Five startups affiliated with Purdue University have received a funding boost. The support from Elevate Purdue Foundry Fund totals $100,000.
The funding is the fifth installment of First-Tier Black Awards. In all the fund has issued a total of $720,000 to 36 startups since establishing the awards program. The fund is run by officials from the Purdue Foundry and Elevate Ventures.
Purdue Ventures Managing Director John Hanak says "the Elevate Purdue Foundry Fund meets a critical need for startups, especially those in the early stage of their development. This is the fifth round of awards and, as always, the selection process was highly competitive and the decisions to invest were very difficult."
To be eligible, startups must meet certain criteria, which includes:
- Purdue Foundry client
- Owned by Purdue students, faculty or staff
- And/or be based on intellectual property patented through the Purdue Research Foundation
Elevate Venture Chief Executive Officer Chris LaMothe says "the Elevate Purdue Foundry Fund is doing exactly what we had hoped when we launched the fund two years ago. The importance and positive impact on economic development across Indiana is very clear. Through these funds, we have witnessed a marked increase in the licensing and commercialization of Purdue innovations."
The recipients are:
- Amplified Sciences LLC
- Aerial Agriculture LLC
- Drug Free Therapeutix (DFTx) LLC
- Paperclip Fitness
You can connect to more about the fund, awards and winner by clicking here.