The University of Chicago has announced the launch of a $20 million venture capital fund through the Polsky Center for Entrepreneurship and Innovation.

Polsky Deep Tech Ventures will provide start-up capital to accelerate and bring to market science- and technology-focused innovations from across the university and its affiliated institutions, including the Argonne National Laboratory and Fermi National Accelerator Laboratory. Launched with more than $20 million in university and private philanthropic investments over the next five years, the fund aims to raise an additional $25 million in venture capital this year for startups looking for seed-stage and Series A funding. Once the initiative is fully capitalized, Polsky Deep Tech expects to invest in 60 startups annually with an eye for market opportunities that bring novel approaches to fighting disease, addressing climate change, and improving cybersecurity.

The new fund is similar to the Polsky Center’s George Shultz Innovation Fund, which has invested $6.8 million over 12 years in more than 90 companies that subsequently raised $235 million in follow-on funding.

“We are pioneering a unique approach to the commercialization of next-generation technologies by providing the nation’s only full-spectrum deep tech accelerator and venture support organization,” said Polsky Center head Jay Schrankler. “Given the complexities of these innovations, it is exceedingly valuable to offer startups sector-specific expertise to reduce both technical and market risk.”

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