The fund will be managed by Teri Willey for Indiana University Research and Technology Corp and will focus on prototyping and proof-of-concept through to early-stage investments.
Indiana University Research and Technology Corp (IURTC), the commercialisation arm of Indiana University (IU), launched a $15m evergreen fund on Friday to invest in spinouts formed by faculty, students and staff at IU’s campuses.
The IU Philanthropic Venture Fund will be funded largely through designated, tax-deductible gifts to the institution and may grow to $50m in size.
The vehicle will aim to support research commercialisation and will provide prototyping and proof-of-concept funding, as well as make early-stage equity investments.
Eligible companies must commercialise IU intellectual property, demonstrate commercial potential, boast an experienced management team and be likely to attract follow-on funding.
The venture fund will be managed by Teri Willey, who has been hired as managing director and fund manager at IURTC. Willey most recently served as vice-president for business development and technology transfer at Cold Spring Harbor Laboratory since September 2013.
From June 2006 until June 2011, Willey was chief executive and executive director of Cambridge Enterprise, the tech transfer office of University of Cambridge.
She was also co-founder and managing partner of Arch Development Partners, a commercialisation firm focused on the US Midwest, from June 2001 to June 2008, having previously served as vice-president for University of Chicago’s tech transfer affiliate Arch Development Corporation from February 1997 until June 2001.
Willey is set to start considering potential investments for the IU Philanthropic Venture Fund from April 2018.
She said: “I am looking forward to supporting the IU community through this new Philanthropic Venture Fund as well as other initiatives to foster new ventures based on the research and scholarly efforts of IU faculty and students.”
Tony Armstrong, president and CEO of IURTC, said: “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.”
The IU Philanthropic Venture Fund follows the institution’s $10m Innovate Indiana Fund, created in 2010. That vehicle targets seed and series A-stage companies founded by the institution’s faculty, staff, researchers, students and graduates.
