 million in over 40 portfolio companies. They average 8-10 companies per year, which are all local and tech-based. These companies have attracted over $228 million in follow-on capital or outside funding. They have also created 417 jobs with an average salary of $71,000. In July, CincyTech raised $11 million for their third fund, which was a mix of public and private capital. Some of the most active executives at CincyTech are:
– Reds Owner Bob Castellini
– Cincinnati Children’s Hospital Medical Center advisor to the president Jim Anderson
– Children’s Hospital CEO Michael Fisher
– Cincinnati USA Regional Chamber CEO Ellen van der Horst
CincyTech is led by president Bob Coy, a native of Pennsylvania that was working at the chamber of commerce in St. Louis when the CincyTech board approached him in 2005.
CincyTech hired Mike Collette as the entrepreneur-in-residence this month. Collette was the founder and CEO of Cincinnati-basd Patient Point, which is the leading provider of point-of-care health information programs.
Some of CincyTech’s portfolio companies include Kapture, Nanodetection Technology, Cloud Takeoff, Batterii, OnTrak Software, Qi Healthcare, Storeflix, ThinkVine, Zipscene, and Zakta.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry