A state investment fund designed to support innovative small businesses announced a new round of investments Monday.
The INCITE Co-Investment Fund, which provides public dollars to supplement private investments by venture capital funds and investors in Tennessee companies, said three companies will receive $5.3 million in funding, $1.55 million of which will come from INCITE.
Franklin-based Agilum Healthcare Intelligence Inc., a health IT software company, will receive $500,000 from the INCITE fund and $1 million from private investors.
Citizengine Inc., of Nashville, got $350,000 in public dollars and $700,000 in private investment for its development of a social media platform focusing on civic engagement.
RLCL Acquisition LLC, a Nashville transportation company, got $700,000 from INCITE and $2.1 million in private dollars.
The fund, created by the state Department of Economic Development, is a venture capital program that attempts to improve access to seed funding and early-stage capital for Tennessee companies. It is funded through a $29.7 million federal grant.
This is the third round of investments from the fund. The public-private partnership has led to roughly $22.7 million in investments.