The university has set up a new seed-stage fund to build on its successes from last year, when Purdue created a total of 40 new businesses.

Purdue University has launched a $10m investment vehicle, named Purdue Startup Fund, aimed at seed-stage startups and spinouts of the institution.

The fund will be jointly managed by the university’s startup accelerator, Purdue Foundry, and the University Development Office.

In 2015, Purdue University created a total of 40 new companies, of which 25 were spinouts commercialising research conducted at the university.

Mitch Daniels, president of Purdue University, said: “Purdue is fortunate to have an abundance of alumni and friends who are successful business leaders and entrepreneurs. Many of these individuals are already actively involved with Purdue entrepreneurs by serving as mentors and advisers.

“While we already have several funding competitions and programs to help advance our startups, the Purdue Startup Fund presents an opportunity for our alumni to become even more engaged by financially supporting the translation of Purdue innovations to the public.”