The University of Chicago wants to turn more scientists into young entrepreneurs.
The university has launched a new $20 million initiative called Polsky Deep Tech Ventures, which will offer sector-specific accelerators, entrepreneurial training and funding for startups.
Over the next year, Deep Tech Ventures will launch three new accelerators: one devoted to data science, another focused on clean tech and the final centered around life sciences. UChicago's quantum startup accelerator, Duality, will now fall under the Deep Tech Ventures umbrella as well.
The announcement comes as each sector has seen tremendous growth in the Chicago area highlighted by recent data center openings, the growth of Chicago-based clean-tech startups and venture firms and the continued build-out of life-sciences developments across the city.
Deep Tech Ventures wants to help grow and fund startups that are developing new approaches to fighting disease, addressing climate change and improving cybersecurity with the goal of graduating 60 annually.
Each accelerator will have access to University of Chicago faculty advisors and business training to help build venture capital connections, corporate networking opportunities and funding. Deep Tech Ventures expects to raise an external $25 million venture fund in 2023 to support deep tech startups looking for seed-stage and Series A 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,” Jay Schrankler, associate vice president and head of the Polsky Center, said in a news release.
The first accelerator focused on data and AI is accepting applications until Jan. 20. The clean tech and life sciences accelerators are slated to launch later next year.
