Five local startup companies raised $275,000 from Innovation Fund at Lorain Community College

Five local startup companies have raised $275,000 from the Innovation Fund at Lorain County Community College.

Two companies received $100,000 non-recourse loans, which only need to be paid back if the companies are successful. The other three received $25,000 grants, according to a news release from the Fund.

The loans went to Apollo Medical Devices of Cleveland, which is developing a portable device designed to analyze a patient’s blood using only one drop, and Groupmatics, a Westlake-based company that sells software for managing group ticket sales.