As the Windy City is making a bid to become the Silicon Valley of the Midwest, Chicago-area billionaires including Don Wilson, Michael Polsky and Ashley Duchossois Joyce are investing in University of Chicago technology startups. Jamie Kelter Davis/Bloomberg

A Silicon Valley venture capital firm has lured investment from billionaires including Don Wilson, Michael Polsky and Ashley Duchossois Joyce to fund University of Chicago technology startups.

MFV Partners, a Bay Area venture capital firm with ties to Chicago, is starting a $25 million fund dedicated to early-stage companies originating from the university. The fund, which will target startups in areas such as quantum computing and artificial intelligence, plans to back about 40 firms over the next three years.

The move is an attem

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