Ikove kindles $10m Ohio tech fund

Ikove Venture Partners, a subsidiary of US-based investment firm Ikove Capital Partners, has raised $10m for a fund called Startup Nursery to invest in spinouts from Ohio universities, Columbus Business First has reported.
The fund’s other investors and participating universities were not disclosed, though Ikove has previously worked with Ohio State University, University of Dayton, Wright State University and the US Air Force Research Laboratory.
The fund will operate under an incubator model, identifying high-potential technologies from universities that could be formalised as spinouts. Ikove and its limited partners will take stakes at the beginning of the process, and it is intended to foster 10 to 15 new businesses in the next three years
Formed in 2015, Ikove Venture Partners has so far attracted a total of $40m from external partners to back 10 companies that have a combined valuation of $150m.
The firm’s investments include it leading a $2m multi-tranche seed round for Ohio State-founded robotic gear manufacturer Circular Wave Drive in March this year.
Flavio Lobato, co-founder and principal at Ikove Capital Partners, said: “These incredible technologies are sitting on research benches and without our investment would never see the light of day. We are founders of the companies.”