Investor profile
Utah Innovation Fund (Nucleus Fund)
VC
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The Nucleus Fund (formerly Utah Innovation Fund) was created by the State of Utah to elevate Utah's economy by commercializing technologies discovered, advanced, or developed at Utah's higher education institutions. The fund invests in early-stage, deep-tech ventures emerging from the state's universities and research institutions. As a state-backed, patient, evergreen venture capital fund, it provides 'smart capital' to fill the funding gap for early-stage companies that traditional venture capital is reluctant to fund due to longer-term returns. The fund focuses on supporting startups working on innovative solutions to the world's most pressing problems, with particular emphasis on advanced manufacturing, aerospace & defense, energy & natural resources, healthcare & life sciences, and emerging technologies.
Notable quotes
“The way that we measure success … is really in solving these big, impactful problems. We are hopeful that in 10 to 12 years that we can look at those and any money that's returned from any of these companies and the success goes back into the fund. So we want to have a fund that's self-sustaining, an evergreen fund, but it's largely (focused) on the impact and problem solving.”
“The Utah Innovation Fund is deeply committed to fostering the advancement of pioneering technologies, and these companies have made significant strides in the field of biomedical innovation.”
“We want to make an impact with the funds we invest in to solve some of today's biggest problems, and the talented teams at 3Helix, Rebel Medicine, and Inherent Biosciences are finding those cutting-edge solutions.”
Team
Jefferson Moss
Associate Commissioner of Innovation, Commercialization, & Economic Development
Jerry Henley
Managing Director
Tori Hooper
Project Coordinator & Admin
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Eden Technologies | Seed | $250k | 2023-10-06 |
| Inherent Biosciences | Seed | $250k | 2023-11-14 |
| 3Helix | Seed | $200k | 2023-12-19 |
| Rebel Medicine | Seed | $250k | 2024-01-18 |
| Purgo Scientific | Seed | $250k | 2024-05-23 |
| Stratus | Seed | $250k | 2024-06-06 |
| Buster | Seed | $250k | 2024-06-20 |
| BIOS (Biologic Input Output Systems) | Seed | $250k | 2024-09-17 |
| Authentiface | Seed | $250k | 2024-10-03 |
| Paterna Biosciences | Seed | $250k | 2024-10-29 |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| SpringTide Ventures | 1 |
| Crocker Ventures | 1 |
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