The University of Utah, recognized as one of the top research universities in the U.S., has formed a partnership with EPIC Ventures, a venture capital firm based in Salt Lake City, to launch University of Utah Ventures, Powered by EPIC. This collaboration aims to enhance growth for early-stage technology companies across multiple sectors, including software, health and life sciences, and financial technology.
Taylor Randall, president of the University of Utah, expressed that this initiative marks a significant opportunity for the university and the larger entrepreneurial community. He stated that by joining forces with EPIC Ventures, the university aims to promote innovative advancements within its institution and stimulate economic growth in the region.
The fund aims to tap into nearly $700 million in research funding from the university and its strong network of alumni founders, alongside EPIC Ventures’ expertise in scaling businesses. The two entities have previously collaborated, notably by investing in Recursion Pharmaceuticals, which is currently valued at $2 billion as a public company.
Erin Rothwell, Vice President of Research at the University of Utah, emphasized the importance of transitioning research discoveries into practical applications and economic development. The venture fund aligns with a broader strategic plan to enhance the university’s technology transfer process and incorporate commercialization earlier in the research process.
The partnership was facilitated by the Utah Venture Hub, the university’s office dedicated to startups, led by Jim Hotaling, Associate Vice President for Commercialization. The Hub’s role is to connect faculty entrepreneurs with business experts and advisors, thus promoting the development of spinout companies.
Hotaling noted that this fund is a significant step in the university’s journey toward leadership in innovation and commercialization efforts. He indicated that it will provide valuable opportunities for startups associated with the university and external entrepreneurs looking to leverage the university’s assets and EPIC’s industry knowledge.
Nick Efstratis from EPIC Ventures highlighted that this collaboration transcends mere investment; it aims to empower entrepreneurs and turn innovative ideas into impactful businesses. With nearly three decades of experience, EPIC Ventures’ expertise is expected to play a crucial role in the success of University of Utah Ventures.
Jefferson Moss, managing director of Utah Innovation, expressed enthusiasm for the fund’s launch, which he believes will enhance financial support for early-stage companies and contribute significantly to commercialization efforts in Utah. He emphasized the intent to develop a comprehensive ecosystem that nurtures innovation and sustainable economic growth, reinforcing Utah’s standing as a leader in translating academic research into practical applications.
The University of Utah serves as the state’s principal higher education institution, featuring 18 colleges and schools, over 100 undergraduate and 90 graduate programs, and an enrollment exceeding 35,000 students. It is a member of the Association of American Universities and was recently ranked as the top public university in the western United States by the Wall Street Journal.
The Utah Venture Hub at the University of Utah acts as a vital resource for innovation and startups, dedicated to assisting faculty, entrepreneurs, and investors in commercializing groundbreaking technologies and fostering economic development within Utah.
EPIC Ventures, founded in 1994 in Salt Lake City, is a prominent venture capital firm focused on early-stage technology investments across sectors like software-as-a-service, healthcare, biotech, security, fintech, and the future of work. With a team of experienced investors and operators, EPIC not only provides capital but also strategic guidance and industry connections essential for startup success. The firm’s excellent track record includes multiple acquisitions and IPOs, solidifying its reputation as a key partner for ambitious technology startups, with a commitment to investing in opportunities throughout the country.