IllinoisVentures, the early-stage investment vehicle established by University of Illinois at Chicago (UIC), yesterday filed a regulatory document indicating that it has raised almost $15.2m for its third fund.
The Illinois Emerging Technologies Fund (IETF) III was launched in 2016 and secured $7.5m out of a $15m target at the time. IllinoisVentures has not released an official statement about the new fund yet.
IllinoisVentures was established in 2002 to drive spinout generation at University of Illinois. It was launched by the institution’s board of trustees and now also supports the wider entrepreneurial ecosystem throughout Illinois.
IETF have traditionally been financed through external limited parties. IllinoisVentures uses the funds to either lead or participate in larger rounds for early-stage companies that need substantial capital to grow.
IllinoisVentures also operates the UIC Chancellor’s Innovation Fund, which offers proof-of-concept grants for validating technology, creating prototypes and undertaking market research.
Additionally, IllinoisVentures also provides up to $200,000 in seed funding to spinouts emerging out of University of Illinois.
