New Accelerator for Data Science and Emerging AI Startups
“At the University of Chicago, we are privileged to push forward the research frontiers of computer and data science in a community with world-leading experts in economics, biological and physical sciences, law and public policy, and other fields,” said Michael J. Franklin, faculty co-director of the Data Science Institute, Liew Family Chair of Computer Science, and Senior Advisor to the Provost for Computation and Data Science. “This fertile intellectual landscape is the ideal environment for founding new businesses that apply the latest breakthroughs in data science and AI for vital opportunities across sectors.”
The City of Chicago also boasts a growing reputation for tech entrepreneurship. In 2021, Chicago-based venture capital firms raised more than $5.7 billion, while nine Chicago-based companies crossed the $1 billion-plus “unicorn” valuation level – the third-highest total in the country. The Chicago tech ecosystem also leads the nation in diversity, with 34 percent of Chicago’s startups run by women and 26 percent of the tech workforce identifying as Black or Latinx — more than three times the national average.
Transform will use a proven formula developed by Duality, the nation’s first quantum science and technology accelerator, run by the Polsky Center and the Chicago Quantum Exchange. Since its launch in April 2021, Duality has supported 11 quantum-focused startups across two cohorts, with member companies successfully achieving government funding and industry acquisition. In May 2022, Duality member Super.tech – founded by UChicago Computer Science Professor Fred Chong and PhD graduate Pranav Gokhale – was acquired by global quantum leader ColdQuanta.
Startups under the Deep Tech Ventures program will have access to various funding mechanisms. Deep Tech Ventures expects to raise an external $25 million venture fund in 2023 to support deep tech startups looking for seed-stage and Series A funding. As part of Deep Tech Ventures, Transform will help up to 20 startups per year grow their businesses in the Chicago area. The program is open to all members of the Chicago tech community, and not limited to UChicago-based startups.
“Transform offers a robust combination of resources, training, and funding that will provide invaluable support to the tech startup community,” said Shyama Majumdar, director of Transform. “I am most excited about the mentorship program and the top-notch student talent we are able to offer from the Chicago Booth School of Business and the Data Science Institute. We have a pool of fantastic mentors ready to roll up their sleeves and work with the teams.”
“We’re looking for early-stage startups that combine technological innovation and a creative product idea with both market potential and societal benefits,” said Dan Nicolae, faculty co-director of the Data Science Institute and Professor of Statistics, Human Genetics, Medicine, Section of Genetic Medicine and the College. “The mission of the Data Science Institute is to develop data science as an emerging new discipline, from education and basic research through interdisciplinary application and entrepreneurship. Transform bolsters this vision, creating the unique opportunity to translate foundational discoveries in data science and AI into technologies that address the most important real-world challenges.”
