Ohio Innovation Fund
Ohio Innovation Fund is an Ohio-based early-stage venture capital firm that invests $500k–$4M per company in AI/ML, medtech, AR/VR, cybersecurity, SaaS, and biotech startups, providing hands-on strategic and network support alongside capital.
- Company typePrivate
- Founded2016
- HeadquartersColumbus, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Ohio Innovation Fund does
Ohio Innovation Fund is an early-stage venture capital firm headquartered in Dublin, Ohio, founded in 2016 by Bill Baumel after more than 20 years of Silicon Valley investing. The firm invests $500,000 to $4 million per company in transformative technology sectors — specifically AI/ML, data science, cybersecurity, biotech, medtech, AR/VR, and SaaS — targeting disruptive founders building "industries of the future." OIF positions itself as a true partnership rather than a capital-only investor, providing go-to-market strategy refinement, key-hire identification, strategic-partnership introductions, and active board/advisory support (including direct involvement from Managing Director Bill Baumel, Principal Faith Voinovich, and Associate Long Tran, supplemented by venture partners and advisors).
The firm's core "product" is its investment platform, which combines capital deployment with an extensive network of industry experts, including senior operators like Michael Hughes (former SVP Worldwide Sales at Barracuda, currently CRO at ChargePoint) and Jeff Schumann (founder/CEO of Aware, acquired by Mimecast in 2024). Its differentiated offering includes the Student Experience Program — Shadow Day, Venture Boot Camp, and ongoing student engagement — designed to develop the next generation of founders and source deal flow. OIF reports a portfolio track record of 7 unicorns and 20+ exits, including Stirling Ultracold (acquired by BioLife Solutions at a valuation well north of $200M in May 2021), Aware (acquired by Mimecast in August 2024), ConnXus (acquired by Coupa in 2020), and Complion (exited to LLR Partners/RealTime eClinical Solutions).
OIF generates revenue through standard venture capital mechanics — management fees on committed capital plus carried interest on exits — with no product or service pricing. The firm co-invests with tier-one venture firms including NEA, Khosla Ventures, Vanedge Capital, and imec.xpand, and serves a concentrated geographic base in the Midwest with national deal flow. Notable portfolio companies include Immuta (Snowflake Partner of the Year 2023 & 2024), Enable Injections, Afference (CES 2024 Best of Innovation Award), Niobium, Invirsa, and Eridu.AI.
Ohio Innovation Fund firmographics
Firmographics- Name
- Ohio Innovation Fund
- Legal name
- Ohio Innovation Fund
- Website
- https://ohioinnovationfund.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Ohio Innovation Fund is an Ohio-based early-stage venture capital firm that invests $500k–$4M per company in AI/ML, medtech, AR/VR, cybersecurity, SaaS, and biotech startups, providing hands-on strategic and network support alongside capital.
- Ownership category
- akta.pro rank
Ohio Innovation Fund industry classification
Industry- Product category
- Early-Stage Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
Keywords
Where Ohio Innovation Fund is headquartered
LocationHeadquarters
- HQ city
- Columbus
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Ohio Innovation Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Fund Management / Investment Returns: Revenue generated through returns on venture capital investments in portfolio companies, including exits via IPOs and acquisitions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Early-stage investment tickets |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Ohio Innovation Fund product offering
Product offeringCore offering
Ohio Innovation Fund is an early-stage venture capital firm that invests $500k–$4M in transformative startup founders building companies in AI/ML, medtech, AR/VR, cybersecurity, SaaS, and biotech. Beyond capital, the firm provides hands-on partnership support covering go-to-market strategy, key hires, strategic partnership navigation, board and advisory roles, and access to an extensive network of industry experts. The fund has a track record of 7 unicorns and 20+ exits across its portfolio.
Product overview
Ohio Innovation Fund is a venture capital firm that operates as a single unified offering rather than a platform-plus-modules architecture. The fund's primary 'product' is its investment platform, which backs transformative, disruptive, and breakthrough founders in industries of the future including AI/ML, data science, cybersecurity, and biotech. The fund offers investment ranging from $500k to $4M at early stage, with a track record of 7 unicorns and 20+ exits. The fund provides not only capital but also strategic guidance, go-to-market support, and access to an extensive network of industry experts. Supplementary programs include Shadow Day (1-hour experiences for students), Venture Boot Camp (week-long due diligence training), and the Student Experience Program (ongoing student engagement), all designed to support founders and develop future talent in the venture ecosystem.
Differentiator
Problem solved
Functional benefit
Products and services
- Ohio Innovation Fund — Early-Stage Venture Capital Investment
Quantifiable outcome
- 5 IPOs and 15 major acquisitions by Dell, SAP, Medtronic, Intuit, Stryker
- +1 more outcomes
Companies that use Ohio Innovation Fund
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles2 records
Ohio Innovation Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Ohio Innovation Fund partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- SnowflakecoreImmuta is a Snowflake partner and has been named Snowflake Partner of the Year in both 2023 and 2024. Immuta provides AI automated data access and privacy control integrated with Snowflake's data platform.
- DatabrickscoreImmuta has partnerships with major data platforms including Databricks, providing automated data governance and security integration.
- ServiceNowcoreImmuta partnership ecosystem includes ServiceNow for integrated data access governance and compliance workflows.
Scale indicators5 records
Recent moves1 record
Expansion highlights5 records
Ohio Innovation Fund competitors and assessment
Company assessmentBroad incumbents
- Techstars: Global accelerator and venture capital investor operating across multiple sectors and geographies. Comparable as an early-stage capital provider with structured programs and network support for founders.
- Plug and Play Tech Center: Global startup accelerator and venture investor with sector-specific programs. Comparable as a large-scale early-stage investor offering structured programs, similar in function to OIF's Student Experience Program at much larger scale.
Direct peers
- Lerer Hippeau: New York-based seed-stage venture capital firm investing in early-stage technology companies. Comparable as a similarly-sized early-stage VC with a hands-on partnership model and multi-sector thesis.
- MaC Venture Capital: Early-stage venture capital firm investing in seed and Series A rounds across software, AI, and frontier-tech sectors. Comparable as a thesis-aligned early-stage investor with similar cheque sizes and stage focus.
- Rev1 Ventures: Columbus, Ohio-based seed-stage venture fund and startup accelerator. Direct geographic peer where OIF Associate Long Tran previously worked, investing in similar early-stage software and tech categories across the Midwest.
- Drive Capital: Columbus, Ohio-based venture capital firm focused on early- and growth-stage technology companies. Direct geographic peer with overlapping sector thesis in software, healthcare, and tech-enabled services.
- Ohio Tech Angels: Ohio-based angel investor network funding early-stage technology companies. Comparable as a regional capital provider for Ohio startups competing with OIF for deal flow.
- JumpStart Ventures: Cleveland, Ohio-based venture capital arm of JumpStart Inc., focused on early-stage technology companies. Direct regional peer investing in similar seed and Series A rounds across Ohio and the Midwest.
- Cintrifuse: Cincinnati-based startup catalyst and venture fund investing in early-stage Midwest tech companies. Comparable as a regional peer providing capital and ecosystem support to early-stage founders in Ohio.
Emerging players
- Bolt (hardware accelerator): Hardware-focused seed investor and accelerator with thesis overlap to OIF's medtech, AR/VR, and deep-tech portfolio (Afference, Lentechs, Mojo Vision). Comparable as a seed-stage investor in hardware-adjacent sectors.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Ohio Innovation Fund social profiles
Digital presenceOhio Innovation Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ohio Innovation Fund leadership team
Management profileNumber of profiles
Profiles6 records
Ohio Innovation Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ohio Innovation Fund M&A and investment
M&A and investmentM&A
Investments42 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ohio Innovation Fund
What does Ohio Innovation Fund do?
Ohio Innovation Fund is an early-stage venture capital firm that invests $500k–$4M in transformative startup founders building companies in AI/ML, medtech, AR/VR, cybersecurity, SaaS, and biotech. Beyond capital, the firm provides hands-on partnership support covering go-to-market strategy, key hires, strategic partnership navigation, board and advisory roles, and access to an extensive network of industry experts. The fund has a track record of 7 unicorns and 20+ exits across its portfolio.
Is Ohio Innovation Fund a public or private company?
Ohio Innovation Fund is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Ohio Innovation Fund founded?
Ohio Innovation Fund was founded in 2016. It employs 11 to 50 people.
Where is Ohio Innovation Fund based?
Ohio Innovation Fund is headquartered in Columbus, United States, in the North America region.
How does Ohio Innovation Fund make money?
One revenue line is on record: fund Management / Investment Returns.
Who are Ohio Innovation Fund's main competitors?
Broad incumbents on record are Techstars and Plug and Play Tech Center. Direct peers are Lerer Hippeau, MaC Venture Capital, Rev1 Ventures, Drive Capital, Ohio Tech Angels, JumpStart Ventures and Cintrifuse. Bolt (hardware accelerator) is listed as an emerging player.
Does Ohio Innovation Fund have an API?
No public API is recorded for Ohio Innovation Fund.
What industry is Ohio Innovation Fund in?
Ohio Innovation Fund's product category is Early-Stage Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B). Its NAICS code is 52394 and its SIC code is 6282.