Akron BioInvestments Funds

Supporting Akron Biomedical Companies

The Akron BioInvestments Funds, LLC, supports the attraction and establishment of biomedical companies in Akron. Created by The City of Akron through its Akron Development Corporation, the fund's initial size is $1.5M with most of the initial investments made by private organizations such as Medical Mutual, First Energy, Cascade Capital and NEOMED.  

The Akron BioInvestments Funds are used to target domestic and international companies focusing on orthopedics, wound healing and cardiovascular science, as well the use of biomaterials, the use of medical information technology, and the development of medical devices. All companies receiving investment must commit to maintain an Akron headquarters, or plan to establish a material presence in Akron, with an emphasis on the Biomedical Corridor.

2012 was the first year for operations of the Akron Bioinvestments Funds. Overall the Fund received 28 applications and approved for funding 3 Product Development Grants and 2 Rapid Commercialization Loans.

Companies approved for funding include :

• 7signal - quality assurance and risk management of wireless networks
• Fluence - photodynamic therapy (PDT) of psoriasis
• NichVision - human identity software development used by forensics and post bone-marrow transplant monitoring labs
• Orthodata - sensors for spine surgeries
• Sterionics - novel cold plasma device for accelerating wound healing

The Akron BioInvestments Funds is composed of two parts:

Rapid Commercialization Loans (up to $250,000)

The Rapid Commercialization Loan Fund supports the commercialization of high potential biomedical early-stage technologies by providing low-interest loans to companies that are close to commercialization, creating at least ten jobs in Akron within three years, and commits to a long-term presence in Akron. The main emphasis here is on companies that are closer to commercialization, which accelerates job creation and fits with the State's new strategy.

 The following flowcharts show the loan application and process:

• Domestic Application Process 
  
• International Application Process 

Product Development Grants (up to $25,000)

The Product Development Fund supports the demonstration and validation of high-potential local biomedical start-up companies by providing funds for proof of concept, prototyping, market assessment and business plan development, among other things. This fund operates in collaboration with the Austen BioInnovation Institute in Akron (ABIA) and its GOODTEC initiative.

The following flowcharts show the loan application and process:

• Application Process 

The Akron BioInvestments Funds is managed by a Board of Managers with insight and recommendations from a Due Diligence and an Investment Committee. Members represent local health care institutions, the University of Akron, NEOMED, ABIA, county and regional government, private businesses and regional organizations including JumpStart, BioEnterprise, Glide, and GCIC to ensure effective assessment and oversight. Cascade Capital acts as the Fund Manager.

To find out more about the Akron BioInvestments Funds, contact us now.