Purdue University-backed Elevate Purdue Foundry Fund has picked seven university-linked businesses to share a total of $200,000 in funding.

Elevate Purdue Foundry Fund, an investment vehicle run by US-based Purdue University’s Purdue Foundry accelerator and venture capital firm Elevate Ventures, invested a total of $200,000 in seven university-linked businesses on Tuesday. Purdue Foundry Fund was set up in 2014 and has so far provided $2.7m for 72 Purdue-affiliated startups. It invests across two tiers: a black award consisting of a $20,000 convertible non-recourse note, and a gold award that bestows $80,000 in either equity or debt financing. Regenerative bone fracture therapy developer Novosteo was the only company among the latest batch to receive a gold award, building on a $20,000 black award it secured in May 2017. The business was co-founded by Philip Low, presidential scholar in drug discovery and distinguished professor in Purdue’s Department of Chemistry, and his son Stewart Low, a postdoctoral staff member in the same department. Foundry Fund has offered black awards with the potential for follow-on investment to acute respiratory distress therapy developer Spirrow Therapeutics, blood clot detection device manufacturer Predictive Wear and bedsore cushion creator Wave Therapeutics. Microbe technology developer Karyosoft, retail sales coaching software developer Perceive and smart pollination device manufacturer Plan Bee will also receive a $20,000 convertible non-recourse note.

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