UChicago Invests $500,000 In New Venture Challenge Alum Ascent As Part Of $19 Million Round
As a part of a UChicago Startup Investment Program follow-on round, the University of Chicago invested $500,000 in New Venture Challenge alum Ascent Technologies as part of a $19 million Series B round. The company previously received $315,000 as part of their Series A round in March 2018. The company, which is a regulation technology company that helps users build, manage, and automate their compliance programs, is an alum of the Edward L. Kaplan, ’71, New Venture Challenge.
Ascent along with along with ExplORer Surgical, Tovala, Ascent Technologies, Foxtrot, AMOpportunities, Pyxis Oncology, and Kin Insurance received investment from the University of Chicago through an initiative in which the University co-invests alongside established venture funds in startups led by UChicago faculty, staff, students, and alumni. In 2016, the University set aside $25 million from its endowment to invest in startups raising early funding rounds. The Office of Investments, which manages the University’s endowment, oversees the UChicago Startup Investment Program with support from the Polsky Center for Entrepreneurship and Innovation.