UVA Licensing & Ventures Group Seed Fund

The UVA Licensing & Ventures Group Seed Fund is a venture capital fund dedicated to supporting new ventures emerging from the University of Virginia's research portfolio. Managed by the UVA Licensing & Ventures Group, the $10 million fund is uniquely positioned to assess and invest in new ventures created from UVA research ideas and discoveries. The investment team collaborates closely with licensing professionals to identify opportunities, and the fund is governed by an oversight committee comprised of leaders in early-stage investing and startup development, all of whom are UVA alumni. Investments from this fund are typically joined by other investors in each respective industry. Since the LVG Seed Fund supports UVA technologies, its portfolio spans several industries, including cybersecurity and medical devices.

In 2022, UVA LVG launched a second seed-stage investment fund, the LVG Seed Fund II, to enable sustainable funding opportunities for new ventures emerging from the UVA research portfolio. The second fund meets the demand for funding early-stage innovations generated by a 50% growth in University research expenditures since the launch of the initial fund in 2016. It has the same focus on companies founded to commercialize UVA intellectual property and operates under the same parameters as the LVG Seed Fund. The same investment committee, comprised of leaders in early-stage investing and startup development who are all UVA alumni, oversees LVG Seed Fund II.

The LVG Seed Fund evaluates investment opportunities through an industry-proven diligence process that begins with an online application. The timeline varies on a case-by-case basis and can take up to nine months to reach an investment decision. Companies eligible to receive funding from the LVG Seed Fund include those founded to commercialize UVA intellectual property, companies founded by current UVA faculty, staff, students, and iLab companies, and, in certain cases, alumni-founded companies. Applicants must submit a presentation slide deck outlining the problem being solved, the market opportunity and competition, the technology/product/solution and its uniqueness, the competition and how this technology/product/solution compares, financial model/milestones, the current management and research team, and the level of funding needed and how the funds will be utilized. The fund has deployed $7.1 million, with a value of $10.6 million, and an additional $101 million raised across 12 companies, with two exits. The LVG Seed Fund II has invested $350,000 and leveraged $1.7 million. The fund's portfolio includes companies such as BrightSpec, which raised $18.4 million in December 2022. The fund's mission is to maximize the intellectual, societal, and economic impact of UVA discoveries via commercialization to enrich and improve lives for the University, the Commonwealth, and the world.

The UVA Licensing & Ventures Group (LVG) is the University of Virginia's intellectual property management and innovation commercialization organization. Founded in 1977 as a 501(c)(3) UVA-affiliated foundation, LVG works with faculty, staff, and students in four key areas: invention disclosure facilitation, patenting, licensing, and new venture creation. The organization also manages the UVA LVG Seed Fund to support new ventures emerging from the UVA portfolio. LVG's mission is to maximize the impact of UVA innovation assets. The organization has a history of soliciting and receiving invention disclosures from UVA faculty, staff, and students, executing commercial transactions, issuing US patents, and launching new ventures. For example, in fiscal year 2023, LVG solicited and received 150 invention disclosures, executed 67 commercial transactions, issued 46 US patents, and launched three new ventures. LVG's comprehensive approach has proven instrumental in the success of numerous innovations, including advancements in healthcare and education. The organization is located at 722 Preston Ave, Ste 107, Charlottesville, VA 22903, and can be contacted at +1 (434) 924-2175 or via email at lvg@virginia.edu. The official website is https://lvg.virginia.edu.