SYRACUSE, N.Y. — SUNY Chancellor John King, Jr. on Wednesday announced a $4 million increase in Upstate Medical University’s startup biotech fund for a total $10 million investment.
Empire State Development (ESD) and Upstate Medical University provided the $4 million, SUNY said in the announcement. Fundraising has already begun with private investors to continue growing the fund.
Upstate Biotech Ventures (UBV) is a regional venture-capital fund supported by Upstate Medical University, Empire State Development (ESD), and SUNY, and managed by Excell Partners. The announcement comes about a year after the fund’s official launch in July 2024 with an initial $6 million in backing from ESD and Upstate Medical University.
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UBV was established to support and accelerate the growth of early-stage biotech, life sciences, and health-tech companies in upstate New York. The latest infusion of capital “underscores growing confidence in the region’s innovation potential and the fund’s targeted approach to advancing cutting-edge healthcare solutions,” SUNY said.
“The ongoing investment by SUNY, Empire State Development, and Upstate Medical supports transformative early-stage scientific research that will benefit New York State, our nation, and the entire global community,” King said in the announcement. “We look forward to the continued success of this fund and the research projects it serves.”
Besides the additional funding, UBV also announced its first round of investments, totaling over $1.8 million across three “high-potential” startups. The investments include $1 million for DUB Therapeutics, $500,000 for MimiVax, and $350,000 for sayhii.
DUB Therapeutics, an Upstate Medical University spinout company, is developing a revolutionary self-delivering siRNA (sdRNA) therapeutic aimed at preventing inflammation and scarring in corneal injuries.
MimiVax is advancing immunotherapy for brain cancer, with a focus on glioblastoma (GBM), one of the most lethal forms of brain tumors.
The startup sayhii is described as a “transformative voice-of-the-employee platform focused on daily engagement,” per the SUNY announcement.
“Upstate Biotech Ventures exists to support companies like DUB Therapeutics, MimiVax, and sayhii, which are just three examples of the many promising high-tech companies that are innovating new technologies and addressing challenges in the healthcare industry,” Theresa Mazzullo, CEO of Excell Partners, said in the SUNY announcement. “UBV provides life science companies like sayhii, DUB Therapeutics, and MimiVax the critical capital required to launch and grow in Upstate NY.”
