"Even though the suspect was found dead tonight our work is not done. There are many questions that need to be answered," FBI Special Agent-in-Charge Ted Docks said.
Around 500 agents have been deployed to assist local authorities in the investigation.
Brown University president Christina Paxson said Valente had been enrolled at the Ivy League institution from the autumn of 2000 to the spring of 2001, during which time he was studying for a PhD in physics.
She added that he had no current or active affiliation with the university.
The massacre at Brown University unfolded just after 4pm on Saturday in the Barus & Holley building, a seven-storey block home to the engineering school and physics department.
CCTV footage shows a stocky man in a black coat, trousers and hat walking away from the scene with what appears to be a limp. He swings his right arm as he walks along Hope and Waterman streets, at one point putting his hand in his pocket.
Ms Paxson struggled to contain her emotion as she addressed the tragedy.
"There are truly no words that can express the deep sorrow we are feeling for the victims of the shooting," she said.
"We lost two community members today who were fatal victims of the shooting, and at this point, we know there are at least eight additional victims who were transported to the hospital... our hearts are with their families."
