Massachusetts Institute of Technology’s new
investment fund raised more than $150 million to support startup companies
developing scientific and technological innovations.
MIT said Thursday that it
contributed $25 million to the Engine Accelerator Fund I, which the Cambridge, Massachusetts-based university controls. The rest
of the money was raised from a small group of unidentified investors “aligned
with the fund’s mission,” according to a statement.
MIT, considered the premier technology school, joins Stanford University, the University of California system and other
universities in starting venture
capital funds to nurture entrepreneurship.
Lab to Market
In October, MIT launched the
enterprise called The Engine to eventually support 60 local
startups in sectors including biotechnology, robotics and medical devices,
helping them move from the lab to the marketplace. The enterprise is designed
to provide space for startups, along with technical support and funding.
“We’re
looking for startups with breakout technologies and great founding teams that
want to build their companies in the New England region,” Katie Rae, who was named president and chief
executive officer of The Engine in February, said in the statement.
With funding
in place, “we can begin to select our first startups,” said Rae, who was
previously managing director of startup accelerator Techstars Boston.
New Facility
The Engine will open its offices in May in Cambridge near the MIT campus, Rae said in an
interview. The facilities will include space for startups to share equipment,
such as large microscopes, as well as labs, she said.
Rae said the
enterprise will continue to raise capital as needed and may launch additional
funds.
Robert Kraft, CEO of The Kraft Group and owner of the New England Patriots football team; Israel Ruiz, MIT’s treasurer; and Linda Pizzuti Henry, managing director of the Boston Globe Media Partners, are on the board of
directors, according to The Engine’s website.
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