Hatteras Ventures to invest $10M in UNC startups

CHAPEL HILL, N.C. — Hatteras Ventures, a $350 million venture capital firm in Durham, says it will invest up to $10 million in startups linked to UNC-Chapel Hill. As part of the agreement, Hatteras will manage UNC’s Carolina Research Ventures investment fund.

The Carolina fund launched in January 2015 with a commitment of $5 million.

The deal is the third announced just this week designed to boost spin-outs of startups utilizing research and technology developed at Triangle universities.

Earlier in the week, UNC-CH, Duke, N.C. State and N.C. Central disclosed plans to partner on angel funding investments.

And NCSU unveiled a new $1 million startup fund as well as an accelerator program.

The Hatteras-Carolina partnership calls for direct management of the Carolina Ventures fund by Mike Dial, a principal at Hatteras. He will have support as well from Christy Shaffer and Clay Thorp, both well-known investment and private sector veterans at Hatteras. The three also will serve on the Carolina Ventures investment committee.

“After a thorough selection process involving many applicants, the Carolina Research Ventures board is very pleased to announce the selection of Hatteras Venture Partners as our partner for managing investments from the CRV,” said Sallie Shuping-Russell, chair of CRV. “Hatteras has a long-standing and successful track record investing in early stage companies such as G1 Therapeutics, GeneCentric Diagnostics, Spyryx, and Viamet that are based upon outstanding science coming from the University.”

Hatteras is committed to investments in what are called “companies and projects derived from resources” at UNC.

The deals also will be “separate” from other Hatteras investments, and there will be “co-investors” from other firms, Carolina research Ventures and Hatteras said.

Article from WRAL Tech Wire.