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JumpStart Inc. Makes Investments in CoverMyMeds, Echogen Power Systems

Wednesday, July 07, 2010

Excerpt of story provided by Crain's Cleveland Business
Written by Chuck Soder

Venture development group JumpStart Inc. has made two more investments, bringing its total for fiscal year 2010 to 13 — the most investments it has made in any fiscal year.

The nonprofit invested $250,000 in CoverMyMeds LLC of Twinsburg. The company will use the money to continue developing a technology to help physicians submit various forms to insurers after coverage of a patient's prescription has been denied. Submitting such forms manually is expensive and can lead to situations where forms aren't submitted and patients must go without medication...

...JumpStart also invested $100,000 in Echogen Power Systems, which already had received $400,000 from the organization's investment arm, JumpStart Ventures. Akron-based Echogen is developing an engine meant to convert waste heat to electricity. It is targeting industrial, commercial and power generation customers. It will use the additional money to finish developing a second pilot engine that is intended to cost less and outperform its first prototype, which an Ohio-based utility is testing...

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