Ohio’s 2021 startup impact report

2021 marked the third consecutive year that Ohio companies received over $1 billion in venture capital investment. Ohio’s startup ecosystem has created nearly 11,000 jobs, with 167 companies funded and $10B in economic impact including $2.87B in exits. Those are some of the findings in the newly released State of Startups in Ohio 2022 report, developed by Rev1 Ventures, Jumpstart, TechGROWTH Ohio, CincyTech, and The Entrepreneurs’ Center, and released in partnership with the American City Business Journals.

Pay Theory closes $2M funding round

Pay Theory, a payment platform that breaks down barriers between families and their vital service providers through inclusive financial solutions, has closed on $2M in a seed funding round led by DC-based VC firm Zeal Capital Partners. Look for our interview with Pay Theory co-founder Pablo Martinez next week.

UC students work on making drones quieter

UC aerospace engineering students are working to dampen noise from drones and flying cars. UC College of Engineering and Applied Science assistant professor Daniel Cuppoletti and his students are examining how propellers in different sizes, configurations, number and rotation can affect noise.

GE Aviation picks Boeing to test propulsion system

Last year, NASA and GE Aviation announced a new partnership to mature a megawatt-class hybrid electric engine that could power a single-aisle aircraft. Now GE Aviation has selected Boeing to modify the plane that will test the propulsion system in the air, as part of NASA’s Electric Powertrain Flight Demonstration (EPFD) project. The project will be a five-year, $260 million effort.