Purdue Research Foundation's Emerging Innovations Fund invests $150,000 in two startups
February 12, 2014
WEST LAFAYETTE, Ind. - 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.
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."
About the Emerging Innovations Fund
In 2008 Purdue Research Foundation introduced the Emerging Innovations Fund, an integrated approach to research innovation, development and commercialization. The Emerging Innovations Fund is a self-sustaining initiative that brings together ideas, management and money to accelerate the commercialization of early-stage technologies in the Purdue community.
About Purdue Research Foundation
Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. The foundation accepts gifts; administers trusts; funds research, scholarships and grants; acquires property; and negotiates research contracts on behalf of Purdue. In the 1990s, the foundation was charged with helping the university in the realm of economic development. The Purdue Research Foundation oversees the Purdue Research Park, which is the largest university-affiliated business incubator in the country. In addition to the Purdue Research Park of West Lafayette, the foundation has established technology parks in other locations around Indiana including Indianapolis, Merrillville and New Albany.
Purdue Research Foundation contact: Steve Martin, 765-588-3342, sgmartin@prf.org
Sources: Richard Cosier, 765-494-4353, rcosier@purdue.edu
Elizabeth Hart-Wells, 765-588-3475, eahart-wells@prf.org
