Purdue University-linked companies operating the in renewable energy, sustainable transport and oncology sectors are among those to have secured $20,000 in initial funding.

Eight US-based startups linked to Purdue University have each attracted $20,000 in funding from the fourth year of the $2m Elevate Purdue Foundry Fund partnership backed by the institution.

The fund is managed by VC firm Elevate Ventures alongside the Purdue Foundry startup accelerator, which operates from the Burton D. Morgan Center for Entrepreneurship at Purdue University’s Discovery Park research complex.

Elevate Ventures will finalise the $20,000 investments as convertible non-recourse notes, which act as a first-tier “black award”. A second $80,000 debt or equity investment is available to “gold award” businesses that pass requisite performance milestones.

The fund launched in 2014 and is open to businesses that either participate in Purdue Foundry or hold patents through Purdue Research Foundation, the university’s tech transfer office. Businesses owned by Purdue faculty, staff and students are also eligible.

Elevate Purdue has backed 60 businesses so far, which have together raised $1.9m in funding.

Previous recipients have included Mednoxa, which later secured $30,000 from the Health Wildcatters accelerator in September 2017, and motion tracker developer AccuPS, which lured $100,000 from undisclosed investors this past February.

This year’s eight recipients were named as:

  • Advanced Renewable Power, developers of battery management products that aim to improve power grid coordination and balancing with thermal and renewable sources.
  • Enhance Therapies, which hopes to facilitate more effective identification and treatment of bladder cancer by producing a targeted dye that adheres to cancerous tissues.
  • Explore Interactive, an edtech developer focused on augmented reality software for students in science, technology, engineering and mathematics.
  • Kardiana, which is working on medical imaging analytics that it claims will use physics-based clinical measures to increase successful diagnoses to more than 90%.
  • Petal Solutions, an aeroengine sensor manufacturer that seeks to build customised products capable of operating in harsh conditions.
  • Rofori, which is developing enterprise cybersecurity software capable of highlighting the value of business assets to cyber attackers.
  • Teichos Laboratories, an immunotherapy developer working on treatments for bovine mastitis, an inflammatory disease of the udders in dairy cattle.
  • VeoRide, operators of a dockless bike-sharing service that uses QR matrix codes and a mobile app to unlock its vehicles for hire.