New venture plans to launch technological revolution in New Mexico
23 Nov 2022
A broad group of some of the nation's top scientific, business and policy leaders have united in the newly formed venture firm America's Frontier Fund to begin re-building U.S. global technology leadership, and they've chosen New Mexico as their launching pad.
To kickstart the initiative, the State Investment Council approved a $100 million investment in a first $500 million fund that AFF is now raising to pull emerging, cutting-edge technologies out of national labs and research universities and take those innovations to market through new startup companies backed by AFF capital and expertise. The SIC is the first public entity in the nation to directly commit money to the AFF fund, and it's the largest single investment in a venture fund to date made through the council's private equity program, which pumps money from New Mexico's Severance Tax Permanent Fund into venture firms that invest in local startups.