The California Institute of Technology (Caltech) has received an $11 million gift from the Gates Frontiers Fund and will use $10 million of this to recapitalise its seed fund.
Launched in 2020 as the Caltech Seed Fund, it has now been rebranded to the Gates Investment Fund.
The Gates Investment Fund has committed more than $8 million to more than 30 ventures to date. Portfolio companies have raised more than $130 million in seed investments, including from Caltech’s co-investment fund, Wilson Hill Ventures.
The remainder will go to the Gates Grubstake Fund, which provides proof-of-concept grants to faculty. It was established through a 1990 gift by Charles Gates Jr, who was a life trustee of the university, and has awarded 65 grants to date.
The latest gift to Caltech was spearheaded by Diane Gates Wallach, the daughter of Charles Gates Jr. The Gates family in question built and, until 1996, owned the power transmission belts and fluid power products manufacturer Gates Corporation.
“Members of the Gates family over the generations have been formidable advocates for Caltech, helping us to translate innovation into real-world impact. It is in recognition of Charlie’s exceptional vision to grow the entrepreneurial spirit at Caltech that we are honoured to rename the Caltech Seed Fund as the Gates Investment Fund.”
Thomas Rosenbaum, president of Caltech, the Sonja and William Davidow presidential chair, and professor of physics
