SYRACUSE — SUNY has introduced Upstate Biotech Ventures (UBV), a “first-of-its-kind” venture-capital fund for startups and small businesses on a SUNY campus. Dr. Mantosh Dewan, president of SUNY Upstate Medical University, announced the fund during a July 15 ceremony at Upstate Medical’s CNY Biotech Accelerator at 841 E. Fayette St. in Syracuse. “This is certainly […]
SYRACUSE — SUNY has introduced Upstate Biotech Ventures (UBV), a “first-of-its-kind” venture-capital fund for startups and small businesses on a SUNY campus. Dr. Mantosh Dewan, president of SUNY Upstate Medical University, announced the fund during a July 15 ceremony at Upstate Medical’s CNY Biotech Accelerator at 841 E. Fayette St. in Syracuse. “This is certainly a major milestone for us, and there are so many people to thank who’ve been supportive of Upstate in general but to the fund in particular,” Dewan said to open his remarks. 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. “With Upstate Biotech Ventures, we’re clearly hanging out a big Made in New York sign right here in the heart of New York. We want our entrepreneurial spirit to accelerate in New York, in Syracuse, and certainly on our campus,” Dewan said. “We want UBV to take every brilliant idea off the pages of a journal and into the real world and save lives. As the only academic medical center in the region, Upstate Medical University’s mission has been to improve the health of the communities we serve through biomedical research, patient care, and education. And now, we can more energetically infuse and fully support the innovation part of our endeavors.” 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,” per the SUNY announcement. “We have partnered with Central New York Biotech Accelerator since its inception and have been privileged to be a partner with Empire State Development since our inception over 16 years ago,” Theresa Mazzullo, CEO of Excell Partners of Rochester, said in her remarks. “This new Upstate Bioventure Fund brings all of us full circle. Together, we will be actively looking for promising technologies in both life sciences and health tech in all its forms. She went on to say that investments will range in size from $100,000 to $1 million. Eligibility will require collaboration membership with CNY Biotech Accelerator or Upstate Medical University. Additionally, Excell will be seeking new investors as limited partners in this fund who wish to participate in its success, Mazzullo added. 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.” Those attending and speaking also included Hope Knight, CEO and commissioner of Empire State Development; and Melur (Ram) Ramasubramanian, SUNY executive vice chancellor for academic affairs and provost and president of the SUNY Research Foundation.