Utah Ventures, specializing in early stage and seed capital investing , said Friday it has closed its fund at $10.5 million.
Nine investments have been made so far, said Richard Shanaman, co-managing general partner: Five in health sciences and one each in electronics, materials application, computer software and peripheral computer products.Funding ranged from $100,000 to $300,000. Utah companies funded include Iomed, Cardiopulmonics and Clyde Inc.
"Utah Ventures seeks to identify advanced technology projects that show promise of success," said Shanaman. "It then provides needed funding in exchange for an equity position in the firm. The fund also provides management assistance where needed."
He said Utah Ventures obtained some 40 percent of its funding from Utah institutions and individuals, including First Security Bank, The Utah State Retirement Fund, West One Bank, Valley Bank, Key Bank and Questar Development.
Shanaman said the fund has 31 institutional and and 39 individual investors, including 15 active venture capital participants interested in technologies under development locally.