Corrolytics, a test kit for detecting and monitoring microbial corrosion created for the oil and gas industries, announced today it was awarded $150,000 in funding in the first half of 2022 from two major Ohio-based funds, plus was named the winner of a regional pitch competition.
The Innovation Fund Northeast Ohio awarded the company $50,000 in May, and the Ohio Third Frontier Technology Validation and Start-up Fund (TVSF), awarded $100,000 received in July. These funds will be used to pay office hours for the pending patent, secure resources to develop the prototype of the kit and electronics, and travel to oil and gas partners to collect real-
“We are thrilled to receive this support from two prominent funds in Ohio,” said Anwar Sadek, Chief Executive Officer and Co-Founder of Corrolytics. “The microbiologically influenced corrosion industry is reaching $9 billion per year, so we know that the opportunity is there and we’re excited to use these funds to continue making great strides internally.”
The Innovation Fund, founded by the Lorain County Community College Foundation, is Northeast Ohio’s most active and successful early-stage fund that averages six funding awards each quarter and fills the capital needs of businesses at the earliest stage of development. The goal of TVSF is to create greater economic growth in Ohio based on start-up companies that commercialize technologies developed by Ohio institutions of higher education and other Ohio not-for-profit research institutions.
In a review of the startup company, TVSF members commented that the Corrolytics team is “very strong in science, engineering, microbiology and other technical areas”.
Additionally, Corrolytics was awarded $10,000 through the University of Akron EX[L] Pitch Competition.