Altitude Lab introduced the launch of a $2.5 million pre-seed enterprise fund to help early-stage biotechnology startups impacted by current federal funding coverage shifts. The Altitude Lab Fund (ALF) goals to bridge essential funding gaps for startups present process the Small Enterprise Innovation Analysis (SBIR) evaluate course of however now face delays or uncertainties as a result of coverage adjustments. With roughly $4.5 billion in annual SBIR and Small Enterprise Expertise Switch (STTR) obligations, federal grants have traditionally been a cornerstone of biotech innovation.
Nevertheless, current coverage adjustments have positioned an estimated 1,500 health-related startups in limbo, threatening essential developments in medication, drug improvement, and diagnostics. ALF will present certified startups between $100,000 and $250,000 in pre-seed funding capital, 12 months of lab and workplace area, and admission to Altitude Lab’s aggressive accelerator program. This system contains unique mentorship with main business executives and entry to top-tier nationwide funds.
Chris Gibson, Ph.D., CEO of Recursion and Altitude Lab board chairperson, shared the significance of early-stage funding: “Incomes our early SBIRs was a pivotal second for Recursion.
Funding gaps for biotech startups
The few million {dollars} that got here in through the SBIR mechanism in our early years allowed us to construct the basics of our platform, upon which we have now now raised over $1B in personal funding to show Recursion right into a $4B publicly traded firm with eight therapeutics in medical improvement.
David Bearss from Halia Therapeutics has joined as an anchor LP alongside Chandana Haque and Chris Gibson to place the fund collectively.
The fund goals to help firms presently ready for SBIR funds and experiencing a funding hole. “Federal funding disruptions are stalling groundbreaking biotech analysis,” stated Chandana Haque, government director of Altitude Lab. With this fund, we’re doing our small half to assist safe the way forward for biotech innovation in America, to construct the ecosystem of life science firms round Recursion in Salt Lake Metropolis, and likewise be sure that the most effective feminine and underrepresented founders—who obtain solely 15% of SBIR funding and three% of enterprise capital—have a chance to construct the subsequent nice biotech.
Salt Lake Metropolis has emerged as a nationwide biotechnology hub, with Altitude Lab startups securing over 50% of Utah’s early-stage life science funding, totaling $154 million from 2020 to 2024.
With its pre-seed fund, Altitude Lab is capitalizing on this momentum by actively recruiting high startups nationwide to relocate and be part of its program. The fund is open to startups with an Impression Rating of 20 or decrease on a current SBIR submission. By creating the Altitude Lab Fund, Altitude Lab demonstrates its dedication to fostering innovation and supporting the biotech group by means of these transitional occasions.
Photograph by Matthias Groeneveld on Pexels
