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 establish University of Utah Ventures, Powered by EPIC. This collaboration aims to harness the university’s innovation capabilities alongside EPIC’s broad network to stimulate the growth of early-stage technology companies in various fields, including software, health and life sciences, and financial technology.
Taylor Randall, the University of Utah’s president, expressed enthusiasm for the initiative, stating, “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 foster groundbreaking innovation and drive significant economic growth across the region.”
The new fund aims to utilize nearly $700 million in research funding from the UofU, along with its history of successful alumni entrepreneurs, combined with EPIC’s expertise in nurturing successful businesses. The collaboration builds upon their previous joint efforts, such as their support for Recursion Pharmaceuticals, which has grown into a publicly traded company valued at $2 billion.
Erin Rothwell, the vice president of research at the University of Utah, highlighted the fund’s purpose: “Research is about not only innovation and addressing societal challenges but also transitioning discoveries into economic development. This venture fund is part of a broader strategic plan aimed at improving our technology transfer process and integrating commercialization earlier in the research pipeline.”
The partnership between the EPIC Fund and the University of Utah was facilitated through the university’s Utah Venture Hub, overseen by Jim Hotaling, the associate vice president for commercialization. The hub connects faculty entrepreneurs with business experts, early-stage capital, and advisory networks to support the growth of spinout companies.
Hotaling remarked, “The fund represents a significant milestone in the University of Utah’s journey to becoming a leader in innovation and commercialization. It offers unique opportunities for university-affiliated startups, faculty spinouts, and external entrepreneurs to leverage the U’s resources and EPIC’s industry insights.”
Nick Efstratis from EPIC Ventures emphasized the broader impact of this collaboration, stating, “This initiative goes beyond mere investment; it is a strategic move to empower entrepreneurs and turn ideas into impactful businesses. We look forward to working with the University of Utah to create a lasting legacy of innovation in the Intermountain West.” EPIC Ventures brings nearly thirty years of experience, and its proficiency in early-stage investments will be vital for the success of University of Utah Ventures.
Jefferson Moss, managing director of Utah Innovation, expressed his support for the fund, stating, “We are excited about the launch of the University of Utah Fund, which adds essential capital to support the growth of early-stage companies. This collaboration will amplify the Utah Innovation Fund’s ability to drive commercialization, focusing on building an ecosystem that fosters innovation and positions Utah as a leader in applying academic research for real-world benefits.”