University of Utah and EPIC Ventures partner to drive regional innovation forward

SALT LAKE CITY, Sept. 11, 2024 /PRNewswire/ -- The University of Utah, one of the nation's leading research universities, and EPIC Ventures, a Salt Lake City based early-stage venture capital firm, have partnered to launch University of Utah Ventures, Powered by EPIC. By combining the U's innovation engine with EPIC's extensive network, the partnership will catalyze growth for early-stage technology companies across various sectors, including software, health and life sciences and financial technology.

"University of Utah Ventures represents a transformative opportunity for both the university and the broader entrepreneurial ecosystem," said Taylor Randall, president of the U. "By partnering with EPIC Ventures, we are positioning ourselves to not only foster groundbreaking innovation within our institution but also to drive significant economic growth across the region."  

The fund is designed to leverage the U's almost $700 million in research funding and rich history of alumni founders with EPIC Ventures' expertise in scaling successful businesses. The U and EPIC have a history of collaborating, having  partnered in investing in and supporting the team at Recursion Pharmaceuticals, now a $2 billion publicly traded company.

"Research is not only about innovation and solving societal challenges but transitioning those discoveries into access and economic development. The venture fund is part of a larger VPR strategic plan to improve our technology transfer process at the U and to include commercialization earlier into the research discovery pipeline," said Erin Rothwell, vice president of research at the U.

The EPIC Fund and University of Utah partnership was facilitated by the U's designated office for startups, the Utah Venture Hub, run by Jim Hotaling, associate vice president of research for commercialization. Utah Venture Hub is designed to connect faculty entrepreneurs with experts in business, early-stage capital and a network of advisors to fuel spin out companies.

"The fund is viewed as a major milestone in the journey of the University of Utah to become a leader in the innovation and commercialization space," said Hotaling. "The fund will provide unique opportunities for university affiliated startups, faculty spinouts and external entrepreneurs seeking to capitalize on the strategic value of the U's resources and EPIC's industry expertise.

"This collaboration is more than just an investment fund—it's a strategic initiative to empower entrepreneurs and transform ideas into impactful businesses," said Nick Efstratis from EPIC Ventures. "We are excited to work alongside the University of Utah to create a lasting legacy of innovation in the Intermountain West." EPIC Ventures brings nearly three decades of experience to this partnership. The firm's expertise in early-stage investments will be instrumental in helping University of Utah Ventures achieve its goals.

"We are thrilled about the launch of the University of Utah Fund, which will provide another crucial layer of capital to fuel the growth of early-stage companies. This initiative will significantly bolster the Utah Innovation Fund's capacity in driving commercialization efforts," said Jefferson Moss, managing director of Utah Innovation. "This collaboration is about more than just capital; it's about building a comprehensive ecosystem that fosters innovation, drives sustainable economic growth and cements Utah's reputation as a leader in translating academic research into real-world impact."

About the University of Utah
The University of Utah is the state's flagship institution of higher education, with 18 schools and colleges, more than 100 undergraduate and 90 graduate degree programs and an enrollment of more than 35,000 students. It is a member of the Association of American Universities—an invitation-only, prestigious group of 71 leading research institutions. Recently ranked No. 1 Public University in the West by the Wall Street Journal, the U strives to be a model public university in delivering unmatched value in higher education and health care while making social, economic and cultural contributions that improve the quality of life throughout the state, the nation and the world.

About Utah Venture Hub
Utah Venture Hub at the University of Utah serves as a central resource for innovation and startups, committed to supporting faculty, entrepreneurs, and investors. By fostering collaboration and providing access to essential resources, the Hub drives the commercialization of groundbreaking technologies and contributes to the economic growth of Utah. Its main goal is to reduce the activation energy necessary for faculty to form successful venture backable companies.

About EPIC Ventures
Established in 1994 in Salt Lake City, Utah, EPIC Ventures is a leading venture capital firm specializing in early-stage technology investments. With a focus on software-as-a-service, healthcare, biotech, security, fintech, and future of work sectors, EPIC has been at the forefront of tech investing since the internet's infancy. Led by a team of seasoned investors and operators, EPIC brings decades of operational and investment experience to the table. This unique blend of expertise allows EPIC to offer more than just capital; they provide strategic guidance and industry connections that are crucial for startup success. EPIC's impressive track record includes multiple successful acquisitions and IPOs, cementing their reputation as a valuable partner for ambitious tech startups. While deeply rooted in Utah's thriving tech ecosystem, EPIC actively pursues investment opportunities across the United States. Find more information about EPIC Ventures here.

SOURCE University of Utah