An investment fund backed by the Ohio State University (OSU) has released a technology grant to Simple-Fill as its first investment. The fund was created to assist OSU in the commercial application of technologies, according to The Columbus Dispatch.
The said grant that Simple-Fill secured came from the Technology Concept Fund. The amount of the investment was not disclosed, the report stated.
At the beginning of 2014, OSU and the Ohio Third Frontier program partnered together to raise $1 million for the Technology Concept Fund. TechColumbus is presently managing the fund, the report detailed.
Simple-Fill commercialized technology by compressing natural gas. This technology was conceptualized at the Center for Automotive Research at OSU. The Columbus-based startup is receives funding from Honda through the center. Worthington Cylinders has also backed Simple-Fill, The Columbus Dispatch reported.
The Technology Concept Fund LLC is a non-profit investment fund that provides critical investment capital for early-stage technologies developed at OSU. The grant provided can help entrepreneurs in prototyping, customer and market assessments, and proof-of-concept. Business incorporation and protection of newly-developed technologies are also among the goals of the fund, according to its website.
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