Upstate Biotech Ventures
Overview
Upstate Biotech Ventures is an initiative formed through a strategic partnership between Empire State Development, Upstate Medical University, the SUNY Research Foundation, and Excell Partners. Established in July 2024, it serves as a regional venture capital fund dedicated to investing in high-potential startups and small businesses affiliated with Upstate Medical University, primarily focusing on the life sciences and biotechnology sectors. The venture is located in Syracuse, New York, and aims to accelerate innovation and research commercialization in Central New York. The fund manages an investment total of $10 million, as of 2025, thanks to contributions from state and institutional partners.
Recent Developments
- July 2025: Upstate Biotech Ventures fund expanded its existing capital to a total of $10 million, with an additional $4 million provided by Empire State Development and Upstate Medical University. This expansion aims to further support and accelerate the growth of early-stage biotech, life sciences, and health tech companies in Upstate New York.
- Key investments included:
- DUB Therapeutics received $1 million for its siRNA therapeutic targeting corneal injuries.
- MimiVax was allocated $500,000 to advance its glioblastoma immunotherapy.
- Sayhii, a platform enhancing employee engagement, secured $350,000.
- Key investments included:
- July 2024: During the launch, Upstate Biotech Ventures was initially endowed with $6 million, sourced equally from Empire State Development and Upstate Medical University. This was announced at an event held at Upstate Medical University, marking the beginning of a concentrated effort to bolster biotech startups in the region.
- The fund's strategy includes preferring investments in businesses led by traditionally underrepresented groups, supporting nearly 20 companies with investments ranging from $100,000 to $1 million.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | July 2024 |
| Headquarters | Syracuse, New York |
| Founders | Empire State Development, Upstate Medical University, |
| SUNY Research Foundation, Excell Partners |
| Key Investors | Empire State Development, Upstate Medical University| | Industry | Biotechnology, Life Sciences | | Fund Size | $10 million | | Number of Investments | Approximately 20 |
Early History
Upstate Biotech Ventures was conceived as a response to the growing need for early-stage biotechnology funding in Central New York. In July 2024, the initiative was officially launched during a ceremony at Upstate Medical University, receiving initial funding of $6 million. The partnership brought together key stakeholders: Empire State Development, which contributed to the funding through the State Small Business Credit Initiative, Upstate Medical University (via the SUNY Research Foundation), and Excell Partners, known for its expertise in managing early-stage investments. The initiative was envisioned to create a supportive ecosystem for biotech innovations stemming from academic research and to bridge the commercialization gap often faced by university-affiliated startups.
Company Profile and Achievements
Upstate Biotech Ventures aims to strengthen Upstate New York’s position as a burgeoning biotechnology hub by facilitating the commercialization of research from Upstate Medical University and other regional academic institutions. The fund is managed by Excell Partners, a firm with a robust background in high-tech startup investments.
- 2024: Established with the goal of bridging early-stage funding gaps, UBV focused on sectors such as life sciences and health tech. Immediate achievements included forming strategic alliances with regional accelerators and investing in diverse startups.
- 2025: Achieved a significant milestone by expanding the fund by $4 million, allowing broader support for innovative projects in areas such as cancer immunotherapy and novel therapeutic devices. The initiative’s investments are transforming the local biotech landscape, evidenced by their support for promising ventures like DUB Therapeutics, MimiVax, and sayhii.
- The venture operates within a framework that emphasizes innovation in health technologies, aiming to not only drive economic growth but also foster significant scientific advancements.
Current Operations and Market Position
Currently, Upstate Biotech Ventures operates with a focus on advancing early-stage research and development in life sciences and biotech. The fund’s strategic location in Syracuse, New York, positions it within a growing tech ecosystem supported by academic and governmental partnerships. UBV’s operational strategy is centered around high engagement with local universities and leveraging regional medical institutions for clinical validation which is crucial for biotech startups.
- The fund plays a pivotal role in Syracuse's innovation landscape by providing vital capital and fostering collaborations between startups and medical research facilities.
- UBV aligns with state and national objectives to nurture local talent and retain innovative companies within New York, promoting job creation and economic development.
Conclusion
Upstate Biotech Ventures serves as a cornerstone of biotech investment in Central New York, symbolizing a coordinated effort to foster a robust life sciences ecosystem. By combining resources from significant state and educational institutions, UBV empowers startups to translate research into market-ready solutions. With a growing fund and a portfolio of impactful investments, the initiative is poised to enhance Upstate New York’s reputation as a national hub for biotech innovation. As the fund continues to identify and support promising ventures, its influence is anticipated to extend beyond regional economic contributions to a broader national and potentially international impact in biotechnology and life sciences innovation.