# Invent Change: The Endless Frontier Labs at NYU Stern Graduated its 2025-2026 Cohort and The Elizabeth Elting Venture Fund, Launched by Elizabeth Elting (MBA ’92) With Support From Stan Moss (MS ’17), Backed Three Startups 1 School News May 12, 2026 ![A group stands in front of a sign reading "Frontiers 2026" with the Endless Frontier Labs logo](/sites/default/files/styles/medium_375px_wide/public/2026-05/26-0524-957_1.jpg.webp?itok=Ax3x6_FS) *Left to right: Carl Perez, CEO, Exodys Energy; Viola Aureggi, CFO, Exodys Energy; Oriana Papin-Zoghbi, Co-founder and CEO, AOA Dx; Endless Frontier Labs Founding Director Deepak Hegde; Elizabeth Elting (MBA ‘92); Dianne Shumay, Head of Psychology, Swing Therapeutics; Mike Rosenbluth, CEO, Swing Therapeutics* - Endless Frontier Labs (EFL) at NYU Stern graduated its 2025–2026 cohort of 74 startups across four tracks — Digital Tech, Deep Tech, Life Sciences, and Digital Health. - Three EFL graduates — **Exodys Energy** (Deep Tech), **AOA Dx** (Life Sciences), and **Swing Therapeutics** (Digital Health) — received investment funding from the Elizabeth Elting Fund, backing women-centric ventures advancing nuclear fuel recycling, early ovarian cancer detection, and FDA-cleared digital therapy for chronic pain. - In eight years, EFL has become one of the world's most effective accelerators: $3.20 billion raised by 243 graduates, $9.14 billion in combined value across 186 graduates, and two unicorns — all with no equity taken and no fees charged. On May 7, The [Endless Frontier Labs](https://endlessfrontierlabs.com/) (EFL) — NYU Stern’s hub for the world's most ambitious science and technology startups — celebrated its 2025–2026 cohort of 74 graduating ventures at Frontiers 2026, its annual capstone event. This year's cohort spans EFL's four frontiers — Digital Tech, Deep Tech, Life Sciences, and Digital Health. A glimpse of the work: - **An AI governance company** that enforces real-time behavioral control over every AI interaction across the enterprise — closing **$9M in funding** during the program. - **A robotics venture** translating human skill into physical intelligence through intuitive haptic technology — closing an **$18M Seed+** during the program. - **A neurotherapeutics company** developing treatments that restore brain function in psychiatric and neurological disorders by harnessing the brain's natural capacity to rewire itself. - **A cardiac imaging platform** transforming ultrasound diagnostics with first-in-class AI that integrates with the systems clinicians already use. ### Elizabeth Elting Fund winners NYU Stern alumni and Executive Board members Elizabeth Elting (MBA ’92) and Stan Moss (MS ’17) committed funding to back women-centric ventures graduating from the program. This year’s recipients are working on deploying their frontier inventions to address three of the most challenging problems: - **Exodys Energy (Deep Tech '26)** is building **UPCYCLE**, a small, modular nuclear fuel recycling facility that converts spent fuel into secure, usable domestic feedstock for today's reactors and tomorrow's fleet. - **AOA Dx (Life Sciences '26)** is developing a liquid biopsy that combines lipid and protein biomarkers with machine learning to detect **ovarian cancer earlier** — when it is still treatable. - **Swing Therapeutics (Digital Health '26)** has built the **first FDA-cleared digital behavioral therapy for chronic pain**, beginning with fibromyalgia, pairing virtual care with AI-enabled treatment to reach patients who haven't had real options before. ### How does The Endless Frontier Labs at NYU Stern support the startup venture process? Founded and led by Andrew Hamilton Director and Professor [Deepak Hegde](https://www.stern.nyu.edu/faculty/bio/deepak-hegde), EFL exists to turn scientific and technological breakthroughs into companies that can scale. The program runs for nine months — long enough to set real milestones, hit them, miss a few, and learn. Founders work with a hand-picked network of serial entrepreneurs, scientists, and venture capitalists drawn from across NYC and beyond. They are supported in their go-to-market, market research, and fundraising work by Stern MBA students enrolled in a companion course taught by Professor Hegde — and graduate having built something, not just studied something. **EFL is founders-first by design**. No fees. No equity. No prior affiliation with NYU required. Any scientist or technologist anywhere in the world can apply. ### What impact has the EFL had since launching? [Academic research](https://www.nber.org/papers/w35063) released in 2026 places EFL in the top 5% of U.S. accelerators by value-added per startup — and the only program in that tier that takes no equity, charges no fees, and is open to founders regardless of institutional affiliation. The cohort numbers tell the same story: - $3.20 billion raised by 243 EFL graduates - $9.14 billion in combined value across 186 graduates - Two unicorns in eight years — Immunai (Life Sciences '20) and ZaiNar (Digital Tech '22) - 47.2% of all EFL graduates led by women founders EFL was named the **Best Incubator / Accelerator / Equity at the 2025 Prix Galien USA Awards**, given by the Galien Foundation in recognition of innovation that advances human health. The program's recent cohorts have produced standout ventures across all four tracks — including startups across the full AI stack in Digital Tech, advanced materials and physical AI in Deep Tech, next-generation cell therapy and oncology diagnostics in Life Sciences, and clinical AI and connected devices in Digital Health. ### How can interested startups get involved with the EFL? EFL is now accepting [applications](http://NYUEFL.smapply.io) for its 2026-27 cohort. ## Learn More [Endless Frontier Labs](https://endlessfrontierlabs.com/)