IURTC Launches Philanthropic Venture Fund
(Image of Teri Willey courtesy of the IURTC.)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Indiana University Research and Technology Corp. has announced a new fund designed to support startup development and research by faculty, students and staff on all IU campuses. The IU Philanthropic Venture Fund is a $15 million endeavor that could grow beyond $50 million. Much of the fund’s support will come from gifts to the university.
IU says early stage companies can use the capital to cover prototyping, proof-of-concept testing and equity investments. IURTC Chief Executive Officer Tony Armstrong says "this fund will provide much-needed seed and early-stage capital to IU innovators. It will also give us the ability to engage alumni who have experience that we see as crucial in developing these inventions and companies."
Teri Willey will served as managing director and fund manager for the IU Philanthropic Venture Fund, which will be open for investment consideration starting in April. Willey currently serves as vice president of business development and technology transfer at Cold Spring Harbor Laboratory in New York and co-founded and was managing director of ARCH Development Partners, a Midwest seed fund, was chief executive officer of Cambridge Enterprise at the University of Cambridge in England where she established the Discovery Fund.
IU launched its first major investment fund, the $10 million Innovate Indiana Fund, in 2010 for seed and Series A rounds of investment in companies connected to IU. You can read more about the IU Philanthropic Venture Fund by clicking here.