SUNY Chancellor King Announces Launch of $6 Million Upstate Biotech Ventures, the First-of-Its-Kind Venture Capital Fund for Startups on a SUNY Campus
July 15, 2024
Upstate Biotech Ventures Will Invest in Startups and Small Businesses Affiliated with Upstate Medical University to Drive Research and Technology Innovation
Funding Awarded by Empire State Development and Leveraged by Upstate Medical University Through the SUNY Research Foundation
Syracuse, NY – During a ceremony at Upstate Medical University today, State University of New York Chancellor John B. King Jr., Empire State Development CEO and Commissioner Hope Knight, SUNY Executive Vice Chancellor for Academic Affairs and Provost and SUNY Research Foundation President Melur "Ram" Ramasubramanian, and Upstate Medical University President Mantosh Dewan announced the launch of Upstate Biotech Ventures, the first-of-its-kind venture capital fund for startups and small businesses on a SUNY campus.
The $6 million fund was established with a $3 million capital investment from Empire State Development's Community and Regional Partner Fund, part of the State Small Business Credit Initiative through the U.S. Treasury, and a $3 million allocation from Upstate Medical University through the SUNY Research Foundation.
Upstate Biotech Ventures will be managed by Excell Partners, an early-stage venture capital fund, and will invest in high-potential startups and small businesses affiliated with Upstate Medical University to drive research and technology innovation.
The initial funding of $6 million is expected to help support nearly 20 companies with investments ranging from $100,000 to $1 million. Preference will be given to businesses led by founders from traditionally underrepresented groups.
"SUNY plays a crucial role in New York State's economic development, by educating generations of leaders and professionals, and by supporting business across our state through investment and infrastructure," said SUNY Chancellor King. "Venture capital provides us with another tool to drive research and innovation, and I am grateful for the partnership with Empire State Development in establishing Upstate Biotech Ventures. As SUNY works to double research across our system of colleges and universities, I hope other campuses have the opportunity to consider the path mapped out by Upstate Medical University."
SUNY Board Trustee Courtney Burke said, "Governor Hochul's vision for SUNY is to be the best public higher education system in the nation, and our campuses are well positioned to spur research and scholarship to solve society's biggest issues. This venture promises to marry the fruits of that research and scholarship to the capital and expertise that can get technologies to market, businesses to profitability and jobs to New Yorkers. I applaud the public-private partnership between Empire State Development, Excell Partners, SUNY RF, and Upstate Medical to help launch more startups and small businesses in the Syracuse region."
Empire State Development President, CEO and Commissioner Hope Knight said, "Under Governor Hochul's leadership, ESD has focused its efforts on supporting small and early-stage businesses and building for the future to create a stronger and more dynamic economy. Through our new partnership with SUNY Upstate and SUNY Research Foundation, Upstate Biotech Ventures will invest critical seed funding in diverse entrepreneurs and promising start-ups that are already engaged with the Central New York Business Accelerator and further grow the life science ecosystem in Upstate New York."
SUNY Executive Vice Chancellor for Academic Affairs and Provost and SUNY Research Foundation President Melur "Ram" Ramasubramanian said, "Upstate Biotech Ventures offers a transformational blueprint for SUNY's commercialization pipeline. Investment in the Upstate Medical University community and the broader Central New York region provides much-needed capital to researchers and entrepreneurs developing medical and life sciences innovations that improve people's lives."
Upstate President Mantosh Dewan, MD, said, "Upstate Biotech Ventures will provide critical early-stage venture capital for startups commercializing game-changing life sciences and biotech innovations. This $6 million investment fund will be the initial vehicle for investing in professionally vetted, high potential start-ups and small businesses affiliated with our campus. With Upstate Biotech Ventures, we are clearly hanging out a Made in New York sign right here in the heart of New York."
Excell Partners CEO Theresa Mazzullo said, "Excell is proud to partner with Upstate Medical University, Empire State Development, SUNY Research Foundation, and the CNY Biotech Accelerator in launching Upstate Biotech Ventures. With $80 million under management, Excell brings 16 years of experience investing in high tech startups across upstate New York. This first of its kind new fund for SUNY will provide the critical investment capital that is needed to help launch and grow the most promising biotech and life sciences startups emerging from Upstate Medical University and beyond."
About the SUNY Research Foundation
The SUNY Research Foundation (RF) is the largest comprehensive university-connected research foundation in the country and supports a vibrant research ecosystem that cultivates innovation and entrepreneurship across multiple key areas including Artificial Intelligence, Clean Energy, Biotechnology, Longevity, Substance Addiction, Nextgen Quantum Computing, Environmental Health, and Resiliency.
Driving social impact, enhancing human wellbeing, and stimulating economic growth, the RF provides SUNY's 30 state-operated campuses with an infrastructure of people, technology, and processes that enables faculty to write and submit grant proposals to agencies, foundations, and companies; establish contracts and manage funding awarded to run campus-based research projects; protect and commercialize intellectual property created within those projects; and establish enduring partnerships that shape the future. To learn more about the RF, visit rfsuny.org.
About the State University of New York
The State University of New York is the largest comprehensive system of higher education in the United States, and more than 95 percent of all New Yorkers live within 30 miles of any one of SUNY’s 64 colleges and universities. Across the system, SUNY has four academic health centers, five hospitals, four medical schools, two dental schools, a law school, the country’s oldest school of maritime, the state’s only college of optometry, and manages one US Department of Energy National Laboratory. In total, SUNY serves about 1.4 million students amongst its entire portfolio of credit- and non-credit-bearing courses and programs, continuing education, and community outreach programs. SUNY oversees nearly a quarter of academic research in New York. Research expenditures system-wide are nearly $1.1 billion in fiscal year 2023, including significant contributions from students and faculty. There are more than three million SUNY alumni worldwide, and one in three New Yorkers with a college degree is a SUNY alum. To learn more about how SUNY creates opportunities, visit suny.edu.
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