SYRACUSE, N.Y. — SUNY officials on Monday announced the launch of Upstate Biotech Ventures, a “first-of-its-kind” venture-capital fund for startups and small businesses on a SUNY campus. Dr. Mantosh Dewand, president of Upstate Medical University, announced the fund during an afternoon ceremony at Upstate Medical’s CNY Biotech Accelerator at 841 E. Fayette St. in Syracuse. […]
SYRACUSE, N.Y. — SUNY officials on Monday announced the launch of Upstate Biotech Ventures, a “first-of-its-kind” venture-capital fund for startups and small businesses on a SUNY campus.
Dr. Mantosh Dewand, president of Upstate Medical University, announced the fund during an afternoon ceremony at Upstate Medical’s CNY Biotech Accelerator at 841 E. Fayette St. in Syracuse.
SUNY established the $6 million fund with a $3 million capital investment from Empire State Development’s Community and Regional Partner Fund, part of the State Small Business Credit Initiative through the U.S. Treasury. Upstate Medical University also provided a $3 million allocation through the SUNY Research Foundation.
“Upstate Biotech Ventures will provide critical early-stage venture capital for startups commercializing game-changing life sciences and biotech innovations,” Dr. Mantosh Dewan, president of Upstate Medical University, said in the SUNY news announcement. “This $6 million investment fund will be the initial vehicle for investing in professionally vetted, high potential start-ups and small businesses affiliated with our campus. With Upstate Biotech Ventures, we are clearly hanging out a Made in New York sign right here in the heart of New York.”
Excell Partners, an early-stage venture capital fund, will manage Upstate Biotech Ventures and will invest in “high-potential” startups and small businesses affiliated with Upstate Medical University to “drive research and technology innovation.”
The initial funding of $6 million is expected to help support nearly 20 companies with investments ranging from $100,000 to $1 million. The fund will give preference to businesses led by founders from traditionally underrepresented groups.
Those attending the ceremony included SUNY Chancellor John King, Jr.
“SUNY plays a crucial role in New York State’s economic development, by educating generations of leaders and professionals, and by supporting business across our state through investment and infrastructure,” King said in the SUNY announcement. “Venture capital provides us with another tool to drive research and innovation, and I am grateful for the partnership with Empire State Development in establishing Upstate Biotech Ventures. As SUNY works to double research across our system of colleges and universities, I hope other campuses have the opportunity to consider the path mapped out by Upstate Medical University.”
Attendees also included Hope Knight, CEO and commissioner of Empire State Development; Melur (Ram) Ramasubramanian, SUNY executive vice chancellor for academic affairs and provost and president of the SUNY Research Foundation; and Theresa Mazzullo, CEO of Excell Partners.
