Empire State Development this week launched New York Ventures, a program that will oversee the state”™s innovation investment funds, which together have $147 million available in capital for early-stage, technology-based businesses.
The investment funds include the New York State Innovation Venture Capital Fund, a $100 million multistage fund; the Innovate NY Fund, a $45 million seed-stage fund; and the Minority- and Women-Owned Business Investment Fund, a $2 million seed-stage fund.
Empire State Development officials said the Innovation Venture Capital Fund has closed on financing for two New York-based companies ”“ Cureatr Inc., a mobile health care communications company, and Unite US, an organization that offers a free software platform to coordinate services for veteran and military families in their communities.
Empire State Development officials said the Innovation Venture Capital Fund was raised from $50 million to $100 million by Gov. Andrew M. Cuomo in his 2015-16 executive budget to identify and support entrepreneurs developing high-growth, technology-driven companies and to spur job creation statewide. The funding will also support the commercialization of technologies emerging from universities, labs, and business accelerators and incubators.
Private-sector investors are expected to match the state innovation investments with at least $200 million in capital. Businesses receiving state funding must commit to either remain in or relocate to New York state.
