Cincinnati, OH-based CincyTech, a seed stage investor and venture development organization, has announced that its fourth fund, the biggest to date, has closed $30.75 million. It will reportedly be used to invest in around 25 new digital and life science companies.
The private investment for Fund IV is comprised of $20.75 raised by CincyTech in combination with a $10 million loan from Ohio Third Frontier. Total participation in the fund includes 79 individual investors and 12 different institutions.
Cincinnati Children’s Hospital Medical Center, Castellini Management Company, Interact for Health, The Greater Cincinnati Foundation, Western & Southern Financial Group, and UC Health are among those participating institutions.
According to the company’s portfolio, it is currently investing in 35 different companies, 10 of which are life sciences companies, the rest being tech.
One life sciences company in the mix is Assurex Health, which develops pharmacogenomics technology to help providers with decision making for behavioral health and chronic pain conditions.
Another is Eccrine Systems, which claims its disposable sweat-monitoring device can constantly test sweat to provide insights into the human body it will then transmit wirelessly into the cloud.
Midwest companies tend to have a harder time attracting venture capital, so CincyTech’s specified Ohio focus allows for many of these companies to have a greater opportunity for growth and development.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Photo: Flickr user bscalled
