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SUNY Chancellor John King announced that the fund, Upstate Biotech Ventures, will increase by $4 million. Empire State Development, the state's lead economic development agency, and SUNY Upstate provided the initial $6 million when the fund launched in July 2024.

The venture capital fund is managed by Rochester-based Excell Partners.

According to the announcement, Upstate Biotech Ventures was established to "support and accelerate the growth of early-stage biotech, life sciences and health tech companies in upstate New York."

"The ongoing investment by SUNY, Empire State Development and Upstate Medical supports transformative early-stage scientific research that will benefit New York state, our nation and the entire global community," King said in a statement. "We look forward to the continued success of this fund and the research projects it serves."

The first of those investments is also part of SUNY's announcement. The fund will invest $1 million in DUB Therapeutics, a company that originated from SUNY Upstate Medical University and is developing an siRNA therapeutic to prevent inflammation and scarring from corneal injuries. The company's product is an eye drop that can reduce the risk of vision loss from eye infections or trauma.

MimiVax will receive $500,000 to support its work on immunotherapy for glioblastoma, an aggressive brain cancer. The product, named SurVaxM, is already in clinical trials and could extend lives of patients with brain cancer.

A $350,000 investment will support sayhii, which is described as a "voice-of-the-employee platform." The goal of the project is to "make every employee's voice heard — driving trust, transparency and data-informed workplace strategies."

The companies are part of the Central New York Biotechnology Accelerator at SUNY Upstate, which is a requirement to receive the venture capital fund's backing.

"This latest investment validates the vision behind Upstate Biotech Ventures — to cultivate breakthrough biomedical innovations right here in upstate New York," said Dr. Mantosh Dewan, president of SUNY Upstate Medical University. "With public and now private support, we're excited to accelerate the region's emergence as a national hub for biotech research and entrepreneurship."

The state entities are aiming to increase the fund through private investors. Fundraising is underway, according to SUNY.