Award & Investment Overview
Colorado School of Mines has invested $1 million through Mines Venture Fund II in its first year, backing four university-aligned technology companies developing solutions in medical devices, sustainable construction materials, environmental technology, and assistive wearables.
Each company received a $250,000 investment:
- OncoPatch, Inc.: A non-invasive radiation treatment device for non-melanoma skin cancer.
- ZeroTwelve: A biochar-based cement replacement designed to reduce carbon emissions while improving concrete performance.
- Austere Environmental: Equipment that recovers base oil and water from drilling waste.
- HapWare: Wearable technology that translates nonverbal communication into haptic feedback for people with sensory and communication accessibility needs.
Mines Venture Fund II plans to invest $10 million through 2029, typically providing $25,000 to $250,000 in strategic capital to companies aligned with the university’s research and technical strengths.
The fund builds on Mines Venture Fund I, launched in 2024, which invested nearly $700,000 in four seed-stage companies. Established in fall 2025, Fund II incorporates $5 million in funding from the State of Colorado, including a commitment from the Colorado Venture Capital Authority.
The investments demonstrate how university-affiliated venture capital can support companies at different commercialization milestones, from product pilots and industrial validation to regulatory clearance and planned market launch.
Approach & Ecosystem Context
Mines Venture Fund II operates as part of a broader university commercialization ecosystem connecting early-stage capital, venture development support, industry relationships, and institutional research expertise.
The fund works alongside the Beck Venture Center, which provides founders with mentorship, entrepreneurial resources, and connections to potential industry partners.
This combination is particularly relevant for deep technology companies, where commercialization frequently requires more than traditional startup formation support.
Companies developing medical devices, advanced materials, industrial equipment, and specialized hardware must often address capital-intensive validation requirements before they can secure larger financing rounds or establish repeatable commercial operations.
From a Mind the GAP perspective, Mines Venture Fund II illustrates the role of university-aligned investment capital in bridging the period between technical development and broader commercial adoption.
The four investments support distinct commercialization needs:
- OncoPatch is progressing from FDA clearance into clinical pilot deployment.
- ZeroTwelve is building evidence of material performance through municipal pilot projects.
- Austere Environmental is translating technology originally developed for lunar resource extraction into terrestrial industrial applications.
- HapWare is moving toward an initial product shipment following development and external recognition of its wearable platform.
The fund’s structure also introduces a longer-term institutional financing mechanism. A portion of its profits will be reinvested in the university, creating a potential source of recurring capital for future commercialization activity.
For university research and venture development leaders, the model connects venture investment with institutional commercialization infrastructure and a strategy for recycling financial returns into subsequent innovation.
Innovation & Technology
OncoPatch, Inc.
OncoPatch was founded by Colorado School of Mines physics professors Fred Sarazin and Jeramy Zimmerman, together with University of Colorado Anschutz radiation oncology faculty David Westerly and Quentin Diot.
The company developed a medical device that delivers low-energy beta radiation directly to non-melanoma skin cancer lesions.
The technology is designed to provide a non-invasive clinical treatment alternative to surgical procedures, potentially reducing the need for tissue removal and reconstruction.
In March 2026, OncoPatch received FDA clearance and began working with clinical pilot sites in Colorado.
Its $250,000 investment supports a company that has passed a major regulatory milestone and is entering an important period of clinical deployment and commercial validation.
ZeroTwelve
ZeroTwelve was founded in 2025 by Lori Tunstall, associate professor of civil and environmental engineering at Colorado School of Mines. Howard Janzen joined as CEO.
The company is commercializing a biochar-based cement replacement designed to store carbon dioxide within concrete while improving strength and durability.
Concrete production is a significant source of global carbon emissions, creating demand for materials that can reduce the carbon intensity of construction without compromising performance.
ZeroTwelve completed its first municipal pilot project with the City of Golden in summer 2026.
Its $250,000 investment follows an initial real-world demonstration and can support the company’s continued progression toward commercial applications and broader market validation.
Austere Environmental
Austere Environmental was founded by Colorado School of Mines alumni Curtis Purrington and Ben Thrift.
The company’s technology originated in doctoral research focused on extracting water from icy lunar soil for potential use in astronaut life support and rocket propellant.
The underlying separation technology has since been adapted for oilfield applications.
Austere develops equipment that separates base oil and water from drill cuttings generated during drilling operations. These materials would otherwise often be discarded, creating disposal costs and environmental waste.
The commercial opportunity centers on recovering usable resources while reducing operating expenses and waste-management requirements.
Its $250,000 investment supports the continued commercialization of a technology that has moved from space-resource research into an industrial application.
HapWare
HapWare was founded in 2025 by Colorado School of Mines alumnus Jack Walters and haptic researcher Bryan Duarte.
The company’s ALEYE system combines smart glasses with a haptic wristband to translate nonverbal communication cues into tactile patterns.
The technology is intended to help people who are blind, have low vision, are deafblind, or are autistic access communication information that may otherwise be difficult to perceive.
The product emerged from work involving Walters’ Capstone Design Team and Duarte’s research in dynamic haptic technology.
HapWare won the Health Innovation Challenge at CES in 2026 and is targeting initial product shipments by the end of the year.
Its $250,000 investment comes as the company approaches a potential transition from product development into market launch.
Potential Market Uses and Applications
OncoPatch, Inc.
Potential Clinical Applications
- Non-melanoma skin cancer treatment
- Outpatient dermatology
- Radiation oncology
- Non-invasive treatment alternatives
- Dermatology clinics and specialized cancer treatment centers
Potential Commercial Applications
- Clinical device deployment
- Hospital and outpatient treatment systems
- Medical device distribution
- Dermatology practice adoption
ZeroTwelve
Potential Construction Applications
- Low-carbon concrete production
- Biochar-based cement replacement
- Municipal infrastructure projects
- Commercial construction materials
- Concrete products requiring improved durability
Potential Sustainability Applications
- Carbon storage in construction materials
- Reduced cement-related emissions
- Lower-carbon infrastructure
- Sustainable building-material supply chains
Austere Environmental
Potential Industrial Applications
- Oilfield drilling operations
- Drill cuttings processing
- Base oil recovery
- Water separation and recovery
- Industrial waste treatment
Potential Environmental Applications
- Reduced drilling waste disposal
- Resource recovery from industrial byproducts
- Lower landfill requirements
- Reduced waste-management costs
- Industrial circular economy applications
HapWare
Potential Assistive Technology Applications
- Communication support for people who are blind or have low vision
- Deafblind accessibility
- Nonverbal communication assistance
- Haptic communication interfaces
- Wearable accessibility devices
Potential Consumer and Healthcare Applications
- Assistive wearables
- Smart glasses integration
- Haptic feedback systems
- Communication accessibility technology
- Rehabilitation and independent-living support
Related Topics
Colorado School of Mines, Mines Venture Fund II, Mines Venture Fund I, Beck Venture Center, Colorado Venture Capital Authority, OncoPatch, ZeroTwelve, Austere Environmental, HapWare, university venture funds, university commercialization, GAP funding, seed-stage investment, medical devices, sustainable construction, biochar concrete, industrial resource recovery, assistive technology, university spinouts, deep technology, venture development, commercialization ecosystems
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innovosource tracks GAP programs, including proof-of-concept programs, startup accelerators, translational research initiatives, university venture funds, and commercialization ecosystems that help move university innovations from research to market.
Our coverage is informed by the Mind the GAP Initiative and the GAP COA consortium activity, providing practical insights into the evolving commercialization landscape.
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