University of Utah and EPIC Ventures Launch New Venture Fund

The University of Utah, recognized as one of the nation’s leading research institutions, has announced a new initiative in collaboration with EPIC Ventures, a venture capital firm based in Salt Lake City. This joint effort, titled University of Utah Ventures, Powered by EPIC, aims to stimulate growth for early-stage technology companies across diverse sectors, including software, health and life sciences, and financial technology.

According to Taylor Randall, the president of the University of Utah, this venture represents a transformative opportunity for both the university and the broader entrepreneurial ecosystem. He emphasized that through this partnership with EPIC Ventures, the University is not only fostering innovation within its institution but also aims to promote significant economic growth within the region.

The new fund seeks to utilize the University’s substantial research funding, which totals nearly $700 million, in conjunction with EPIC Ventures’ expertise in scaling successful enterprises. Both entities have previously collaborated effectively, as evidenced by their joint investment in Recursion Pharmaceuticals, a company that has since grown into a publicly traded firm valued at $2 billion.

Erin Rothwell, the vice president of research at the University, noted that research should transition discoveries into practical access and economic development. This venture fund aligns with a broader strategic plan aimed at enhancing the university’s technology transfer processes and integrating commercialization early in the research discovery pipeline.

The partnership was facilitated through the University’s Utah Venture Hub, managed by Jim Hotaling, the associate vice president for commercialization. The hub is designed to assist faculty entrepreneurs by connecting them with business experts, early-stage capital, and a network of advisors, thereby fostering the growth of spin-out companies.

Hotaling described the fund as a significant milestone in the University of Utah’s quest to lead in innovation and commercialization. The fund is expected to offer unique opportunities for University-affiliated startups, faculty spinouts, and external entrepreneurs looking to leverage the strategic advantages provided by the University and EPIC’s industry expertise.

Nick Efstratis from EPIC Ventures expressed excitement about the collaboration, stating that it is more than just an investment fund; it is a strategic initiative developed to empower entrepreneurs and transform innovative ideas into significant businesses. EPIC Ventures brings nearly 30 years of experience to the partnership, which will be crucial for the success of the University of Utah Ventures.

Jefferson Moss, the managing director of the Utah Innovation, highlighted the importance of the University of Utah Fund, indicating that it will enhance the capacity for the Utah Innovation Fund to drive commercialization efforts. He emphasized that this partnership represents the creation of a comprehensive ecosystem that fosters innovation and sustainable economic growth, further establishing Utah as a leader in converting academic research into real-world applications.