Salt Lake City, Utah, September 9, 2024
The University of Utah has joined forces with EPIC Ventures, a venture capital firm based in Salt Lake City, to establish University of Utah Ventures, Powered by EPIC. This collaboration aims to enhance growth for early-stage technology companies across a variety of sectors such as software, health and life sciences, and financial technology by merging the university’s innovative capabilities with EPIC’s vast network.
University of Utah President Taylor Randall remarked, “University of Utah Ventures signifies a groundbreaking opportunity for both the university and the wider entrepreneurial community. Collaborating with EPIC Ventures positions us to not only nurture significant innovation at our institution but also to contribute to substantial economic advancement in the region.”
The initiative seeks to utilize the University of Utah’s nearly $700 million in research funding and its strong background of alumni entrepreneurs alongside EPIC Ventures’ proficiency in developing successful businesses. The two entities have previously collaborated by investing in and supporting Recursion Pharmaceuticals, which has emerged as a publicly traded company valued at $2 billion.
Erin Rothwell, Vice President of Research at the University, highlighted the importance of transforming research into practical applications, stating, “Research not only concerns innovation and addressing societal issues, but also facilitating the transition of those findings into accessibility and economic development. This venture fund is part of a larger strategic plan to enhance our technology transfer processes and ensure commercialization is integrated earlier into our discovery pipeline.”
The partnership between EPIC Ventures and the University of Utah was coordinated by the Utah Venture Hub, an office dedicated to startups within the university, led by Jim Hotaling, Associate Vice President for Commercialization. The hub aims to link faculty entrepreneurs with business experts, early-stage capital, and a network of advisors to advance spinout companies.
Hotaling expressed that the fund represents a significant milestone for the University of Utah in the realm of innovation and commercialization, explaining, “The fund will create extraordinary opportunities for university-affiliated startups, faculty spinouts, and outside entrepreneurs wanting to leverage the resources of the university and EPIC’s industry knowledge.”
Nick Efstratis from EPIC Ventures emphasized the importance of this collaboration, stating, “This venture goes beyond mere investment; it is a strategic initiative aimed at empowering entrepreneurs and transforming ideas into meaningful businesses. We are excited to collaborate with the University of Utah to foster a lasting legacy of innovation in the Intermountain West.” EPIC Ventures brings nearly 30 years of experience to this partnership, with expertise in early-stage investments essential for the success of University of Utah Ventures.
Jefferson Moss, managing director of the Utah Innovation Fund, expressed enthusiasm for the new fund, saying, “We are excited about the launch of the University of Utah Fund, which will provide essential capital to support early-stage companies. This initiative will significantly enhance the Utah Innovation Fund’s capabilities in driving commercialization.” He concluded, “This collaboration involves more than just funding; it’s about constructing a robust ecosystem that fosters innovation, promotes sustainable economic growth, and solidifies Utah’s status as a leader in transforming academic research into real-world applications.”