UH Foundation's Upside Fund Launches Protekai, Inc.
(Honolulu, Hawaiʻi) — The Upside Fund, a venture capital fund managed by the UH Foundation in conjunction with the Hawaiʻi Strategic Development Corporation and the Research Corporation of the University of Hawaiʻi (RCUH) has invested $100,000 to help launch Protekai, Inc. Formed by Omar S. Sultan, Protekai Inc. commercializes intellectual property developed in Dr. Angel Yanagihara's research laboratory. The economic benefits of this spinoff could be significant for the University and Hawaiʻi.
Dr. Yanagihara is a researcher in the Department of Tropical Medicine, Medical Microbiology and Pharmacology in UH Mānoa's John A. Burns School of Medicine. During the course of 12 years of research, Dr. Yanagihara has discovered and patented Physalia Fluorescent Proteins. These proteins have the potential to create powerful new biomedical research and diagnostic tools. The market for these proteins is approximately $2.5 billion dollars annually and growing at a double-digit rate.
The Upside Fund's $100,000 will be used to fund the additional work to isolate and sequence these proteins. Dr. Yanagihara said, "I applaud the vision and initiative of this powerful collaborative effort between Hawaiʻi's entrepreneurial leaders in technology-development, and the UH administration. Intellectual property developed by UH faculty is an inadequately tapped resource with enormous potential for economic benefit." If successful, Protekai, Inc. could serve as a model for future UH spinouts.
The Upside Fund provides seed venture capital to support UH System President M.R.C. Greenwood's strategy to create a 21st century capability for technology innovation to support a multi-billion dollar industry for Hawaiʻi.
Upside Fund management:
- Barry Weinman, Managing Director and Co-Founding Partner, Allegis Capital
- Jim Lally, retired partner of Silicon Valley's leading venture capital fund, Kleiner Perkins Caufield & Byers
- Scott Wo, Chief Investment Officer at C.S. Wo.
"This technology opportunity plays to Hawaiʻi's unique strengths. After all, jellyfish aren't found in Nebraska! We invite organizations and individuals who believe in the importance to Hawaiʻi of UH technology innovation and commercialization, to make a donation to expand the Upside Funds investment capacity, or to consider investing alongside us in companies like Protekai," said Barry Weinman, chair, UH Foundation Board of Trustees.
To invest in University of Hawaiʻi's technology innovation, please contact Margot Schrire at (808) 956-6774 or [email protected]g.
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The University of Hawaiʻi Foundation, a nonprofit organization, raises private funds to support the University of Hawaiʻi System. Our mission is to unite our donors' passions with the University of Hawaiʻi's aspirations to benefit the people of Hawaiʻi and beyond. We do this by raising private philanthropic support, managing private investments and nurturing donor and alumni relationships. www.uhfoundation.org.
The University of Hawaiʻi at Mānoa serves approximately 20,000 students pursuing more than 225 different degrees. Coming from every Hawaiian island, every state in the nation, and more than 100 countries, UH Mānoa students matriculate in an enriching environment for the global exchange of ideas. For more information, visit manoa.hawaii.edu.
