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TLDR:
- New Mexico’s sovereign wealth fund is investing $50 million in Roadrunner Venture Studios, a venture studio focused on building startups in Albuquerque.
- Roadrunner aims to bridge the gap between technology in laboratories and commercially viable companies, with a focus on deep tech and innovation.
New Mexico’s sovereign wealth fund has committed $50 million to Roadrunner Venture Studios, a venture studio in Albuquerque led by Adam Hammer. The studio, part of America’s Frontier Fund, plans to support scientists and researchers in national, university, or corporate laboratories in bringing their innovative ideas to market. The investment is seen as a way to bolster innovation in the U.S. and build a startup ecosystem in the state.
Roadrunner Venture Studios is targeting technologies developed in labs like Nokia Bell Labs, the University of Michigan, and Oak Ridge National Laboratory. By helping these scientists turn their projects into viable commercial products, Roadrunner hopes to create a sustainable startup scene in Albuquerque. One of Roadrunner’s success stories is Hydrosonics, a company founded by Dr. Luis Chavez, a former researcher at Los Alamos National Laboratory. With the support of Roadrunner, Hydrosonics was able to secure venture capital funding and non-dilutive funding from the Economic Development Department.
The New Mexico State Investment Council, which oversees the sovereign wealth fund, views the investment in Roadrunner as a way to attract talent to Albuquerque and kickstart the local startup ecosystem. The fund manager, Chris Cassidy, is optimistic about the potential impact of Roadrunner on the city’s innovation landscape. Despite the long timeline for venture capital investments to bear fruit, there is hope that Roadrunner’s approach will yield positive results in the near future.
Roadrunner’s model of supporting deep tech startups and bridging the gap between research and commercialization is seen as a step towards strengthening America’s position in innovation. By anchoring the fund in Albuquerque, the sovereign wealth fund is making a strategic bet on the city’s potential to become a hub for scientific entrepreneurship.
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