The Northeast Ohio Student Venture Fund (NEOSVF), a student run non-profit venture capital firm, has selected Akron Ascent Innovations (AAI) for a $25,000 investment. "NEOSVF is extremely excited about the AAI market potential, technology, and team," said NEOSVF Executive Director Dan Hampu. "They have made incredible progress in market, product, and team in a very short time. We look forward to seeing them continue to grow."
"We are thrilled to have been selected by the students to receive this funding," said Dr. Kevin White, COO of AAI. "The funding will be used to accelerate our in-house product development and engage local students in the start-up experience." Since being selected for the NEOSVF award, AAI has added two student interns to its team and installed a pilot line machine in its lab at the Akron Global Business Accelerator (AGBA) in downtown Akron.
The Northeast Ohio Student Venture Fund was founded by University of Akron graduate students in 2008 and is supported by the Burton D. Morgan Foundation and Ohio Third Frontier. The program has since since expanded to include students from Kent State University, Walsh University, Notre Dame College, Case Western Reserve University, and the College of Wooster. Students with a broad range of backgrounds listen to investor presentations, engage the investors in an intensive due diligence process, and decide on which companies have the highest chance of success.
The NEOSVF portfolio has included Apollo Medical Devices, inTouch Solutions, Wastebits, The Learning Egg, Paragon Robotics, Event38 Unmanned Systems, and GiveNext. In addition to AAI, NEOSVF also selected Komae, an online platform for babysitting services, for their most recent round of investments. More information can be found at their website: www.neosvf.com.