Drexel University has undergone several official name changes since its original establishment. It was founded in 1891 by financier and philanthropist Anthony J. Drexel under the original name Drexel Institute of Art, Science and Industry. In 1936, the institution updated its name to the Drexel Institute of Technology to better reflect its expanding technical curriculum, before officially achieving university status and assuming its current name, Drexel University, in 1970.