Altitude Lab's New Venture Fund Supports Biotech Startups
Altitude Lab's Groundbreaking Initiative for Biotech Startups
Altitude Lab, a prominent biotech accelerator, has recently embarked on an exciting journey with the launch of its pre-seed venture fund. This initiative, championed by Chris Gibson, co-founder and CEO of Recursion, is particularly aimed at assisting early-stage biotechnology startups that are facing challenges due to recent funding policy changes. The goal is to provide essential resources such as capital, laboratory space, and mentorship in Salt Lake City, strengthening the city’s role as a burgeoning biotechnology hub.
The Impact of Federal Funding Changes
In a landscape where approximately $4.5 billion in federal funds are allocated annually for Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR), these grants have historically played a pivotal role in driving biotech innovation. However, shifts in these policies have left around 1,500 health-focused startups in uncertainty, threatening vital advancements in the fields of medicine and diagnostics. The Altitude Lab Fund is curated to bridge this significant funding gap, ensuring that promising startups can continue their vital research and operations.
What the Altitude Lab Fund Offers
The Altitude Lab Fund is designed to support startups with funding ranging from $100,000 to $250,000. In addition to capital, funded startups gain access to 12 months of lab and office space and participate in Altitude Lab’s acclaimed accelerator program, which includes invaluable mentorship from top industry leaders and access to premier national funding resources. Chris Gibson emphasized the importance of this initiative, highlighting how Recursion benefited early on from similar funding.
A Commitment to Diversity and Innovation
Positioned to address the financial barriers faced by diverse founders, the Altitude Lab is also committed to ensuring inclusivity within the biotech sector. Chandana Haque, the executive director, pointed out that female and underrepresented founders make up only a small fraction of those receiving SBIR funding and venture capital. Through this new fund, Altitude Lab aims to create opportunities for those overlooked in the funding landscape, fostering the next wave of groundbreaking biotech innovations.
The Growing Biotech Ecosystem in Salt Lake City
Over the last decade, Salt Lake City has rapidly emerged as a key player in the biotechnology sector, motivated by robust academic institutions and a growing network of investors. Firms affiliated with Altitude Lab are responsible for securing more than half of the early-stage capital allocated to life science in Utah, achieving a remarkable $154 million in funding from 2020 to 2024. The launch of the pre-seed fund positions Altitude Lab as a central figure in enticing leading startups from across the nation to anchor in this vibrant market.
Leadership at the Helm
Leading the charge of the new fund is Chris Gibson, alongside seasoned entrepreneur David Bearss and Chandana Haque. Their collective expertise and commitment to supporting startups are expected to make a significant difference in the biotech landscape. David Bearss highlighted the essential nature of federal funding in transforming scientific discoveries into essential medical solutions, reinforcing the fund's crucial timing.
Eligibility and Application Process
Startups interested in securing funding through the Altitude Lab Fund must achieve an Impact Score of 20 or less in their most recent SBIR submission. This criterion ensures that the fund supports those in the most immediate need. For more information about the Altitude Lab and the application process, interested parties can visit their official website.
About Altitude Lab
Altitude Lab is fiercely dedicated to cultivating a new generation of innovators within the health and life science sector. Situated within Gateway's BioHive Hub, the lab operates as an accelerator focused on nurturing early-stage startups. The initiative was born from a collaborative vision led by Recursion, aiming to promote responsible entrepreneurship and drive economic growth in Utah.
About Recursion
Recursion (NASDAQ: RXRX) stands at the forefront of the TechBio movement, leveraging its unique platform to decode biological relationships for significant medical advancements. With a vast repository of biological data and the operational capacity to conduct millions of experiments weekly, Recursion is committed to merging technology and biology to reshape the future of healthcare.
Frequently Asked Questions
What is the purpose of the Altitude Lab Fund?
The Altitude Lab Fund aims to provide financial support, lab space, and mentorship to early-stage biotech startups facing funding challenges due to recent federal policy changes.
Who can apply for funding from the Altitude Lab Fund?
Startups with an Impact Score of 20 or less from a recent SBIR submission are eligible to apply for funding through the Altitude Lab Fund.
How much funding is available through the Altitude Lab Fund?
The fund offers investments ranging from $100,000 to $250,000 to qualifying startups.
What additional resources does the fund provide beyond financial investment?
In addition to funding, the fund provides 12 months of lab and office space and access to an accelerator program with mentorship from industry leaders.
Why is diversity important to the Altitude Lab Fund?
The fund aims to empower female and underrepresented founders, who historically receive a small percentage of venture capital, by providing them with crucial resources to develop their biotech innovations.
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