Innovation Technologies, a company founded two years ago by University of Pittsburgh and Carnegie Mellon University scientists, is moving to Middletown after securing a $500,000 investment from Slater and hiring East Greenwich resident David Wagner as CEO and president.

“We are certainly appreciative of their support,” Wagner, 52, said of the Slater investment. “It did make a difference. We could have been pulled to Massachusetts.”

Although not its largest investment, the commitment to Innovention is significant for the Slater fund, representing more than 15 percent of its annual appropriation from the legislature.

The new investment, however, will help the company secure critical venture capital, he said. Innovention is negotiating with several venture capital firms for a total of $9 million.

The new investment is in the form of a convertible note, a loan that Slater hopes to convert into an equity stake in Innovention.