The University of Chicago and Silicon Valley-based Alchemist Accelerator have joined forces to establish Alchemist Chicago, a specialized accelerator program focused on transforming scientific breakthroughs into commercial applications. The partnership, announced on July 21, 2025, represents a strategic effort to strengthen the Midwest's position in the deep tech ecosystem while providing startups with connections to West Coast capital and expertise.
The program will support early-stage ventures across quantum, AI, cleantech, robotics, and other deep tech industries, with the goal of transforming scientific discoveries into real-world impact. "Partnering with a Bay Area accelerator will bring a new perspective and opportunities to our startups here in the Midwest," says Samir Mayekar, managing director of the Polsky Center.
Notably, the program is open to global founders with no university affiliation required. Participants will receive customized coaching and mentorship from domain experts, including entrepreneurial training from the Chicago Booth School of Business. Teams will also have opportunities to connect with and onboard talent from the top-ranked business school.
The accelerator will operate in two distinct phases. Phase I, scheduled for October–December 2025, will support up to 30 quantum and other deeptech startups with a focus on validation and building traction. Phase II, running from January–March 2026, will select 8–10 startups for fundraising readiness, with each receiving an investment of $50,000.
"We're thrilled to encourage entrepreneurship around foundational technology," says Ravi Belani, CEO of Alchemist Accelerator and a lecturer at Stanford University. "As software becomes increasingly commoditized with AI, the frontier of innovation is shifting toward deep tech." The program aims to support ventures in quantum computing and AI, two fields experiencing rapid convergence with significant potential for breakthrough applications.
This collaboration combines Alchemist Accelerator's network with the University of Chicago's research capabilities and affiliations with national laboratories. With experience helping over 650 startups since its formation in 2012, Alchemist brings deep connections with top-tier Silicon Valley venture firms. These relationships will help introduce Alchemist Chicago participants to additional funding sources and provide valuable insights for success.
Among other benefits, participants will receive access to Microsoft and Google credits, investment opportunities up to $50,000, and connections to both UChicago's and Alchemist's extensive founder and investor networks. Applications for the inaugural cohort are now open and will close on September 5, 2025.