Ohio Third Frontier’s Technology Validation and Start-up Fund (TVSF) recently awarded the latest round of TVSF Phase 2 funding. While Phase 1 funding is intended to help with the cost of testing new technology prototypes, Phase 2 grants are designed to support early-stage startups that are ready to move commercialization forward through licensing and product validation. Each award provides $200,000 for a new company.
Ohio State received more awards than any other institution, and all three applicants were successful. All three startups with rights to technologies managed by The Ohio State University’s Applied Sciences licensing team received funding:
• LegacyAcres is commercializing a digital platform that simplifies farm succession planning by centralizing asset management. This web-based solution is designed to help farm owners make informed decisions about the future of their resources for generations to come.
• Relantic, Inc. is commercializing an AI-powered platform that processes multimodal data and synthesizes real-world information into actionable reports for technical experts. Utility companies are expected to be the initial target customers.
• SenseICs Corporation is commercializing a chip for light detection and ranging (LiDAR) systems optimized for high-resolution altimetry. Applications could include terrain mapping, flood risk assessment and forestry profiling.
The goal of the Ohio Third Frontier Technology Validation and Start-up Fund (TVSF) to create greater economic growth in Ohio by supporting startup companies that commercialize technologies developed by Ohio higher education institutions and other Ohio non-profit research institutions.
Successful commercialization often requires collaboration between Ohio State and partners such as Rev1 Ventures. In this case, all three companies participated in Rev1’s Customer to Capital Accelerator, which helped prepare them to apply for the TVSF grant.
“We rely on close collaboration across the innovation ecosystem to support high-potential university research as it progresses toward market viability,” said Kevin Taylor, chief innovation officer for the Enterprise for Research, Innovation and Knowledge at Ohio State. “Rev1’s programming combined with TVSF funding is an exciting example. We’re excited for the potential of these companies to create products and services that have a positive impact on society.”