Utah Innovation Fund

What Utah Innovation Fund does

Utah Innovation Fund, LLC, operating under the brand Nucleus Fund, is an early-stage venture capital firm founded in 2023 and headquartered in Salt Lake City, Utah. The firm invests in deep-technology ventures emerging from Utah's universities and research institutions, with an active portfolio of approximately 17 companies spanning biotechnology, AI, materials science, medical devices, and clean technology (including Rebel Medicine, Prism AI, 3Helix, Microvascular Therapeutics, and bloom-surgical). Its investment thesis centers on providing "smart capital" — early conviction checks paired with mentorship, network access, and commercialization resources intended to translate academic research into market-ready businesses.

The fund operates a community-led go-to-market model, sourcing deals primarily through institutional partnerships with Utah's state universities and a strategic alliance with the Nucleus Institute, which provides additional institutional backing and ecosystem resources. Founders apply for funding through a dedicated online deal-flow portal hosted via us-dealflow.edda.co. The fund's value proposition is differentiated by its exclusive Utah focus, embedded university relationships, and the "Beyond Funding" support layer, which seeks to retain founders within the Utah innovation ecosystem.

As a private LLC, Utah Innovation Fund generates revenue through traditional venture capital mechanics — management fees on committed LP capital and carried interest from future portfolio exits via acquisition, IPO, or secondary sales. The firm has 1-10 employees, no public listing, and no disclosed AUM, LP composition, or financial performance. Its competitive positioning rests on a regionally concentrated distribution advantage into Utah's research institutions rather than scale, technology differentiation, or product revenue.

Name

Utah Innovation Fund

Legal name

Utah Innovation Fund, LLC

Website

https://utahinnovationfund.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Utah Innovation Fund (Nucleus Fund) is a 2023-vintage Salt Lake City venture capital firm that provides early-stage capital, mentorship, and commercialization resources to deep-tech startups emerging from Utah's universities and research institutions.

Ownership category

akta.pro rank

Product category

Venture Capital / Early-Stage Investment

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

SDG / Thematic Sustainable Investment Funds (FSANAJAN)

Keywords

• Venture capital fund
• Early-stage investing
• Deep-tech startups
• University spinouts
• Startup funding

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Investment Returns: The fund generates returns through equity investments in early-stage deep-tech companies. Returns are realized through exits via acquisition, IPO, or secondary sales of portfolio company equity.

Go-to-market motion1 record

Marketing channels1 record

Core offering

Utah Innovation Fund (Nucleus Fund) is an early-stage venture capital fund that invests equity capital in deep-tech startups emerging from Utah's universities and research institutions. Beyond capital, the fund provides portfolio companies with mentorship, industry networks, and commercialization resources intended to translate lab-bench research into market-ready businesses. Returns are generated through equity appreciation and exits via acquisition, IPO, or secondary sales.

Product overview

Nucleus Fund is a single investment vehicle managed by Utah Innovation Fund, LLC, focused on early-stage, deep-tech ventures. It provides smart capital investment, mentorship, network access, and commercialization resources to Utah-based university and research institution spinouts. The fund connects research discoveries from state institutions to global markets, with a portfolio spanning biotechnology, AI, and other deep-tech sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Nucleus Fund Early-stage venture capital fund providing smart equity capital, mentorship, network access, and commercialization resources to deep-tech startups emerging from Utah's universities and research institutions. Connects university research to global markets with a focus on economic, scientific, and social returns.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Utah Universities and Research InstitutionscoreStrategic or Co-development PartnerThe fund maintains deep partnerships with Utah's state universities and research institutions, serving as the primary source of deal flow for early-stage deep-tech ventures emerging from these institutions. This relationship enables the fund to identify and support promising research translating from lab bench to market.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Regional players

• Mercato Partners: Salt Lake City-based growth equity firm investing across multiple sectors. Operates in the same Utah geography and engages many of the same founders and institutions, though its mandate is broader and later-stage than Nucleus Fund's deep-tech focus.
• Signal Peak Ventures: Utah-based early- and growth-stage venture fund with a software and tech focus. Comparable as a regional competitor sourcing from the same Utah founder ecosystem, though it does not exclusively target deep-tech spinouts from universities.
• Pelion Venture Partners: Utah-based early-stage venture firm investing in SaaS, consumer, and tech. Shares the same Salt Lake City venture ecosystem and likely overlaps with Nucleus Fund on Utah founder relationships and LP base.
• Kickstart Seed Fund: Utah-focused seed fund that invests in early-stage Utah companies. Directly comparable on stage and regional focus, though Kickstart's sector mandate is broader than Nucleus Fund's deep-tech orientation.
• Epic Ventures: Salt Lake City-based early-stage VC investing across the Mountain West. Overlaps with Nucleus Fund on Utah deal sourcing and LP relationships, but takes a multi-state rather than Utah-exclusive approach.
• Park City Angels: Utah-based angel network investing in early-stage companies. Comparable on regional early-stage activity and overlap with the same founders, though structured as an angel syndicate rather than a formal institutional fund.

Emerging players

• University Venture Fund (University of Utah): University-affiliated early-stage fund that sources directly from University of Utah research. Most directly comparable on the university-spinout thesis, though smaller and institutionally embedded.
• In-Q-Tel: Mission-driven strategic investor backing early-stage deep-tech with structured support beyond capital. Conceptually comparable to Nucleus Fund's 'Beyond Funding' and 'Impact First' positioning, though it serves intelligence-community rather than state-economy objectives.

Broad incumbents

• Lux Capital: Established US deep-tech venture firm investing in science- and engineering-driven companies. Comparable on deep-tech thesis and willingness to back university-derived technologies, though at national scale rather than Utah-only.
• DCVC (Data Collective): Deep-tech-focused VC backing computationally-driven companies in life sciences, energy, and AI. Comparable on the deep-tech early-stage mandate and on engaging university research as deal flow, but operates nationally with much larger fund vehicles.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks4 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Utah Innovation Fund