Harper Court Ventures Research
Investment Thesis
Harper Court Ventures is an early-stage deep tech fund built to commercialize research coming out of the University of Chicago ecosystem. The firm backs startups spun out of university labs, accelerated through the Polsky Center for Entrepreneurship and Innovation, or founded by University of Chicago alumni and students. The pitch is that UChicago, with more than 160 institutes and centers, two Department of Energy national labs (Argonne and Fermilab) and 101 affiliated Nobel laureates, produces world-class research that rarely finds early capital in the Midwest. Harper Court aims to be that capital and to build a deep tech innovation engine for Chicago and the Midwest.
Structure and Relationship to MFV Partners
Harper Court Ventures Fund I was announced on May 29, 2025 as a $25 million fund. It is independently managed by MFV Partners, a Silicon Valley deep tech venture firm founded in 2018 and led by Karthee Madasamy, a University of Chicago Booth alum. The fund has a formal, exclusive cooperation agreement with the University. Limited partners include the UChicago Endowment and several members of the University's Board of Trustees, among them Andy Alper, Ken Jacobs, Ashley Duchossois Joyce, Rachel Kohler, Michael Polsky, Emmanuel Roman and Donald Wilson. MFV's own track record includes Agility Robotics, PsiQuantum, Sun Mobility, Rescale and Chef Robotics, which the website lists as the team's past investments.
Sector Focus
The site names four focus areas:
- Quantum computing
- Life sciences (the current portfolio is mostly medtech and health)
- Energy
- AI and data sciences
The firm seeks entrepreneurs with deep domain expertise and unique, often patented, technology positioned to create or lead new categories in large markets. Insights posts cover quantum computing in Chicago, EV powertrains and humanoid robotics.
Stage Focus and Check Size
Fund I invests at pre-seed and seed. The firm does not publish a check size. With a $25 million fund and a plan to back about 40 startups over three years, the implied average initial check is well under $1 million, consistent with third-party estimates of roughly $100K to $500K at pre-seed. The check size range in the structured profile is an inference and carries low confidence.
Lead Tendency
Not stated. The firm describes itself as the investor that helps ventures hit key milestones, but there is no public evidence on lead versus follow, so it is recorded as unknown.
Recent Activity
The fund announced initial investments in three companies at launch: Flow Medical (catheter-based therapy for acute pulmonary embolism, founded by UChicago Medical Center physicians), SimCare AI (AI-generated patient conversations for clinical skills training, founded by former UChicago students) and Beacon (technology that eliminates viruses, bacteria and mold from air and surfaces, led by a Booth alum). The portfolio page now also lists NoMo (AI and data) and OrisDX (health and life sciences). The fund appears to be actively deploying, with a stated plan of about 40 companies over three years from launch.
Portfolio Highlights
- NoMo (AI, data), 2025
- OrisDX (health, life sciences), 2025
- Flow Medical (health, life sciences), 2024
- SimCare (AI, life sciences), 2025
- Beacon (health, life sciences), 2025
The portfolio page has a "Load more" control, so the list may be incomplete. No exits are reported for Harper Court itself.
Team
- Karthee Madasamy, Managing Partner: Chicago Booth alum and veteran deep tech investor with a record in quantum, AI, energy and robotics. Founder of MFV Partners.
- Ayo Roberts, Principal.
- Steve Gould, Advisor.
- Ashish Gupta, Advisor.
Decision Process
Not disclosed. The firm is a small team managed by MFV Partners and works closely with Polsky Center leadership to source startups, so Polsky referrals are a practical channel. Whether a warm intro is required is unknown.
Founder Preferences
Founders from the UChicago ecosystem: faculty and lab spinouts, Polsky program companies, and alumni or students. Preference for deep domain expertise and patented or research-backed technology.
Geographic Focus
Chicago and the Midwest, with a University of Chicago affiliation as the main filter. MFV Partners operates from Silicon Valley, so some support comes from there.
Gaps
No published check size, lead tendency, decision timeline or fund reserve policy. Team page is thin and the portfolio list may be truncated by a Load more control.