Two Long Island-based investment firms have teamed up to provide $500,000 in seed funding for technology startups.

Mark Fasciano, co-founder of Jericho-based Canrock Ventures, and David Calone, president and CEO of Jove Equity Partners, shared a stage at the Cradle of Aviation Museum in Garden City this morning with Sen. Charles Schumer and several members of Accelerate Long Island to announce their investment, which will be used to establish the Long Island Emerging Technologies Fund.

This fund will provide seed stage investment to create more than a dozen companies over the next two to three years, based upon technology developed at the Long Island-based research institutions that are part of Accelerate Long Island. Specifically, the fund will be used to create companies based on the technology and set up corporate leadership and successful business plans. Read more