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Indiana Center for Biomedical Innovation
Indiana Center for Biomedical Innovation (ICBI) was founded in 2016 in Indianapolis, with Anantha Shekhar, MD, PhD — then a leading psychiatric researcher...
Indiana Center for Biomedical Innovation
Indiana Center for Biomedical Innovation (ICBI) was founded in 2016 in Indianapolis, with Anantha Shekhar, MD, PhD — then a leading psychiatric researcher and executive associate dean at Indiana University School of Medicine — as its board chairman. Unlike a typical family office or venture fund, ICBI operates as a non-profit accelerator. Its mission is to de-risk drug candidates, medical devices, and diagnostics developed within Indiana's university and hospital systems until they can attract Series A funding or corporate partnerships. ICBI's strategy mixes direct seed investments with intensive operational support. It targets therapeutics, health IT, and medical devices across oncology, neuroscience, and metabolic disease. Selected startups receive grant funding — often in the $50K–$250K range — plus shared wet-lab space and mentorship from a network of Eli Lilly veterans and IU Health clinicians. Known portfolio companies include Anabios, a drug-discovery platform spun from IU's chemistry department, and Adipo Therapeutics, which is developing a treatment for obesity and diabetes. The Center concentrates its activity in the Midwest, drawing deal flow from Indiana, Ohio, and Illinois. ICBI operates with a lean central team, relying heavily on a rotating roster of executives-in-residence and industry advisors. It has not publicly disclosed total capital deployed, but its funding comes from state grants, philanthropic donations, and partnerships with larger life-science institutions like the Indiana Clinical and Translational Sciences Institute. In late 2023, ICBI announced a collaboration with BioCrossroads, an Indiana life-science initiative, to expand its programming into digital health and AI-enabled diagnostics. Its structural differentiator is the non-profit, state-anchored accelerator model. ICBI does not take traditional equity, using grants and convertible notes structured to keep founders aligned while the technology matures. This allows it to fund science that commercial investors consider too early or too unvalidated, creating a proprietary on-ramp for later-stage venture firms looking for de-risked assets in the Midwest.
General information
Firm type
other
Year founded
2016
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Indianapolis
Corporate office
Indianapolis, IN, United States
Principals
Anantha Shekhar
Chairman of the Board
Rainer Fischer
Chief Executive Officer
Sector focus
Frequently asked questions
How does ICBI source its portfolio companies?
ICBI sources almost exclusively from Indiana's academic and clinical research institutions, primarily Indiana University School of Medicine, Purdue University, and the Regenstrief Institute. Its deep ties to these universities give it an early look at inventions before they hit broader tech-transfer offices. The Center also accepts referrals from its network of Eli Lilly alumni and Indiana-based life-science advisors.
Does ICBI take equity in the startups it supports?
No, ICBI operates as a 501(c)(3) non-profit and typically does not take direct equity. It provides grant funding and sometimes uses convertible notes that convert only upon a future priced round, ensuring founders retain control during the earliest stages. This grant-first model is rare among accelerators and serves as a key differentiator.
What investment stages does ICBI typically target?
ICBI focuses on pre-seed and seed-stage companies that are still refining their scientific proof-of-concept. This is the translational gap between an academic paper and a venture-backed startup. Its support is designed to fund the critical experiments and prototype development needed to attract a Series A from investors like Arboretum Ventures or Lilly Ventures.
Which sectors does ICBI prioritize?
The Center prioritizes human health, spanning therapeutics (small molecule, biologic), medical devices, and diagnostics. It has a strong footprint in neuroscience and metabolic disease, reflecting the research strengths of Indiana University. Recently it has expanded its scope to include digital health and AI-enabled diagnostics, particularly those leveraging the health-data expertise of the Regenstrief Institute.
Who runs investment decisions at ICBI?
Final investment decisions rest with ICBI's board and its scientific advisory committee, which includes senior faculty from Indiana University School of Medicine and industry veterans from companies like Eli Lilly. Rainer Fischer, as CEO since its founding, manages day-to-day operations, while Chairman Anantha Shekhar provides scientific direction and academic partnership.
How is ICBI funded?
ICBI is funded through a mix of state economic-development grants, philanthropy, and partnerships with larger organizations like the Indiana Clinical and Translational Sciences Institute. It does not have a traditional fund structure or outside limited partners, operating as a capital-efficient non-profit rather than a venture fund. Specific deployment totals have not been publicly disclosed.
What is ICBI's relationship to Indiana University?
ICBI is independent but deeply intertwined with Indiana University. It was co-founded with university backing, occupies space in the 16 Tech innovation district near the IU School of Medicine campus, and its board is populated by IU faculty leaders. The Center operates as an autonomous non-profit, not a university department, ensuring it can make funding decisions at the speed of startups.
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