Founded in 1999, the fund invests in series A rounds and has a preference for startups that are 2-3 years old. They typically invest in rounds with 1-2 participants and have made notable investments in companies such as SteadyServ Technologies LLC and Scale Computing. As of January 2020, the fund has made two investments and is no longer in operation. The Indiana 21st Century Research and Technology Fund was created to stimulate the development of advanced technologies in Indiana and is now part of the Indiana Economic Development Corporation's Small Business and Entrepreneurship Division.