SOUTH KINGSTOWN, R.I (AP) — The University of Rhode Island has received a $500,000 gift from alumnus and venture capitalist David Martirano that will support academic scholarships as well as the men’s and women’s basketball teams.

The school announced Friday that half of the gift will fund scholarships in the College of Business, and the other half will help to fund a basketball practice facility.

Martirano partnered with former Gov. Gina Raimondo to found Point Judith Capital, currently based in Boston.

He is currently a managing partner at what is now known as PJC.

He graduated from URI in 1991 with a bachelor’s degree in finance.