The Elevate Purdue Foundry Fund has invested more than $500,000 into 11 Purdue University startups. The funding includes five companies receiving $80,000 each for achieving "Gold Award" investment status.
The fund is a joint venture between private venture development organization Elevate Ventures and entrepreneurship and commercialization accelerator Purdue Foundry. Purdue Ventures Managing Director John Hanak says the funding goes to companies "that have good ideas and have shown a strong potential for success."
The five companies chosen for Gold Awards are VinSense, Brightlamp, Socio, Heliponix and Explore Interactive. They each received $80,000 in funding. All but Socio had previously received $20,000 Black Awards through the Elevate Purdue Foundry Fund.
The startups receiving Black Awards of $20,000 each include UniBubbles, HaptImage, HySonic technologies, UniRide, MediTrak, Cyber Inform and Socio.
Since launching in 2014, the Elevate Purdue Foundry Fund says it has committed $2.5 million in investment to 59 Purdue-affiliated startups.