Purdue Startups Raise Nearly $100M

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Purdue University says startups based on the school's patented intellectual property have raised over $96 million in the past two years. In addition to the funding, which comes from local, state, federal and private sources, the startups have created 156 positions.

The university says the money was raised by the 24 members of the Purdue Startup Class of 2014 and the 25 members of the Purdue Startup Class of 2015. All of the startups have licensed technologies from the Purdue Research Foundation Office of Technology Commercialization.

"In the past two years we have seen an incredible increase in startup creation that is demonstrated in Purdue's back-to-back record-breaking years," said Dan Hasler, president and chief entrepreneurial officer of the Purdue Research Foundation. "As we have always known, even more important than the quantity of the startups is their subsequent impact on economic value and commercial execution. We are pleased with how this cohort of companies is progressing."

The funding sources include federal and state grants, venture funds and private funding. Purdue startups also receive funding from university programs, such as Purdue Ventures

Purdue says a startup class is composed of companies that operate in engineering, industrial technology, information technology, life sciences, nanotechnology, pharmaceuticals and software. Only one of the 49 startups that have licensed Purdue technology in the past two years has moved into an "inactive" status.

"That is incredible when you think about the average success rate for startups," said Greg Deason, director of innovation and entrepreneurship for the Burton D. Morgan Center for Entrepreneurship and Purdue Research Foundation. "I have to believe that the tremendous success rate of Purdue-affiliated startups has much to do with the environment at Purdue and Greater Lafayette where we have entrepreneurs helping entrepreneurs become successful."

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