The University of Utah has teamed up with EPIC Ventures, an early-stage venture capital firm based in Salt Lake City, to introduce University of Utah Ventures, Powered by EPIC. This collaboration merges the university’s innovation capabilities with EPIC’s extensive network to stimulate growth for early-stage technology companies in sectors such as software, health and life sciences, as well as financial technology.
Taylor Randall, the president of the University, expressed that University of Utah Ventures signifies a significant opportunity for both the institution and the wider entrepreneurial community. He emphasized that partnering with EPIC Ventures will not only nurture innovative developments within the university but also contribute to substantial economic growth in the region.
The initiative aims to utilize the university’s nearly $700 million in research funding alongside its strong network of alumni entrepreneurs, paired with EPIC’s know-how in scaling successful businesses. The two entities have previously collaborated, notably in their support of Recursion Pharmaceuticals, which is now valued at $2 billion and publicly traded.
Erin Rothwell, the vice president of research at the university, highlighted that research goes beyond innovation; it involves translating discoveries into accessible solutions and economic opportunities. She noted that the venture fund aligns with a broader strategic plan to enhance the technology transfer process and initiate commercialization earlier in the research pipeline.
Facilitated by the Utah Venture Hub, an office dedicated to startups at the university overseen by Jim Hotaling, this partnership aims to connect entrepreneurial faculty members with business experts, early-stage capital, and a network of advisors to nurture spin-out companies.
Hotaling remarked that this fund marks a pivotal achievement for the University of Utah, aiming to establish it as a dominant player in innovation and commercialization. The fund is expected to create unique opportunities for startups connected to the university, faculty spinouts, and external entrepreneurs looking to leverage the university’s resources and EPIC’s industry knowledge.
Nick Efstratis from EPIC Ventures stated that the collaboration extends beyond financial investment; it is a strategic effort to empower entrepreneurs and convert innovative ideas into impactful businesses. With nearly three decades of venture capital expertise, EPIC Ventures is positioned to significantly support the success of University of Utah Ventures.
Jefferson Moss, managing director of Utah Innovation, conveyed enthusiasm for the fund’s launch, which will add essential capital for the growth of early-stage companies. He emphasized that this initiative is about cultivating a robust ecosystem that fosters innovation and drives sustainable economic advancement, solidifying Utah’s status as a leader in transforming academic research into tangible outcomes.
The University of Utah stands as the flagship higher education institution in the state, offering a wide range of programs with an enrollment of over 35,000 students. It is a member of the Association of American Universities, a select group of leading research institutions, and has recently been recognized as the No. 1 Public University in the West by the Wall Street Journal.
Utah Venture Hub serves as a vital resource for innovation and entrepreneurship at the University of Utah, aiming to support faculty and investors while driving the commercialization of revolutionary technologies to bolster the state’s economic growth.
EPIC Ventures, established in 1994, specializes in early-stage technology investments across various sectors, including software-as-a-service, healthcare, biotech, security, fintech, and the future of work. With a diverse team of experienced investors, EPIC offers crucial strategic guidance and industry connections, along with capital, to support the success of ambitious tech startups. While deeply integrated into Utah’s tech ecosystem, EPIC also seeks investment opportunities across the United States.