University of California grows its incubators

The University of California’s Institute for Quantitative Biosciences, home to two San Francisco-based incubators for life science startups, is raising a new $10 million fund, according to Dow Jones Venturewire. Called Mission Bay Capital, the fund has already raised $6 million. Its initial goal was $15 million.

The idea is for the fund to give startups that have completed their research phase the boost they need to raise adequate venture capital. Previous incubator funds operated by the University of California have invested in 12 companies, four of which have been able to raise a first round of venture financing.

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