$20 Million For-Profit Fund Helps Growing Tech Startups Raise Series A Capital

Cleveland-based venture development organization, JumpStart Inc. has announced the first eight investments from its recently closed NEXT Fund. Collectively, these Ohio companies received $5 million from the $20 million fund through a combination of equity and convertible debt.

“This roster of portfolio companies represents some of the most exciting high-potential startups in Ohio,” said JumpStart CEO Ray Leach. “The companies also range across a variety of sectors, from software and healthcare IT to medical device manufacturing and business services.”

JumpStart’s for-profit NEXT Fund is designed to make Series A investments of anywhere between $500k and $1.5 million. Companies that have received investment so far include:

• 7signal Solutions – An Akron-based wireless network management platform that optimizes wireless network performance for mission critical applications in a range of industries.
• Neuros Medical – A Cleveland-based medical device company developing an implantable nerve blocking therapy focused on the elimination of chronic pain in a variety of conditions.
• Vox Mobile – A Cleveland-based provider of complete enterprise mobility and IoT services for domestic and international organizations.
• GenomOncology – A Cleveland-based healthcare IT company developing software to analyze genomic data and identify known gene mutations, enabling clinicians to optimize the treatment of patients.
• Checkpoint Surgical – A Cleveland-based developer of handheld intraoperative nerve and muscle stimulators that help surgeons locate, identify and evaluate nerve and muscle function during surgical procedures.
• Complion – A Cleveland-based software company providing document management and workflow tools for clinical research sites.
• LISNR – A Cincinnati-based firm developing an ultra-high frequency audio-tone communication protocol for a range of proximity-based applications, including a range of consumer/audience messaging applications, access & security, broadcast & second screen communications and payments & transactions.
• enosiX – A Cincinnati-based software company with a disruptive, “no-middleware” approach to integration between SAP and front end systems like Salesforce and native mobility apps.

The NEXT Fund now joins JumpStart’s original Evergreen Fund, which backed 76 portfolio companies from 2004-2013 and has since been recapitalized with $10 million, as well as the Focus Fund, another $10 million fund designed to invest exclusively in female and minority-owned ventures located in Ohio, or willing to relocate. Together, these three funds will pump millions into Ohio-based tech startups over the next three years.

To learn more about JumpStart’s various investment vehicles, visit www.jumpstartinc.org/funding/investments.

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JUMPSTART INC. unlocks the full potential of diverse and ambitious entrepreneurs to economically transform entire communities. For more information, follow @JumpStartInc on Twitter.