State Comptroller Thomas DiNapoli visited Vnomics Corp. on Tuesday, touting investments of $500,000 from the state pension system into the Rochester-based fleet management software provider.
The New York State Common Retirement Fund, managed by the comptroller’s office, provided the funding from its In-State Private Equity Program through New York City-based High Peaks Venture Capital over the last two years.
“Vnomics is a tremendous success story that comes out of one of our state’s great strengths: higher education,” DiNapoli said.
“The In-State Private Equity Program provides risk-adjusted returns for the state pension fund while helping businesses start up and grow here in New York. Many of these businesses have been spun out of our colleges and universities. Vnomics demonstrates how higher education can also produce economic success outside of academia.”
Vnomics, located in Perinton, was spawned from technology developed at the Rochester Institute of Technology.
It provides on-board tools that analyze interactions between a driver and other factors, including vehicle, load, terrain and environment, and identifies the best way to operate the vehicle, officials said.
The in-state program has invested $684 million in 252 New York companies, with $393 million of $1 billion in funding still available, DiNapoli said.
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