2015

OHIO VentureReport

Ohio is the home of innovators. From first in flight to the first text message, the people

of Ohio have helped to build the foundation of the modern era. As technology and

healthcare continue to advance at lightning speed, and we are entering a new frontier

shaped by connectivity, Ohio is once again emerging as a leader of innovation. Silicon

Valley has the internet, but the Midwest has the things and Ohio is getting back into

the driver’s seat.

VentureOhio exists to make Ohio the best place in the world to start and grow a

company, and is led by people who believe it is possible and work hard every day

to make that dream a reality. It takes a village, and we are forever grateful for our

members who support the organization and work with us to widen the path to

success for Ohio entrepreneurs.

What we have accomplished as an organization and a statewide community in just

over two years is a good harbinger of what is to come and proof that we can move

mountains when we work together. With an influx of new local capital and more eyes

on Ohio companies every day, we are on a great trajectory and just getting started.

Thank you to our members, sponsors and partners from across the nation. We are

accomplishing a lot because we are collaborating with some of the most creative and

dedicated people in the world. We appreciate you and all that you do to support Ohio

entrepreneurship and look forward to continued collaboration in the years to come.

Sincerely,

Mark, Rich and Falon

TO OUR READERS,

MARK KVAMMEChairman

RICH LANGDALEPresident and Capital

Committee Chair

FALON DONOHUECEO

We ensure adequate capital for Ohio startups.

We foster a collaborative statewide entrepreneurial ecosystem.

We tell Ohio's story.

1

TABLE OF

CONTENTS

3 FAST FACTS

4 ABOUT VENTUREOHIO

5 BOARD OF DIRECTORS

6 WHY OHIO?

8 NORTHERN OHIO By The Numbers

Fun Facts

12 CENTRAL OHIO By The Numbers

Fun Facts

16 SOUTHERN OHIO By The Numbers

Fun Facts

20 VENTUREDINNER

22 SPONSORS

25 MORGENTHALER LIFETIME

ACHIEVEMENT AWARD WINNER

26 INVESTMENT ACTIVITY Summary

Total Investments into Venture-Backed Companies

Investments by Stage of Development

Investments by Industry

Number of Investors

Fundraising and Capital Availability

Ohio Investment Opportunity

34 TOP FINANCINGS BY STAGE

36 RECENT EXITS

38 COMPANIES TO WATCH Agile Networks

CrossChx

T-Pro Solutions

Enable Injections

7Signal

Casamatic

46 DIRECTORY Public-Private Partnerships

Our Partners in Venture Development

Venture Capital and Seed Investors

Angel Groups

Accelerators & Incubators

Our Members

167 OHIO COMPANIES RECEIVED INVESTMENT

$36M INVESTED INTO ‘OTHER’

$373 MillionINVESTED ACROSS ALL VENTURE INVESTMENT STAGES

$112M INVESTED INTO 27 LIFE SCIENCE SECTOR COMPANIES

42 EARLY STAGE

1O6 SEED STAGE

19 GROWTH STAGE

77 OUT OF STATE INVESTORS MADE INVESTMENTS IN OHIO COMPANIES.

29 INVESTORS HEADQUARTERED IN OHIO MADE INVESTMENTS IN THE STATE.

$224M INVESTED INTO 111 IT SECTOR COMPANIES

3

Will IndestDraper Triangle VenturesTreasurer

Tony ShipleyQueen City AngelsSecretary

Rich LangdaleNCT VenturesPresident and Capital Committee Chair

Mark KvammeDrive CapitalChairman

Ed HartmanMillstream Angel Club (MAC)

Dan FlemingRiver Cities Capital Funds

Lisa DelpLorain County Community College (LCCC)

Karl ElderkinAthenian Venture PartnersNominating and Governance Committee Chair

John McIlwraithAllos Ventures

Tom WalkerRev1 Ventures

Bill TrainorMutual Capital Partners

Bob SavageCoreNetwork Fund

Clay RankinNorthCoast Angel Fund

Stephen HaynesGlengary

BOARD OF

DIRECTORSABOUT

VENTUREOHIO

VentureOhio brings people together to catalyze the growth

and diversification of the Ohio entrepreneurial ecosystem.

We understand that high-growth companies are built

by innovative entrepreneurs with access to capital and

hands-on community resources. Our success is measured

by increasing the amount of venture and angel capital

invested in Ohio startup companies and the number of

local business-building resources that provide funding

and tactical support for those companies.

We do this by organizing the Ohio entrepreneurial

community and sharing our story with the world.

FOLLOW US:

@VENTUREOHIO

VENTUREOHIO.ORG

5

WHY

OHIO?

The infrastructure is already in place. And it’s here to stay.

“AS OHIO GOES, SO GOES THE NATION,” IS AN ADAGE THAT RINGS TRUE BEYOND POLITICS AND PERMEATES ACROSS BUSINESS SECTORS, CONSUMER SENTIMENT, AND INTO THE INNOVATION ECONOMY.

Ohio is where the country’s future is happening. In addition to a business-friendly climate,

Ohio is a center of gravity for research and development, with over 200 higher education

institutions that graduate a diverse and talented workforce every year. Strategically

located within 500 miles of 60% of the population, Ohio is home to a high concentration

of the nation’s leading corporations. Ohio is the seventh most populous state in the U.S.

and boasts the 25th largest economy in the world. The beautiful landscape of America’s

heartland, juxtaposed with vibrant culture and entertainment centers in every major city

make Ohio a great place to work, play, raise a family and grow a business.

Fast Fact

CLEVELAND, COLUMBUS, AND CINCINNATI WERE ALL RANKED 2015 TOP 50 CITIES FOR GROWTH ENTREPRENEURSHIP BY KAUFFMAN FOUNDATION.

7

TOP 5025

FORBES.COM RANKS CLEVELAND AS ONE OF “THE 25 CITIES WHERE YOUR PAYCHECK WILL GO THE FURTHEST.”

14POPULAR MECHANICS NAMES CLEVELAND AS ONE OF THE “14 BEST STARTUP CITIES IN AMERICA.”

BETWEEN 2000 AND 2014, THERE HAS BEEN A 77% INCREASE IN MILLENNIALS LIVING IN DOWNTOWN CLEVELAND.+77%

OF THE BEST PLACES TO LIVE- MEN’S JOURNAL

DOWNTOWN CLEVELAND'S POPULATION HAS GROWN 79% SINCE 2000 TO 14,000 RESIDENTS.

+79%

Northeast Ohio is a healthcare

hub with more than 60

hospitals including the world-

renowned Cleveland Clinic

and University Hospitals.60

Northeast Ohio is home to

25 accredited colleges and

universities with 175,000

students in the area, giving

the region a wealth of talent

to support its array of

diverse industries.

25Twenty Fortune 1000

companies are headquartered

in the Cleveland area.20

NORTHERN OHIO

BY THE NUMBERS

CLEVELAND IS ONE OF THE “17 CITIES EVERY THIRTYSOMETHING SHOULD PICK UP AND MOVE TO.”- BUZZFEED

9

THE COMIC BOOK CHARACTER, SUPERMAN, WAS CREATED IN CLEVELAND

20TRAVEL + LEISURE RANKS CLEVELAND AS ONE OF “AMERICA’S 20 MOST CULTURED CITIES.”

4THUSA TODAY RANKS CLEVELAND AS THE 4TH BEST BEER SCENE IN AMERICA.

1STCLEVELAND HOSTED THE NATION’S FIRST ROCK AND ROLL CONCERT — THE MOONDOG CORONATION BALL.

In 1986, Downtown Cleveland

was chosen to be the home of

The Rock and Roll Hall of Fame.

NORTHERN OHIO

FUN FACTS PLAYHOUSE SQUARE IS THE COUNTRY’S LARGEST PERFORMING ARTS CENTER OUTSIDE OF NEW YORK CITY, ENCOMPASSING TEN PERFORMANCE SPACES IN A ONE-BLOCK RADIUS.

Time.com cites Cleveland as one of

the “Best Food Cities in America.”

The world-renowned Cleveland

Orchestra, one of America’s “Big

Five” orchestras, plays seasonally

at Severance Hall in Cleveland’s

University Circle neighborhood.

10FOX NEWS CONSIDERS CLEVELAND ONE OF THE

“10-UNDER-THE-RADAR DESTINATIONS FOR 2016”—THE ONLY U.S. LOCATION ON THE LIST.

11

KAUFFMAN FOUNDATION RANKED COLUMBUS #1 FOR SCALING UP STARTUPS IN 2015.

15 FORTUNE 1000 COMPANIES ARE HEADQUARTERED IN THE COLUMBUS REGION.

#1 15COLUMBUS IS THE THIRD BEST CITY FOR MILLENNIALS.

- TIME MAGAZINE

#3

613WITH ONE OF THE HIGHEST CONCENTRATIONS OF COLLEGE STUDENTS IN THE NATION, CENTRAL OHIO’S 63 COLLEGE AND UNIVERSITY CAMPUSES ENROLL MORE THAN

138,000 STUDENTS ANNUALLY.

CENTRAL OHIO

BY THE NUMBERS THE COLUMBUS METROPOLITAN AREA IS THE FASTEST GROWING AMONG MIDWEST METRO AREAS WITH AT LEAST 1M IN POPULATION.

COLUMBUS OFFICE SPACE IS 40% LESS EXPENSIVE THAN CHICAGO AND 60% LESS EXPENSIVE THAN NEW YORK.

$140MCOLUMBUS IS THE WINNER OF THE SMART CITIES CHALLENGE TO CREATE THE TRANSIT SYSTEM OF THE FUTURE.

The city will receive a $40m grant from the US

Department of Transportation, with an additional

$10m from Microsoft co-founder Paul Allen’s Vulcan

Inc. Local corporations have also pledged an

additional $90m in funding for this initiative.

SMARTASSET RANKED COLUMBUS #6 ON ITS LIST OF TOP 10 CITIES FOR CREATIVES.

COLUMBUS IS RANKED THE 13TH FASTEST-GROWING CITY IN THE U.S. 13

OF THE UNITED STATES POPULATION LIVES IN A 500 MILE RADIUS OF COLUMBUS.

50%

COSI WAS RATED AS ONE OF THE 20 BEST MUSEUMS IN THE UNITED STATES BY USA TODAY.

MOST INTELLIGENT COMMUNITIES IN THE WORLD.- INTELLIGENT COMMUNITY FORUM

TOP 7

ORBITZ NAMES COLUMBUS ONE OF THE TOP 10 BEST U.S. CITIES FOR A LONG WEEKEND.

CENTRAL OHIO

FUN FACTS

COLUMBUS IS ONE OF THE UNITED STATES' YOUNGEST CITIES, WITH THE AVERAGE AGE BEING 32.5 YEARS OLD.

Fashion Up Events named Columbus

the 3rd most fashion forward city in

the United States, just behind New

York City and Los Angeles.

THE COLUMBUS ZOO & AQUARIUM IS ONE OF THE TOP ZOOS IN THE COUNTRY, RATED THE BEST BY BESTIES READERS CHOICE.

Ohio Stadium, or better known as

“the Horseshoe”, is the 4th largest

stadium in the world.

The Columbus Metropolitan Library

has been rated a 5 star Library by the

Library Journal for 5 years running.

15

THE CINCINNATI METROPOLITAN AREA, WHICH INCLUDES 15 COUNTIES, HAS A POPULATION OF APPROXIMATELY 2.1 MILLION

2.1 MILLION

NEARLY $3.5 BILLION HAS BEEN INVESTED IN THE URBAN CORE OF CINCINNATI.

AOL REAL ESTATE RANKED CINCINNATI AMONG ITS TOP 10 CITIES FOR YOUNG PEOPLE.

10CINCINNATI IS HOME TO 10 FORTUNE 500 COMPANIES AND TWO FORTUNE 100 COMPANIES.

MORE THAN 300 COLLEGES AND UNIVERSITIES ARE LOCATED WITHIN A 200-MILE RADIUS OF CINCINNATI.

17

KPMG LLP RATED CINCINNATI THE MOST COST-FRIENDLY LARGE CITY FOR BUSINESS OUT OF THE 31 LARGEST U.S. CITIES

DAYTON'S METROPOLITAN AREA IS ABOUT 850,000.

In 2011 Dayton was rated

3rd in the nation for

excellence in Healthcare by

Premier Health Partners.

Cincinnati has 5 professional

sports teams including the

Cincinnati Reds and the

Cincinnati Bengals.

SOUTHERN OHIO

BY THE NUMBERS FORBES MAGAZINE NAMED CINCINNATI THE 5TH MOST AFFORDABLE METROPOLITAN AREA IN THE U.S., THE 9TH BEST CITY FOR RAISING A FAMILY, AND THE 9TH SAFEST CITY IN THE U.S.

#35

103.5BILLION

DAYTON IS HOME TO THE AIR FORCE MUSEUM, THE LARGEST FREE MUSEUM.

DAYTON HAS THE MOST INVENTIONS PER CAPITA OF ANY CITY IN THE NATION.

19

ENTREPRENEUR MAGAZINE NAMED CINCINNATI AN "UNEXPECTED HUB FOR TECH STARTUPS.”

SOUTHERN OHIO

FUN FACTS

CINCINNATI’S OKTOBERFEST IS THE SECOND LARGEST IN THE WORLD, ONLY TRAILING MUNICH, GERMANY.

OVER-THE-RHINE IS BELIEVED TO BE THE LARGEST MOST INTACT URBAN HISTORIC DISTRICT IN THE UNITED STATES.

CINCINNATI IS THE MIDWEST'S FASTEST GROWING LARGE ECONOMY ACCORDING TO THE BUREAU OF ECONOMIC ANALYSIS

Cincinnati is home to the second oldest

Zoo in the United States.

Dayton is one of the few cities to still

utilize an electric trolley system.

The first man to fly on the Moon, Neil

Armstrong, was born in Wapakoneta,

Ohio and died in Cincinnati, Ohio.

THE

VentureDinner

VENTUREOHIO’S ANNUAL GALA | #VENTUREDINNER

The annual VentureDinner is a celebration of Ohio’s thriving

entrepreneurial ecosystem. Last September, attendees from

across the state gathered at the Hilton in Downtown Columbus

to celebrate Ohio’s success over the past year. VentureOhio

honored four companies, Airway Therapeutics, Ahalogy,

Assurex Health, and TOA Technologies, as winners in their

respective financing and exit categories. Nineteen

outstanding companies were nominated for awards.

2015 WINNERSSEED-STAGE FINANCING OF THE YEARAirway Therapeutics

Nominees:

Eccrine Systems | OsteoNovus

Strap | ExpenseBot

EARLY-STAGE FINANCING OF THE YEARAhalogy

Nominees:

Enable Injections | Exacter

Tour de Force | GenomOncology

GROWTH-STAGE FINANCING OF THE YEARAssurex Health

Nominees:

Bravo Wellness | Minimally Invasive Devices (MID),

Print Syndicate | Vox Mobile

EXIT OF THE YEARTOA Technologies

Nominees:

CardioInsight | Explorys | Simbionix

21

THANKS TO OUR

SPONSORS

23

Growing an innovation economy isn’t just about building businesses – it’s about creating

a sustainable ecosystem where ideas, cultures, and capital thrive. This is something that

James (Jamie) Ireland III instinctively understood, which is why he dedicated his life and

career to furthering what he called the “Renaissance of Cleveland.”

After leaving Ohio to pursue his education, Jamie joined Salomon Brothers, Inc.

until returning to Cleveland in the early ‘90s. In 1993, he co-founded Capital One

Partners, which soon expanded to create Early Stage Partners (ESP), one of the first true

Series A funds in Northeast Ohio. Since 2001, ESP has raised two funds with over $100

million of capital under management. As one of the founding investors of Capital One

Partners, Jamie was a key founder of JumpStart, Inc. Cleveland’s premier entrepreneurial

services provider.

Jamie’s impact on his community transcends the investment world. A lifelong

advocate for Cleveland’s cultural rebirth, he served as chairman emeritus of University

Circle, Inc., president of the Musical Arts Association (Cleveland Orchestra), and

chairman of the Great Lakes Science Center. A leader to friends, family, colleagues,

and community alike, he was a true embodiment of what the Morgenthaler Lifetime

Achievement Award represents: an unwavering dedication to the furtherance of Ohio’s

entrepreneurial ecosystem.

MORGENTHALER LIFETIME ACHIEVEMENT AWARD WINNER

JAMIE IRELAND

Starting a tech company used to mean that you had to be in Silicon Valley. However, times are changing. There is a rising tide of investment activity in the Midwest and VentureOhio’s efforts to attract capital to the state are taking effect. There’s no better place to build a company. We’re on the ground floor of something great.

– Mark Kvamme, Drive Capital

25

Entrepreneurs no longer need to move their companies to finance the growth of their businesses; they can do it right here in Ohio. There is more capital being invested in early and late stage companies, with a growing number of fund managers from across the country finding great opportunities to invest in Ohio companies.– Rich Langdale, NCT Ventures

2015

INVESTMENT ACTIVITY

27

The total amount of reported angel and

venture capital investment in 2015 was $373M

in 167 companies; representing a 16% year-

over-year increase in dollars invested and 20%

decrease in the number of companies receiving

an investment. The data indicates that Ohio

investors concentrated more capital into fewer

companies in 2015, while still outpacing the

national trend. Nationally, there was a slowing

down of technology investment activity that

began in the second half of 2015. According

to the KPMG and CB Insights Q4 2015 Global

Venture Capital Report, national venture capital

deal activity fell for the second consecutive

quarter to its lowest total since Q4’11, down

22% versus the same quarter a year prior.

The 2015 VentureReport on Ohio Investment Activity results are

in. This special report provides summary results and analysis on

the venture ecosystem in Ohio. The report aggregates information

collected from VentureOhio’s annual survey distributed to

investors that are based in Ohio and those investing in the state.

The survey data is complemented with information reported

to Pitchbook, Crunchbase and the National Venture Capital

Association to capture the most complete data set available.

2015

INVESTMENT ACTIVITY

2015

$373M

167

$321M

210

2014YEAR:

DOLLARS INVESTED:

# OF COMPANIES:

INVESTMENTS BY STAGE OF DEVELOPMENT Increased investment activity in Ohio was

driven by increased investment into Early

Stage and Growth Stage companies in the

region, with investment into Seed/Startup

companies down in terms of total dollars and

number of companies receiving financing.

Investment into Seed/Startup companies

totaled $51M in 106 companies in 2015,

down 46% and 31% respectively versus 2014.

In contrast, investment into Early Stage

companies totaled $142M in 42 companies in

2015, with total dollars invested up 13% and

number of companies receiving financing

down 5% year-over-year. Investment into

Growth Stage companies in Ohio was

$180M in 19 companies, up 78% and 58%

respectively versus 2014.

Additionally, the mean deal size at

the Growth Stage was $9.47M, up 13%

year-over-year. The mean round size in

Early Stage companies was $3.38M, up 18%

year-over-year. In contrast, the mean round

size in Seed/Startup stage companies was

down 21%, from $0.6M in 2014 to $0.48M

in 2015. The shifting stage preference

may indicate that investors in the region

are finding more opportunities to make

investments at later stages as companies

in the region gain greater traction.

INVESTMENT AMOUNT BY STAGE$373 Million

NUMBER OF INVESTMENTS BY STAGE167 Ohio Companies

MEAN INVESTMENT AMOUNT BY STAGEStage 2015 2014 YOY

Seed/startup .48 .61 -21%

Early 3.38 2.86 18%

Growth 9.47 8.42 13%

0

20

40

60

80

100

120

140

160

180

51

94

142

126

180

101

Seed/StartupYOY: -46%

TOTAL2015: 373

20152014

EarlyYOY: 13%

GrowthYOY: 78%

2014: 321 YOY: 16%

0

20

40

60

80

100

120

140

160

154

106

4442

1219

Seed/StartupYOY: -31%

TOTAL2015: 167

20152014

EarlyYOY: -7%

GrowthYOY: 58%

2014: 210 YOY: -20%

TOTAL INVESTMENT INTO ANGEL AND VENTURE-BACKED COMPANIES

29

$296 $2412015 2014

CAPITAL AVAILABILITY (in millions)

INVESTMENTS BY INDUSTRY

Software/ IT companies received the highest level

of venture funding by sector, receiving $224M going

into 111 companies in 2015. Life Science companies

received $112M going into 27 companies in 2015.

Ohio is home to several world-class research

institutions that spend billions of dollars annually

developing innovations in Life Sciences, and several

of the largest recent exits in Ohio were in Life

Sciences. The data indicates that, although Ohio

is a hot bed of Life Science innovation, the sector

represents a significantly under-served market

opportunity for investment.

LIFE SCIENCE INVESTMENTBy StageBy Sector

By Sector By Stage

IT INVESTMENT

Software 41 Investments

Financial Services 4 Investments

Advertising, Media and Entertainment 8 Investments

IT Services 16 Investments

Business Products and Services 17 Investments

Medical Devices and Equipment 8 Investments

Biotechnology 19 Investments

TOTALS: Investment Amount

224.21M

Number of Investments

111

63.88M

62.29M

69.31M

13.25M

9.66M

5.82M

NUMBER OF INVESTORS In 2015, there were 106 total investors identified

that made investments into companies located in

Ohio. The number of active investors headquartered

in Ohio that made investments increased to 29 in

2015 from 18 in 2014. Also, we identified 77 investors

located outside of Ohio that made investments in

Ohio companies in 2015, up from 10 in 2013 and

1 in 2014. This increase is overstated as previous

VentureReports did not track out-of-state investors

at the company level and relied solely on survey

results. However, several leading investors located in

Ohio indicated that they proactively made efforts to

bring out-of-state investors into significantly more

deals in 2015 than in previous years. Additionally,

VentureOhio executed initiatives to attract investors

from outside the region, with several deals being

financed in 2015 as a result of those efforts.

29

77

2015

Ohio HQ

Ohio Presence/

Non-Ohio

# OF INVESTORS THAT MADE OHIO INVESTMENT

2015 INVESTOR BREAKDOWN

FUNDRAISING AND CAPITAL AVAILABILITYSeveral institutional venture and seed firms raised additional capital in 2015, and the amount of capital available

for investment in Ohio companies increased from $241M in 2014 to $296M in 2015. Additionally, there is indication

that the fundraising momentum is continuing in 2016, as our researchers identified nearly $500 million being

raised by investors in the first half of 2016. The Ohio Third Frontier Pre-Seed Capitalization Program has played a

critical role in fueling increased investment activity. In the past 6 months, the program has awarded $60M to fund

managers that raised matching capital from private investors to fund Ohio startups.

34.07M

78.23M

Healthcare/IT Services 25 Investments

0

5

10

15

20

25

30

35

14

32

10

16

3 4

Seed/Startup

2015 2014

Early Growth

TOTAL 2015: 27 2014: 52

0

20

40

60

80

100

72

88

2721

124

Seed/Startup

2015 2014

Early Growth

TOTAL 2015: 111 2014: 113

Total Investments By Sector

Life Science

IT

Other

TOTAL

27

111

29

167

$112.29M

$224.21M

$36.45M

$372.95M

Number of Investments

Investment Amount (In $ millions)

TOTALS: Investment Amount

112.3M

Number of Investments

27

31

OHIO INVESTMENT OPPORTUNITYIn spite of fundraising momentum in the region,

there remains a significant opportunity for venture

capitalists to invest in Ohio. Our researchers

conducted analysis on optimal funding levels to

provide quantitative insight into the opportunity.

Several methodologies were explored, including

analysis on VC investment dollars per capita

and research on the optimal level of annual VC

investment compared to total R&D spending in

the state of Ohio. The study concludes that the

minimum level of total annual VC investment into

Ohio companies is $1.5B. Given an annual capital

availability of $500 million, there is an estimated

$1B unmet opportunity for venture capital

investments in Ohio.

The benchmark for optimal annual VC investment

in Ohio was developed by estimating the amount of

capital needed for Ohio to be a Top 10 state for VC

investment dollars per capita, and then calculating

the level of funding needed for Ohio to be a best-of-

breed state in VC investment versus R&D funding.

The study estimates that VC investment in the region

would need to be increased from $22.67 per capita

to $120 per capita, and the VC-to-R&D ratio would

need to be increased from 4% to 16%.

For Ohio to reach full potential, funding mechanisms,

such as a statewide fund-of-funds, are being

explored to incentivize private investment and

encourage venture fundraising activity in the region.

Fast Fact

FORTUNE.COM CITES CLEVELAND AS ONE OF THE “10 BEST CITIES TO BUILD WEALTH.”

MEETING THE REGION’S INVESTMENT NEEDS WILL ENABLE OHIO TO BUILD A BEST-OF-BREED ECOSYSTEM FOR TECHNOLOGY COMMERCIALIZATION. ULTIMATELY, MEETING THIS OBJECTIVE WILL HELP DRIVE THE REGION’S ECONOMIC DEVELOPMENT GOALS BY EMPOWERING ENTREPRENEURS TO GROW HIGH PAYING JOBS, WHILE GENERATING WEALTH IN THE COMMUNITY.

STATESHARE OF VENTURE INVESTMENT RANK

(Q4'15)*

VC INVESTMENT PER CAPITA**

PER CAPITA RANK (2015)

VC-TO-R&D RATIO (2011)***

VC-TO-R&D RANK

California 1 1 1$874.58 16.11%

Massachusetts 2 2 2$856.57 14.22%

New York 3 3 3$315.89 13.08%

Illinois 4 13 10$84.23 4.82%

Ohio 18 29 13$22.67 4.18%

* Source: National Venture Capital Association

** Calculated using population data from US Census Bureau and investment data from National Venture Capital Association.

*** Calculated using most recent available data on R&D funding by all sources from the National Science Foundation versus

investment data from the National Venture Capital Association on VC investment activity that same year.

$121 16%

$1,405 $1,553

$400 $400

$1,005 $1,153

MARKET OPPORTUNITY ($ MILLIONS)

TOP 10 VC INVESTMENT PER CAPITA

BEST OF BREED VC-TO-R&D

RATIO

Best of Breed

Optimal Total Investment

VC Funding Available

Total Gap

There is an estimated $1B unmet opportunity for venture capital investments in Ohio.

THIS IS A GREAT TIME TO INVEST IN OHIO. IF YOU INTERESTED IN LEARNING MORE ABOUT INVESTMENT OPPORTUNITIES IN OHIO FUNDS OR COMPANIES, PLEASE EMAIL US AT INFO@VENTUREOHIO.ORG

33

COMPANY STAGE

DEFINITIONS

SEED/STARTUP STAGE

EARLY STAGE

GROWTH STAGE

INCLUDE FITNESS

$2.04MPROTEOSENSE

$1.7MCENTERLINE BIOMEDICAL

$1.7M

ENDOSPHERE

$4MCOMPLION

$3.2MCLEVELAND DIAGNOSTICS

$1.98M

CROSSCHX

$15MMINIMALLY INVASIVE DEVICES

$14.1MBLUE SPARK TECHNOLOGIES

$9MLISNR

$13.47M

EVERYTHING BUT THE HOUSE

$30MAVER

$13.6M

VIEWRAY, INC.

$60.7M

JUVENTAS THERAPEUTICS

$14.2MSURGICAL THEATER

$9M

NANOTRONICS IMAGING

$9.34M

ASSUREX HEALTH

$15M

SEED/STARTUPThe company has a product or service under

development, and in some cases the product

or service may be commercially available. The

company may or may not be generating revenue.

Investment rounds at this stage typically range from

$100,000 to $2 million.

EARLYThese companies typically have revenue beyond the

development stage, but are at least 12 months out

from generating positive cash flow. Investments are

usually made by early stage focused venture capital

funds and angel investors. Investment rounds at this

stage typically range from $2 million to $5 million.

GROWTHThese companies typically have revenue of

$5 million or more and are approaching or have

approached cash flow break even. Investments

are typically used to help the company accelerate

growth and their position in the marketplace.

Investment rounds at this stage typically range

from $5 million to $7 million.

To create this report, VentureOhio surveyed

members of the Ohio investor community to

gather information regarding 2015 venture

activity in the state.

The survey responses were augmented by

investment data provided by organizations

that track regional investment activity in Ohio.

The VentureReport methodology utilizes the

company stage definitions listed:

2015

TOP FINANCING

35

RECENT

EXITS

Over the past year, the following angel and venture-backed

Ohio companies achieved successful exits. These successes

are examples of the enormous potential of Ohio’s increasingly

vibrant entrepreneurial ecosystem, and a result of the

investment activity that has occurred over the last 10 years.

The combination of talented leadership and risk capital at

these companies created high paying Ohio jobs and delivered

attractive returns to their investors and employee shareholders.

ABEONA THERAPEUTICS, LLC Cleveland | 2015 Acquired by PlasmaTech Pharmaceuticals

for an undisclosed amount

BUSINESS BACKER Cincinnati | 2015 Acquired by Enova International Inc. for $27M

CARDIOINSIGHT TECHNOLOGIES, INC. Cleveland | 2015 Acquired by Medtronic for $93M

DNA DIAGNOSTICS CENTER, THE Fairfield | 2015 Acquired by GHO Capital Partners for $118M

DOTLOOP Cincinnati | 2015 Acquired by Zillow Group for $108M

EXPLORYS, INC. Cleveland | 2015 Acquired by IBM/IBM Health for an

undisclosed amount

FLEXLIFE HEALTH Cleveland | 2015 Acquired by LifeWatch for an undisclosed amount

HEALTH CARE DATA WORKS, LLC Cleveland | 2015 Acquired by Health Catalyst for an

undisclosed amount

MEDCITY MEDIA Cleveland | 2015 Acquired by Breaking Media for an undisclosed

amount

MOUND LASER & PHOTONICS CENTER Kettering | 2015 Acquired by Resonetics for an undisclosed amount

MOVABLE Brecksville | 2015 Acquired by DHS Group for an undisclosed amount

NATIONAL BIOCHEMICALS CORPORATION Twinsburg | 2015 Acquired by VWR International for an

undisclosed amount

OVERDRIVE Cleveland | 2015 Acquired by Rakuten, Inc. for $410M

Q2POWER Lancaster | 2015 Merged with Anpath Group for an

undisclosed amount

RADISPHERE Beachwood | 2015 Acquired by AmSurg Corp for an

undisclosed amount

RAPID MR INTERNATIONAL Columbus | 2015 Acquired by FASTRON Group for an

undisclosed amount

Fast Fact

BATTELLE, THE WORLD'S LARGEST CONTRACT RESEARCH AND DEVELOPMENT ORGANIZATION, AND THE OHIO STATE UNIVERSITY, THE THIRD LARGEST UNIVERSITY IN THE NATION, SPEND A COMBINED $6 BILLION IN RESEARCH ANNUALLY.

SUN PHARMACEUTICAL INDUSTRIES, INC. Bryan | 2015 Acquired by Nostrum Laboratories (Kansas City)

for an undisclosed amount.

TRADEX INTERNATIONAL Cleveland | 2015 Acquired by Cardinal Health for an

undisclosed amount

VIEWRAY Cleveland | 2015 Reverse merger with ViewRay Technologies

for $26.7M

X-SPINE SYSTEMS, INC. Miamisburg | 2015 Acquired by Bacterin International Holdings of

Montana for $88M

37

COMPANIES

TO WATCH

EACH YEAR, THE VENTUREREPORT HIGHLIGHTS A FEW PROMISING COMPANIES FROM AROUND THE STATE. THIS IS JUST A SNAPSHOT OF THE CALIBER OF COMPANIES BEING STARTED AND GROWN IN OHIO.

Based in Canton, Agile Networks (Agile) is changing

the landscape of telecom by providing broadband

services through an established hybrid network

using the strengths of both fiber and microwave

technologies. In less than three years, Agile has

established Ohio’s first and only statewide 1 Gig

network providing services to government, mobile

cell carriers, businesses, and residents, with service

offered in all 88 Ohio counties. Agile initially

deployed their mission-critical network infrastructure

to support public safety communications.

Understanding that first responders would depend

on their hybrid network in emergency situations,

Agile engineered The Agile Network to exceed

industry standards and performance requirements.

Today, the same commitment to excellence provided

to mission critical public safety communications is

being passed along to every customer.

Reliable and fast connectivity is rapidly becoming a

necessity for every individual and is a requirement

for economic development and business success.

Much of rural Ohio is starved for reliable connectivity,

and there is a lack of options for broadband services.

With the uniqueness of The Agile Network reaching

into both urban and rural markets, Agile has solved

the big problem of these polarized markets being

disconnected from each other. Agile has closed

the gap despite geographical challenges in rural

Ohio and is providing a statewide broadband

connectivity solution available in any situation. Agile

has built a reputation within the telecom industry

for establishing a solution that is scalable, and it

has ignited conversations of growth regionally

and nationally. Agile’s vision is to continue solving

big telecom problems that results in providing

connectivity that empowers individuals and

transforms organizations.

FOUNDED:

2010OHIO EMPLOYEES:

37CAPITAL RAISED:

$6.7 Million from Equity Investors

INVESTORS:

- Company Founders - Angel Investors - NCT Ventures

39

Based in Columbus, CrossChx was founded by

Sean Lane and Brad Mascho to fundamentally

change healthcare by building the first global

patient identity layer. In doing so, the company

is solving longstanding issues in healthcare and

creating opportunities for lasting impact, such as

increasing the life expectancy of patients by 10

years. To accomplish these monumental changes,

CrossChx is building the foundation on which patient

information can be collected and organized, helping

hospitals and health systems across the country

identify potentially dangerous patient profile errors

and duplicate patient medical records within their

existing database.

The current state of healthcare operates in

restrictive information silos, with every provider

or hospital a patient visits from birth collecting

patient data and maintaining it in an “intranet.”

The future CrossChx envisions is one in which

each patient’s health information is collected and

organized into a unique, universal ID, administrated

by the patients themselves: the internet of

healthcare. This solution would empower doctors

by providing a comprehensive patient profile, help

hospitals avoid costly and potentially harmful errors,

and protect patients from medical identity theft.

To date, CrossChx has partnered with more than

350 hospitals and health systems nationwide,

and created more than 50 million unique patient

IDs for healthcare.

FOUNDED:

2012OHIO EMPLOYEES:

100CAPITAL RAISED:

$35 MillionINVESTORS:

- Drive Capital - Silicon Valley Bank - NCT Ventures - Khosla Ventures - Moonshots Capital

T-Pro Solutions provides consumer packaged

goods (CPG) manufacturers with a suite of software

applications to more efficiently analyze and manage

their trade promotion investment in a “Software as

a Service” (SaaS) environment. As CPG

manufacturers grapple with incredible and growing

amounts of electronic data, their challenge is to

integrate and harmonize data silos so that they can

make better business decisions based on which in-

store promotions and incentives pay off and which

ones don’t.

According to Gartner, organizations using predictive

business performance metrics will increase their

profitability 20% by 2017. However today, only 31%

of business IT leaders have access to performance

metrics that identify key KPIs. With today’s

accelerated business cycles, business leaders are

seeing the need to make real-time optimization

adjustments. Leaders who do not apply predictive

measures to their business will risk failing to meet

critical business strategies. Therein lies T-Pro’s value

proposition. The company’s cloud based platform

integrates, automates and optimizes trade promotion

ROI making it easier to integrate any number of

intelligence silos, implement quickly and affordably,

and automate data updates and baselines.

Based in New Albany, T-Pro’s boasts an impressive

list of customers including Kellogg’s, Tree Top,

Ainsworth Pet Nutrition, and Sargento.

FOUNDED:

2014OHIO EMPLOYEES:

5CAPITAL RAISED:

+$1 Million

INVESTORS:

- Queen City Angels - Rev1 Ventures - Ohio TechAngels Funds - Angel Investors

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Enable Injections was established in February

2010 in Cincinnati. Enable Injections develops

and manufactures devices that allow patient self-

administration of high volume/viscosity drugs.

Founded by Michael Hooven, Enable Injections is

taking part in a global race to figure out the best

way to deliver a multibillion-dollar category of

drugs called biologics, which are complex drugs

used as treatments for cancers, autoimmune, and

cardiovascular diseases.

The Enable Injector technology is a discreet body-

worn device that provides a comfortable injection

experience allowing the patient to continue with

normal daily activities. The Enable system is

designed to utilize any standard container

closure system, including a syringe or vial.

The idea originated from an invention from

Dr. Eric Wall, a surgeon at Cincinnati Children’s

Hospital Medical Center.

Enable has announced a number of significant

partnerships and recently completed the buildout

of it’s 41,000 sq. ft. Development and Manufacturing

facility in Evendale.

FOUNDED:

2010OHIO EMPLOYEES:

40+CAPITAL RAISED:

$13 MillionINVESTORS:

- CincyTech - Cincinnati Children’s Hospital Medical Center - Global Cardiovascular Innovations Center - Private investors

Akron-based 7signal develops innovative Wi-Fi

performance assurance and optimization solutions

that monitor, troubleshoot and optimize wireless

networks. The company’s mission is to improve the

Wi-Fi experience for end users by helping customers

achieve peak Wi-Fi performance and WLAN service

assurance in support of initiatives that help their

business grow, increase operational efficiency, and

elevate productivity.

The company was founded by a Finnish engineer

Veli-Pekka Ketonen, who previously worked for

mobile phone giant Nokia. Capital from the Akron

BioInvestments Fund, JumpStart and others have

helped the company grow aggressively, progressing

from three employees and one customer to over

20 total employees and more than 50 customers in

both the U.S. and Europe. The company boasts an

impressive customer list including Akron Children’s

Hospital, Miami University and Scott’s Miracle-Gro.

Recently, the company reported their bookings in

the fourth quarter of 2015 grew 165 percent over

the previous year’s numbers. Long-term, 7signal

is poised for growth by targeting hospitals, higher

education institutions and other large companies.

FOUNDED:

2011OHIO EMPLOYEES:

22CAPITAL RAISED:

$10 MillionINVESTORS:

- Allos Ventures - Mutual Capital Partners - JumpStart - North Coast Angel Fund - Ohio TechAngels - Akron BioInvestments Fund - CoreNetwork Fund - Queen City Angels

43

Casamatic, is a startup that uses data to help

people find their perfect home. Launched in

April 2015, co-founders Alex Bowman and Chris

Ridenour founded Casamatic after frustrating

experiences searching for homes based on

traditional, binary filters. Like its founders,

the company’s target audience is digital

native millennials.

Rather than searching for-sale homes on a map,

Casamatic asks users questions on what actually

drives homebuyer decision-making, such as

accessibility to yoga studios, coffee shops, in-laws,

and work commute. After learning about users,

Casamatic curates a listing of the best matches

and instantly connects them to real estate agents.

Building on its platform, the company is providing

content and information about neighborhoods to

feature on Casamatic’s website as well as content

for the startup’s blog, the Annex.

The company started at OCEAN Accelerator in

Cincinnati, Ohio, and launched its beta version in

April 2014. After joining The Brandery, the company

expanded into Chicago and has since expanded to

Dayton, Columbus, Charlotte, Phoenix, Nashville,

Raleigh, and Los Angeles.

FOUNDED:

2015OHIO EMPLOYEES:

5CAPITAL RAISED:

$1.1 Million

INVESTORS:

- Accelerant Dayton - The Brandery - OCEAN Accelerator - Angel Investors

Columbus and Cincinnati are both top 20 for tech talent and in the 94th percentile of total patent activity.

45

ENTREPRENEURIAL RESOURCES &

INVESTOR DIRECTORY

48 PUBLIC-PRIVATE PARTNERSHIPS

50 OUR PARTNERS IN VENTURE DEVELOPMENT

54 VENTURE CAPITAL & SEED INVESTORS

62 ANGEL GROUPS

68 ACCELERATORS & INCUBATORS

82 MEMBER DIRECTORY

47

The State of Ohio and the private sector have a strong

relationship, frequently working together to support

entrepreneurship and build a strong business climate in the

region where technology entrepreneurs can thrive, grow great

companies, and strengthen Ohio’s economy. Several multi-

billion dollar initiatives, including JobsOhio and Ohio Third

Frontier, have laid fertile ground and continue to fund and

support economic development efforts, fueling a burgeoning

innovation economy in Ohio.

PUBLIC-PRIVATE

PARTNERSHIPS

JOBSOHIOjobs-ohio.com

JobsOhio is a private non-profit corporation

designed to drive job creation and new capital

investment in Ohio through business attraction,

retention and expansion efforts. In collaboration

with state, regional, and local partners, JobsOhio in

2015 announced 330 projects with companies that

committed to create 23,602 new jobs for Ohioans

and invest $6.7 billion in new capital. The company

remains focused on strengthening partnerships and

executing strategies to help more companies achieve

long-term growth and success.

OHIO THIRD FRONTIER development.ohio.gov/bs_thirdfrontier/

The Ohio Third Frontier (OTF) is an economic

development initiative by the State of Ohio to

expand research and technology economic

development in the state. Initiated in 2002, the

OTF Commission executes the $2.1 billion project

through a long list of programs. Goals of the initiative

include: building a world-class research capacity,

supporting early stage capital formation and the

development of new products, and financing

advanced manufacturing technologies to help

existing industries become more productive. OTF

is committed to transforming the state’s economy

through the accelerated growth of diverse startup

and early stage technology companies. OTF provides

access to essential business assistance, capital and

talent resources, including funding to private-public

partnership Entrepreneurial Signature Programs

(ESPs) throughout the state of Ohio.

THE STATE OF OHIO HAS PLAYED A MAJOR ROLE IN LAYING THE FOUNDATION FOR TECHNOLOGY ENTREPRENEURS TO THRIVE. THE ECOSYSTEM WASN’T BUILT OVERNIGHT, AND WE’RE NOW SEEING THE RESULTS OF YEARS OF INVESTMENT AND CONCERTED EFFORTS TO MAKE OHIO THE BEST PLACE TO START AND SCALE A COMPANY.”

– JOHN MCILWRAITH, ALLOS VENTURES

"

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CINTRIFUSEcintrifuse.com

City: Cincinnati

BIOENTERPRISEbioenterprise.com

City: Cleveland

Cintrifuse proactively links entrepreneurs with

strategic businesses, research institutions, mentors

and investors to help successfully launch high-

growth startups. The organization coordinates the

activities, resources and programs of the region’s

innovation ecosystem by connecting incubators,

accelerators, investment sources, organizations

and other resources to maximize information

sharing. Cintrifuse has harnessed three core

elements to develop a sustainable innovation

economy: Access, Place and Fund.

BioEnterprise is a business formation, recruitment,

and acceleration initiative designed to grow

bioscience companies. BioEnterprise’s founders and

partners are Cleveland Clinic, University Hospitals,

and Case Western Reserve University.

Additional technology partners include the NASA

Glenn Research Center, Cleveland State University,

and BioOhio. The initiative comprises the collective

activities of BioEnterprise and its partners

commercialization offices: Case Office of Technology

Transfer, Cleveland Clinic Innovations, and University

Hospitals Case Medical Center - Center for Clinical

Research. The combined efforts of these groups has

created, recruited, and accelerated more than 300

companies in 14 years.

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VENTURE DEVELOPMENT DAYTON TECH GUIDEdaytontechguide.com

City: Dayton

This "Hitchhiker's Guide" is an early step in building

a stronger tech & startup ecosystem and fostering

that culture here in Dayton, O. The guide will never

be complete because as the Dayton community

continues to grow and get stronger, this guide will

grow with it.

GREATER CINCINNATI VENTURE ASSOCIATIONgcva.com

City: Cincinnati

LAUNCH LEAGUElaunchleague.org

City: Akron

The Greater Cincinnati Venture Association (GCVA)

is a community-based organization focused on

delivering high-quality educational and promotional

programming for parties interested in early-stage

technology startups. GCVA puts on an annual Cash

Pitch competition where one local startup will walk

away with money to build their product to be ready

to receive a larger Angel or institutional Seed round.

Launch League is a founder led organization tasked

with making Akron the place to found and scale

a startup. The organization helps founders create

exceptional companies and specializes in helping

early stage startups acquire talent, funding, and

serves as a sounding board to raise awareness and

engagement with the community.

TEAM NEOteamneo.org

City: Cleveland

Team NEO is an economic development organization

focused on creating jobs for Northeast Ohio's

residents. In collaboration with its partners, it leads the

region’s business attraction efforts, supports business

retention and expansion work as Northeast Ohio’s

JobsOhio affiliate, and aligns strategies and resources

within the economic development network to maximize

its impact. In addition, Team NEO provides tools to

assist employers in attracting talent to the region.

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VENTURE DEVELOPMENT(CONTINUED)

OHIO VENTURE ASSOCIATIONohioventure.org

City: Cleveland

ANGEL CAPITAL ASSOCIATION (ACA)angelcapitalassociation.org

City: Overland Park, KS

OVA is committed to supporting an active regional

start-up and early-stage investment community

with a goal of enhancing its vibrancy through

education, leadership development, and networking

among entrepreneurs and investors and through

public communications of its ongoing capital and

venture successes.

The Angel Capital Association is the leading

professional and trade association supporting

the success of angel investors in high-growth,

early-stage ventures. ACA provides professional

development, industry voice, public policy

advocacy and an array of benefits and resources

to its membership of more than 240 angel groups

and platforms and more than 13,000 individual

accredited investors.

NATIONAL VENTURE CAPITAL ASSOCIATIONnvca.org

City: Washington, DC

As the voice of the U.S. venture capital community,

the National Venture Capital Association (NVCA)

empowers its members and the entrepreneurs they

fund by advocating for policies that encourage

innovation and reward long-term investment. As the

venture community’s flagship trade association, the

NVCA serves as the definitive resource for venture

capital data and unites its member firms through a

full range of professional services.

CNN Money considers Cleveland one of

“The Most Innovative Cities in America.”

53

EDISON PARTNERSedisonpartners.com

City: Cleveland

Edison Partners provides a support system that

embraces and empowers relentless execution and

learning for growth stage technology companies.

Initial investments, ranging from $5-$12 million, are

focused on businesses with $5-$20 million in revenue

and located in the eastern United States. Total

investments range from $8–$20 million.

NORTHERN OHIO

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HOPEN LIFE SCIENCE VENTUREShopenls.com

City: Cleveland

Hopen Life Science Ventures invests in exceptional

early-to mid-stage life science opportunities. We

are very active in the Midwest, a market traditionally

under-served with capital. The firm’s team consists

of professionals with extensive senior leadership

experience in public and private life science

companies. Their team applies scientific and business

insights along with a proven resource network to

enhance the development of portfolio companies.

JUMPSTART, INCjumpstartinc.org

City: Cleveland

JumpStart Inc. is a non-profit organization

transforming the economic impact of entrepreneurial

ventures and the ecosystems supporting their

growth. JumpStart’s primary service is intensive

entrepreneurial development assistance delivered

to Northeast Ohio entrepreneurs leading high

potential, early-stage companies. JumpStart also

supports the growth and strengthening of Northeast

Ohio’s innovation and entrepreneurial ecosystem

by securing a continuous stream of resources

for entrepreneurs. In doing this work, JumpStart

also focuses on economic inclusion and activities

that increase the success of minority and women

entrepreneurs in growing high impact companies.

MUTUAL CAPITAL PARTNERSmutualcapitalpartners.com

City: Cleveland

Mutual Capital Partners (MCP) is a venture fund

investing in rapidly growing companies in the

healthcare (medical devices and diagnostics) and

IT (B2B and mobility software) sectors. Solving the

“Series A Gap” since 2004, MCP has focused on and

invested in the best Midwest venture companies.

MCP is committed to entrepreneurialism working

with entrepreneurs, angel funds, early stage funds,

and other venture funds to assist companies along

the capital continuum.

INNOVATION FUND AT LORAIN COMMUNITY COLLEGEinnovationfundamerica.org

City: Cleveland

Community colleges are ideal environments for

innovation and entrepreneurship. Innovation Fund at

Lorain Community College helps colleges leverage

their mission, partnerships, and capacity to launch

Innovation Funds. This fund provides entrepreneurs

the capital, mentoring and education they need to

launch and grow new companies, all while inspiring

the next generation of innovators.

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NORTHERN OHIO (CONTINUED)

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INNOVATION FUND NORTHEAST OHIOinnovationfundamerica.org/northeast-ohio

City: Cleveland

Innovation Fund Northeast Ohio is one of

the region’s most active pre-seed funds for

technology startups. The organization pairs

funding with intensive business mentoring to help

the most promising young companies grow. The

Innovation Fund’s founding partners are the Lorain

County Community College and its Foundation,

and is part of a national network of community

colleges that are providing technology-based

startup funding and mentorship.

PRIMUS CAPITALprimuscapital.com

City: Cleveland

Primus Capital takes a flexible investment approach,

seeking to create value-added engagements in

growth-oriented companies. The firm invests in the

healthcare, software/technology and technology-

enabled services industries with a specific focus

in healthcare IT, healthcare services, financial

technology, marketing technology, education

technology and human capital management.

RIVERVESTrivervest.com

City: Cleveland

ROCKET VENTURESrocketventures.org

City: Toledo

Rivervest focuses exclusively on innovations

in life sciences, a field in which our team has

significant research, clinical, operational and

investment expertise.

Rocket Ventures is an investment and entrepreneurial

services organization for high-tech, early-stage

companies in Northwest Ohio. Signed client

companies are eligible for funding consideration

and automatically access its professional team, who

provide unparalleled knowledge, assistance, and

track records of success in launching early-stage

tech companies.

THE CORENETWORK FUNDcorenetworkfund.com

City: Toledo

The CoreNetwork Fund is a Toledo-based early-stage

venture fund. CoreNetwork was started in 2003, the

current Fund was formed in 2014 to invest in top

companies from the Great Lakes-Midwest region

(Chicago to Pittsburgh), with a clearly defined path

to good growth and strong returns in a 4-5 year

time horizon. The firm seeks companies with strong,

experienced management teams, capital efficiency

and a demonstrated start to substantial growth.

Sector agnostic, the fund is primarily invested in

technology-based companies that strengthen the

core of their customers business with advanced

solutions and key problem solving applications.

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DRAPER TRIANGLE VENTURESdrapertriangle.com

City: Columbus

Founded in 1999, Draper Triangle has invested in

many of the Midwest’s most successful startups.

DTVC partners with early stage companies to create

disruptive businesses in emerging markets including

software, robotics, and medical devices. Draper

Triangle is a proud member of the Draper Venture

Network, a robust venture collective bringing

together experienced investors and innovative

entrepreneurs from around the globe. Through

the network, members can leverage the collective

intelligence of 100+ investors with more than $3B

invested in 500+ ventures.

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DRIVE CAPITALdrivecapital.com

City: Columbus

Drive Capital is a team of investors, entrepreneurs,

and operators that have been part of some of the

best companies in Silicon Valley, partnering with the

best entrepreneurs that want to build their businesses

using the competitive advantage of the Midwest.

They believe the Midwest is the best place to build a

business and has been investing in the Midwest since

2013. The firm works with entrepreneurs who are

building long-term, sustainable technology businesses

in large markets where they are solving a real problem

that can change an industry.

NCT VENTURESNCTventures.com

City: Columbus

NCT Ventures is a an early stage venture capital firm.

Over the last 20 years, NCT’s team has provided a

platform for entrepreneurs to succeed in turning

their ideas into profitable businesses through hands-

on operational support. NCT is focused regionally

on companies headquartered in Ohio and Detroit,

Michigan, and invests in entrepreneurs that are

addressing big market opportunities in Adtech,

Big Data, Enterprise Software, Health IT, Logistics,

Marketplace and Retail Technology.

REV1 VENTURESrev1ventures.com

City: Columbus

OHIO INNOVATION FUNDohioinnovationfund.com

City: Columbus

Rev1 Ventures helps entrepreneurs build great

companies. With the capital of a VC and the

connections of an accelerator, Rev1 supports startups

through the first phases of growth to increase

their probability of success. Rev1’s team of experts

leads an ongoing, data-driven process that ensures

entrepreneurs develop products people want, and

companies people need. Rev1 was named the Most

Active VC in Ohio in 2016 by CB Insights.

The Ohio Innovation Fund provides early-state

venture capital to Ohio's top emerging growth

companies. Investment areas of focus include SaaS,

cyber security, Big Data, Med Tech, and industrial

technologies, among others throughout the state.

The fund's two founding LP's are The Ohio State

University and OHIO University.

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ALLOS VENTURES allosventures.com

City: Cincinnati

Allos Ventures leads investments in early-stage

software and technology-enabled business service

companies, augmenting the capital provided by

founders and angel investors who have helped the

companies reach a stage at which they have initial

customers and are ready for their first institutional

financing round. Allos employs a hands-on approach

to venture investing and works closely with partner

companies to help them leverage the business-

building experience and resources of their team

and investors.

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SOUTHERN OHIO

CINCYTECH cincytechusa.com

City: Cincinnati

CincyTech’s mission is to be a trusted partner in

transforming ideas into high potential technology

and life science companies in Southwest Ohio. Our

team of seasoned investors and entrepreneurs

provides seed stage capital, hands-on guidance

and a network of connections to help startup

entrepreneurs build and grow great companies.

CincyTech has been investing in Southwest Ohio

since 2007 and is consistently ranked among the

most active seed funds in the Midwest. CincyTech’s

supporters include Ohio Third Frontier, Cincinnati

Children’s Hospital Medical Center, the University of

Cincinnati and the Cincinnati USA Regional Chamber.

RIVER CITIES CAPITAL FUNDrccf.com

City: Cincinnati

River Cities Capital Fund is a growth equity

firm investing in high-potential healthcare and

information technology companies. A consistent,

cohesive team has honed its strategy over five

funds with compelling performance. River Cities

seeks to be a business partner first and a capital

provider second, investing significant human capital

to leverage its domain expertise and a network of

thought leaders assembled over the last 20 years.

VINE STREET VENTURESvinestventures.com

City: Cincinnati

ZIEGLER LINKAGE LONGEVITY FUNDlinkageconnect.com

City: Mason

Vine Street Ventures is a venture capital firm

that invests in internet or mobile businesses.

Link•age Ventures is an investment firm interested

in investing in financially viable companies that

provide products, services or technology to the

aging marketplace. Link•age Ventures is a “hybrid”

firm in that it will invest in traditional venture capital

opportunities and more established companies that

fit its investment criteria. Link•age Ventures looks

to invest in companies that understand and can

leverage the Link•Age network of 600 senior living

communities and over 300,000 residents to grow

their organizations.

ATHENIAN VENTURE PARTNERSathenianvp.com

City: Athens

Founded in 1997 in partnership with the Ohio University

Foundation in Athens, OH, Athenian Venture Partners

is an established venture capital firm that invests

in early stage B2B technology, digital health and

healthcare companies. With its team of experienced

industry operators, Athenian takes an active

investment approach and works closely with company

management to provide business support and help

drive growth throughout the company life cycle.

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AKRON REGIONAL CHANGE ANGELS (ARCHANGELS) uakron.edu

City: Akron

Akron Regional Change Angels (ARCHAngels)

investment network provides a regional forum for

introducing investors to early stage high-potential,

market-driven, technology-based investment

opportunities. Expanded beyond the original

accredited investors and now including corporate,

entrepreneurial, and education components,

ARCHAngels provides capstone educational

experiences to as many as 150 entrepreneurial

students from six universities in Northeast Ohio at

the quarterly events sponsored by the University of

Akron Research Foundation.

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DRUMMOND ROAD CAPITAL about.me/drummondroad

City: Cleveland

Drummond Road Capital invests in software and

digital media companies. Over the past decade,

Drummond has invested in a diverse venture capital

and private equity portfolio. Drummond Road

Capital focuses on making 10 to 12 value-added seed

stage investments per year in software companies

participating in top national accelerator programs

like TechStars, 500 Startups, Y-Combinator, and The

Brandery. Drummond Road Capital, recognized as

one of the 100 most active startup investors in the

US, looks for entrepreneurs that combine big, game-

changing ideas with the tenacity, commitment, and

competitive fire necessary to turn those ideas into

profitable reality.

NORTH COAST ANGEL FUND northcoastangelfund.com

City: Cleveland

North Coast Angel Fund (NCAF) was founded in

Northeast Ohio in 2006 and now includes 200+

angel investor members. NCAF’s three angel funds

have deployed over $30 million in 40 Ohio-based

technology companies. Notable investments include

Assurex Health, Neuros Medical, Juventus Medical,

GenomOncology, Ahalogy, OnShift, StreamLink

Software, and DecisionDesk.

MILLSTREAM ANGEL CLUB

City: Findlay

Millstream Angel Club is a Findlay based group

of northwest Ohio angel investors who invest in

a variety of companies, from pre-revenue to very

established companies. The group focuses on

investments broadly across sectors from technology

to manufacturing businesses.

EASTERN OHIO

EAST CENTRAL OHIO TECH ANGEL FUND ecotaf.net

City: Eastern Ohio

East Central Ohio Tech Angel Fund (ECOTAF) has

an interest in investing in all types of companies

including opportunities that are technology-based

and also those firms that have developed competitive

advantages in other industries. ECOTAF invests in all

stages of a company's growth cycle. Members include

experienced entrepreneurs and business professionals

that assist portfolio companies by providing sales

prospects, introductions to potential management

team staff, and valuable mentoring advice.

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The Columbus Region is home to the nation's largest angel investor group.

OHIO TECHANGELS FUND rev1ventures.com/investments/techangel-fund

City: Columbus

Ohio TechAngels Funds (OTAF) is a group of for-

profit angel investor funds that invest in highly

promising early stage Ohio based companies in IT,

advanced materials, and life sciences. More than

340 high net-worth accredited investors contribute

to the funds, making it the largest angel network

in North America. Rev1 Ventures serves as the

managing member of each fund and provides key

administrative and entrepreneurial support.

X SQUARED ANGELS rev1ventures.com/investments/x-squared-angels

City: Columbus

X Squared Angels was founded in Columbus, Ohio to

demonstrate and promote the financial effectiveness

of gender diverse management business teams

through investment in their companies. X Squared

Angels invests primarily in high-potential early-stage

companies in IT, software, bioscience, advanced

materials, medical devices, and most other markets

located in Ohio as well as throughout North America.

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FOUNDERS FACTORY foundersfactory.com

City: Columbus

Founders Factory was established to help early stage

companies rapidly become viable and sustainable

businesses. Their team has a blend of what early

stage companies require: expedited angel funding,

agile technology development, lean acceleration and

world class mentors.

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QUEEN CITY ANGELS qca.com

City: Cincinnati

KEIRETSU FORUM keiretsuforum.com

City: Cincinnati

The Queen City Angels (QCA) is a group of more

than 50 experienced, accredited investors who

provide funding, support, and guidance to early-

stage growth companies in the Cincinnati area and

surrounding region. QCA draws from the personal

entrepreneurial experience and the business acumen

of its members (which include former C-level

executives and entrepreneurs) to return above-

average profits to the State of Ohio and other

investors, attract additional talent to Ohio, create a

substantial impact on the overall economic viability

of the region, commercialize technology which might

otherwise have been lost, and support and nurture

angel investing throughout the state by collaborating

with other established angel groups through ACA

(Angel Capital Association) Ohio.

Tri-State chapter founded in 2016, Keiretsu Forum

is the world's largest Angel Investor. With 46

chapters and 2600 investors around the world

Keiretsu Forum will share its vast resources with

the Southern, Ohio region.

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AKRON GLOBAL BUSINESS ACCELERATORakronaccelerator.com

City: Akron

The Akron Global Business Accelerator, an initiative

of the City of Akron, Ohio, is home to one of the

country’s top performing technology business

incubators. It is an entrepreneurial community

that focuses on technology-based startups and

early-stage companies in diverse fields, such

as biomedical, energy, advanced materials, IT,

instruments, controls and electronics.

BIOMOTIV, LLCbiomotiv.com

City: Cleveland

BioMotiv is the mission-aligned development

company of The Harrington Project for Discovery and

Development. The Harrington Project, launched by

University Hospitals (UH), is a first-of-its-kind $250

million initiative that promises to revolutionize how

new breakthrough drugs are advanced to market. By

aligning the upstream efforts of the recently created

UH Case Medical Center’s Harrington Discovery

Institute with the downstream development efforts

of BioMotiv, The Harrington Project seeks to

accelerate the therapeutic innovation process for the

benefit of patients globally.

BRAINTREEbraintreepartners.org

City: Mansfield

The Braintree Business Development Center is

a non-profit regional entrepreneurial assistance

organization (often called a business incubator)

supporting small businesses in Northeast Ohio. Since

1986 over one hundred start-up companies have

found their first home with Braintree. The Center

focus on advanced manufacturing, alternative

energy, information technology, bioscience, and

agriculture/food processing.

CLEVELAND CLINIC INNOVATIONSinnovations.clevelandclinic.org

City: Cleveland

Cleveland Clinic Innovations (CCI) is the

commercialization arm of Cleveland Clinic. CCI turns

the breakthrough inventions of Cleveland Clinic

employees into patient-benefiting medical products.

The creation of new business opportunities allows

CCI to deliver Cleveland Clinic’s unique capabilities

into the commercial market, while aiding in the

economic growth of Northeast Ohio and beyond. CCI

facilitates an inclusive entrepreneurial environment

where invention is fostered as an activity in which

all can participate. CCI’s comprehensive approach

includes sophisticated deal teams, domain experts,

investment funds, executives-in-residence, allied

investors, seed and technology validation funds,

incubation, preclinical and prototype facilities—all

poised to create companies and commercially deploy

new medical technology.

FLASH STARTSflashstarts.com

City: Cleveland

Flashstarts is a Cleveland-based business startup

accelerator and venture fund focused on unique and

innovative uses of software and technology. Flashstarts

provides the resources, capital and guidance necessary

to support the earliest stage entrepreneurs.

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THE INCUBATOR AT MAGNETmanufacturingsuccess.org

City: Cleveland

The mission of MAGNET, the Manufacturing

Advocacy & Growth Network, is to support, educate

and champion manufacturing in Ohio with the

goal of transforming the region’s economy into

a powerful, global player. MAGNET is a nonprofit

organization dedicated to helping manufacturers

compete and grow under the leadership of

a board of directors who reflect the breadth

of manufacturing in the region. Working with

MAGNET does not require membership; instead, the

organization is open and available to help with any

manufacturer in the region.

GLIDE AT LORAIN COMMUNITY COLLEGEglideit.org

City: Cleveland

The Great Lakes Innovation and Development

Enterprise (GLIDE) helps Northeast Ohio

entrepreneurs wrap sound business practices

around great business ideas. GLIDE's experienced

Entrepreneurs-in-Residence provide professional

business assistance to companies at every stage of

development and connect entrepreneurs with the

tools and resources they need to succeed.

NDI HEALTHCARE FUNDndimedical.com

City: Cleveland

(Neuro Device Innovations (NDI) is a hybrid

venture capital and commercialization firm

focusing exclusively on innovative neurodevice

technologies. NDI pursues, funds and develops

opportunities that address unmet clinical needs

with the potential to provide significant returns to

its investors. NDI is focused on the worldwide market

for neurodevices, such as stimulators, leads, surgical

equipment and software.

SEA CHANGEseachangeohio.org

City: Cleveland

SEA Change (social enterprise accelerator) is a

collaborative initiative that provides coaching,

connections and capital to people who have big

ideas to improve their community and self-sustaining

ways of doing so by selling goods and/or services.

SEA Change is operated collaboratively by a mix

of existing organizations who bring expertise in

launching, supporting and financing start-ups,

advancing non-profits and engaging the community.

YOUNGSTOWN BUSINESS INCUBATORybi.org

City: Youngstown

The Youngstown Business Incubator leverages its

entrepreneurial expertise and resource network to

meaningfully impact technology-based economic

development and community wealth. The incubator

facilitates the creation of high-value businesses

through collaborative partnerships that promote

innovative technologies.

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INNOVATE NEW ALBANYinnovatenewalbany.org

City: Columbus

Innovate New Albany is the city’s incubator for

technology startups, entrepreneurs and small

businesses. From venture capital to human capital,

Innovate New Albany enables business startups to

access and leverage an unmatched level of resources

to power growth. It is a one-stop shop where

government, area businesses, venture capitalists,

and private agencies come together to provide

the guidance, expertise, and services that new

businesses need to succeed.

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LUMOS INNOVATIONlumosinnovation.com

City: Columbus

Lumos brings community, technology,

entrepreneurship and corporate brands together into

Ohio's newest collaborative ecosystem. The Lumos

Accelerator provides founders from idea to seed

stage with access to funding, space, mentorship and

in-kind services to help them grow to become the

next disruptive company.

WOMEN SMALL BUSINESS ACCELERATORwsbaohio.org

City: Columbus

DUBLIN ENTREPRENEURIAL CENTERdecindublin.com

City: Dublin

The Women's Small Business Accelerator is

a non-profit organization with a mission to

help all women business owners, regardless of

net worth or education level, achieve their business

ownership dreams through empathy, mentoring,

and education. The organization provides a variety

of business resources including mentors and other

support services.

The Dublin Entrepreneurial Center is a vibrant,

energetic community of businesses working

synergistically to advance ideas and technologies.

The DEC concept also transcends the walls of

the physical space that encompasses the Dublin

Entrepreneurial Center. There are many partners and

collaborators who have a virtual presence at the DEC

by means of “jellies,” free advice, special events and

social media.

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BAD GIRL VENTURESbadgirlventures.com

City: Cincinnati

Bad Girl Ventures (BGV) is an educational and

micro-finance, non-profit organization dedicated to

inspiring and supporting female entrepreneurs in key

areas of their business. BGV enables bold women

to start and sustain well-managed and profitable

businesses through business education classes,

guidance from mentors and coaches, and access to

debt capital. BGV also offers co-working office space

at its Cincinnati location.

ACCELERANT DAYTONaccelerantdayton.com

City: Dayton

Accelerant's portfolio consists of high-growth

technology companies that receive dedicated,

hands-on assistance from Accelerant's team of

experts. Representing a broad range of business

models and stages of development, the Accelerant

portfolio offers investment opportunities for

organizations, foundations, corporations, venture

funds, and strategic investors.

DIFFERENTIALdifferential.com

City: Cincinnati

Serving as a trusted co-founder, Differential employs

lean startup methodologies to power design,

development and marketing. Differential was

created to help solve the early co-founder problem.

Entrepreneurs have historically had two options for

launching a tech startup: find a technical co-founder,

or hire an agency. The first is very hard and the

second is expensive and risky because most agencies

are used to working with big brands. Differential

partners with early stage startups to design, develop

& launch their MVP—in some cases working for

partial equity. By taking their "upside" in equity,

Differential ensures long-term interests are aligned.

THE BRANDERYbrandery.org

City: Cincinnati

The Brandery is a seed-stage startup accelerator

that leverages the unique presence of branding,

marketing, and design expertise in the Cincinnati

region, and believes that building a brand, and

not just a product, is a way startups can be more

resource-efficient and increase their probability

of success. In addition to an elite mentor network,

startups get paired with world-class creative

agencies and have unrivaled access to some of the

biggest companies in the world, include Procter

& Gamble and Kroger. The Brandery runs one

four-month accelerator program each year for 10

companies; in exchange for a 6% equity stake, each

startup receives $50,000, a year of free office space,

and over $200,000 in additional benefits. To date,

the Brandery has seen 56 companies graduate and

go on to raise more than $130 million in capital, while

creating more than 200 jobs, a number of which

have stayed in Cincinnati.

OU INNOVATION CENTERohio.edu/research/innovation/

City: Athens

The Innovation Center provides valuable business

incubation resources to fuel the economy in Athens,

Ohio and surrounding regions. Created in 1983,

the Ohio University Innovation Center was the

first university-based business incubator in the

State of Ohio and just the 12th in the United States.

The current 36,000 square foot facility, which

opened in 2003, is now home to 19 prospering

member companies.

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FIRST BATCHfirstbatch.org

City: Cincinnati

First Batch is the nation’s only business accelerator

dedicated to physical products and local

manufacturing. As the #1 manufacturing region in the

#3 manufacturing state, Cincinnati is the ideal place to

develop, manufacture, and market physical products.

Participants have inventory, sales, and revenue upon

completion of the program. Winners of First Batch's

annual spring competition occupy a 10,000 square

foot Over-the-Rhine workspace for a five-month

residency that provides design, manufacturing, and

operating expertise, plus mentors, funding, and the

knowledge needed to help create successful products

and run sustainable businesses.

HAMILTON COUNTY BUSINESS CENTER, INChcdc.com

City: Cincinnati

Established in 1983, HCDC, Inc., formerly Hamilton

County Development Co. Inc., helps build businesses

and promote job creation in 3 simple ways: businesses

incubation, business lending, and economic

development services. Born out of a need to create

jobs to counter a shrinking manufacturing sector,

HCDC has nurtured over 300 resident companies,

financed over $1 Billion in projects and helped attract

and create tens of thousands of local jobs.

MINORITY BUSINESS ACCELERATORcincinnatichamber.com

City: Cincinnati

The Minority Business Accelerator is the flagship

economic development initiative of the Cincinnati

USA Regional Chamber focused on growing sizable

minority firms. The MBA's mission is to accelerate the

development of sizable minority business enterprises

and strengthen and expand the regional minority

entrepreneurial community. The MBA works with

regional companies to increase their utilization of

and spending with local minority owned businesses

by helping them identify and connect with local

minority suppliers who can meet specific needs for

products and services.

UPTECHuptechideas.org

City: Cincinnati

The Uptech accelerator program provides resources

for data-driven startups that are developing tech-

enabled solutions and seeking equity funding.

Up to 10 startups go through the 5+1-month

accelerator program annually, driven by intensive

entrepreneurship education, one-on-one mentoring,

and extensive community involvement.

OCEANoceanaccelerator.com

City: Cincinnati

OCEAN is a startup accelerator with a unique

program that takes into account the spiritual,

relational, physical, intellectual, and financial assets

of entrepreneurs. OCEAN accelerates founders into

the marketplace with skills that are uniquely tethered

to faith. Each year, OCEAN accepts up to 12 tech

startups to navigate a curriculum that is reinforced

by an active and diverse mentor pool of 100+

experienced men and women. This message seems

to be resonating to individuals around the world, as

OCEAN has seen over half of applicants come from

outside the US. The inaugural class, who made their

pitches in front of an audience of 1,500 at Demo Day

with an additional 10,000 downloads, has raised over

$4 million in capital, and created almost 50 jobs.

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We've built a foundation for the future. Top talent without the Silicon Valley price.

SF

Why Venture into Mason?

1675K

400

Growth CompaniesNurtured

Supported Tech &Innovation Space

Jobs Created Directly by Growth Companies

$

Venture Capital Attracted byMason Co’s

$78M

The City of Mason is Elevating scalable companies through P3 partnerships. Learn more at www.whymason.com.

TECH ELEVATORAt the Top of Tech Innovation

Precision medicine for personal wellness.™

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PHOTO

CREDITSTARTUP STORYTELLERS

Photo provided with permission by Startup

Storytellers; Taken by Stephen Takacs. All

Rights Reserved.

GLIDE Photos taken by Ron Jantz of Lorain County

Community College. All Rights Reserved.

THE BRANDERY | DEMO DAY Photos taken by Zackariah Cole.

All Rights Reserved.

W e b u i l d b u s i n e s s e s o n t h e w e b

48+ 3$25.5MILLION

“THE OHIO THIRD FRONTIER AND ITS PRIVATE SECTOR PARTNERS HAVE INVESTED NEARLY $500 MILLION IN THE LAST FIVE YEARS TO ACCELERATE THE PROGRESS OF OHIO HIGH-TECH STARTUP ENTREPRENEURS. OHIO IS PROVING THAT PUBLIC-PRIVATE PARTNERSHIPS WORK AND THAT EVERY OHIO COMMUNITY CAN DIRECTLY BENEFIT FROM THESE EFFORTS. I’M PROUD THAT JUMPSTART AND OUR PARTNERS ARE TAKING STEPS TO ENSURE THAT DIVERSE OHIOANS OF ALL RACIAL AND ECONOMIC BACKGROUNDS ARE INCLUDED IN THE GROWTH OF OUR INCREASINGLY VIBRANT INNOVATION ECONOMY.”

– RAY LEACH, JUMPSTART INC.

www.cincinnatichildrens.org/innovation

LEADING,INNOVAT ING & COLLABORATINGto improve child health, here and around the world.

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MEMBER

DIRECTORY

CHARTER MEMBERSCalfee Halter & Griswold

Keating Muething & Klekamp PLL

Ohio Capital Fund

Ohio Venture Association

River Cities Capital Funds

FUNDSAdvantage Capital

Allos Ventures

Arsenal Venture Partners

Athenian Venture Partners

Cintrifuse

CincyTech

Detroit Venture Partners

Draper Triangle Ventures

Drive Capital

Glengary LLC

Hopen Life Science Ventures

IKOVE Capital

JumpStart Inc.

Mercury Fund

Mutual Capital Partners

NCT Ventures

Ohio Innovation Fund

ProMedica Innovations

Rev1Ventures

TECHGrowthOhio

The CoreNetwork Fund

ANGELSNorth Coast Angel Fund

Ohio TechAngel Fund

Queen City Angels

INCUBATORS/ACCELERATORSBioEnterprise

BioMotiv, LLC

The Brandery

The Incubator at MAGNET

COMPANIESAssurex Health

Cleveland Heart Lab

CoverMyMeds

DocHalo

DOMedia

Market6

Neuros Medical, Inc

NineSigma

OnShift, Inc

SERVICE PROVIDERSBarnes & Thornburg

Britton Gallagher

Ernst & Young

QStart Labs

Thompson Hine

Ulmer & Berne

Vorys, Sater, Seymour

and Pease LLP

Jones Day

LARGE CORPORATIONS AND FINANCIAL INSTITUTIONSAEP Ohio

Fifth Third Bank

Key Bank

Navidar

NOT FOR PROFIT RESEARCH & OTHER INSTITUTIONSCincinnati Children’s Hospital

Medical Center

University of Toledo

Cleveland Clinic Innovations

Interact for Health

Ohio University

University of Cincinnati Research

Institute

MUNICIPALITIESCity of Mason

INDIVIDUAL MEMBERSLisa Delp

Lora D’Souza

John Huston

Parker MacDonell

Barry Rosenbaum

Jacqueline Samuel

Gordon Schorr

Adam Winter

Zachary Lawrence

VentureOhio appreciates the support of its members; each playing an integral part in the health of the entrepreneurial ecosystem.

DESIGN OF THIS REPORT BY:

zocodesign.com

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VENTUREOHIO.ORG

GENEROUSLY SPONSORED BY:

www.rsm.global www.thompsonhine.com