The O.H.I.O. Fund today reported strong first-quarter momentum, increasing total committed capital to its private funds from $356 million at the end of Q4 2025 to $647 million on March 31, 2026. The O.H.I.O. Fund is a private fund investment adviser seeking to generate strong returns for investors while supporting economic growth in Ohio. The increase was driven by more than $290 million in commitments from 18 new investors in the firm’s evergreen fund. These commitments reflect continued investor confidence (155 investors to date) in the firm’s thesis of deploying Ohio-based capital into Ohio-based opportunities. The strategy is supported by Ohio’s large and diverse economy and a proprietary network that enhances the sourcing and evaluation of investment opportunities across the state.
During the first quarter, the funds invested $12 million across four new portfolio companies – LainaHealth, BTR Haus, Folio Photonics, and Hyperframe – and a $25 million follow-on investment in Eagle Wireless as part of its Series B financing. This $37 million total investment illustrates the firm’s desire and ability to lead larger financings in Ohio companies. Since launching in June 2024, funds managed by The O.H.I.O. Fund have deployed $209 million across a diversified portfolio spanning companies, real estate, infrastructure, and fund investments. The platform has generated over $75 million in distributions to date.
“The $290 million in new commitments during the quarter represents a significant step forward for the evergreen fund, substantially increasing its capital base in a short period of time,” said Mark Kvamme, CEO of The O.H.I.O. Fund. “We view this as continued momentum behind our investment strategy and focus on Ohio-based opportunities.”
Q1 Investment Highlights
LainaHealth
LainaHealth pairs licensed clinicians with an advanced web-based AI assistant to expand access and affordability in physical therapy. Patients receive an initial telehealth evaluation followed by a personalized care plan delivered through any web browser, eliminating the need for apps, logins, or wearable devices. The platform uses computer vision and AI to guide exercises, track progress, and share data with clinicians, removing common barriers such as time, distance, and cost while improving engagement and outcomes.
Ryan Eder, CEO, LainaHealth
“The O.H.I.O. Fund’s investment is a meaningful milestone for LainaHealth. As we continue to scale, this investment strengthens our ability to grow the business, expand our reach, and deliver a more accessible and affordable care model across the country.”
Hyperframe
Hyperframe is a construction technology company that streamlines building processes by converting digital construction plans into pre-organized framing kits supported by on-site technology. The company enables walls to be built faster and with fewer errors by eliminating traditional measuring and cutting. As part of The O.H.I.O. Fund’s 30th investment, Hyperframe relocated its operations from California to Columbus, Ohio, where it established its headquarters and a manufacturing facility to serve Midwest and East Coast markets, reinforcing Ohio’s role as a destination for advanced manufacturing and highgrowth technology companies.
Ken Sobel, Founder and CEO, Hyperframe
“We’re thrilled to bring Hyperframe’s next chapter to Columbus. Ohio’s momentum in advanced manufacturing and technology – fueled by partners like The O.H.I.O. Fund and JobsOhio – creates the perfect environment for us to scale.”
BTR Haus
BTR Haus is a building and management company based in Medina, Ohio, known for developing modern, luxury and maintenance-free rental housing communities across the state. The company has developed more than 17,000 units, with communities primarily serving downsizers and empty nesters seeking high-quality rental options. The O.H.I.O. Fund’s investment supports the continued expansion of BTR Haus communities, including the development of the Villas at Highland Pointe, an age-restricted, built-to-rent community planned for Perrysburg, Ohio, and builds on prior investments in communities across Brimfield, Brook Park, Medina, Hillside Farms, and Dayton.
Doug Leohr, CEO and Partner, BTR Haus
“This partnership with The O.H.I.O. Fund provides important support for our continued growth and underscores the critical role equity plays in new development. With this investment, we can continue scaling our business and delivering high-quality housing options for communities across Ohio.”
Eagle Wireless
Eagle Wireless is a U.S.-based cellular module manufacturer headquartered in Solon, Ohio, serving both the Internet of Things (IoT) and automotive markets. The company provides scalable, secure and high-performance connectivity solutions and is the only Western cellular module manufacturer operating across both sectors. The O.H.I.O. Fund’s $25 million Series B investment supports Eagle’s expansion of research and development, advancement of its 5G roadmap and growth into full device manufacturing, helping customers reduce supply chain risk while strengthening domestic technology and manufacturing capabilities.
TJ Dembinski, Co‑Founder and President, Eagle Wireless
“From day one, we’ve focused on building durable customer relationships through the cellular module. This raise allows us to extend that value beyond modules and into full-device solutions, helping customers simplify development, accelerate deployment, and meet the growing demands of 5G connectivity.”
Folio Photonics
Folio Photonics, headquartered in Solon, Ohio, is redefining data storage with a next-generation optical media platform purpose-built for enterprise-scale archival in the age of AI. As artificial intelligence systems generate and rely on massive volumes of data, Folio addresses the critical challenge of storing this information permanently, affordably, and sustainably—while keeping it accessible for future training and insight. Its immutable, active archive solution leverages advanced multilayer optical discs to deliver disruptive improvements in cost per terabyte, media longevity, and energy efficiency compared to conventional HDD and tape systems—enabling a true “permanent memory layer” for AI. Investment from The O.H.I.O. Fund is supporting final beta validation and preparing the company for scaled manufacturing in Ohio, positioning Folio to meet accelerating demand for secure, cost-effective, and sustainable data storage.
Steven Santamaria, CEO, Folio Photonics
“After building and scaling breakthrough technologies at Intel and across the startup ecosystem in Seattle, I’ve seen what it takes to turn bold ideas into infrastructure that powers the world’s data. Bringing that experience back to Ohio is personal. At Folio, we’re not just building a company—we’re building a new category of storage while infusing a West Coast innovation mindset into Northeast Ohio. The opportunity to drive meaningful economic growth, create lasting impact, and help position the region at the forefront of next-generation technology is what fuels me every day.”
About The O.H.I.O. Fund
TOF Manager, LLC dba The O.H.I.O. Fund is a private investment firm committed to investing in and partnering with innovative entrepreneurs, business leaders, and co-investors who, like them, call Ohio home. With a unique investment thesis focused on leveraging Ohio’s momentum, The O.H.I.O. Fund supports growth in advanced manufacturing, biotech, real estate, infrastructure, and other sectors where Ohio leads. The team brings deep experience and a robust statewide network to connect leaders and unlock the state’s most promising opportunities.
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