Late Monday, the Tennessee Technology Development Corp. announced the first round of investments made through the state’s INCITE Co-investment Fund.

Investors participating in the program invested approximately $4.4 million in Tennessee ventures. The companies that received the funds are local players Molecular Sensing, Pathfinder Therapeutics and Pro Player Connect as well as Chattanooga-based SIGNiX and business incubator Venture Incite, which has offices in Nashville and Oak Ridge.

“We are encouraged by the level of participation in this initial round of INCITE Fund co-investments and are optimistic about the positive economic impact this program will have on our great state,” said TTDC CEO Leslie Wisner-Lynch.

The program, launched last year, is a co-investment fund backed by $29.1 million from the U.S. Department of Treasury’s State Small Business Credit Initiative. Investors wishing to participate in the program must meet certain criteria. The fund is administered by the TTDC.