Gainesville and Boca Raton, FL – July 26, 2017 - The Florida Institute for the Commercialization of Public Research (the Florida Institute) announced today that the companies it has funded achieved significant milestones this year, as measured by the amount of seed and early stage investment capital raised, knowledge-based jobs created, regulatory approvals granted, and revenues generated. The Florida Institute supports new company development and expansion, and bridges early funding gaps for companies licensing technology out of Florida-based universities and research institutions.
Throughout the fiscal year which ended June 30, 2017, the Institute funded 29 Florida-based companies across multiple sectors of strategic importance to the state, including life sciences, information technology, homeland security and defense, logistics and distribution, and manufacturing. The Institute deployed roughly $6.4 million, with companies required to undergo a thorough due diligence process and meet a number of funding criteria, including raising at least a 1:1 private sector investment match. Companies raised over $72 million, bringing the total amount of capital raised since program inception to $175 million, and supported the creation of over 5,000 jobs.
“The Florida Institute, through its seed fund, fills a void in the marketplace for innovation-based businesses that need seed financing to bring their products to market,” said Jackson Streeter, MD, Chief Executive Officer. “These results represent the critical role that the Institute plays in helping young companies form and remain in the State of Florida.”
About the Florida Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2.5B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. With funding from the State of Florida through the Department of Economic Opportunity, and through the generosity of mentors, advisors and donors, the Florida Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups. Seventy-two companies have been funded to date, and the Florida Institute’s economic impact through June 30, 2016 in the State of Florida was $630 million.