Oklahoma seed fund expands

The Oklahoma Center for the Advancement of Science and Technology has added $2.25 million to the seed capital revolving fund.

The Legislature allocated $5 million for the fund last year. The additional $2.25 million for the fund includes $1 million from the Oklahoma Capital Investment Board and $1.25 million from the Oklahoma Development Finance Authority. Those funds will be available through i2E, the organization that manages the Oklahoma Seed Capital Revolving Fund under contract with OCAST.

"This OCAST seed capital fund will help provide an incentive for advanced technology companies to create high-skill, high-wage jobs and have an ongoing presence in Oklahoma," said Michael Carolina, executive director of OCAST.

The $5 million fund was proposed under the Economic Development Act of 1987, approved by voters in 1988 and funded by the Oklahoma Legislature in 2006.

"We're excited the venture industry in this state has developed to the point that we can establish a home-based fund dedicated specifically to growing Oklahoma's advanced technology companies," said Devon Sauzek, president of the Oklahoma Capital Investment Board.