ISEIF is being funded by utilities Ameren Illinois and Commonwealth Edison, in addition to ratepayers as a result of legislation passed in 2011 by the Illinois General Assembly.
Grants, loans and contracts will be offered by the fund, which will be overseen by a nine-member board, to groups working on smart grid technology.
Jason Blumberg, an adjunct assistant professor at the University of Chicago’s Booth School of Business, will act as CEO and managing director of the fund, while Sara Hochman will also serve as a managing director.
The team will oversee the fund to accelerate innovation and empower consumers to employ Illinois’ revolutionary smart grid.
Illinois Science and Technology Coalition president and CEO Mark Harris said the new entity will fill the gap that exists in the Illinois venture capital market today.
"It is the only fund focused on catalyzing the next game changing smart grid and energy ideas," Harris added.
"Under its new leaders, ISEIF is poised to accelerate the speed-to-market of smart grid businesses and their launch into industry-leading companies."
