By Anne Glausser
Health care startups in Northeast Ohio raised more venture capital than any other Midwestern city, according to new figures from the first half of this year.
Cleveland-based Bioenterprise has been tracking investment dollars in the Midwest for over a decade, and this year the Northeast Ohio region leads the pack, attracting more than $100 million so far. Minneapolis came in a close second with over $99 million.
Over the last three or four years, we have consistently seen over 200 million dollars come into Northeast Ohio over a 12 month period, so the fact that we’re already a little over half way there, I take as a great sign," said Bioenterprise President and CEO Aram Nerpouni.
Medical devices companies raked in nearly half of the total dollars in this region, while the growing health IT sector took in a third. Biotech companies scooped up the rest.
One standout Northeast Ohio company was medical device maker ViewRay which specializes in cancer therapy technology and raised over $30 million.
Investors expect profits from these companies, so the money is being used for things like product development, clinical trials, and building a customer base.