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Minerva Project Raises $25 Million to Create New University

The Minerva Project, calling itself the first elite American University created in a century, raised $25 million and said former U.S. Treasury Secretary Larry Summers is joining as chairman of the advisory board.

Minerva is providing undergraduate education and will help students through their careers, the San Francisco-based company said today in a statement. The funding is coming from Benchmark Capital, which said it’s the largest seed financing in the firm’s history.