Purdue Research Foundation and Bloomington-based medical device maker Cook Medical have created a $12 million fund intended to help life-science businesses with connections to Purdue University.
The Foundry Investment Fund will seek to join with other investors to provide funding for companies that use Purdue-licensed technology or expertise in human and animal health and plant sciences. It typically would provide a match to outside investors’ funds, creating a critical mass of capital for founding or growing a viable firm.
"Converting Purdue innovation into new products, companies and jobs is perhaps the most valuable way for our university to live up to its land grant heritage and contribute to the progress of our state," said Mitch Daniels, president of Purdue University. "This fund will help a new and larger generation of Purdue innovators move their technologies to the public."
Cook Medical has provided $6 million for the fund, and Purdue Research Foundation has supplied the remainder of the $12 million. Outside investors could include venture capital firms, corporations, angel funding groups, or qualified individuals.
Purdue Research Foundation is a not-for-profit organization that supports economic development intiatives for the university. It manages the Purdue Office of Technology Commercialization, which focuses on transferring ideas developed at the school into actual products or services. It also oversees the Purduie Research Park, which incubates university-affiliated business.