By James McNair
Enquirer staff writer

Blue Chip Venture Co. of Cincinnati said Monday that it is teaming up with a venture capital firm in Indianapolis to boost the spotting and bankrolling of startup companies in Indiana.

Blue Chip's new partner, Gazelle TechVentures, provides funding and management to technology companies in all stages of development. It especially looks for companies in information technology, health care, communications and advanced manufacturing.

"We have been impressed with Gazelle's performance during difficult economic times," John McIlwraith, a Blue Chip managing director, said. "The Gazelle team's hands-on approach to venture investing fits well with Blue Chip's culture and investing philosophy."

Blue Chip, which dates to 1992, was Cincinnati's first venture capital firm. It is also one of the biggest such firms in the Midwest, with about $600 million invested in more than 100 companies in the United States.

Gazelle's managing director, Don Aquilano, will join the Blue Chip board of directors. Its founder and chairman, Scott Jones, will join Blue Chip's technology advisory board.

"Blue Chip gains an Indiana presence and access to an experienced investment team, and Indiana benefits from increased activity by Blue Chip in the state," Jones said.

The two firms said they expect the combination to increase the amount of venture capital available to growth prospects in Indiana.

E-mail jmcnair@enquirer.com