Innosphere Fund on the way to closing its $7 Million Venture Capital Fund
Innosphere Fund I (Innosphere Fund), Colorado’s seed-stage venture capital fund, has raised $6.4 million. The Innosphere Fund is expected to be fully subscribed at $7.0 million during the third quarter of 2018.
The Innosphere Fund is a seed-stage venture capital fund formed to lead seed investment rounds in promising Colorado-based client companies of Innosphere’s incubator program. Innosphere is Colorado’s leading technology incubator supporting high-growth startup and scaleup companies in the industries of health innovations, life sciences, enterprise software, IoT, hardware, water, energy, transportation, energy and advanced materials. Innosphere’s program for high-tech entrepreneurs focuses on ensuring companies are investor-ready, connecting companies with experienced advisors, making introductions to corporate partners, exit planning, and accelerating top line revenue growth.
The Fund seeks to invest in companies with motivated founders that are building companies likely to achieve an early exit through a corporate acquisition, and that require smaller amounts of capital to achieve superior growth milestones.
“As Colorado’s startup and scaleup ecosystem continues to grow, especially in science and high-tech sectors, it’s essential to fund and grow the best companies here,” said Joey Davis, Innosphere Fund Principal. “Through the Fund’s unique relationship with the Innosphere tech incubator, we know the Fund is being presented with the best potential high-growth companies, and that those companies are getting the support they need to be successful. We want to be the fund of choice for the investment-ready companies that go through Innosphere’s incubator program.”
Innosphere Fund has closed two investments since inception, the first in Denver-based Incident Response Technologies, Inc. (IRT) in October 2017, and the second investment in Boulder-based startup company Aspero Medical, Inc. in July 2018.
IRT’s cloud-based software provides a complete command and control incident management solution. The Company’s software is deployed by hundreds of public safety organizations including police, fire, EMS, emergency management, and campus security. IRT is utilizing the seed-round funds to invest in product enhancements and make strategic hires in sales and software development. IRT recently achieved record sales growth in the first half of 2018, with second quarter year-over-year sales bookings growing by 125%.
Aspero Medical’s technology was developed at the University of Colorado and focuses on gastrointestinal diseases which affect approximately 70 million Americans annually. The Company has a differentiated medical product for use in endoscopy procedures which results in improved performance, saving time and money, and improved patient outcomes. Aspero Medical will use the funds to support rapid product development, complete regulatory work, and complete a go-to-market strategy.
The Innosphere Fund is a seed-stage venture capital fund which seeks to lead seed-stage investment rounds in companies that are likely to achieve a near-term exit through a corporate acquisition, and require smaller amounts of capital to achieve superior growth milestones. Made available to Innosphere client companies that meet certain qualifications, such as being Colorado-based and having a motivated team, the Fund was formed to accelerate the growth and exit of Innosphere’s client companies. Innosphere Fund operates separately from Innosphere’s non-profit organization.