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Excell Technology Ventures, a Rochester-based venture capital fund investing in high-growth, high-tech startups across Upstate New York, at year-end 2024 had more than $80 million under management with individual investments ranging from $250,000 to $1.5 million.
Excell recently released its 2024 annual report highlighting the 34 active companies in its portfolio, focused on early-stage ventures across a range of technology-driven sectors. It says these companies have attracted roughly $701 million in follow-on capital, up from $652 million a year earlier.
To date, 15 of its portfolio companies have achieved successful exits, returning more than $12 million to the fund’s limited partners. Together, companies that have received Excell funding since its launch in 2006 employ 431 full-time employees with an average annual salary of $92,000.
For many of the region’s startups, 2024 brought a return to stability after the pandemic.
“The (2023) annual report spoke of the impact of an uncertain economy, inflation and global unrest that created significant fundraising challenges for startups, requiring many to reduce expenses to extend their runway in order to survive,” says Theresa Mazzullo, CEO of Excell. “What a difference a year makes.”
Using PitchBook Data Inc. to monitor activity, Excell reports that 46 deals totaling $339 million in venture investment closed in the first half of 2025 across Upstate New York, which along with Rochester includes Buffalo, Ithaca, Syracuse, Binghamton and Albany. By comparison, 100 deals totaling $456 million closed over the full year in 2024. With 74 percent of last year’s total investment already matched by midyear, Excell says the upstate region is poised to surpass 2024’s total by the end of 2025.
The Rochester region consistently ranks first or second among upstate cities, both in number of deals and in total investment dollars, Mazzullo says.
Excell’s statewide portfolio spans sectors including medical devices, energy, biotech and IT/software ventures. Nearly half of the fund’s active portfolio at the end of 2024 was centered on life sciences, which includes medical devices and equipment, biotech/pharma and health technology. The industrial/energy sector also has received significant investment, representing 26 percent of the portfolio.
Currently, 49 percent of Excell’s portfolio companies are based in Rochester and Monroe County. Of the more than $17.5 million Excell has invested in its current portfolio, firms in this region account for 71 percent.
Amid an environment of rising demand for venture capital, Excell in 2024 launched the Upstate Biotech Venture Fund, a partnership with Empire State Development, Upstate Medical University, the Research Foundation for SUNY and the Central New York Biotech Accelerator. The UBV fund has raised more than $10 million so far. It hopes to attract $15 million to $20 million.
The fund focuses on many of Excell’s previously funded areas, including medical devices, biotech, digital health, software and health technology. It aims to provide investment capital to create and elevate emerging biotech and life sciences ventures throughout the region and state.
“With the launch of the UBV fund, Excell’s efforts this year will be focused on investing at the mid-late seed stage in life science high-tech startups, which includes medical devices, biotech and health tech in all its forms,” notes Mazzullo.
She expects the new fund to add to the area’s startup activity.
“At its heart, the UBV fund will be investing in transformative high-tech startups addressing the most pressing challenges facing the health care industry today,” says Mazzullo. “What could be more exciting than this?”
Liam Conroe is a member of the Oasis Project’s second cohort.
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