A new funding option is helping provide support for Purdue-affiliated startups looking to gain traction and improve the world through innovative technologies.
The Purdue Startup Fund was started in 2020 by Purdue Ventures, an arm of the Purdue Foundry. The Foundry is an entrepreneurship and commercialization hub whose professionals help Purdue innovators create and grow startups.
“This fund is a partnership between the Purdue Research Foundation and Purdue University to maximize the university’s commitment to serving others through the commercialization of innovations,” said Wade Lange, vice president and chief entrepreneurial officer of the Purdue Research Foundation. “This is another crucial source of early-stage capital for our startups.”
The Purdue Startup Fund is designed to provide support for startups across all industries. Four startups have been selected so far for funding:
- Umoja Biopharma – a startup focused on drugs using a patient’s own immune cells to kill cancerous cells.
- Novosteo – a company that is developing an injectable drug to accelerate bone fracture repair.
- ClearBlade – an industry-leading Edge Computing software company.
- GoGig Jobs – an anonymous professional networking platform.
“These startups were selected based on their potential to make an impact on the world
through their technologies,” said John Hanak, managing director of Purdue Ventures.
The Purdue Startup Fund was created to provide support for early-stage companies with direct ties to Purdue intellectual property, alumni or other university connections. Like the Foundry Investment Fund, the Purdue Startup Fund is a sidecar funding that requires the existence of a significant institutional investment in a startup against which it can match a percentage.
“PRF has a mission to support Purdue and take the research, technologies and other work done here to the world,” said Riley Gibb, director of business development for Purdue Ventures. “The Purdue Startup Fund is another strategic way for us to make that happen. Capital can be a scarce resource for startups, so we wanted to offer another option.”
Startups interested in learning more can contact Gibb directly at rtgibb@prf.org.
Purdue Ventures directs three other funds: Ag-Celerator, Elevate Purdue Foundry Fund, Foundry Investment Fund, along with the Purdue Angel Network.
About Purdue Foundry
The Purdue Foundry is an entrepreneurship and commercialization hub whose professionals help Purdue innovators create and grow startups. The Purdue Foundry is housed in the Convergence Center for Innovation and Collaboration in Discovery Park District, adjacent to the Purdue campus. The Purdue Foundry has been involved with creating more than 300 companies. The Purdue Foundry is managed by the Purdue Research Foundation, which received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. In 2020, IPWatchdog Institute ranked Purdue third nationally in startup creation. For more information about involvement and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at foundry@prf.org.
About Purdue University
Purdue University is a top public research institution developing practical solutions to today’s toughest challenges. Ranked the No. 5 Most Innovative University in the United States by U.S. News & World Report, Purdue delivers world-changing research and out-of-this-world discovery. Committed to hands-on and online, real-world learning, Purdue offers a transformative education to all. Committed to affordability and accessibility, Purdue has frozen tuition and most fees at 2012-13 levels, enabling more students than ever to graduate debt-free. See how Purdue never stops in the persistent pursuit of the next giant leap at purdue.edu.
