The B.C. government is partnering with the University of British Columbia (UBC) to help companies spin off tech and life sciences products developed at the university.
Investments will be deployed through the newly created UBC Catalyst Ventures Fund. The province is chipping in $10 million, UBC is providing $10 million and private investors are putting up $20 million.
Provincial funding comes through InBC, a Crown corporation created to invest in the growth of B.C. businesses.
The focus will be on investing in companies developing products based on licensed UBC research discoveries, as well as companies created by faculty, staff, students and recent alumni.
“It will start by prioritizing investments in life sciences, in deep tech sectors — areas where B.C. is emerging as a global leader — solving real, new-world problems that matter to people,” said Ravi Kahlon, B.C.’s jobs minister.
Kahlon said that InBC operates at “arm’s length” from the province, and this investment is not connected to the recently announced $400 million provincial fund that allows B.C. to take equity stakes in major projects.