Plant seed supplier Vilmorin & Cie has become a limited partner in the PSL Innovation Fund established by Université PSL under the management of venture firm Elaia Partners.
The fund has a targeted close of $87.5m, and the size of Vilmorin & Cie’s commitment was not disclosed. It will participate over a 10-year term in exchange for preferential access to the fund’s innovation pipeline.
PSL Innovation Fund launched in July 2018 with partners including Université PSL itself and a host of corporates including financial services firm BNP Paribas, marine defence and energy systems supplier Naval Group and insurance provider Mgen.
Fonds National d’Amorçage 2, an early-stage vehicle managed by state-owned investment bank BPIfrance, is also supplying capital along with KPN Ventures, the corporate venturing arm of telecommunications firm KPN, and Famille C, part of cosmetics manufacturer Clarins Group.
PSL Innovation Fund is focused on commercialising deep technologies including artificial intelligence, in sectors such as IT, agriculture, biotechnology and life sciences. It has been positioned to align with Université PSL’s areas of research expertise and will back companies spawned by its innovation ecosystem.
Université PSL was formed in 2010 from the merger of Paris-based higher education and research institutions École normale supérieure, Université Paris-Dauphine, Institute Curie, École Pratique des Hautes Études, ESPCI Paris, Observatoire de Paris and Mines ParisTech.
The original version of this article appeared on our sister site, Global University Venturing.