Harper Court Ventures Launches with $25M to Support UChicago Startup Ecosystem

A new $25 million deep tech fund will invest in transformative technologies emerging from the University of Chicago.

Led by Chicago Booth alum, Karthee Madasamy, MBA ’06, and managed by MFV Partners, a leading Silicon Valley deep tech fund, Harper Court Ventures will be a new engine of innovation for the Midwest—and beyond.

Through a formal cooperation agreement with the University of Chicago, Harper Court Ventures will support the University’s entrepreneurial ecosystem, funding early-stage ventures spun out of University labs, accelerated by the Polsky Center for Entrepreneurship and Innovation, or founded by alumni.

The MFV Partners team brings together a team of seasoned investors, technologists, and founders with decades of experience in scaling breakthrough innovation, including backing companies like PsiQuantum, Agility Robotics, and Waze.

“Through this partnership, we aim to cement Chicago’s position as a deep tech hub in the Midwest by bringing our proven approaches to early-stage ventures in the University of Chicago’s ecosystem,” said Madasamy, Managing Partner, MFV Partners. “Our collective strength will add to the University’s globally recognized leadership position in research and benefit society by scaling promising ventures to commercial success.”

Announced today by MFV Partners, the fund will target companies in high-impact sectors, including quantum computing, life sciences, energy, and artificial intelligence. Initial investments have already been made in three promising UChicago-related companies, Flow Medical, SimCare AI, and Beacon.

• Flow Medical: Founded by UChicago researchers Jonathan Paul, associate professor of medicine, and Osmanuddin Ahmed, associate professor of radiology, Flow Medical is developing a next-generation catheter-based therapy to treat acute pulmonary embolism. With CEO Jennifer Fried, MBA ’15, on board since 2023, the startup has made significant progress in commercializing its novel medical device.
• SimCare AI: Founded and led by former UChicago students, SimCare AI is developing a safe and scalable platform for clinical skills training and evaluation using realistic AI-generated patient conversations.
• Beacon: Founded and led by Brian Clark, MBA ’17, Beacon is reimagining real-time illness prevention with groundbreaking, people-safe technology that eliminates viruses, bacteria, and molds from air and surfaces.

The University ecosystem features more than 160 interdisciplinary institutes and centers, 50 state-of-the-art core facilities, and 101 affiliated Nobel laureates, making it uniquely positioned to develop and scale technologies that address some of humanity’s greatest challenges. It is also home to a world-renowned business school and is the steward of two U.S. Department of Energy National Labs, Argonne National Laboratory and Fermi National Accelerator Laboratory.

“We are pleased to have a new partner in Harper Court Ventures.”

– University of Chicago President Paul Alivisatos.

“Their support stands to provide strong momentum to the University’s efforts to translate the most high-potential deep tech ideas into real-world applications – and to enhance the potential of achieving breakthroughs to shape the future in service to society,” said Alivisatos.

The Harper Court Ventures team will work closely with leadership at the University’s Polsky Center for Entrepreneurship and Innovation to identify promising startups.

“As a deep tech startup founder, I know how difficult it can be to raise early-stage capital, without which even the best ideas can stall,” said Samir Mayekar, Managing Director of the Polsky Center. “The launch of Harper Court Ventures will help ensure innovations in the University of Chicago ecosystem have the best chance of succeeding – giving entrepreneurs the runway needed to hit key milestones and accelerate their path to market. This announcement is testament to the collaboration and power of the University and Chicago Booth network and the work happening here across the quantum, AI, clean energy, and life sciences spaces.”

The launch of Harper Court Ventures coincides with several other recent announcements to bring more resources to UChicago innovators, including a collaboration with Deerfield Management to advance the development of new drugs and other life-saving treatments for disease. Over the next ten years, Deerfield will provide up to $130 million in targeted funding, as well as operational and scientific expertise to advance UChicago discoveries with the potential to improve disease treatments.

The University of Chicago Medicine (UCM) also recently announced the launch of UCM Ventures, a $25 million strategic venture investment fund focused on technologies that have the potential to transform healthcare through innovative technology. It also was an early investor in Flow Medical and other startups, including Onchilles Pharma, OrisDX, and G LNK.

Looking to fill another gap in the needs of these early-stage ventures, the Polsky Center, in collaboration with Portal Innovations, will soon be opening doors to the UChicago Science Incubator at Hyde Park Labs. The incubator will provide access to a national network of industry partners, sponsors, and investors, providing a space for startups, researchers, and industry experts to work together.