Stanford boosts StartX accelerator with grant, new fund
- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
- Email | Twitter | Google+
Stanford University and Stanford Hospital & Clinics have pledged a $1.2
million annual operating grant and created a new fund to invest in StartX
companies.
Randy Livingston, vice
president of business affairs at Stanford, said no target has been set for how
big the fund will be.
"We plan to invest 10 percent of whatever fundraising the startup is
seeking," he said. "That has meant investments of anywhere from $50,000 to
$450,000 in the first six companies we have funded."
One of the first six to win
funding is Knotch, a startup co-founded by Anda Gansca and Stephanie Volftsun, that
has created a network for people to connect on shared interests. Another is
Cytobank, led by CEO Nikesh
Kotecha, which has developed a big data and analytics platform for single
cell technology. The announcement comes a week before the current StartX class
pitches to investors at a Demo Day in Palo Alto on Sept. 12.
StartX founder Cameron Teitelman said the
three-year agreement to provide $1.2 million in operating money will help expand
and improve the program that over the past two year had raised $1.65
million.
"This will help StartX more talented, passionate founders out of the
university," he told me.Since the program started, 10 StartX companies have been acquired from among the 136 that have graduated. The average amount raised by graduates is more than $1.8 million.
Livingston said the university and the hospital will get returns on their investments alongside others who back the startups. They will accept whatever stake is being offered, alongside other investors.
Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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