University of Notre Dame and Indiana University have both backed a $9m seed fund aimed at supporting local businesses in life sciences, health IT and agricultural biosciences.
Non-profit life sciences support agency BioCrossroads has launched a $9m vehicle called Indiana Seed Fund III backed by University of Notre Dame, Indiana University and pharmaceutical firm Eli Lilly.
The fund has also been backed by philanthropic research bodies Regenstrief Foundation, Richard M. Fairbanks Foundation and Walther Foundation, as well as BC Initiative, BioCrossroads’ for-profit investment division.
Indiana Seed Fund III will invest in early-stage startups in Indiana working in the areas of life sciences, health IT and agricultural biosciences.
The vehicle has already supplied $500,000 to microbiome therapy platform developer Scioto Biosciences and $250,000 to chemotherapy sensitivity test provider Animated Dynamics, a spinout of Purdue University.
BioCrossroads was established in 2002 to help build Indiana’s life sciences industry by fostering connections to corporate, academic and philanthropic institutions. In addition to funding, it provides access to conferences, reports and market development expertise.
BioCrossroads’ funds have attracted almost $25m since 2005, backing 24 companies which have together raised more than $400m of follow-on funding.
Indiana Seed Fund II raised $8.3m in 2012 from limited partners including University of Notre Dame, Purdue University and Indiana University Research and Technology Corporation. Eli Lilly also backed the vehicle, as did health insurance provider WellPoint Health Networks, which has since rebranded to Anthem.
BioCrossroads’ first Indian Seed Fund is fully committed, having backed 12 businesses with a total of $6m since 2005. The vehicle’s investors included BioCrossroads and state government-owned development agency Indiana Finance Authority.
