COLUMBUS, Ohio – A venture capital fund geared towards high-tech companies will receive $3 million in state funds to help jump start the latest high-growth tech ventures that will create jobs, thanks to State Controlling Board action Monday, state Rep. Michael Stinziano says.
Without comment, the State Controlling Board approved releasing the funds Monday to Columbus-based NCT Ventures Fund. According to state documents, the funds will be used to develop the NCT Ventures Fund II Pre-Seed Fund.
“Technology firms are a growth area in our economy and I’m glad to see the state make such proactive investments,” said Stinziano, a Columbus Democrat.
According to the state, the pre-seed fund capitalization program works to accelerate the growth of early-stage Ohio technology companies. The program increases the number of professionally managed pre-seed funds in Ohio as well as the amount of early-stage capital being invested and build s pipeline of technology company deal flow to attract venture capital firms, according to the state.
The state says the Ohio Development Services Agency provides funding to a number of new and existing, professionally managed pre-seed funds in Ohio, which in turn, funds the growth of promising early-stage technology companies.
In other business, the board approved:
- Releasing $898,730 to Ohio State University for boiler replacements around the university.
- Releasing $65,500 to the state to contract with Korda Nemeth Engineering of Columbus for the replacement of Emergency Generators in Columbus.
Made up of six state lawmakers and a representative of the governor’s office, the State Controlling Board has the final say over some of the state’s larger spending projects.