Tech news in 3 minutes
IT Press Tour 68: Vinchin
The O.H.I.O. Fund, a private investment adviser focused on boosting Ohio’s economy while generating strong returns, has invested in Folio Photonics, a data storage disc manufacturer based in Solon, Ohio. Folio developed what it calls the first-ever enterprise-scale, immutable active data archive solution, offering breakthrough cost, margin, and sustainability benefits. Its disc recently completed beta testing, with plans to begin manufacturing in Solon. Once launched, Folio expects the disc to be the most cost-effective archival storage solution at $3 per terabyte, compared to $20 for a hard-disk drive or $10 for magnetic tape. Based on testing, the disc is projected to last 100 years—1,900% longer than the typical five-year lifespan of a hard-drive or tape. The investment was co-led by Material Impact, with participation from JumpStart Ventures, Pavey Investments, Refinery Ventures, and the JobsOhio Ventures Fund. “We’re excited to invest in Folio Photonics as they bring a highly innovative storage solution to market from right here in Ohio,” said Mark Kvamme, CEO of The O.H.I.O. Fund. “As demand for secure, cost-effective, and sustainable storage continues to grow, Folio is well-positioned to scale its manufacturing footprint in Ohio.” The data storage market is booming due to AI, cloud computing, and IoT, with storage volume doubling roughly every four years, according to IDC. The investment will support Folio’s acquisition of a warehouse for large-scale disc manufacturing in Solon, expanding advanced manufacturing and technology in Northeast Ohio. “Coming back to Ohio to apply that experience at Folio is deeply personal for me,” said Steven Santamaria, CEO of Folio Photonics. “It gives me the chance to contribute to my home state’s future while helping drive economic growth and innovation.”