COLUMBUS — A state panel voted without discussion Monday to release $3 million in seed funding for early stage technology companies in the Toledo region.
The Ohio Controlling Board served as the last set of eyes on the funding for Rocket Venture Fund II, money that was originally approved in 2014 for the Regional Growth Partnership by the Third Frontier Commission.
Rocket Ventures will match the funds. Collaborators include Lucas County, ProMedica Health System, the University of Toledo, The Andersons Inc., and the Toledo law firm of Shumaker, Loop, & Kendrick.
The effort will focus primarily on promoting and commercializing medical technologies and software applications, including imaging, surgical instruments and equipment, implant devices, regenerative medicine, and software for business and healthcare.
The delay in the release of the funds was caused when it was determined after the 2014 award was announced that the Regional Growth Partnership was not the proper entity to receive the funds.
Regional Growth Partnership was one of seven organizations approved for $3 million each in Pre-Seed Fund money during Third Frontier’s June 11, 2014, meeting. The other organizations were based in Dayton, Cincinnati, Cleveland, Mayfield Heights, Columbus, and Lorain County.
Also funded was another organization in Cleveland, at $2.8 million, and Stark and Athens counties, at $1 million each.
In December 2015, another round of Pre-Seed and Seed Plus funding, totaling $60 million, was approved. With the exception of one fund in Akron, the money went to funds in Cincinnati, Cleveland, and Columbus.
First Published January 12, 2016, 5:00 a.m.