Tech financier ITU fans entrepreneurial flames at universities.

UNIVERSITY entrepreneurs have 120 million new reasons to pursue their tech dreams.

Los Angeles-based ITU Ventures, the firm that invests mostly in university spin-offs, has launched a $120 million fund called ITU Ventures III. ITU has already invested more than $75 million in technology companies spun from universities through ITU Ventures I and II. Founded in 2000, ITU works with universities and research centers nationwide through offices in Denver and Albuquerque, N.M., and its headquarters in Los Angeles. Chad Brownstein, founder and managing partner, admits that California schools have a leg up when it comes to gaining financing. "Southern California is a key focus for our business," Brownstein said. "Partly based on proximity, but mostly based on the significant historical legacy of entrepreneurship." Ventures I and II have invested in 30 companies. Venture III is actively seeking investment opportunities, he said. ITU's management team has ties to CalTech, UCLA Anderson School of Management, Stanford University, UC Berkeley, and Rensselaer Polytechnic Institute. The partnership also invests in corporate spinoffs and works closely with Boeing Corp.

Staff reporter Hilary Potkewitz can be reached at [phone] ext. 226 or at [e-mail].