Five local startup companies have raised $275,000 from the Innovation Fund at Lorain County Community College.
Two companies received $100,000 non-recourse loans, which only need to be paid back if the companies are successful. The other three received $25,000 grants, according to a news release from the Fund.
The loans went to Apollo Medical Devices of Cleveland, which is developing a portable device designed to analyze a patient’s blood using only one drop, and Groupmatics, a Westlake-based company that sells software for managing group ticket sales.
Two of the companies that received $25,000 grants are based in Cleveland. They are BubbleClear, which is developing a porous material designed to improve the efficiency of wastewater treatment plants, and EntoBio, which is developing a liquid to dissolve tree stumps. The technology “mimics the digestion of termites,” according to the release.
The third company, Lygent of Elyria, is developing a tool that could help doctors quickly assess eye problems.
The Innovation Fund was founded by the Lorain County Community College Foundation.