Research park company starts founder's fund

BYLINE: Max Showalter

IN-vivo Ventures LLC, a company founded in the Purdue Research Park in 2003, has created a founder's fund that will provide initial seed funding to a projected short-term portfolio of 10 to 15 Midwestern technology ventures.

The IN-vivo Ventures Founder's Fund was developed from a large group of angel investors.

"Midwest-based venture funds typically do not have the capital to lead large syndicated financing rounds, and nearly all these funds are involved only with later-stage opportunities that are close to exit," said Eric Davis, who co-founded the fund with Chad Barden.

"Our new fund will bridge the gap between innovation and commercialization to more fully realize some of the tremendous opportunities here in the Heartland, and especially in Indiana."

Davis referred to a recent report from the Corporation for Enterprise Development, which ranked Indiana the fourth highest state in percentage gain of venture capital and angel investing during the five-year period that ended in 2004.

"More than 300 life sciences companies exist in the Midwest, representing 21 percent of all U.S. biotech companies," said Joseph Hornett, senior vice president, treasurer and chief operating officer of the Purdue Research Foundation, which owns and manages the Purdue Research Park.

"IN-vivo Ventures efforts to grow new technologies and keep them here in Indiana are to be commended."

Max Showalter/mshowalter@ journalandcourier.com