March 15, 2016
Georgia Research Alliance portfolio tops $1B in equity investments
By Urvaksh Karkaria, Atlanta Business Chronicle
Georgia Research Alliance portfolio companies have raised more than $1 billion in equity investment from venture capital firms and strategic investors.
The GRA, a nonprofit corporation, is a public/private partnership of the state’s research universities, corporations and state government.
The GRA Ventures program, started in 2002 was founded to allow universities to look across their faculty and laboratory landscape for intellectual property that could be developed into commercially viable products and technologies, according to a statement. Through its milestone-based funding program, university scientists can work with GRA to seed ideas and launch new companies.
“A billion dollars in investment is a significant achievement for the GRA Ventures program,” GRA President and CEO Michael Cassidy said in the statement. “Helping university faculty move their ideas out of the lab and grow them as new businesses is essential to Georgia’s economic future.”
The 150 projects or companies in the GRA Ventures portfolio have generated $140 million in revenues and employ more than 1,300. University projects are eligible to receive $150,000 to $200,000 in grant funding through the GRA Ventures program. Companies formed from these projects and that meet certain requirements and showcase their potential to build a viable business may receive an additional $250,000 in loans from GRA Ventures.
Some of the companies in the portfolio such as Pindrop Security, Clearside BioMedical, and Suniva have gone on to raise millions from venture capital investors.
“Funding to scale their ideas is just a portion of what GRA is offering university faculty,” noted H. Lee Herron, VP of Venture Development of the Georgia Research Alliance. “We advise them on key business decisions and make connections with industry expertise, seasoned management, and potential funding sources.”
