TechColumbus Announces Results of Recent Funding Round $700,000 Invested in Local Tech Startups

TechColumbus has announced $700,000 in strategic investments in five Central Ohio companies.  The investments are through the Central Ohio TechStart initiative which is funded through the Ohio Third Frontier and 17 local governments, institutions and individuals. 

“These investments help the most promising high-tech companies in the Central Ohio region advance their products and services in the marketplace,” said Ted Ford, president & CEO of TechColumbus. “These companies have great potential to generate substantial revenue, to attract further investment and to create high-wage jobs in Central Ohio.”

Ford said the Ohio Third Frontier program, which is committed to expanding Ohio’s technological strengths and promoting commercialization that leads to economic prosperity throughout Ohio, has been instrumental to the development, growth and success of these high-tech startups. Ohio Third Frontier funds $15 million of the $22.5 million TechColumbus initiative known as TechStart, which is driving the launch and acceleration of technology-based companies in Central Ohio.

As of December 2008, TechColumbus has invested $10.3 million in 60 companies and 111 companies have been incubated as part the TechStart program. These companies have generated $183.2 million in revenues and have created 809 jobs with an average salary of $62,468.

The five companies receiving funding in this round include: 

TechColumbus Pre-Seed Fund (Up to $500,000)

• Updox (Columbus, OH) providing an easy way for physician practices to securely document, share and save information through a Web-based application.

TechColumbus Tech Genesis Grants (Up to $50,000 each)

• Accelerated Data Concepts LLC (Columbus, Ohio) which uses high-performance computing technologies to develop high-speed solutions for intense data processing in industries such as healthcare, finance, engineering and security.
• EXCMR (Columbus, Ohio) an OSU spinout which develops medical devices to enhance cardiovascular magnetic resonance imaging (MRI).
• Health Care Data Works, LLC (Columbus, Ohio) offering software tools and services to healthcare organizations by helping them improve important areas of their operations, such as the quality of medical care, patient satisfaction and financial performance.
• MobileWait (Dublin, Ohio) offering a Web-to-SMS loyalty, wait list and reservation management solution for full-service restaurants.
  
  For full details, see the release from TechColumbus.