StartX, the Stanford University-affiliated nonprofit startup accelerator, will get a cash infusion from Stanford and Stanford Hospital & Clinics to the tune of $3.6 million, the university announced.
The grant money which will be given to StartX in $1.2 million grants over a three-year period will help fund staff development and provide backing to Stanford students, faculty, alumni and staff in working on projects at an early stage.
This is the first time either the university or the hospital has developed a fund to invest directly in the entrepreneurs from the Stanford community, according to a press release.
The Stanford-StartX Fund has already moved forward with six companies, including Knotch, an app that allows users to "share their true colors," expressing their opinion via color and connecting with other like-minded users. Mountain View-based Cytobank, a web-based platform from which users can manage, share, and analyze flow cytometry data from anywhere, also won funding,
StartX was founded four years ago by Stanford students who wanted to support their peers' innovation.
"In 2009, we began StartX on campus, as students aspiring to improve the world through entrepreneurship," said Cameron Teitelman, founder of StartX, in a press release. "Today, our community of top-notch founders is thriving and their businesses have become vehicles for change, innovation and economic impact. This new partnership with Stanford University and SHC will enable StartX to continue developing the most talented, passionate founders out of the university."
In addition to Stanford's funding commitment, StartX has raised $1.65 million over the past two years. Since the nonprofit was started, 10 StartX startups have been acquired and more than 100 companies in a wide range of industries (medicine, biotechnology, education, mobile, hardware, consumer Internet) have graduated from the program.