Folio Photonics, a Solon-based company improving how companies archive data using optical storage technologies, recently closed an $8 million seed-financing round. The company’s technical breakthroughs are exciting, but what excited me even more was seeing another Northeast Ohio company successfully raise capital. Momentum is accelerating for those seeking early stage and growth funding. In the first quarter of 2019, six companies in Northeast Ohio announced funding raises totaling $101 million. This is an uptick from the first quarter of 2018 when $95 million was raised. And here’s my prediction: 2020 will see double-digit growth thanks to promising Northeast Ohio companies coming to the markets for startup and growth capital and increasing demand for these types of investments.
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Story excerpt provided by Crain’s Cleveland Business.
Written by Ari Lewis.
Originally published June 14, 2019.