Since it was created in 1997 by then-Gov. Lincoln Almond and the General Assembly...the [Providence-based] Slater Technology Fund has committed to investing $15 million in early-stage capital to finance the births of more than 90 local companies.

The seed funding provided by Slater has enabled many of those startup companies to bring their innovative technologies and products out of the lab and to market, creating local high-paying jobs and helping to develop Rhode Island’s technology and life sciences sectors.

The Slater Fund is financed by the General Assembly, which provides it with up to $3 million a year in public money.

Horan said Slater is highly selective when choosing startup companies in which to invest. Slater-backed startups must demonstrate that they have a new, sustainable, technology-based advantage and must have outstanding management teams led by entrepreneurs who are committed to growing their companies in Rhode Island.

This year, the Slater Fund made one of the largest single investments in its history, when it committed $500,000 in seed capital to RightPath Payments Inc., the developer of a Web-based business-to-business payment and trade finance system.