Salt Lake City, Utah, September 9, 2024
The University of Utah has teamed up with EPIC Ventures, an early-stage venture capital firm based in Salt Lake City, to create University of Utah Ventures, Powered by EPIC. This collaboration aims to stimulate growth among early-stage technology companies across various fields, including software, health and life sciences, and financial technology, by combining the university’s innovation capabilities with EPIC’s expansive network.
Taylor Randall, President of the University of Utah, emphasized the significance of this initiative. “University of Utah Ventures represents a transformative opportunity for both the university and the broader entrepreneurial ecosystem. By partnering with EPIC Ventures, we are positioning ourselves to not only foster groundbreaking innovation within our institution but also to drive significant economic growth across the region,” he stated.
The new fund is expected to utilize the University of Utah’s nearly $700 million in research funding and its strong history of alumni entrepreneurs joint with EPIC Ventures’ expertise in business scalability. The two organizations have previously collaborated in investing in Recursion Pharmaceuticals, which has grown into a publicly traded company valued at $2 billion.
Erin Rothwell, Vice President of Research at the University of Utah, highlighted the importance of research in driving innovation and economic development. “The venture fund is part of a larger strategic plan to enhance our technology transfer process at the University of Utah and to integrate commercialization earlier in the research discovery pipeline,” Rothwell said.
The partnership between EPIC Ventures and the University of Utah was facilitated by the Utah Venture Hub, the university’s designated office for startups, led by Jim Hotaling, Associate Vice President for Commercialization. The Utah Venture Hub is aimed at connecting faculty entrepreneurs with business experts and early-stage capital to nurture spin-out companies.
Hotaling expressed optimism about the initiative, stating, “The fund is viewed as a major milestone in the journey of the University of Utah to become a leader in the innovation and commercialization space. It will provide unique opportunities for university-affiliated startups, faculty spinouts, and external entrepreneurs seeking to leverage the university’s resources and EPIC’s industry expertise.”
Nick Efstratis from EPIC Ventures noted that this collaboration goes beyond mere funding. “This collaboration is more than just an investment fund—it’s a strategic initiative to empower entrepreneurs and transform ideas into impactful businesses,” he explained. With nearly three decades of experience, EPIC Ventures is poised to play a crucial role in helping the University of Utah Ventures achieve its objectives.
Jefferson Moss, managing director of Utah Innovation, also expressed enthusiasm for the initiative. “We are thrilled about the launch of the University of Utah Fund, which will provide another crucial layer of capital to fuel the growth of early-stage companies. This collaboration is about more than just capital; it’s about building a comprehensive ecosystem that fosters innovation, drives sustainable economic growth, and cements Utah’s reputation as a leader in translating academic research into real-world impact,” Moss stated.