The University of Utah has teamed up with EPIC Ventures, a venture capital firm based in Salt Lake City, to create University of Utah Ventures, powered by EPIC. This collaboration aims to stimulate the growth of early-stage technology companies in various fields, including software, health and life sciences, and financial technology, by merging the university’s innovation capabilities with EPIC’s expansive network.
Taylor Randall, President of the University of Utah, emphasized the significance of this initiative, stating that it presents a transformative opportunity for both the university and the wider entrepreneurial community. He noted that partnering with EPIC Ventures positions the university to enhance innovation and contribute to economic growth in the region.
The fund will tap into the University of Utah’s substantial research funding, which totals nearly $700 million, alongside its history of alumni-founded companies, paired with EPIC Ventures’ expertise in scaling successful businesses. The collaboration builds on their previous work together, which included investments in Recursion Pharmaceuticals, a company that has grown to a valuation of $2 billion.
Erin Rothwell, Vice President of Research at the University of Utah, remarked that the new venture fund aligns with a broader strategic plan aimed at advancing technology transfer and incorporating commercialization at earlier stages of the research process.
The partnership was organized through the Utah Venture Hub, an initiative at the University run by Jim Hotaling, Associate Vice President for Commercialization. The hub is designed to link entrepreneurial faculty with business experts and early-stage investors to foster the development of spin-off companies.
Hotaling described the fund as a significant step for the University of Utah in establishing itself as a leader in innovation and commercialization. It is intended to create opportunities for university-affiliated startups, faculty spinouts, and external entrepreneurs seeking to leverage the university’s resources and EPIC’s industry knowledge.
Nick Efstratis from EPIC Ventures highlighted that this collaboration extends beyond being a simple investment fund; it represents a strategic effort to empower entrepreneurs and convert ideas into meaningful businesses. He expressed enthusiasm for collaborating with the University of Utah to foster innovation in the Intermountain West.
Jefferson Moss, managing director of the Utah Innovation Fund, praised the launch of the University of Utah Fund, noting that it introduces an essential layer of capital for early-stage companies. Moss emphasized that the initiative will enhance Utah’s capacity for commercialization and foster an ecosystem that promotes innovation and sustainable economic growth, reinforcing Utah’s status as a leader in turning academic research into practical applications.