The University of North Carolina at Chapel Hill has taken another step forward in helping its startups get off the ground.
On March 2, Carolina Research Ventures, which helps fund Carolina-based companies, hired Hatteras Venture Partners. Serving as the manager of CRV’s investments, Hatteras will invest up to $10 million in companies and projects started from University resources.
“Some of the brightest ideas in science and business are right here at Carolina, and the Carolina Research Ventures fund helping bring those ideas to application by investing and accelerating their growth, ” Chancellor Carol L. Folt said. “This partnership with Hatteras Venture Partners provides even more support for the wonderful startups launching from Carolina.”
Formed in 2015 with a $5 million commitment, CRV works to move ideas from University labs to the marketplace by helping the Carolina-based startups overcome funding gaps, accelerate growth and bring UNC-Chapel Hill’s research to real-world application. The UNC Health Care System is providing an additional $5 million.
“UNC-Chapel Hill is committed to accelerating its research into improved quality of life and economic development for the citizens of North Carolina and beyond,” said Matthew Fajack, Vice Chancellor for Finance and Administration and CRV Board member. “Closing the funding gap for early-stage startups is critical, and CRV is an important step in that direction.”
With Hatteras’ management, CRV will take another step toward closing that funding gap.
The Research Triangle-based Hatteras Venture Partners is a $350 million venture capital firm that focuses on seed and early-stage opportunities.
Through the agreement with CRV, Hatteras Principal Mike Dial and the firm’s general partners, Christy Shaffer and Clay Thorp, will manage the fund’s investment efforts as members of the CRV investment committee.
Hatteras will also work with the CRV Advisory Board, which includes advisors from across the country in a range of disciples from health care and material sciences.
“I am thrilled to take on the challenge of creating value from UNC-CH technology with the CRV,” Dial said. “The University has the powerful combination of significant federal funding as the sixth largest recipient of federal grants in the nation alongside a rich heritage of entrepreneurship. We have already identified a robust pipeline of opportunities for CRV.”
Published March 4, 2016
Updated March 7, 2016
– Article from uncnews.unc.edu –