The Elevate Purdue Foundry Fund has reached a milestone. The Purdue Foundation says total funding issued since it launched in 2014 has surpassed the $1 million mark. During that time, nearly four dozen Purdue-affiliated startups have received funding.
Officials from the Purdue Foundry and Elevate Ventures jointly operate the fund. The most recent group of eight recipients each secured $20,000 in the form of First-Tier Black Awards. Entrepreneurs use the funding for commercialization-related activities including market research, product development and prototype creation.
Purdue Ventures Managing Director John Hanak says "we can’t emphasize enough how much this funding helps entrepreneurs commercialize Purdue innovations. Now that we are closing on the second year of the program, we are able to witness the advances of the companies that received funding from the program and we will no doubt see the same future success with this list of awardees."
Elevate Ventures Chief Executive Officer Chris LaMothe says "we are excited about the entrepreneurial community-building momentum at Purdue. These Purdue-affiliated startups are now part of 200 companies financially supported through our pre-seed, seed and early-stage investment and co-investment programs since 2010, which together have also attracted nearly $300 million in capital from other sources."
You can see a list of recipients and learn more about the funding by clicking here.