About this programme
The Commercialization Gap Fund (CGF) is a Business Oregon program, authorized under ORS 284.720 and 284.742, that supports science and research-based innovation in Oregon by bridging the early-stage capital gap between initial startup and the point where private investment becomes available. Business Oregon intends CGF investments to bring in additional private seed investment for the company.
The current fund, Commercialization Gap Fund III, is also known as the Intrepid Oregon Fund (IOF) and is anchored by a $4 million initial investment from Business Oregon through the CGF program. It is managed by Portland Seed Fund, whose Managing Directors Steve Eichenlaub and Angela Jackson lead IOF alongside Venture Partner Shashi Jain, who brings deep science and technology start-up experience to sourcing, vetting, mentoring and advising portfolio companies.
IOF expects to invest in at least 15 Oregon companies less than five years old, in sectors that are primarily technology and science-focused: digital health, healthcare IT, bioscience, medical devices, climate-tech, advanced manufacturing, advanced materials, and natural resources. It holds substantial reserved capital for follow-on investments in portfolio companies that meet or exceed expectations, and aligns with Oregon InC's 10-Year Innovation Plan.
Two earlier funds, Commercialization Gap Fund I and II, were managed by Elevate Capital and backed companies including Biomotum (a soft-robotic exoskeleton for children with cerebral palsy), CytoImage, Promedix, VitalFlo Health, Skip Technology, and StoneStable, among others.
How it works
Portland Seed Fund, as the current Fund Manager, is currently deploying the CGF III/Intrepid Oregon Fund capital across early-stage Oregon innovations and makes all investment determinations.
The official program page does not state a per-company investment amount; it points applicants to Portland Seed Fund's own process for specifics.
IOF's current portfolio, published by Portland Seed Fund, includes AscendArc, Caravel Bio (a protein evolution platform for industrial catalysts and therapeutics), MAV Unlimited (a large-scale volumetric additive manufacturing system), Neurosom (a wearable sleep-monitoring medical device), StrateSea (a subsea sensor data platform), and Zing Drone Solutions (drone detection and Remote ID infrastructure).
Who can apply
The company must be Oregon-based.
It must be early stage, prior to commercialization, less than 5 years old, and have less than $1,000,000 in total net revenue.
It must operate within an Oregon InC target sector: digital health, bioscience, clean tech, advanced materials, active lifestyle, advanced manufacturing, or natural resources.
Meeting these baseline criteria does not guarantee investment; the fund manager, Portland Seed Fund, has full discretion over which companies are a fit.
Frequently asked
Who actually decides which companies get funded?
Portland Seed Fund manages Commercialization Gap Fund III (the Intrepid Oregon Fund) and makes all investment decisions; meeting the eligibility criteria does not guarantee investment.
What kind of company is CGF looking for?
An Oregon-based, early-stage company less than 5 years old with under $1,000,000 in total net revenue, working in digital health, bioscience, clean tech, advanced materials, active lifestyle, advanced manufacturing, or natural resources.
How much capital backs the current fund?
The Intrepid Oregon Fund is anchored by a $4 million initial investment from Business Oregon, and expects to invest in at least 15 Oregon companies, with reserved capital for follow-on rounds in companies that meet or exceed expectations.
Who managed CGF before Portland Seed Fund?
Elevate Capital managed Commercialization Gap Fund I and II, which backed companies including Biomotum, CytoImage, Promedix, and StoneStable.
How much does CGF invest in a single company?
The official program page does not state a specific per-company investment amount.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.