A Columbus venture development group nurturing several Ohio State University spinoffs has raised a $10 million fund called Startup Nursery to commercialize technology from top research institutions.
Ikove Venture Partners LLC plans to build and incubate 10 to 15 early-stage technology companies over the next three years, freeing inventions from university labs and getting them to market.
Each year, Ikove Venture scouts about 200 technologies, narrows to about 50 for a deeper dive on market research, then forms a handful of companies, recruiting the CEO and personnel to surround the inventor.
Starting with $2 million from the five founders, Ikove has attracted a cumulative $40 million in outside investment to 10 companies since 2015.
While Ikove has founders’ equity in its companies, until now the outside investors had bought in at later stages, Lobato said.
The tissue engineering biotech was formed from Ikove’s other startups model, a joint venture with an existing company rich in intellectual property.
SOURCE: Columbus Business First