Rom Utrecht Region Launches New ┬éČ9M Fund to Back Innovative Startups in ...


credit: NN Gov

One in 25 children in the Netherlands suffers from amblyopia, or lazy eye, which causes them to see something different in one eye than in the other, Phys.org reports.

Fortunately, there's a treatment that's been around for centuries, but it's expensive, hard to find, and doesn't always work.

That's why a new fund in the Netherlands is trying to change that.

Called the Startup Innovation Fund (SIF), it's a $9 million effort with the goal of promoting innovation in the West and supporting entrepreneurs in the Utrecht region, Phys.org reports.

It's similar to a similar fund in California, called the Proof of Concept Fund, that has supported around 20 companies over the past three years, according to a press release.

The SIF will offer investments in the "early stage" of development for up to $500,000.

"The goal of the fund is to promote innovation to stimulate a healthy individual, a healthy environment, and a healthy society," the head of investments at ROM Utrecht Region says.

One of the SIF's first investments will go to a company called MYCOTEX, which is developing environmentally friendly textiles using biomaterials made from mushroom roots and other biomaterials.

Another investment will go to a company

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