Columbus Collaboratory Secures Second Round of Financing from Member Companies

COLUMBUS, Ohio, May 31, 2018 /PRNewswire/ -- Further solidifying the establishment of a unique, collaboration-based innovation ecosystem, Columbus Collaboratory announced today it has renewed financial support from its founding Member Companies. The additional commitment of approximately $14 million by its founders – American Electric Power, Battelle, Cardinal Health, L Brands, Huntington National Bank, Nationwide and OhioHealth – will allow the company to expand its ecosystem of collaborating companies.  This marks the beginning of a new commercialization phase for the company, whereby externalizing key learnings and technology the company can progress toward sustainability and provide benefits to additional companies in the central Ohio region and beyond.

"We are grateful that these leading central Ohio businesses recognize the inherent value of using collaboration to accelerate innovation in analytics and cybersecurity," said Matt Wald, Columbus Collaboratory's president and CEO. "We have demonstrated that by sharing practices, talent, technology and know-how, companies can more efficiently increase security and become more data driven. I am delighted to be able to expand into additional application areas with our member companies and begin sharing our work with other aspirational organizations."

This funding round brings Columbus Collaboratory to approximately $42 million over seven years, putting the company among the top central Ohio startup companies in terms of total funding. This level of financial support is a strong endorsement of the value being provided to the member companies as well as the collaborative spirit of the technology community in central Ohio.

"In today's world of increasingly sophisticated cyberattacks, it has been invaluable for OhioHealth to lean on the wisdom of our fellow businesses while also sharing our own expertise," said Michael Krouse, chief strategy and transformation officer for OhioHealth and current Columbus Collaboratory board chairman. "We are proud to be part of this collaborative innovation experience."

About Columbus Collaboratory

Columbus Collaboratory is a rapid innovation company founded by leading companies in seven different industries (American Electric Power, Battelle, Cardinal Health, L Brands, Huntington National Bank, Nationwide Insurance, OhioHealth) that delivers business value to its members through advanced analytics and cybersecurity solutions. Our unique model surfaces shared, complex challenges and operationalizes cognitive and machine learning technologies for our member companies and the broader market. We make this possible by capitalizing on the collective know-how possessed by our team, collaborating companies, and partners.  As a result, we strengthen Ohio's IT and analytics workforce and secure the region's future as a national leader in technology innovation. For more information, please visit www.columbuscollaboratory.com and follow @cbuscollab.

SOURCE Columbus Collaboratory

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