Venture Capital in Indiana

Indiana isn't quite on my "A" list of venture capital firm, but the state has really been active lately.

Life sciences are the focus of the new venture capital in Indiana. It is called Heron Fund. The $20 million initial investment came from over 30 individuals, and is perhaps the largest venture capital fund in Indiana focused exclusively on startup life science companies, but not the only one. 

Nearly a dozen venture capital funds in Indiana now focus a large portion of their attention on life science firms. Heron Capital plans to focus on Midwestern companies involved in medical devices and diagnostics, and, to a lesser extent, pharmaceuticals.

Much to my surprise, medical devices and diagnostics are at the top of Indiana's commerce strengths, and is ripe for future growth. Indiana is home to medical device companies that include Roche Diagnostics in Indianapolis. Warsaw is home to three of the world's five largest prosthetic makers: Zimmer, DePuy and Biomet.

In the past few years, Central Indiana has accumulated more than $100 million in venture capital earmarked for life science companies -- particularly firms involved in medical devices.

It is especially impressive that Heron Capital came from private individuals, not pension funds and other big institutional investors -- this more than anything demonstrates the grass roots strength in the area.

Perhaps as important, local capital attracts large regional and national funds to the area, such as Pappas Ventures of North Carolina investing in the area.

Local officials are hoping that these new funds will encourage the type of growth that is economically beneficial to the area.

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