UConn Innovation Fund Provides First Round Funding to Three Biotech Startups
Storrs, Conn. (PRWEB) April 21, 2017 -- The University of Connecticut, in partnership with Connecticut Innovations (CI) and Webster Bank, today announced first round funding to three startups through the UConn Innovation Fund. The $1.5 million UConn Innovation Fund was established to provide early-stage financial support to new business startups affiliated with UConn.
The UConn Innovation Fund provides investments of up to $100,000 to companies founded by students, faculty members, and alumni of the university with an in-state business startup tied to research, advanced technologies, or innovations developed at UConn.
The companies receiving first-round funding are:
• Torigen Pharmaceuticals, Inc. is a startup housed in UConn’s Technology Incubation Program (TIP) that is focused on providing veterinary cancer care solutions for companion animals using the animals’ existing tumor cells to fight the disease.
• Bioarray Genetics, Inc. is a molecular diagnostics company focused on changing the way that cancer patients are evaluated and treated with tests that predict patient response to cancer treatments. Bioarray is housed at UConn’s Technology Incubation Program facility at UConn Health in Farmington.
• Shoreline Biome, LLC. is another UConn TIP company that is focused on understanding how the human microbiome functions across the entire landscape of human health and disease.
“In the first round of funding, we identified three exceptional companies that all have ties to the university,” said Jeff Seemann, vice president for research at UConn. “UConn continues to be a center of innovation, and we look forward to supporting and catalyzing more promising startups in the future to continue to create new companies, new jobs, and economic growth in the state.”
The UConn Innovation Fund serves as a critical early-stage revenue stream for in-state business startups that will allow them to stay in Connecticut and grow. The fund’s investors review a company’s strength and existing resources, innovative technology, potential for commercialization, and likelihood of obtaining additional external funding among other factors. All investment decisions are made by a unanimous vote from UConn, CI, and Webster Bank.
“We look forward to supporting these startups with the resources to help them bring their products closer to commercialization,” said Matt McCooe, CEO of Connecticut Innovations. “We know how difficult it can be to grow a company at the earliest stages of development and this funding can help companies overcome some of those first hurdles.”
The fund is managed by the UConn Evaluation Board, fund managers, and an investment committee comprised of representatives from UConn, CI, and Webster Bank. The fund permits Connecticut Innovations—the leading source of financing and ongoing support for Connecticut’s innovative, growing companies—to continue its support of new business startups established through UConn. Webster Bank provides the key financial and banking expertise needed to help new companies grow.
“We are pleased to support Connecticut-based entrepreneurs in their efforts to bring exciting biotech innovations to market,” said Peter Hicks, senior vice president of the emerging growth banking group at Webster Bank.
The next deadline for applications is July 14, 2017. Businesses interested in learning more about the fund should go to: innovationfund.uconn.edu.
About the University of Connecticut
The University of Connecticut is one of the top 25 public research universities in the nation and is a research leader in the fields of advanced materials, additive manufacturing, biomedical devices, cybersecurity, energy, life sciences, sensors, and nanotechnology. As Connecticut’s flagship institution of higher education, UConn serves as an important resource for Connecticut economic development and is dedicated to building collaborations with industry and entrepreneurs. To learn more, visit ip.uconn.edu.
About Connecticut Innovations
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.
About Webster Bank
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $26.1 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 168 banking centers and 349 ATMs. Webster also provides mobile and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at http://www.websterbank.com.
Lauren Carmody, University of Connecticut, http://ip.uconn.edu, +1 860.258.7829, [email protected]
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