A dozen CU Boulder spinouts trace the path from discovery to billion-dollar 'unicorn' companies

For decades, CU Boulder faculty and students have spun out “unicorn” startups—privately held companies valued at $1 billion or more. These reflect a world-class innovation ecosystem fueled by high-impact research, cross-campus collaborations and ingenious ideas. 

“Our faculty and students are translating world-class research into technologies and therapies that improve lives and create lasting economic impact,” said Massimo Ruzzene, senior vice chancellor for research and innovation and dean of the institutes. “That ability to move discoveries beyond the laboratory and into the hands of those who can benefit from them is one of CU Boulder’s greatest strengths.” 

The university now has a dozen unicorns and recently celebrated its newest member: Kardigan, a “heart health” biotech company co-founded by Leslie Leinwand, Distinguished Professor of molecular, cellular and developmental biology (MCDB). The company develops therapeutics to prevent and cure heart disease. 

A history of pioneering technology companies

The university’s unicorn history stretches back to the 1950s with Ball Aerospace and Technologies Corp., a company that has pioneered space missions, hired over 500 CU alumni and achieved unicorn status in 2024 when it was acquired by BAE Systems for a reported $5.5 billion. 

Ball Aerospace paved the way for researchers to transform discoveries into practical innovations spanning healthcare, quantum, sustainability and more. 

Bioscience-based unicorns have made a strong showing, including Amgen, a global leader in protein-based therapeutics. Co-founded in 1980 by Marvin Caruthers, Distinguished Professor of biochemistry, the company topped $1 billion in product sales a decade later. 

Other groundbreaking biotechs include Sirna Therapeutics, Inc., which pioneered RNA interference to silence disease-related genes. Co-founded in 1992 by Nobel laureate Thomas Cech, Distinguished Professor of biochemistry, Sirna became a unicorn upon its 2006 acquisition by Merck & Co., Inc. for $1.1 billion. 

Tracking the recent rise in unicorns

In addition to Kardigan, Leinwand cofounded another pair of cardiovascular therapeutic leaders: Myogen, Inc. (founded 1996, acquired by Gilead for $2.6 billion in 2006) and MyoKardia (founded 2012, acquired by Bristol Myers Squibb for $13.1 billion in 2020). She continues connecting students to innovation. In 2025, Leinwand co-founded Arkana Therapeutics with her graduate students, which is centered on a python-inspired, appetite-suppressing metabolite (read more about Leinwand’s research and Arkana Therapeutics on p.16). 

Two 2021 unicorns include SomaLogic, founded in 2000 by Larry Gold, professor of MCDB, which revolutionized protein measurement, and Inscripta, Inc. (now Manus Bio Inc.), founded in 2015 by Ryan Gill, professor of chemical and biological engineering, which utilizes CRISPR gene editing technology developed in his lab. 

Recent deep-tech unicorns include Infleqtion (formerly ColdQuanta), founded in 2007 by Dana Anderson, professor of physics and JILA fellow, which reached a $1.8 billion valuation when going public in 2025. 

Solid Power, Inc., another nextgeneration industry disruptor and prolific employer of CU alumni, develops sulfide-based, solid-state batteries for EVs. It was co-founded in 2011 by Conrad Stoldt, professor emeritus of mechanical engineering, and Se-Hee Lee, professor of mechanical engineering, and reached unicorn status a decade later. Students from Lee’s lab have launched their own spinouts, including mechanical engineering and materials science alumni Tyler Evans, who co-founded SilLion, Inc. (acquired by Tesla) and later Mana Battery, a 2023 spinout, with associate professor of mechanical engineering Chunmei Ban. 

Ayar Labs (2024 unicorn), co-founded in 2015 by then-assistant professor Miloš Popović and graduate student, Mark Wade creates optical chiplets that replace copper wires with light to solve data bottlenecks—a critical, energy-saving advancement for AI and high-performance computing. 

Forge Nano, Inc., a $1.6 billion advanced materials company earned unicorn status earlier this year. Alan Weimer, professor of chemical and biological engineering, and Steven George, professor of chemistry, pioneered the company’s core technology—atomic layer deposition— which uses ultra-thin coatings to enhance energy storage, durability and conductivity. 

“These companies demonstrate that the impact of university research extends far beyond publications and patents. They create new technologies, strengthen industries, generate highquality jobs and deliver solutions that benefit communities in Colorado and around the world,” said Ruzzene.