Purdue Startup Fund offers new funding option

The Convergence Center for Innovation and Collaboration is home to the Purdue Foundry.

WEST LAFAYETTE, Ind. (Inside INdiana Business) — A new way to support Purdue-affiliated startups is attempting to maximize its impact through innovative technologies. The Purdue Startup Fund was kicked off this year by Purdue Ventures, an arm of the Purdue Foundry which helps grow startups.

“This fund is a partnership between the Purdue Research Foundation and Purdue University to maximize the university’s commitment to serving others through the commercialization of innovations,” said Wade Lange, vice president and chief entrepreneurial officer of the Purdue Research Foundation. “This is another crucial source of early-stage capital for our startups.”

The university says the fund offers support for various industries, and has selected four startups for funding:

  • Umoja Biopharma – a startup focused on drugs using a patient’s own immune cells to kill cancerous cells.
  • Novosteo – a company that is developing an injectable drug to accelerate bone fracture repair.
  • ClearBlade –  Edge Computing software company.
  • GoGig Jobs – an anonymous professional networking platform.

Purdue Ventures also directs other funds: Ag-Celerator, Elevate Purdue Foundry Fund, Foundry Investment Fund and the Purdue Angel Network.