Ohio State University has signed up to a spinout-focused life sciences venture vehicle run by regional firm Rev1 Ventures that stands at three times the size of its precursor.

Ohio State University (OSU) and Nationwide Children’s Hospital (NCH) have joined seed-stage venture firm Rev1 Ventures as investors in a new $15m fund geared towards life sciences spinouts and other businesses. Rev1 Catalyst Fund II aims to supply critical-stage funding and assistance to healthcare projects surrounding Columbus, central Ohio, home to both of its limited partners. The fund is almost three times larger than its precursor, Rev1 Life Sciences Fund I, which raised $5.5m from Rev1 Ventures and NCH in 2016.  Rev1 Life Sciences went on to achieve exits worth $250m-plus, including acquisitions of NCH and OSU-founded gene therapy developers Celenex and Myonexus Therapeutics. NCH and Rev1 also joined forces in 2014 to launch another $5.5m vehicle, Rev NCH Fund I, that was supported by $2.8m in debt from the state-backed Ohio Third Frontier Pre-Seed/Seed Plus Fund Capitalization Program. Founded in 2005 and previously called TechColumbus, Rev1 Ventures currently has $90m in funds under management. It typically operates a hybrid VC-startup studio model. Cheryl Turnbull, senior director for new ventures at Ohio State, said: “Ohio State is committed to supporting our accomplished researchers at every point along the innovation pipeline.” “Catalyst Fund II supports Ohio State’s land grant mission and will help advance the promising life sciences technologies being developed at Ohio State and in Columbus, accelerating medical breakthroughs to market where they can have a positive impact on people throughout the world.”

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