The University of Illinois at Chicago launches a $10m to help research cross the valley of death and beyond.

The University of Illinois at Chicago (UIC) has announced it is launching a $10m startup fund aimed at assisting inventions advance from research stages towards commercialisation opportunities.

The Chancellor’s Innovation Fund (CIF) will make $2m in investments each year, with $1m going towards proof-of-concept funding and the remainder used for seed investments. Grants for proof-of-concept will be up to $75k, whereas seed investment will range from $150k to £250k. Proceeds from fund investments will be reinvested to support future UIC tech transfer.

The fund will be managed by IllinoisVentures, a tech investment firm launched by the University. The firm currently backs several companies from various universities, but the CIF will only be used for UIC projects.

UIC Chancellor Paula Allen-Mears said: “The fund establishes UIC as a leader in technology acceleration, enhances our competitiveness, and positions UIC as an important partner to external stakeholders.”

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.

Not sure if you have a subscription?