The state says it committed funding to 74 high-potential companies in 2016.
The Indiana Economic Development Corp. says the state last year increased its support of startup and scaleup firms throughout the state. The IEDC says the support of more than 150 companies and investment commitments of $19 million both represent six-year highs.
The state says it committed funding to 74 high-potential companies, with an additional 87 using the Venture Capital Investment tax credit to secure nearly $80 million in private sector investment commitments last year. State investments included a total of nearly $2 million for Internet of Things providers Blue Pillar and ClearObject, formerly known as CloudOne. It also committed $500,000 to health intelligence platform provider Springbuk.
The VCI tax credit is designed to help entrepreneurs attract private sector investment. If investors fully-fund the $79.1 million committed to Indiana companies in 2016 through the program, it will result in more than $10 million in tax credits for those investors.
The state funding comes from programs including the 21st Century Research & Technology Fund and the federally-funded State Small Business Credit Initiative. The investments are managed by Elevate Ventures, Indiana's venture development partner.
The IEDC says the investment commitments help lead into Indiana's 10-year, $1 billion plan to support government, education and research institution efforts to promote, create and grow innovation throughout the state.
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