AZ Furnace adds Arizona Commerce Authority and BioAccel as partners
The Arizona Commerce Authority (ACA), and BioAccel announced their collaboration with AZ Furnace in a press release today. The ACA will commit up to $400,000 in seed funding, with BioAccel matching up to $150,000. Partners already include Arizona State University (ASU), Northern Arizona University (NAU) and the Dignity Health Group. We've written about AZ Furnace in the Accelerator Gazette before: click here.
“AZ Furnace is a game changer in tech transfer and acknowledges that intellectual property generated by our state's research institutions represents enormous economic value - AZ Furnace unlocks incredible potential,” said Sandra Watson, Interim President and CEO for the Arizona Commerce Authority. “The ACA is thrilled to join this collaboration to further foster business creation. Funding this initiative and providing technical assistance to launch and scale startups demonstrates our commitment to strengthen Arizona's entrepreneurial community."
AZ Furnace is a startup accelerator aimed at individuals starting companies based on technologies developed at Arizona research institutions. Furnace offers high-potential startup ventures a package of $50,000 in cash and services which includes at least $25,000 in seed funding and incubation space. AZ Furnace was developed by ASU Venture Catalyst which is the ASU unit that works with high-potential startup companies inside as well as outside the university.
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