By Ben Butkus

The Georgia Research Alliance last week said that it has raised approximately $18.75 million in the first closing of the GRA Venture Fund, a state-subsidized investment fund designed to spur private equity firms in the state to invest in startup companies from Georgia academic institutions.

The first closing comprises a $7.5 million investment from the state — about $2.5 million less than originally planned — and $11.25 million from private investors, a GRA official said this week.

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