Taft Congratulates Ayalogic, Promotes State's Commitment to Encouraging Venture Capital Investments
AKRON, OHIO (November 12, 2004) - Governor Bob Taft today joined company officials of Ayalogic, Inc., to announce that the company has received $2 million in venture capital funding from venture capital firms Draper Triangle Ventures, Early Stage Partners LP, and JumpStart, Inc. Ayalogic, headquartered in Akron, is a privately held communication software development firm.
"Ayalogic is a pioneering technology company that is creating good jobs and fostering economic growth here in Northeast Ohio," said Taft. "We recognize that adequate capital is the lifeblood of innovative growth companies, which is why we're catalyzing the creation of early stage investment funds like JumpStart's Neopreneur Fund and Early Stage Partners through Third Frontier grants."
To date, the State has invested $12 million in twelve seed funds and validation funds, which have leveraged $145 million of investments in 53 early-stage Ohio companies.
Additionally, the Bureau of Workers' Compensation is investing $30.5 million to fund seven venture capital firms (including Early Stage Partners LP and Draper Triangle Ventures) to bring advanced technology companies to Ohio.
"We're committed to creating the conditions for entrepreneurial success in Ohio," Taft said. "But it is only through technology pioneers like Ayalogic with the ingenuity, innovation and entrepreneurial energy to create a new generation of products, and venture capital firms like JumpStart, Draper Triangle Ventures and Early Stage Partners willing to place a bet on promising entrepreneurs with great ideas that we will reach our full potential."
Through recent legislation, the state has created The Ohio Venture Capital Authority, which is expected to create as much as $200 million in additional early stage capital for Ohio companies.
The investment is part of Governor Bob Taft's Third Frontier Project, a $1.1 billion job-creation plan to expand high-technology research capabilities and promote start-up companies to create high-paying jobs.
