Venture Partners Annual Report
Guests and dignitaries watch Governor Jared Polis, with CU Boulder Chancellor Justin Schwartz, cut a ribbon to celebrate the 2025 opening of the Colorado Quantum Incubator.
Venture Partners at CU Boulder in Fiscal Year 2025
23
STARTUPS LAUNCHED
$492M
CAPITAL RAISED BY PORTFOLIO COMPANIES
$123
NATIONAL SCIENCE FOUNDATION I-CORPSTM TEAMS TRAINED
88
LICENSE AND OPTION AGREEMENTS SIGNED
Supporting a Groundbreaking Innovation Pipeline
The breakthroughs of tomorrow begin today. At the University of Colorado Boulder, we have the incredible opportunity and responsibility to translate new research discoveries into solutions that improve our world. Our mission at Venture Partners at CU Boulder is to realize this opportunity and build a world-class ecosystem for innovators. We are here to catalyze a new generation of life-saving medical treatments, quantum technologies, sustainable food and water practices and a host of other advances that originate at the university.
In recent years, CU Boulder has established itself as a national leader for innovation and commercialization. Achievements include the 2021 APLU Innovation Award, producing more startups than any other U.S. university campus in FY 2024, and attaining our 10th and 11th unicorn spinout companies this past year, Infleqtion and Forge Nano.
Fulfilling our mission and emerging as a national leader are the culmination of countless daily activities that support our researchers and startup founders, bring mentors and investors into the earliest phases of our innovation pipeline, and are grounded in a long-term vision to benefit society and drive economic growth. This report sheds light on some of the people and programs behind CU Boulder’s innovation leadership.
FY 2025 was another excellent year for research translation and commercialization. Highlights included record numbers of new inventions (188) and inventor teams trained (123) in the fundamentals of entrepreneurship, through the NSF I-CorpsTM Hub West. 23 new companies spun out of the university in FY 2025, and the total startup portfolio raised more than $492 million in the same timeframe, despite a challenging investment market. Venture Partners completed the second cohort of the Embark Deep Tech Startup Creator, a groundbreaking new program that pairs high-potential technologies with experienced entrepreneurs, a model now serving other innovative universities across the U.S.
None of this happens without our incredibly talented faculty, graduate students and staff researchers, or without the collaborative and thriving entrepreneurial ecosystem in Colorado. We are fortunate to work with such amazing colleagues! We are especially grateful for the dedicated and passionate team at Venture Partners, who are committed to excellence and to the mission of bringing the best ideas in our university to the world.
Bryn Rees
Senior Associate Vice Chancellor for Innovation and Partnerships
Massimo Ruzzene
Senior Vice Chancellor for Research and Innovation and Dean of the Institutes
FYs 2022-25 CU Boulder Startups by Unit and Industry
Note: Startups may tally in multiple industries and departments.
Description of image: Left bar graph depicts startups launched by department or institute. CU Boulder’s Paul M. Rady Mechanical Engineering, 14 total, 4 in FY 2025; Electrical, Computer & Energy Engineering, 14 total, 4 in FY 2025; Ann and H.J. Smead Aerospace Engineering, 8 total, 5 in FY 2025; Civil, Environmental & Architectural Engineering, 7 total, 1 in FY 2025; Computer Science, 5 total, 1 in FY 2025; Biochemisty, 5 total, 3 in FY 2025; Physics, 4 total; The ATLAS Institute, 4 total, 1 in FY 2025; Chemistry, 3 total; Integrative Physiology, 3 total, 1 in FY 2025; JILA, 2 total; Cooperative Institute for Research in Environmental Sciences (CIRES), 2 total; BioFrontiers Institute, 2 total; Renewable & Sustainable Energy Institute (RASEI), 2 total, 1 in FY 2025; Molecular, Cellular & Developmental Biology, 2 total, 1 in FY 2025; Laboratory for Atmospheric and Space Physics (LASP), 1 total; Strategy, Entrepreneurship & Operations Division, 1 total; Institute for Cognitive Science, 1 total; Ecology & Evolutionary Biology, 1 total; Advertising, Public Relations & Media Design, 1 total; Applied Mathematics, 1 total, 1 in FY 2025. Right bar graph depicts startups by industry. Sustainability, 16 total, 4 in FY 2025; Medical Devices 10 total, 3 in FY 2025; Pharmaceuticals, 10 total, 4 in FY 2025; Quantum, Photonics and Optics, 7 total, 1 in FY 2025; Aerospace, 7 total, 5 in FY 2025; Energy and Storage, 5 total, 1 in FY 2025; AI, 4 total; Robotics, 4 total, 1 in FY 2025, Agricultural Technology, 4 total, 1 in FY 2025; Software and IT, 3 total, 1 in FY 2025; Biotechnology, 3 total, 1 in FY 2025; Security, 2 total; Wellness 2 total, 1 in FY 2025; Diagnostics, 1 total; Construction, 1 total.
Funding Raised
$492M
FUNDING RAISED BY COMPANIES BUILT ON CU BOULDER INNOVATIONS FY 2025
| FY 2025 (IN MILLIONS) | FYs 2021-25 (IN MILLIONS) | |||
|---|---|---|---|---|
| Financing Type | Number of Financings | Financing Type | Number of Financings | Financing Type |
| Competition/Accelerator | 8 | $1.6 | 18 | $2.2 |
| Grant | 51 | $139.6 | 121 | $256.9 |
| Pre-Seed | 3 | $2.3 | 8 | $8.6 |
| Seed | 7 | $23.9 | 25 | $97.2 |
| Series A | 1 | $20 | 15 | $455.1 |
| Series B | 0 | $0 | 7 | $425 |
| Series C+ | 2 | $255 | 12 | $1,035.4 |
| Other/Bridge | 2 | $50 | 10 | $154.5 |
| PIPE | 0 | $0 | 3 | $1,266 |
| Loan | 0 | $0 | 1 | $162 |
| TOTAL | 74 | TOTAL | 74 | TOTAL |
Unicorns
11
ALL-TIME NUMBER OF COMPANIES BUILT ON CU BOULDER INNOVATIONS VALUED OVER $1 BILLION
NEW:
Image Description: Logos of Forge Nano Inc., Inflection Inc., Amgen Inc., Ayar Labs Inc., Ball Aerospace & Technologies Corp., Inscripta Inc., Myogen Inc., MyoKardia Inc., Sirna Therapeutics Inc., Solid Power Inc., SomaLogic Inc.
Telling Our Stories
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Commercialization activities through Venture Partners at CU Boulder had an economic impact of $8.7 billion nationally and $5.1 billion in the state of Colorado over the last five years, according to a new report from the Leeds School of Business.
Infleqtion’s star continues to rise as Colorado’s quantum hub grows. The company of firsts spun out of CU Boulder as ColdQuanta and seems to be everywhere these days, including the New York Stock Exchange. The tenth unicorn to spin out of CU Boulder, Infleqtion is commercializing pioneering research to address needs across several critical markets.
From agriculture to aerospace, NSF’s I-CorpsTM is a launchpad at CU Boulder, helping innovators in and out of the University of Colorado bring research and inventions to the people who need them most. By equipping scientists and inventors with entrepreneurial tools, the program transforms great ideas into startups that tackle real-world problems.
CU Boulder biochemistry professor Xuedong Liu was inducted into the National Academy of Inventors this year, recognizing a career of pioneering discoveries and real-world impact. His research on cellular communication has fueled four startups advancing novel treatments for cancer and neurodegenerative diseases.
Developing Real-World Readiness
Our programs go beyond the traditional technology transfer model to support researchers-turned-founders and innovative entrepreneurs in scaling successful, sustainable businesses.
New Approaches to Launching Companies
Embark Deep Tech Startup Creator
Embark matches motivated entrepreneurs to serve as CEOs of new deep tech companies built around technology developed in CU Boulder’s world-class research enterprise. It is an opportunity to lead a startup utilizing cutting-edge technology, with the support of CU Boulder’s high-impact entrepreneurial resources and programs.
Recent Results
Embark’s 2026 cohort includes 10 startup founders. To date, 20 companies have been founded through Embark, 12 of which have received follow-on funding.
Ascent Deep Tech Accelerator
Ascent is an accelerator for research teams building deep tech startups coming the University of Colorado Boulder, Colorado Springs and Denver. Deep tech startups face unique challenges because of their disruptive nature, intensive research and development, and significant capital requirements. Leveraging ecosystem experts, a robust mentor network and Venture Partners staff, early-stage companies accelerate their viability and traction over five months leading up to a final pitch showcase.
Recent Results
Since 2021, Ascent has graduated 48 companies that have gone on to raise $20.8 million in nondilutive funding (including: OEDIT; SBIR from DOE, NASA, NSF, SpaceWERX, Army) and over $47 million in seed funding from prominent venture capitalists. Ascent companies have also advanced to programs such as NLR West Gate, Creative Destruction Lab, Techstars and Activate.
Empowering Innovators
National Science Foundation I-Corps Hub: West Region
A $15 million National Science Foundation (NSF) award cultivates innovations and ventures at research universities in the western U.S. through I-CorpsTM Hub West. CU Boulder’s leadership has brought nationally recognized instructors and business mentors and new entrepreneurial opportunities into the state of Colorado.
In Partnership With
UCLA, UC Santa Barbara, UC Riverside, University of Colorado, Colorado School of Mines, Texas Tech, Caltech, The University of Utah, Colorado State University, The University of New Mexico, USC Viterbi, University of Southern California
Starting Blocks Customer Discovery Workshop
Offered by Venture Partners at CU Boulder, this is the shortest, “introductory” version of the I-Corps methodology, which helps researchers, inventors and problem solvers from any research or community institution build a customer discovery toolkit and learn to talk to industry and business funders about their innovations.
Recent Results
In FY 2025, 83 teams from multiple institutions were trained through the Starting Blocks programming.
Research-to-Market (R2M) Customer Discovery Program
Offered by Venture Partners at CU Boulder, this four-week I-Corps program walks researchers, inventors and problem solvers from any research or community institution through the customer discovery process and pushes them to think about how their innovations can be adopted in markets in consultation with experienced mentors and advisors.
Recent Results
In FY 2025, 40 teams from multiple institutions were trained by the R2M programming.
National I-Corps Teams Program
Teams accepted into the NSF I-Corps National Teams training program can receive up to $50,000 to support their participation, including stipends and expenses for virtual and in-person customer discovery, as they engage with prospective customers, partners and others over seven weeks to evaluate the commercial potential of their technologies.
Recent Results
Three CU Boulder teams and one UCCS team have been accepted into NSF National I-Corps, each winning $50,000 to support commercialization of their breakthrough technologies.
Moving at Market Speed
Through the Lab Venture Challenge (LVC), top innovations from the University of Colorado Boulder, Denver and Colorado Springs compete for grants of up to $125,000. LVC supports projects that address a commercial need, have a clear path to market and have strong scientific support.
In Partnership With
Colorado Office of Economic Development & International Trade (OEDIT)
Recent Results
In FY 2025, LVC awarded four $125,000 grants and two $127,500 grants to promising CU Boulder startups—a total of $755,000 in grant funding. To date, LVC winners have received over $691 million in follow-on funding. In 2026, Forge Nano became CU Boulder’s 11th unicorn spinout with early support from the Lab Venture Challenge.
Destination Startup® brings groundbreaking researchers together with investors from throughout North America to catalyze real-world impact. This showcase demonstrates a powerful way to advance innovative research and translate it into impactful business ventures.
In Partnership With
Arizona State University, Colorado School of Mines, Colorado State University, Montana State University, National Institute of Standards and Technology (NIST), National Laboratory of the Rockies (NLR), University of Arizona, University of Colorado, University of Denver, University of Kansas, University of Nebraska Medical Center, University of South Dakota, University of Utah, University of Wyoming
Recent Results
Presenting teams have successfully raised over $1.2 billion in capital, including $872 million in venture funding and $362 million in grant and other non-dilutive funding.
Buff Venture Fund
Buff Gold Ventures (BGV) launched in 2022 as a venture capital fund focused on startups emerging from the University of Colorado innovation ecosystem. With a unique relationship to Venture Partners at CU Boulder, BGV serves as the capstone of the licensing and commercialization pipeline, providing early investment capital, strategic guidance and access to resources. BGV is often a company’s first institutional investor, frequently leading pre-seed or seed rounds and supporting first-time founders with team building, milestone planning and syndicate formation. In four years, BGV has:
- Invested in 13 companies
- Evaluated over 250 business plans
- Supported over 100 companies seeking capital
Current Investments
Think Bioscience, Manifest Technologies, VitriVax, LongPath Technologies, Polaris Electro-Optics, SinusLogic, Tynt Technologies, Vycarb, Mana Battery, BoCo Bio, Codebreaker, SweptAI
World-Changing Companies
Venture Partners has launched more than 240 startups based on university innovations. Here are just a few.
Latest Startup Exits:Infleqtion, Point Designs
Kioga is discovering and commercializing new dietary ingredients to "vaccinate" consumers against stress and metabolic disorders by targeting brain and body inflammation.
Industry: Biotech, Food and Agriculture, Health and Wellness
Funding Stage: Seed
Engineering medicine based not on a single target, but on the biological network as a whole.
Industry Applications: Health and Wellness, Genomics, Therapeutics
Funding Round: Series B
Software-defined precision GPS for navigation in challenging environments.
Industry Applications: Software, Hardware and Instrumentation
Funding Stage: Pre-seed
Empowering integrated photonics for communications and computation.
Industry Applications: Artificial Intelligence (AI) and Machine Learning, Augmented Reality (AR) and Virtual Reality (VR), Information Technology, Cybersecurity, Hardware and Instrumentation, Optics, Robotics, Quantum, Advanced Materials
Funding Stage:Series B
Expediting space exploration by providing innovative technologies to help navigate the LEO, Lunar and NEO environments.
- Industry Applications: Aerospace
- Funding Stage: Pre-Seed
A breakthrough solution engineered to help wastewater treatment operators manage the removal of phosphorus and sulfur more safely, sustainably and cost-effectively.
Industry Applications: Advanced Materials, Environment and Sustainability, Cleantech, Food and Agriculture, Chemicals
Funding Stage: Series A
Simplifying hotel pricing by turning complex data into clear, actionable recommendations—so you can maximize revenue and focus on your guests.
- Industry Applications:Financial Technology (Fintech), Information Technology, Software
- Funding Stage: Pre-Seed
Based on semiconductor quantum dot technologies perfected over the past 30 years at the National Institute of Standards and Technology (NIST), Icarus Quantum is developing the first of the building blocks of quantum internet.
Industry Applications: Information Technology, Software, Cybersecurity, Smart Cities, Hardware and Instrumentation, Optics, Quantum, Advanced Materials
Funding Stage: Seed Round
Groundbreaking Discoveries
Venture Partners has signed over 736 license and option agreements with a portfolio of over 1,672 inventions.
55
U.S. patents were issued for CU inventions through Venture Partners in FY 2025
33
Patents issued in FY 2025 are already partnered with new ventures and existing companies (60%)
FY 2025 Innovation Disclosures by CU Boulder Unit
Note: Disclosures may tally in multiple departments.
Image description: Bar graph depicts disclosures by CU Boulder unit: Electrical and Computer Engineering, 38; Chemical and Biological Engineering, 22; Physics, 22; Computer Science, 20; Paul M. Rady Mechanical Engineering, 20; Ann and H.J. Smead Aerospace Engineering Sciences, 16; Biochemistry, 15; Chemistry, 13; Renewable and Sustainable Energy Institute (RASEI), 13; Molecular, Cellular and Developmental Biology, 11; Cooperative Institute for Research in Environmental Sciences (CIRES), 9; Civil, Environmental and Architectural Engineering, 8; Applied Mathematics, 5; JILA, 4; ATLAS Institute, 3; Ecology and Evolutionary Biology, 3; Law School, 3; Geological Sciences, 2; Political Science, 2; Psychology and Neuroscience, 2; Laboratory for Atmospheric and Space Physics (LASP), 2; Atmospheric and Oceanic Sciences, 1; Linguistics, 1; Environmental Studies Program, 1; Institute for Behavioral Genetics, 1; Institute of Behavioral Science, 1.
Commercialization Revenue to CU Boulder FYs 2021-25
Image Description: $39 million in commercialization grants, $27 million in industry sponsored research and development of CU Boulder intellectual property, $32 million in licensing revenue, for a total of $98 Million
Beyond CU startups, companies licensing CU inventions through Venture Partners include:
Tesla, Cargill, Shell, 3M, Lockheed Martin, Novartis, Gilead, Pfizer, Amgen, BAE Systems, Toyota
For marketing and communication inquiries or news tips, contact Daniel Leonard, senior marketing and communications specialist for Venture Partners at CU Boulder.
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