Purdue University spinouts from the past two years have raised more than $96m from university-related funds as well as private and public investors.
Purdue University’s spinouts have secured more than $96m in total funding and created 156 jobs in the past two years, the institution has revealed.
The money was obtained by 49 companies spun out by the university’s tech transfer office, Purdue Research Foundation Office of Technology Commercialization. A total of 24 were part of the Purdue Startup Class of 2014 and another 25 of the 2015 cohort.
Purdue University also notes that an additional 39 spinouts from the university were formed using non-patented Purdue University know-how.
The capital was supplied by university-related vehicles, private venture funding organisations, and federal and state grants.
The university-linked programs include Purdue Ventures, a $37m venture fund, and the Elevate Purdue Foundry Fund, which is jointly operated by Elevate Ventures and the Purdue Foundry, an on-campus resource for students and faculty to commercialise ideas or products.
Some spinouts raised money from the US government’s Small Business Innovation Research program.
Dan Hasler, president and chief entrepreneurial officer of the Purdue Research Foundation, said: “As we have always known, even more important than the quantity of the startups is their subsequent impact on economic value and commercial execution. We are pleased with how this cohort of companies is progressing.”
