In the ultimate universe, Richard Parker was a bio engineer who eventually works with Eddie Brock's dad. Prior to working with Eddie Brock's dad, he worked with nick fury and bruce banner and tried to recreate the super solider serum (the one that created captain america), they failed and instead created the hulk serum.

After nearly dieing in an explosion (caused by Bruce becomming the Hulk), he decided he never wanted his discoveries to be used as weapons again. He teamed up with Eddie's Brock's dad and they attempted to create a suit that would enhance a person's immune system. This suit was made out of a person's own dna, and besides enhance your own immune system it would also greatly enhance your senses and strength. This suit was called project venom and the goal was to cure cancer with it.

The financiers of Richard Parker and Eddie Brock's research was Bolivar Trask, once Trask learns of the suits potential as a weapon he tries to take away their research in court. Parker and Brock dad died in a plane crash when they were going to a different city while trying to battle Trask in court. Besides funding the suit Trask later creates the Ultimate Sentinels as well as his organization being responsible for the creation of some other super villains such as the Vulture and the Rhino.

The venom suit will greatly enhance the strength of anyone who wears it. If it isn't your DNA though it will break down your body (this is why it prefers Peter Parker since the original venom suit is based off Richard Parker's dna.) This is why Eddie in the ultimate universe hungers for other people, and when the opportunity presents itself him and the suit will resort to cannibalism.

Curt Connors was a contemporary of Richard Parker and Eddie Brock's dad. He did no research together with the fathers, though he trained Eddie Brock and perform research on the venom suit after the father's death when Eddie brought a sample to Connors.