The University of Chile is a public university in Santiago, Chile. It was founded on November 19, 1842 and inaugurated on September 17, 1843. It is the oldest and the most prestigious in the country along with Pontificia Universidad Católica de Chile. It was established as the continuation of the former colonial Royal University of San Felipe (1738), and has a rich history in academic, scientific and social outreach. The university seeks to solve national and regional issues and to contribute to the development of Chile. It is recognized as one of the best universities in Latin America for its leadership and innovation in science, technology, social sciences, and arts through the functions of creation, extension, teaching, and research.