December 06, 2011
CincyTech startups highlighted at “Big Breakfast”
28 companies, $100 million co-investment, 207 jobs
CincyTech has invested $10 million in 28 local startup companies and helped its companies attract another $100 million in private co-investment since 2007. CincyTech President Bob Coy announced CincyTech’s performance numbers at the venture development organization’s Annual Big Breakfast Meeting and Startup Showcase on November 15, 2011.
More than 425 people registered to attend the meeting at Duke Energy Convention Center, and 35 startup companies and community partners participated in a Startup Showcase.
CincyTech is a public-private partnership whose mission is to invest in high-growth startup technology companies in Southwest Ohio. Since it began its investment activity in May 2007, its 28 companies have created 207 jobs with an average annual salary of $63,000.CincyTech has 167 active client companies.
Coy said CincyTech has led 50 percent of all venture capital deals in the region this year and 90 percent of the venture-backed deals in the region were CincyTech portfolio companies.
“2011 was a year of tremendous momentum for us,” Coy said. “We had our first exit, with Blue Ash Therapeutics, at 10 times ROI. We saw another of our companies, AssureRx, receive an $11 million funding round from major Silicon Valley venture capital firms Claremont Creek and Sequoia. We saw NanoDetection Technology, which moved here last year from Tennessee, oversubscribe its $2 million round by $300,000.
“We saw a cumulative total of $17 million invested in our companies from 35 individual investors. And we hit a major milestone by reaching $200 million in direct economic impact from those companies through investment capital, revenue, foundation and government grants and loans and corporate partnerships. At that rate, we will hit $1 billion of investment activity over the next five years.”
In the next 12 months, CincyTech plans to launch an investor-only Web site for secure documents and comprehensive information about our investment opportunities; launch its third fund, anticipated to total $6 million; and continue its financial support for the Brandery consumer-marketing startup accelerator.
“The climate and the resources available for high-potential technology-based companies in Southwest Ohio has never been better,” Coy told the crowd.
For more information, visit www.cincytechusa.com