Friday, May 4, 2012

UT Austin Startup Incubator Gets $6M

The Texas Venture Labs, the effort at UT Austin's McCombs School of Business which helps accelerate startups from the University of Texas and help them get to market, has scored $6M in a gift from oil and gas entrepreneur Jon Brumley. According to UT Austin, the incubator will become the Jon Brumley Texas Venture Labs, in recognition of the gift from Brumley. The lab said it will use the funding to expand its initiatives. The group says that so far, it has worked with 40 companies that habve raised more than $25M in investment capital. Some of the lab's prior ventures include uShip, Bigfoot Networks, Phurnace, Infochimps, Gazzang, Mass Relevance, and Zilker Motors.