Agreement provides Pitt Innovators with access to growth capital targeted to university spin-outs
The University of Pittsburgh Innovation Institute has joined Osage University Partners (OUP), a venture capital firm established to invest in spin-out companies of its University partner institutions.
OUP has invested in 39 university spin-outs across the United States since 2009, through its initial $100 million fund. In March 2015, it closed its second fund totaling $215 million, with the intention of investing in approximately 50 university spin-outs. OUP invests across many technology sectors, including both life sciences and physical sciences, and evaluates opportunities across all stages of development.
Through the OUP partnership Pitt may assign its participation rights in funding rounds for startup companies based on Pitt research to OUP. When the University assigns its participation rights, the University will be eligible to share in the eventual profits on the OUP investment.
“One of the biggest challenges many Pitt startups face is access to growth capital. We are excited to be working with OUP as they have a thorough understanding of the university startup space and are familiar with working with university technology transfer offices,” said Evan Facher, the Innovation Institute’s Director of Enterprise Development.
Pitt joins OUP’s network of more than 80 universities and research centers. OUP typically invests in a syndicate along with other top tier venture capital firms. It typically invests a range of $5-10M in a company through its growth stages.
More than 120 startup companies have launched based on Pitt research over the past 10 years with the assistance of the Pitt Innovation Institute.
The Innovation Institute provides a comprehensive suite of services for Pitt Innovators, from the protection of intellectual property to the commercialization of new discoveries through licensing and new enterprise development. The Innovation Institute also provides a wealth of entrepreneurship educational programming, mentoring, early stage gap funding, and networking for Pitt faculty, students and partners, as well as for entrepreneurs and small businesses throughout Western Pennsylvania.