Startup fund Upstate Biotech Ventures now has $10 million

SYRACUSE, N.Y. — Upstate Biotech Ventures (UBV), Upstate Medical University’s startup biotech fund, now has significantly more funding than it did when UBV was announced in July 2024. SUNY Chancellor John King, Jr. on July 16 announced a $4 million increase in the 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. The move 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. 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. 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.” Fundraising has already begun with private investors to continue growing the fund. 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.

About the startups

In keeping with the funding guidelines, all companies that receive investments are clients of the Central New York Biotechnology Accelerator (CNYBAC) at Upstate Medical University. 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. By targeting the USP10 protein, their sdRNA technology can penetrate cells without additional reagents and provide long-lasting treatment with just a single dose. The firm’s initial product — an eye drop for corneal opacification — is designed to reduce vision loss risk from infection or trauma, addressing a significant unmet need in ocular medicine. MimiVax is advancing immunotherapy for brain cancer, with a focus on glioblastoma (GBM), one of the most lethal forms of brain tumors. The company’s lead candidate, SurVaxM, is a peptide-based vaccine targeting survivin, a protein highly expressed in cancer cells. Currently in phase 2B clinical trials, SurVaxM has already “achieved full enrollment” and represents a “potentially” life-extending therapy for patients with GBM and other cancers, SUNY said. The startup sayhii is described as a “transformative voice-of-the-employee platform focused on daily engagement,” per the SUNY announcement. By delivering personalized questions each morning, sayhii captures real-time employee feedback to enhance culture, improve communication, and support leadership decision-making with actionable insights. Its mission is to make every employee’s voice heard — “driving trust, transparency, and data-informed workplace strategies.” “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.” “Continued investment in the Upstate Medical University community and the broader Central New York region provides much needed capital to researchers and entrepreneurs who are developing life-changing medical and life sciences innovations,” Melur Ramasubramanian, SUNY executive vice chancellor for academic affairs and provost, said. “As part of a robust portfolio of innovative programs that make up SUNY’s technology-to-market strategy, Upstate Biotech Ventures plays an important part in catalyzing SUNY’s far-reaching research, innovation, and entrepreneurial capacity.” Ramasubramanian also serves as president of the SUNY Research Foundation. “Empire State Development is proud to support Upstate Biotech Ventures as it identifies and invests in the next generation of biotech and life sciences companies across the region,” Hope Knight, president, CEO, and commissioner of Empire State Development said in the SUNY announcement.