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State funds headed to seed stage companies

By Traci DeLore

Date:

Empire State Development approved awards of more than $25 million from the federally funded Innovate NY program to six investment entities from across the state.

The $25 million grant, from the U.S. Department of Treasury’s State Small Business Credit Initiative, will support the Innovate NY Fund in combination with $1.5 million from the New York State Small Business Technology Investment Fund. The awards will facilitate investment in almost 100 seed stage companies.

Cayuga Venture CVF IV will receive $5 million to invest in clean-tech, telecom, nanotech, information technology, and biotech seed stage businesses in the Southern Tier, western New York, the Finger Lakes region, and central New York. The Ithaca–based Cayuga Venture Fund has been investing in upstate New York companies since 1996 and has aligned its investments with Cornell University, University of Rochester, and the State University of New York Buffalo.

Excell Partners, LLC of Rochester will receive $2.5 million to invest in seed stage businesses focused on life sciences, energy, software, and consumer products in the Southern Tier, western New York, the Finger Lakes, the Capital district, and Central New York.

SCP Buffalo Incubator, LP will receive $4 million to invest in Internet broadband and life science focused seed stage businesses in western New York.

Jericho–based Canrock Ventures, LLC will receive $4.5 million to invest in technology-focused seed stage businesses located in the Long Island region.

New York City–based Golden Seeds will receive $4 million to invest in general technology, life science, or consumer-product focused seed stage businesses across the state.

Stonehenge Capital Co. will receive $5 million to invest in seed stage businesses statewide with a focus in upstate New York and on health-care information technology and life sciences.

“As small businesses grow, so grows New York’s economy,” Kenneth Adams, Empire State Development’s CEO, president, and commissioner, said in a news release. “This fund will help attract tens of millions of dollars in new investment for innovative entrepreneurs to grow their businesses and create over 2,200 new jobs.

“With investment opportunities across every region and in our core industries, we are demonstrating once again that New York is open for business and investing in small businesses to spur job creation.”

Contact DeLore at tgregory@cnybj.com

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