Latest news with #ChicagoInno
Business Journals
3 days ago
- Business
- Business Journals
The Beat: New UChicago VC fund targets deep-tech startups
Welcome to Chicago Inno's The Beat, a twice-weekly look at the people, companies and ideas that are shaping Chicago's innovation economy. The Big One A new $25M venture capital fund launched Thursday to support the deep-tech ventures coming out of the University of Chicago ecosystem. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events Harper Court Ventures — funded through UChicago and the Polsky Center for Entrepreneurship and Innovation, and independently managed by MFV Partners — will focus on scaling pre-seed and seed-stage companies associated with the university's labs, the Polsky Center or alumni. Investors in the fund include the UChicago Endowment as well as several members of UChicago's Board of Trustees. The fund will target startups in high-impact sectors, such as those working on quantum computing, life sciences, energy and artificial intelligence innovations. READ MORE: $25M VC fund launches to back UChicago deep-tech startups More from The Beat On its 10-year anniversary, Chicago venture capital firm M25 announced its largest fund to date. Nearly half of workers in a recent survey say their companies have issued return-to-office mandates in 2025 — illustrating a larger trend of fading workplace flexibility. Drive Capital returns $500M to investors In a single week, Drive Capital returned about $500M in cash and stock to investors during a lull in liquidity for limited partners nationwide. The Columbus, Ohio-based venture capital firm, which set up a Chicago office in 2023, last Friday distributed two-thirds of its shares of Root Inc., worth nearly $140 million, to outside limited partners in its first fund from 2013, according to SEC filings. READ MORE: Drive Capital returns $500 million to investors amid national liquidity lull Sign up for the Business Journal's free daily newsletter to receive the latest business news impacting Chicago.
Business Journals
30-04-2025
- Business
- Business Journals
The Beat: Beacon prepares to launch next-gen disinfecting product
Welcome to Chicago Inno's The Beat, a twice-weekly look at the people, companies and ideas that are shaping Chicago's innovation economy. The Big One A Chicago startup born out of the pandemic is ready to move into more homes and businesses after spending a number of years in research and development. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events Founded in 2020, Beacon Technology Solutions — winner of Inno Madness 2025, Chicago Inno's annual bracket-style head-to-head startup competition — makes a wall-mounted smart device that uses Far-UVC 222 nm light to disinfect a room. Beacon CEO Brian Clark said the Chicago startup has delivered its flagship product to hundreds of customers and will look to continue to expand its customer base in 2025. READ MORE: Inno Madness winner Beacon preparing to launch next-gen disinfecting product More from Chicago Inno Chicago VC firm Portal Innovations , which focuses on life-sciences innovation, announced an international expansion through a new partnership with Dublin City University that hopes to create new opportunities for biotech, medtech, quantum and AI startups across Ireland, the U.K. and Europe. , which focuses on life-sciences innovation, announced an international expansion through a new partnership with that hopes to create new opportunities for biotech, medtech, quantum and AI startups across Ireland, the U.K. and Europe. Chicago tech giant Tempus announced the launch of Tempus Loop this week, a new oncology-focused platform. Chicago boosts life-sciences growth While Chicago's life-sciences market is showing some signs of growth with developments such as Evanston Labs coming online, it still lags behind other major metros in key traits. In a Colliers report looking at local ecosystems' ability to support and sustain growth in the life-sciences industry, Chicago ranked ninth in the country, held back slightly by a lack of new developments. Boston received the top score in the second annual analysis of 18 markets, followed by the San Francisco Bay Area at No. 2 and San Diego in the third spot. READ MORE: How Chicago is building up life sciences — and where it still lags Sign up for the Business Journal's free daily newsletter to receive the latest business news impacting Chicago.
Business Journals
28-04-2025
- Business
- Business Journals
How Chicago startup Beacon plans to grow smart disinfection device
Beacon, a Chicago startup born during the pandemic, is set to bring its innovative room-cleaning device to more homes and businesses in 2025. A Chicago startup born out of the pandemic is ready to move into more homes and businesses after spending a number of years in research and development. Founded in 2020, Beacon Technology Solutions — winner of Inno Madness 2025, Chicago Inno's annual bracket-style head-to-head startup competition — makes a wall-mounted smart device that uses Far-UVC 222 nm light to disinfect a room. Beacon CEO Brian Clark said the Chicago startup has delivered its flagship product to hundreds of customers and will look to continue to expand its customer base in 2025. "That's a big focus on 2025," Clark told Chicago Inno. "We're really excited to continue to tweak the product and make upgrades based on customer feedback and bring more features to them that solve the problem of staying safe from bacteria, molds and viruses." Clark said Beacon's customers include both immunocompromised individuals and different types of businesses in the medical and education sectors to keep spaces safe, open and operational. Clark added that developing a physical product has inherent advantages in today's market where every startup is looking to incorporate artificial intelligence and add .ai to the end of its name. "It's something real. It's something tangible," he said. "It's something that creates value for people that can't be easily replicated in software." Beacon fulfilled all its preorders and sold out of its initial product run in 2024, and Clark expects to announce a release date soon for the second-generation Beacon Light, which already has a growing waiting list. The company recently received a grant from Illinois Tech to study how its light technology can be used to mitigate the spread of infectious diseases in public spaces. "The big thing about technology like this is you have to continue to show people, not just help them," Clark said. Sign up for the Business Journal's free daily newsletter to receive the latest business news impacting Chicago.
