The state of Georgia is launching a venture fund in a bid to help startup companies with an initial commitment of $10 million, Gov. Sonny Perdue said Tuesday.

Speaking at the “Eggs & Issues Breakfast” put on by the Georgia Chamber of Commerce, Perdue said the fund would focus on companies seeking to commercialize technology developed at Georgia’s universities.

The state will seek matching contributions from the private sector on a 3-to-1 basis to create a $40 million fund, Perdue added.