The combined investment resources for Purdue University-affiliated startups will now be managed by a single entity. The newly-created Purdue Ventures will oversee the deployment of $37 million in investments from the Purdue Research Foundation’s multiple funding resources.
Dan Hasler, president and chief entrepreneurial officer of the Purdue Research Foundation, says it makes sense to put all of their funding resources under one umbrella. He says it will make the process easier for Purdue entrepreneurs and help the foundation more effectively service the startups.
“These programs will continue to be supported by the Purdue Research Foundation, our partnering organizations, various endowments, private investors and state entities, but they will be managed by Purdue Ventures,” said Hasler. “We anticipate that these funding groups will continue to grow, and we could add even more in the coming months or years.”
The funding resources being managed by Purdue Ventures include:
- Ag-celerator – A fund to help launch startups based on Purdue plant sciences innovations or otherwise impacting the plant sciences.
- Elevate Purdue Foundry Fund – Operated jointly by the Purdue Foundry and Elevate Ventures the fund expedites the translation of Purdue-based intellectual property to commercial sectors.
- Foundry Investment Fund – A sidecar fund that partners with other investors to fund companies that are based on Purdue technology or expertise in the areas of human and animal health and plant sciences.
- P3 Alliance – Utilizing an online presence, Purdue-related startup companies seeking angel level investment can pitch their investment opportunity to pre-qualified participants in the P3 Alliance.
- Purdue Startup Fund – Partnership between the Purdue Research Foundation and University Development Office to maximize Purdue’s commitment to serve others through the commercialization of innovations.
Purdue Ventures Managing Director John Hanak says managing all of the funding resources under one entity should increase the value of the entire enterprise. He says it will allow Purdue Ventures to focus on managing and sustaining funds for early-stage Purdue companies.