Purdue Research Foundation's Emerging Innovations Fund Invests $150,000 in Two Startups
WEST LAFAYETTE, Ind.--(BUSINESS WIRE)--Two companies that have licensed Purdue University innovations have been awarded $150,000 from the Emerging Innovations Fund, an evergreen fund created to accelerate the commercialization of early-stage discoveries.
“Selections are based on the investment opportunities of the submitted proposals”
bioVidria Inc. received $75,000 from the fund. The company focuses on new materials to improve chromatography, specifically protein analysis efforts in pharmaceuticals and agriculture. The company is based on work by Mary J. Wirth, the W. Brooks Fortune Distinguished Professor of Analytical Chemistry in the Department of Chemistry.
Telos Discovery Systems Inc. also received $75,000. The company is a boutique equipment manufacturer that supports basic and discovery medical research. The company is based on the work of Joseph Garner, a former Purdue associate professor in the Department of Animal Sciences.
Purdue students are competitively admitted into the Student Managed Venture Fund, an experiential learning course that involves a partnership between the Burton D. Morgan Center for Entrepreneurship, the Krannert School of Management and the Purdue Research Foundation. They perform due diligence on potential investments from the Emerging Innovations Fund and present their findings to an external economic advisory board and Purdue Research Foundation leadership.
"The fund makes seed investments and early-stage investments in the form of convertible debt and/or warrants, with a goal of accelerating the commercialization of early-stage innovations," said Elizabeth Hart-Wells, assistant vice president and director of the Purdue Office of Technology Commercialization.
New ventures formed by Purdue faculty, staff and students based on Purdue discoveries and Purdue Research Park-based companies that are early-stage, pre-series A are eligible to apply for funding.
"Selections are based on the investment opportunities of the submitted proposals," said Richard Cosier, the Leeds Professor and Dean Emeritus of the Krannert School of Management. "This is always a difficult choice as so many of the proposals are strong candidates for funding."