Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
AccelerComm, a UK-based wireless communications technology spinout of University of Southampton, secured £5.8m ($7.4m) yesterday in a series A round involving commercialisation firm IP Group. The round was led by IQ Capital and was also backed by Bloc Ventures. AccelerComm has devised a wireless communications technology to reduce the impact of latency by addressing errors arising from interference and poor signal strength. The spinout was founded by Rob Maunder, a professor of electronics and computer science at University of Southampton. AccelerComm will use the funding to expand its team in support of technology development and growth both in the US and internationally. IP Group invested in AccelerComm when it was founded in 2016 before returning to co-lead a $3.2m round alongside Bloc Ventures in February 2019.
AbFero Pharmaceuticals, a US-based drug developer spun out of University of Florida, has raised $680,000 from investors including the institution’s university venture fund UF Innovate I Ventures, according to Orlando Business Journal. The round was led by venture capital firm Longwall Ventures with participation from Fan Investment Funds, a subsidiary of VC firm DeepWork Capital. AbFero Pharmaceuticals is developing therapeutics for retinal and neurological diseases including Parkinson’s disease and age-related macular degeneration. The company’s lead candidate, an iron chelator molecule called SP-420, has completed three clinical trials. AbFero Pharmaceuticals’ approach was pioneered by Raymond Bergeron, a professor emeritus of medicinal chemistry at University of Florida’s College of Pharmacy.
Genomenon, a US-based genome sequencing analysis software spinout of University of Michigan, has raised an undisclosed sum from Michigan Rise a state-backed seed fund managed by MSU Foundation previously known as Michigan Pre-Seed Fund III, according to Crain’s Detroit Business. Founded in 2014, Genomenon has built a cloud-based search engine that indexes the readouts of DNA sequencing tests to facilitate research in settings such as precision medicine. The spinout was prompted to seek funding from Michigan Rise after covid-19 forced it to delay raising series A capital. Although the size of its contribution was undisclosed, the fund typically provides between $50,000 and $150,000.
Michigan Rise also invested an undisclosed sum in GreenMark Biomedical, a US-based dental rinse developer partly based on MSU research. GreenMark’s rinse contains fluorescent, starch-derived particles that help dentists identify early symptoms of dental caries. The company closed a $1.2m series seed round in March 2019 with a $670,000 tranche backed by MSU’s early-stage venture arm Red Cedar Ventures in addition to Michigan Investment in New Technology Startups, a venture fund run by University of Michigan, and public private-funded agency Invest Michigan. Western Michigan University’s Biosciences Research & Commercialization Center has also invested previously, as have Invest Detroit Ventures, the venturing arm of regional development vehicle Invest Detroit, and syndicate Blue Water Angels.
