Spin-out firms from Arizona State University hit $68m in external fundraising for 2013.
Arizona Technology Enterprises (AzTE) has reported that spin-outs from Arizona State University (ASU) recorded $68m in external fundraising for ASU’s 2013 fiscal year (July 1st – June 30th).
The figure brings total venture funding raised to nearly $400m since AzTE was established in 2003. The tech transfer unit has supported 67 spin-out companies since its creation. Recent investments include $4m for life sciences startup HealthTell and $28m for algae-tech firm Heliae.
Augie Cheng, AzTE’s chief executive, said: “ASU’s expanding research enterprise is leading to breakthroughs in a wide range of areas that will have a huge impact on society, from medical devices and diagnostics to green energy and advanced materials. AzTE’s ongoing evolution involves finding and supporting more of the researchers doing this innovative work to help them spin out technologies or companies that will save lives, create jobs and contribute to economic development in Arizona.”
